Economics Explained
Clear explanations of current economic events, written for A-level students studying AQA or Edexcel Economics. Each article shows how real-world examples can be used to understand economic theory, strengthen analysis and improve evaluation.
Who Gains and Who Loses from a Tariff? Consumer Surplus, Producer Surplus and Welfare
See who gains and who loses from a tariff, and how consumer surplus, producer surplus, government revenue and deadweight welfare loss are shown on the tariff diagram.
How Does a Tariff Work? The Tariff Diagram Explained
Learn how a tariff changes the standard world-price diagram by raising the domestic price, increasing domestic production, reducing consumption and cutting imports.