Oil production in Khazakstan may also result in negative externalities
Plenty of debate in Australia, says Aljazeera
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?
2 great graphics from the Guardian
…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
and what happens to those packets that don’t conform to the new law?
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
That’s the plan, according to the Aljazeera and the BBC
a) To what extent do you think these measures would reduce the market failure asociated with this demerit good?
Underemployment may be part of the answer
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
Apotentially lethal example of information failure if you take certain medicines and eat grapefruit
a) What actions could the government take to reduce this market failure?
The early feedback isn’t good
An interesting post with good data from economicshelp
…..from tutor2u scoopit
Would you pay $1000 for a box of revoltingly sweet cream cakes? Some people might according to Sky news
More on the background to the story from Ch4
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
This clip from the BBC explains all
A) Using a S&D diagram, explain why HK property prices are rising (Hint: Be careful how you draw the supply curve)
A clip from the BBC that highlights the importance of not looking at economics in isolation
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?
It’s unclear, according to this BBC clip
a) How is there an example of information failure in this case?
….reports Sky news
a) Using demand theory, explain the rapid increase in the demand for smartphones worldwide
…..are on the rise, according to the BBC
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
Nice clip from the BBC
a) IN what way does this relate to the concept of productive efficiency?
Thanks to tutor2u for this
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
…according to the BBC
This was the original policy
a) Why has Denmark abandoned this attempt to reduce the market failure caused by saturated tax?
b) Comment on the notion that this is the end of their campaign to reduce obesity
Thanks to economicshelp for this, including nice comparative data
Many, according to the BBC
a) What are the negative externalities identified?
b) So why did the dam go ahead (Hint: Use ECONOMICS in your answer!)
I love the Australian approach, no mucking about according to this Aljazeera clip
a) What is the market failure arising from using mobile phones in cars?
b) To what extent do you think this new law will eliminate the market failure?
……..according to this BBC article
a) Using a S&D diagram, explain why the price of wine for UK consumers is likely to rise
b) Do you think all wines will rise by the same amount? Explain your reasonong
In Northern Ireland new rules insist carbon monoxide monitors are fitted
a) Why are there monitors underconsumed in the free market?
b) What positive externalities do they produce?
c) To what extent do you think the new regulations will reduce the market failure(ie the cases of carbon monoxide poisoning)
3 clips from the BBC illustrating the problem
Great bar chart in this Guardian article showing EU unemployment rates
and BBC video
and BBC article
a) Discuss the extent to which unemployment is a problem in the EU (Make sure you use the data and make evaluative comments)
Great clip from the BBC
a) Explain private benefits that will arise from the project
b) Explain private costs that will arise from the project
c) Explain external benefits (positive externalities) that will arise from the project
d) Explain external costs (negative externalities) that will arise from the project
We all know the standard arguments against smoking cannabis, both in terms of private costs, private benefits and external costs…………..but here’s an unusual one from the BBC
a) What are he private costs and private benefits from consuming cannabis?
b) Explain, using the standard definition, the negative externality outlined in the article
c) How does the market fail?
……courtesy of economicshelp
…is on the way, according to the BBC
a) Why does the government want this common scheme? ie how does the free market for food fail?
b) Comment on the extent to which this scheme, if introduced, would reduce the market failure
Thanks to tutor2u for pointing out this article
a) Using a S&D diagram, explain the rising price of a driving permit in Shanghai
Thanks to tutor2u for providing access to this wonderful clip of Bobby Kennedy questionning the point of measuring a country’s standing by using GDP. You don’t get speeches like this from politicians today (more’s the pity)
….as seen in China with the negative externalities from China’s rapid expansion clear to see
a) What are the negative externalities highlighted in the film?
b) Why are these negative externalities?
A great audio clip from Radio 5live
Can you apply the following economic concepts to the clip?
Supply; Demand; equilibrium; complements, substitutes, Ped, XED
Great clip from Newsnight
and a similar story from Aljazeera
a) Using S&D theory, analyse why food prices are likey to rise
b) Comment on the idea that food price rises in the future are inevitable
A nice summary and great, up to date data, from economicshelp
…by the BBC
……the young are emigrating, according to the BBC
a) What are the short and long run costs and benefits to Spain of this emigration by their unemployed young people?
I couldn’t believe this story
a) What example of market failure would such drinks represent?
b) What methods of government intervention could be used to eliminate he market failure?
c) Comment on the likely success of such policies
Thanks to economicshelp for this summary
Thanks to economicshelp for this summary
Great map from the Guardian
a) Using information from the map and the evaluative criteria covered in class, discuss how much of a problem unemployment is for the US economy
Nice graph in this post from Sky news showing the seasonal nature of new car sales in the UK
a) Which determinant of demand is causing this twice yearly peak?
Thanks to economicshelp for this up to date for the UK and other countries
Nice evaluation from economicshelp