If sales of DVD players fall, so will sales of DVDs.
gajatz/Fotolia
In my last column for this volume of ECONOMIC REVIEW, I continue to examine the basic economic concepts discussed in the articles. You should then be able to use your knowledge of the subject to apply the same principles to any topic that comes up in the exam paper.
In his Fiscal Policy column, ‘Food price rises: the effect on poor Mexicans’, David Phillips states that wheat is a substitute for rice if purchases of wheat increase when the price of rice rises. This is illustrated in Figure 1.
Your organisation does not have access to this article.
Sign up today to give your students the edge they need to achieve their best grades with subject expertise
Subscribe
