There are different types of support available to producers such as farmers in both developed and developing countries. Often times, the intervention has political and social aims as welfare as economic objectives.
Here is a neat application of game theory at the margin, and certainly the economics of co-operation.
Here's this week's Economics news quiz. Good luck!
Here are some examples of evaluation approaches that might be used in this question. “Evaluate the likely impact of an increase in the UK national minimum wage.” In the exam itself under timed conditions, building and developing two evaluation arguments is usually fine to reach top level evaluation and therefore get strong marks.
Here is a worked example of building chains of reasoning to this question: "Explain two supply-side policies that might be used to reduce unemployment."
Here is a worked example of building chains of reasoning to this question: "Explain two demand-side policies that might be used to reduce unemployment."
Uber is adding a clean air fee of 15p per mile to every trip taken in London. The current per mile fare is £1.25. The aim of the clean air fee is to help raise up to £200 million to support Uber drivers who are switching to electric vehicles. The move is expected to increase the cost of an average trip using Uber by around 45p.
Larry Elliott's excellent article about the reasons for carmakers struggling, is developed here - with the news that Ford and VW are planning not a merger, but an alliance to exploit new technology and look to avoid the unnecessary duplication of R&D, reducing their costs.
This is both economic - you might look at consumer choice, and the impact of marketing on price elasticity of demand, and Business Management, indicating the importance of skilled marketing. The marketing team at Greggs have played a blinder over the introduction of their vegan sausage rolls, with the ire of Piers Morgan helping sales.
Look at the size of that solar park 36 kilometres squared in Egypt's Aswan desert, a private sector venture that will provide as much electricity as the Aswan Dam, remarkable. Renewable power meets economies of scale in the desert, and developmental implications too!
An entry level piece about the nature of currency prices, and how Brexit has affected the value of the pound - a really good little introduction to this topic, which gets you thinking about the things that move currency values and their broader macroeconomic implications.
Here is an example of how to build a chunky analysis paragraph using chains of reasoning addressing this question: "How might a currency depreciation affect competitiveness?"
Here is an example of a chain of analysis on the question "How can a central bank influence the value of a currency?"
Match the country with their currency in this new quizlet activity. We have chosen twenty countries each of whom has a different main name for their currency. Who can get the fastest score?
Bloomberg Business visits Shenzhen the heart of China's tech revolution - a superb nine-minute video guaranteed to stimulate classroom discussion from a growth and development perspective. We meet Jamie Salter from Carv - the digital ski instructor and Luke Campbell from Australian smart headphone manufacturer Nura which is taking aim at Bose.
Great news for all AQA A-Level Economics students! There is now a comprehensive printed workbook that provides diagram practice for all the core microeconomics and macroeconomics concepts.
This short revision video provides an example of how to build a clear chain of analytical reasoning on the issue of how business profits might be affected by an increase in the minimum wage.
This short revision video provides an example of how to build a clear chain of analytical reasoning on the issue of whether the government should introduce a specific tax on single use plastic bottles and cups.
Happy New Year, quizzers. Here's this week's Economics news quiz. Good luck!
The Bank of England has a new blog resource here on the history and the future of money - excellent enrichment reading for students and teachers looking the functions of money and developments in financial technology.
This short revision video looks at building chains of reasoning to help improve analysis marks in A level economics. The shut down price are the conditions and price where a firm will decide to stop producing. It occurs where AR is less than AVC
This short revision video looks at the concept of a natural monopoly and explains how to build good chains of reasoning to score higher analysis marks in an A level microeconomics paper. A natural monopoly does not mean that there is only one business operating in the market. But with a natural monopoly the economies of scale available to the largest firms mean that there is a tendency for one ...
Blog | Win £500! ERC's annual Clash of the Titans economic forecasting competition offers cash prizes
It's not very often that students get the chance to win some money from using their economic knowledge but the Economics Research Council are offering £500 to the winner of the annual Clash of the Titans competition. Although the competition is open to all (teachers can enter) the last two years have been won by Sixth Form Economics students! Let's face it, with the economic uncertainty that ex...
The number of people employed in the UK child day care sector has grown from 110,000 in 2008 to over 200,000 in 2016-17. Revenues for child care providers have also expanded, indeed in 2017, the total turnover of child day care activities was over £4.3 billion.
A commitment to increasing social house-building could have significant effects on both the demand and supply-side of the economy. Housing affordability is one of the defining issues of the age. Ministers are being urged to back a huge UK social housebuilding programme. Investment in housing infrastructure is an important alternative to interventions such as rent controls which have also been s...
Ahead of A-Level Economics mocks in early 2019, here is an overview and commentary on some of the key macroeconomic statistics and developments in the UK economy in 2018. In addition to the video, I have also produced some summary notes on each key economic indicator which will help students revise the key data and issues.
Established cinema chains in the UK such as Vue, Odeon, Cineworld and Everyman are clearly under competitive threat from the rise to scale and prominence of digital streaming platforms such as Netflix and Amazon Prime. The same is true in many other countries. By some estimates in 2018 Netflix will have released nearly 60 films and some directors such as Paul Greengrass have opted to go straig...
Should the UK rail network and the services that run on it be taken back fully into public ownership? Railway usage has surged in recent years and the system has creaked under the weight of years of under-investment. Passengers have faced steep increases in rail fares and 2018 was a deeply problematic year in terms of delays to routine services.
The scale and depth of inequalities in income and wealth is one of the most important issues facing policy-makers in many countries across the world.To what extent does a capitalist system lead to widening inequalities? What role does luck play in determining the final distribution of income? How effective are government interventions designed to change income distribution and reduce the gap be...
This study note looks at the debate over the decision by the UK government to legislate to bring in a cap on the bills that energy suppliers can charge to household customers. The cap came into force in January 2019.
Here is a key topic revision checklist & knowledge organiser for the Edexcel A Level Economics (A) specification. Use this document to help check the completeness of your notes and plan revision ahead of Year 13 mocks and the real exams in the summer!
Here is a key topic revision checklist & knowledge organiser for the AQA A Level Economics specification. Use this document to help check the completeness of your notes and plan revision ahead of Year 13 mocks and the real exams in the summer!
Here is a downloadable PowerPoint presentation for Economics teachers that encourages students to consider some topical economics-related issues as a way of encouraging students to opt for A-Level Economics.
This BBC News article offers copious business and economics gold dust! The global athletic footwear market size was valued at $64.30 billion in 2017 and the industry supplying shoes has traditionally been viewed as an oligopoly dominated by multinationals such as Nike and Adidas.
We are likely to look back on 2018 as a year when many countries and regions of the world made further substantial progress in increasing renewable energy capacity and benefitting from economies of scale which is lowering the unit cost of each unit of renewable energy supplied. Renewable power consumption grew by 17% in 2017, providing 8% of the world’s electricity.
High rates of malnutrition can severely impair development and bring untold human misery.
This webinar for looks at growth and development policies in Vietnam and compares and contrasts their current growth with China. Vietnam is forecast to have grown by 7% in 2018 and is one of the fastest-growing countries in the world.
Export led growth is where a significant part of the expansion of real GDP, jobs and per capita incomes flows from the successful exporting of goods and services from one country to another.
Here are eight causes of shifts in aggregate demand and/or aggregate supply. What is likely to happen to equilibrium national income and the general price level on each occasion (starting from equilibrium X)? Test yourself using this Quizlet revision activity.
Tim Harford's epic series on 50 Things That Made the Modern Economy is now availably indefinitely through BBC Sounds. Naturally it makes great sense to follow Tim on Twitter
In this contribution to a Project Syndicate 2019 special edition on the Great Disruption, ING Chief Economist Mark Cliffe argues that "multinationals should start behaving more like multi-locals" - there are numerous challenges to trust in businesses in a fragile world economy where globalisation seems to be at risk of fragmentation.
Here is a new Quizlet revision activity covering aspects of economic growth.
Here are some links and revision activities for students and teachers using the Edexcel Theme 2 Knowledge Book for Economics. This section covers the multiplier and economic growth.
Here are some links and revision activities for students and teachers using the Edexcel Theme 2 Knowledge Book for Economics. This section covers factors affecting aggregate demand and aggregate supply
A great short overview here from researchers at the London School of Economics of some of the economic factors that cause multinational corporations to favour some countries over others when making FDI location decisions.
Here are the slides and videos from our revision webinar covering some synoptic aspects of Brexit relevant to A level economics students. In particular there is a focus on synoptic connections to micro and macro consequences.
Working poverty refers to a situation where families with at least one person in paid work have a household income that keeps them below an officially recognised poverty line. In the case of the UK and many other advanced countries, the relative poverty line is drawn at a household income less than sixty percent of median income, adjusted for household size.
Martin Sandhu from the Financial Times casts his eye over some of the major economics news stories in different parts of the global economy. The realities of Brexit have consumed much of the economics commentary in the UK media, but there are many other economic headwinds that risk creating increased volatility in 2019. I've added some other retrospectives on the global economy in 2018.
Externalities and government intervention in action. The UK government DEFRA is consulting on plans to increase the price of smaller plastic bags to 10 pence in a bid to tackle plastic pollution and cut the use of single-use carriers. 5p bag sales already have the potential to raise revenue to support good causes and there has been a sizeable cut in the usage of plastic bags. There seems to be ...
Japan's population is decline and ageing at a rapid rate. New data shows that the natural decline in their population was nearly 500,000 in 2018 with fewer than one million babies born for the third year in a row. The question posed by the Economist here is pertinent. " How does a country cope if more than half of new babies will be centenarians?