Posts from the ‘Economics’ Category

Unit 1: Reducing the negative externalities associated with food waste

January 6th, 2013 at 10:31 am by Blogger Bryn

A fascinating story from South Korea courtesy of Aljazeera

http://www.youtube.com/watch?v=F8ZdRgjrjVg

a) Comment on how successful this policy appears to be (Make sure your answer is 2 sided!)

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Unit 1: The importance of substitutes on demand: The video games industry

January 6th, 2013 at 10:20 am by Blogger Bryn

Console sales are down, reports Sky news

http://news.sky.com/story/1033534/console-sales-plunge-as-app-gaming-takes-off

a) Explain why, using the theory of demand
b) Draw 2 demand diagrams, one showing the new demand for consoles, and the other showing demand for mobile games

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Unit 1: Are flood defences a public good?

January 5th, 2013 at 3:07 pm by Blogger Bryn

They are often cited as an example. This clip from Aljazeera allos you to judge for yourself

http://www.youtube.com/watch?v=sIaIH5GvkW0

a) Are these flood defences non-excluable?
b) Are these flood defences non-rival?
c) So, are these flood defences a pubic, quasi-public or private good?

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Unit 2: Key terms glossary

January 5th, 2013 at 2:42 pm by Blogger Bryn

……..from tutor2u

http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-key-term-glossary?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+economics_news+%28tutor2u+Economics+Blog%29#When:14:52:59Z

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Unit 1: Allocative efficiency in the music market

January 4th, 2013 at 12:15 pm by Blogger Bryn

It seems the relentless rise of digital music is not only effecting the UK, according to the BBC

http://www.bbc.co.uk/news/business-20908845#

a) In what way does this story illustrate the concept of allocative efficiency ?

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Unit 2: Entreprenneur loan scheme: A supply side imitiative

January 3rd, 2013 at 8:44 pm by Blogger Bryn

…according to Ch4 and the BBC

http://www.channel4.com/news/government-loan-scheme-to-encourage-entrepreneurs Ch4
http://www.bbc.co.uk/news/business-20898978# BBC

a) Comment on the success of the policy so far and its likely future success in th efuture

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Unit 1: Allocative efficiency in Cambridge

January 3rd, 2013 at 5:48 pm by Blogger Bryn

As the popularity of going to the pub continues to decline and pubs close, it’s intersting to see the new uses they are put to. Examples in Cambridge include pubs demolished and conversions to restaurants and estate agents. This latest proposal is for conversion to student flats

http://www.cambridge-news.co.uk/News/Future-of-two-more-pubs-hangs-in-balance-02012013.htm

a) Why is this an example of allocative efficiency in the market?

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Unit 2: The multiplier effect of Swansea being in the premier league

January 3rd, 2013 at 5:22 pm by Blogger Bryn

You can work it out from the data in this report from the BBC

http://www.bbc.co.uk/news/uk-wales-south-west-wales-20895147

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Unit 1: Information failure in the cosmetic surgery market?

January 3rd, 2013 at 5:09 pm by Blogger Bryn

It appears so from this Ch4 report

http://www.youtube.com/watch?feature=player_embedded&v=SWmir7gALQ0

a) In what way is there information failure in the market?
b) Comment on the likelyhood that the suggested regulations would reduce the market failure
c) Comment on the likely success of an alternative strategy that the government could implement

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Unit 2: Macroeconomic data

January 3rd, 2013 at 10:56 am by Blogger Bryn

Thanks to tutor2u for these charts

http://www.tutor2u.net/blog/index.php/economics/comments/as-macro-eight-chart-assignment-on-the-uk-economy?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+economics_news+%28tutor2u+Economics+Blog%29#When:10:41:52Z

and these on the key macro indicators

http://www.tutor2u.net/blog/index.php/economics/comments/prospects-for-the-uk-economy-in-2013?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+economics_news+%28tutor2u+Economics+Blog%29#When:12:22:15Z

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Unit 1: Tradable (pollution) permits scheme for CO2 emissions starts in California

January 1st, 2013 at 8:39 pm by Blogger Bryn

….reports the BBC

http://www.bbc.co.uk/news/world-us-canada-20883751#

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Unit 1: Allocative effficiency at Sony

January 1st, 2013 at 8:36 pm by Blogger Bryn

…where the BBC reports they are stopping the production of the PS2 to move resources to the rumoured forthcoming PS4

http://www.bbc.co.uk/news/technology-20875176#

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Unit 2: Macroeconomic data for 2012

December 31st, 2012 at 8:11 pm by Blogger Bryn

Thanks to economicshelp for this data

http://www.economicshelp.org/blog/6641/economics/uk-economy-in-2013/

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Unit 1: More information to try and get people to stop smoking

December 29th, 2012 at 11:16 am by Blogger Bryn

A new public information campaign is launched

http://www.bbc.co.uk/news/health-20856419# video
http://www.bbc.co.uk/news/health-20805059# article

The key statistic for me illustrating the information failure assosciated with smoking is that 50% of smokers will suffer a smoking related illness, but how does a smoker know which 50% they are in?

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Unit 1: Rising pork prices

December 29th, 2012 at 11:04 am by Blogger Bryn

… appear to be on the way, report Sky, and rising costs are driving farmers out of the industry

http://news.sky.com/story/1031197/pig-farming-crisis-to-push-up-pork-prices

a) Using a S&D diagram, explain why pork prices are rising
b) Explain why pig farmers are leaving the industry ant tie this to the supply curve

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Unit 1: The cost of parking in Hong Kong

December 26th, 2012 at 5:39 pm by Blogger Bryn

……..is on the rise according to Al Jazeera

http://www.youtube.com/watch?v=FmfHhDzgIwU

a) Using S&D analysis, explain why the price of car parking spaces is rising in HK

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Unit 1: The cost of parking in Hong Kong

December 26th, 2012 at 5:39 pm by Blogger Bryn

……..is on the rise according to Al Jazeera

http://www.youtube.com/watch?v=FmfHhDzgIwU

a) Using S&D analysis, explain why the price of car parking spaces is rising in HK

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Unit 1: The role of government in an economy

December 25th, 2012 at 5:48 pm by Blogger Bryn

A brief clip of Joe Stiglitz explaining how income and wealth distribution in the USA has become more and more unequal

http://www.bbc.co.uk/news/world-us-canada-20836074#

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Unit 1: Possible negative externalities from extending the Northern line

December 22nd, 2012 at 9:55 pm by Blogger Bryn

….report the BBC

http://www.bbc.co.uk/news/uk-england-london-20825528

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Unit 1: The PED of fizzy drinks and fresh fruit

December 22nd, 2012 at 5:54 pm by Blogger Bryn

Thanks to tutor2u for this interesting story

http://www.tutor2u.net/blog/index.php/economics/comments/price-elasticity-of-demand-soft-drinks-vs-fruit-and-vegetables?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+economics_news+%28tutor2u+Economics+Blog%29#When:20:55:50Z

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Unit 2: Monetary policy in Japan

December 20th, 2012 at 9:33 pm by Blogger Bryn

A really good clip from the BBC for evalauating the impact on the Japanese economy of more quantitative easing

http://www.bbc.co.uk/news/business-20801150#

and the associated article

http://www.tutor2u.net/blog/index.php/economics/comments/price-elasticity-of-demand-soft-drinks-vs-fruit-and-vegetables?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+economics_news+%28tutor2u+Economics+Blog%29#When:20:55:50Z

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Unit 2: Inflation at 2.7%

December 19th, 2012 at 8:20 pm by Blogger Bryn

…according to the BBC

http://www.bbc.co.uk/news/business-20766392#

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Unit 2: Nissan announces £250m investment

December 19th, 2012 at 7:46 pm by Blogger Bryn

…in its UK operations, according to Ch4

http://www.channel4.com/news/nissan-to-create-1-000-jobs-for-uk-with-new-investment

a) Explain how this investment is likely to result in a larger multiplier effect on the UK economy

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Unit 1: Shipping in the great barrier reef: A negative externality waiting to happen?

December 15th, 2012 at 8:56 pm by Blogger Bryn

Great story from Aljazeera

http://www.youtube.com/watch?v=38A3XfIScRo

a) Why has the government intervened in the free market?
b) Comment on an alternative policy the government could employ and explai why this would be a worse course of action

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Unit 1: Are goods containing vitamin D examples of merit goods?

December 15th, 2012 at 6:15 pm by Blogger Bryn

Possibly, according to the BBC

http://www.bbc.co.uk/news/uk-england-hampshire-20671374

a) Government  subsidies of foods with high levels of vitamin D would be the best method to reduce this market failure. Discuss the validity of this statement

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Unit 1: Bigger container ships leading to productive efficiency

December 14th, 2012 at 9:34 pm by Blogger Bryn

Great clip from the BBC showing productive efficiency in sea transport

http://www.bbc.co.uk/news/uk-england-hampshire-20671374

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Unit 2: UK unemployment falls by 82000

December 12th, 2012 at 9:17 pm by Blogger Bryn

….reports the BBC

http://www.bbc.co.uk/news/business-20693505#

a) Is this what you expect with near zero growth in the UK?

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Unit 1: Payday loans: A failing market that needs government intervention?

December 11th, 2012 at 9:42 am by Blogger Bryn

Apparently so as legislation is on the way

http://www.channel4.com/news/mps-to-take-action-on-payday-loans

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Unit 1: Glossary of key terms

December 11th, 2012 at 9:38 am by Blogger Bryn

From tutor2u comes this comprehensive glossary. NB It contains more than is required for the OCR syllabus

http://www.tutor2u.net/blog/index.php/economics/comments/unit-1-micro-markets-and-market-failure-concept-glossary

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Unit 1: Hong Kong air pollution

December 8th, 2012 at 8:47 pm by Blogger Bryn

Air pollution in Hong Kong; a classic case of negative externalities, according to Aljazeera

http://www.youtube.com/watch?v=HoljHRWg3pQ

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Unit 1: Does fracking have negative externalities associated with it?

December 8th, 2012 at 8:34 pm by Blogger Bryn

You decide

http://www.bbc.co.uk/news/uk-politics-20628264#

Oil production in Khazakstan may also result in negative externalities

http://www.bbc.co.uk/news/world-asia-20637581#

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Unit 1: Should Australia build a natural gas liquification plant?

December 4th, 2012 at 9:31 pm by Blogger Bryn

Plenty of debate in Australia, says Aljazeera

http://www.youtube.com/watch?v=JKtGRY4gkHY

a) Identify private costs, external costs. private benefits and external benefits associated with the project
b) On what basis should the Australian Government reject or accept this proposal?

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Unit 2: Government spending 2011-12

December 4th, 2012 at 8:58 pm by Blogger Bryn

2 great graphics from the Guardian

http://www.guardian.co.uk/news/datablog/2012/dec/04/government-spending-department-2011-12

http://www.guardian.co.uk/news/datablog/interactive/2012/dec/04/public-spending-uk-2011-12-interactive

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Unit 1: Australia restricts cigarette packaging and Wales hide displays

December 4th, 2012 at 5:56 pm by Blogger Bryn

…according to these articles found by tutor2u

http://www.youtube.com/watch?v=nOeeyS1naSU Aljazeera video
http://www.bbc.co.uk/news/world-asia-20564350 BBC video
http://www.guardian.co.uk/world/2012/dec/01/plain-packaging-australian-cigarette-tobacco article

and what happens to those packets that don’t conform to the new law?

http://www.dailytelegraph.com.au/news/national/retailers-selling-cigarettes-cheap-to-beat-plain-packaging-rules/story-fndo2iwh-1226527725990

http://www.bbc.co.uk/news/uk-wales-20588795# Hiding displays video

a) Discuss the extent to which this new policy will reduce the market failure in the cigarette market

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Unit 1: Minimum pricing and the end of multi-deals on alcohol

November 28th, 2012 at 8:53 pm by Blogger Bryn

That’s the plan, according to the Aljazeera and the BBC

http://www.youtube.com/watch?v=gBIRf_0AgBY Aljazeera
http://www.bbc.co.uk/news/health-20529380# video
http://www.bbc.co.uk/news/health-20522014# video
http://www.bbc.co.uk/news/health-20515918# article

Arguments in favour http://www.bbc.co.uk/news/uk-politics-20528547# (video)and http://www.bbc.co.uk/news/health-20528548# video

a) To what extent do you think these measures would reduce the market failure asociated with this demerit good?

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Unit 2: Why hasn’t unemployment risen higher in the recession?

November 28th, 2012 at 8:43 pm by Blogger Bryn

Underemployment may be part of the answer

http://news.sky.com/story/1017769/uk-under-employed-total-hits-three-million Sky news article

http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-underemployment-in-the-uk-economy?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+economics_news+%28tutor2u+Economics+Blog%29#When:08:01:31Z tutor2u post

This idea of fewer people being made redundant, but more people working fewer hours than they would like to would be a good point to develop for evaluating the current state of employment/unemployment in the economy

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Unit 1: Information failure: Grapefruit!

November 27th, 2012 at 8:19 pm by Blogger Bryn

Apotentially lethal example of information failure if you take certain medicines and eat grapefruit

http://www.bbc.co.uk/news/health-20497086#

a) What actions could the government take to reduce this market failure?

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Unit 2: Is the Government’s flagship supply side policy to reduce unemployment failing?

November 27th, 2012 at 8:05 pm by Blogger Bryn

The early feedback isn’t good

http://www.bbc.co.uk/news/uk-20507107# video

http://news.sky.com/story/1017110/welfare-to-work-scheme-misses-its-target Sky article

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Unit 2: Why do countries have different growth rates?

November 22nd, 2012 at 12:00 pm by Blogger Bryn

An interesting post with good data from economicshelp

http://www.economicshelp.org/blog/6299/economics/what-explains-differences-in-economic-growth-rates/

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Unit 2: Inflation and Unemployment resources

November 18th, 2012 at 10:41 pm by Blogger Bryn

…..from tutor2u scoopit

http://www.scoop.it/t/as-macro-inflation-and-unemployment?sc_source=http%3A%2F%2Fwww.tutor2u.net%2Fblog%2Findex.php%2Feconomics%2Fcomments%2Funit-2-macro-revision-resources-on-inflation-and-unemployment%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Beconomics_news%2B%2528tutor2u%2BEconomics%2BBlog%2529%23When%3A19%3A36%3A16Z

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Unit 1: The price of Twinkies

November 18th, 2012 at 1:02 pm by Blogger Bryn

Would you pay $1000 for a box of revoltingly sweet cream cakes? Some people might according to Sky news

http://news.sky.com/story/1012920/soon-to-go-twinkies-snapped-up-for-1000

More on the background to the story from Ch4

http://www.channel4.com/news/america-says-goodbye-to-twinkies-ho-hos-and-ding-dongs

a) Using a S&D diagram, explain why a box of twinkies sell for for $1000
b) Using a S&D diagram, explain why this might be a short term phenomenon

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Unit 1: Why are property prices so high in Hong Kong?

November 16th, 2012 at 8:02 pm by Blogger Bryn

This clip from the BBC explains all

http://www.bbc.co.uk/news/business-20352103#

A) Using a S&D diagram, explain why HK property prices are rising (Hint: Be careful how you draw the supply curve)

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Unit 1: Producive efficiency via larger lorries

November 16th, 2012 at 7:54 pm by Blogger Bryn

A clip from the BBC that highlights the importance of not looking at economics in isolation

http://www.bbc.co.uk/news/uk-england-lincolnshire-20318649#

a) How would the introduction of these lorries in the UK increase productive efficiency?
b) Given this economic advantage, what wider reasons must there be for not allowing them on our roads?

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Unit 1: Information failure: How much should you drink if you’re pregnant?

November 16th, 2012 at 7:46 pm by Blogger Bryn

It’s unclear, according to this BBC clip

http://www.bbc.co.uk/news/health-20344601#

a) How is there an example of information failure in this case?

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Unit 1: Increased demand for smartphones

November 15th, 2012 at 9:56 pm by Blogger Bryn

….reports Sky news

http://news.sky.com/story/1011430/global-smartphone-sales-boom-by-47-percent

a) Using demand theory, explain the rapid increase in the demand for smartphones worldwide

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Unit 1: The price of potatoes……and chips

November 15th, 2012 at 9:48 pm by Blogger Bryn

…..are on the rise, according to the BBC

http://www.bbc.co.uk/news/business-20317781

a) Using a S&D diagram, explain why the price of potatoes is rising
b) Using a S&D diagram, explain why the price of chips will also be increasing

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Unit 1 Productive efficiency: Big lorries!

November 15th, 2012 at 9:38 pm by Blogger Bryn

Nice clip from the BBC

http://www.bbc.co.uk/news/uk-england-lincolnshire-20318649

a) IN what way does this relate to the concept of productive efficiency?

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Unit 1: The Nutella tax

November 13th, 2012 at 8:23 pm by Blogger Bryn

Thanks to tutor2u for this

http://www.tutor2u.net/blog/index.php/economics/comments/the-nutella-tax-a-tax-on-negative-externalities

a) Using a diagram, explain the market failure associated with the consumption of Nutella
b) Using a diagram, comment on how succesful the propsed tax will be in reducing the market failure

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Unit 1: Market failure Scoop it resource

November 13th, 2012 at 8:15 pm by Blogger Bryn

http://www.scoop.it/t/marketfailure

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Unit 2: AD and AS Pinterest resource

November 13th, 2012 at 8:13 pm by Blogger Bryn

http://pinterest.com/geoffriley/aggregate-demand-and-aggregate-supply/

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