Economics made easy

an economy of scale
What is...

What is an economy of scale?

Size really does matter, although the effect isn't always positive. Jessica Exton explains.

a customs union
What is...

What is a customs union?

Countries can lower barriers to trade by making different agreements, such as forming a customs union.

41
percent of GDP was swallowed up by government spending in each OECD member country
Numbers

percent of GDP was swallowed up by government spending in each OECD member country

percent of GDP was swallowed up by government spending in each OECD member country, on average, in 2015. Social protection represented the largest share of expenditure, followed by healthcare