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unemployment.
FLEXIBLE LABOUR MARKETS ADVANTAGES OF HOSTING A MAJOR EVENT Advantages of hosting a major event. 1. Raise the profile of the city/country. Increasing the profile of a city can lead to lasting economic benefits. For example, cities which host the Olympics can be assured of a persistent increase in recognition and tourism.UNDERGROUND ECONOMY
Definition of the underground economy. The underground economy involves economic transactions not measured by government statistics and ignoring government regulations and laws. It includes Illegal criminal activity Non-market activity - e.g. growing your own vegetables Legal activity which is hidden from authorities (e.g. to avoid paying tax) The underground economy DISADVANTAGES OF MINIMUM WAGES A minimum wage is a legal minimum for workers. It means workers are guaranteed a certain hourly wage – helping to reduce relative poverty. However, a minimum wage could have potential disadvantages – in particular, there is the risk of creating unemployment as firmscannot afford to
POLICIES FOR REDUCING UNEMPLOYMENT Policies to reduce supply-side unemployment. 1. Education and training. The aim is to give the long-term unemployed new skills which enable them to find jobs in developing industries, e.g. retrain unemployed steel workers to have basic I.T. skills which help them find work in the service sector. SHOULD THE GOVERNMENT INTERVENE IN THE One of the main issues in economics is the extent to which the government should intervene in the economy. Free market economists argue that government intervention should be strictly limited as government intervention tends to cause an inefficient allocation ofresources.
CRITICISMS OF WTO
Many criticise the WTO’s philosophy that the most important economic objective is the maximisation of GDP. In an era of global warming and potential environmental disaster, increasing GDP may be the least important. Arguably the WTO should do more to promote environmental considerations. Free trade ignores cultural and social factors. PROBLEMS OF AGRICULTURE Agriculture often appears to be one of the most difficult industries, frequently leading to some form of market failure. In the EU and US, agriculture is the most heavily subsidised industry, yet despite the cost of the subsidy it fails to address many issues relating toagriculture.
ECONOMICS HELPSHOPECONOMICS A Cracking Economics. An easy to read an overview of economics. ‘Cracking Economics’ gives explanations of main topics with images and diagrams to bring economics to life. The book is aimed at anyone with a general interest in economics but would like a better understanding. Available in hardback at major bookshops and online. PROS AND CONS OF CORONAVIRUS FURLOUGH SCHEME Pros and cons of coronavirus furlough scheme. Furlough schemes involve the government paying the wages of workers who would otherwise have been laid off. In the UK, the government pay 80% of wages up to 2,500 a month. Over 7.5 million jobs are now covered by the scheme. It is costing £8bn a month and has helped avoid a surge inunemployment.
FLEXIBLE LABOUR MARKETS ADVANTAGES OF HOSTING A MAJOR EVENT Advantages of hosting a major event. 1. Raise the profile of the city/country. Increasing the profile of a city can lead to lasting economic benefits. For example, cities which host the Olympics can be assured of a persistent increase in recognition and tourism.UNDERGROUND ECONOMY
Definition of the underground economy. The underground economy involves economic transactions not measured by government statistics and ignoring government regulations and laws. It includes Illegal criminal activity Non-market activity - e.g. growing your own vegetables Legal activity which is hidden from authorities (e.g. to avoid paying tax) The underground economy DISADVANTAGES OF MINIMUM WAGES A minimum wage is a legal minimum for workers. It means workers are guaranteed a certain hourly wage – helping to reduce relative poverty. However, a minimum wage could have potential disadvantages – in particular, there is the risk of creating unemployment as firmscannot afford to
POLICIES FOR REDUCING UNEMPLOYMENT Policies to reduce supply-side unemployment. 1. Education and training. The aim is to give the long-term unemployed new skills which enable them to find jobs in developing industries, e.g. retrain unemployed steel workers to have basic I.T. skills which help them find work in the service sector. SHOULD THE GOVERNMENT INTERVENE IN THE One of the main issues in economics is the extent to which the government should intervene in the economy. Free market economists argue that government intervention should be strictly limited as government intervention tends to cause an inefficient allocation ofresources.
CRITICISMS OF WTO
Many criticise the WTO’s philosophy that the most important economic objective is the maximisation of GDP. In an era of global warming and potential environmental disaster, increasing GDP may be the least important. Arguably the WTO should do more to promote environmental considerations. Free trade ignores cultural and social factors. PROBLEMS OF AGRICULTURE Agriculture often appears to be one of the most difficult industries, frequently leading to some form of market failure. In the EU and US, agriculture is the most heavily subsidised industry, yet despite the cost of the subsidy it fails to address many issues relating toagriculture.
COSTS OF ECONOMIC GROWTH Potential costs of economic growth include. 1. Inflation. If Aggregate Demand (AD) increases faster than Aggregate Supply (AS), then economic growth will lead to higher inflation as firms put up prices. Economic growth tends to cause inflation when the growth rate is DISADVANTAGES OF MINIMUM WAGES A minimum wage is a legal minimum for workers. It means workers are guaranteed a certain hourly wage – helping to reduce relative poverty. However, a minimum wage could have potential disadvantages – in particular, there is the risk of creating unemployment as firmscannot afford to
PROS AND CONS OF IMMIGRATION Immigration can give substantial economic benefits - a more flexible labour market, greater skills base, increased demand and a greater diversity of innovation. However, immigration is also controversial. It is argued immigration can cause issues of overcrowding, congestion, and extra pressure on public services. There is also a debate aboutEFFECTIVE DEMAND
Effective demand is the amount of any quantity actually sold in the markets while derived demand depends on the amount of another good or service and therein demanded due to that other factor e.g. labor is demanded when new capital machinery is acquired by a firm.CONTESTABLE MARKETS
28 October 2019 by Tejvan Pettinger. A contestable market occurs when there is freedom of entry and exit into the market. In a contestable market, there will be low sunk costs. (Costs which can’t be recovered when leaving the market) Due to freedom of entry and exit – existing firms always face the threat of new firms entering themarket.
EFFECTS OF A FALLING DOLLAR An essay on the economic effects of a falling dollar. Between 2006 and early 2008, there was a 15% fall in the trade-weighted value of the dollar. Then from 2008 to 2011, there was another fall of around 15%. In summary, a fall in the value of the dollar will have these effects. Makes US exports cheaper to foreigners importing US Goods.SUPPLY OF LABOUR
Two factors that influence a workers supply of labour. 1. Substitution effect of a rise in wages. With higher wages, workers will give greater value to working than leisure. With work more profitable, there is a higher opportunity cost of not working. The substitution effect causes more hours to be worked as wages rise.ROLE OF IMF
What the IMF does in practice. 1. Economic surveillance and monitoring. IMF produces reports on member countries economies and suggests areas of weakness / possible danger (e.g. unbalanced economies with large current account deficit/excess debt levels.. The idea is to work on crisis prevention by highlighting areas of economicimbalance.
CRITICISMS OF WTO
Many criticise the WTO’s philosophy that the most important economic objective is the maximisation of GDP. In an era of global warming and potential environmental disaster, increasing GDP may be the least important. Arguably the WTO should do more to promote environmental considerations. Free trade ignores cultural and social factors. SALTWATER VS FRESHWATER ECONOMICS Saltwater economists are more likely to be aligned to Keynesianism, either modern versions or classic Keynesianism. The essence is that they believe there can be a role for government spending and investment to kick-start an economy stuck in recession. With some exceptions, saltwater economists tend to be more on the ‘left’ /‘liberal
ECONOMICS HELPSHOPECONOMICS A Cracking Economics. An easy to read an overview of economics. ‘Cracking Economics’ gives explanations of main topics with images and diagrams to bring economics to life. The book is aimed at anyone with a general interest in economics but would like a better understanding. Available in hardback at major bookshops and online. PROS AND CONS OF CORONAVIRUS FURLOUGH SCHEME Pros and cons of coronavirus furlough scheme. Furlough schemes involve the government paying the wages of workers who would otherwise have been laid off. In the UK, the government pay 80% of wages up to 2,500 a month. Over 7.5 million jobs are now covered by the scheme. It is costing £8bn a month and has helped avoid a surge inunemployment.
PROS AND CONS OF FINANCIALISATION Financialisation is a term used to describe the increased role of the financial sector in a modern economy. Source: NYT 2013 Financialisation also refers to particular trends in the financial sector of the economy. This includes: Increased use of financial intermediaries Increased use of futures markets. For example futurecontracts
BEHAVIOURAL THEORIES OF THE FIRM Behavioural Theories of the Firm include: Size of a firm/prestige. Some managers may simply aim for working in a big and seemingly successful firm which gives more prestige and honour. Managers may be motivated to prove their projects are successful. This can cause firmsto
WHY IS THERE SO MUCH GLOBAL INEQUALITY? Living standards vary significantly across the globe. Wealthy economies, such as the US have an average GDP per head (at PPP) of $59,495 in the US (IMF 2017) This compares to an average annual income as low as $808 Burundi. (IMF 2017) There are many reasons for thesedivergences in
SWOT ANALYSIS
Examples of Weaknesses. Over-reliance on a small number of customers. Changing consumer demand – e.g. retail shops losing out to internet. Changing product life-cycle. High ratio of debt. Difficulty in finding suitable management/workers. For an exporting firm, an appreciation in the exchange rate, which makes exports less competitive. WHY DOES FEDERAL RESERVE BUY TREASURIES? According to Zero Hedge, countries outside of the U.S. dumped 74 billion dollars in U.S. Treasuries, most of it over the weekend: “Over the weekend, we observed the perplexing sell off of $56 billion in US Treasurys courtesy of weekly disclosure in the Fed’s custodial account (source: H.4.1) and speculated if this may be due to an asset rotation, under duress or otherwise, out of bonds andCRITICISMS OF WTO
Many criticise the WTO’s philosophy that the most important economic objective is the maximisation of GDP. In an era of global warming and potential environmental disaster, increasing GDP may be the least important. Arguably the WTO should do more to promote environmental considerations. Free trade ignores cultural and social factors. ECONOMICS OF SCOTTISH INDEPENDENCE QUESTION: HOW CAN INFLATION REDUCE VALUE OF PERSONAL DEBT Inflation can reduce the value of debt, if your wages keep pace with inflation. It is possible to have inflation with no increase in income. In this case, it is more difficult to pay off your debt. Your income is the same, but you have to spend more on buying goods leaving less disposable income to ECONOMICS HELPSHOPECONOMICS A Cracking Economics. An easy to read an overview of economics. ‘Cracking Economics’ gives explanations of main topics with images and diagrams to bring economics to life. The book is aimed at anyone with a general interest in economics but would like a better understanding. Available in hardback at major bookshops and online. PROS AND CONS OF CORONAVIRUS FURLOUGH SCHEME Pros and cons of coronavirus furlough scheme. Furlough schemes involve the government paying the wages of workers who would otherwise have been laid off. In the UK, the government pay 80% of wages up to 2,500 a month. Over 7.5 million jobs are now covered by the scheme. It is costing £8bn a month and has helped avoid a surge inunemployment.
PROS AND CONS OF FINANCIALISATION Financialisation is a term used to describe the increased role of the financial sector in a modern economy. Source: NYT 2013 Financialisation also refers to particular trends in the financial sector of the economy. This includes: Increased use of financial intermediaries Increased use of futures markets. For example futurecontracts
BEHAVIOURAL THEORIES OF THE FIRM Behavioural Theories of the Firm include: Size of a firm/prestige. Some managers may simply aim for working in a big and seemingly successful firm which gives more prestige and honour. Managers may be motivated to prove their projects are successful. This can cause firmsto
WHY IS THERE SO MUCH GLOBAL INEQUALITY? Living standards vary significantly across the globe. Wealthy economies, such as the US have an average GDP per head (at PPP) of $59,495 in the US (IMF 2017) This compares to an average annual income as low as $808 Burundi. (IMF 2017) There are many reasons for thesedivergences in
SWOT ANALYSIS
Examples of Weaknesses. Over-reliance on a small number of customers. Changing consumer demand – e.g. retail shops losing out to internet. Changing product life-cycle. High ratio of debt. Difficulty in finding suitable management/workers. For an exporting firm, an appreciation in the exchange rate, which makes exports less competitive. WHY DOES FEDERAL RESERVE BUY TREASURIES? According to Zero Hedge, countries outside of the U.S. dumped 74 billion dollars in U.S. Treasuries, most of it over the weekend: “Over the weekend, we observed the perplexing sell off of $56 billion in US Treasurys courtesy of weekly disclosure in the Fed’s custodial account (source: H.4.1) and speculated if this may be due to an asset rotation, under duress or otherwise, out of bonds andCRITICISMS OF WTO
Many criticise the WTO’s philosophy that the most important economic objective is the maximisation of GDP. In an era of global warming and potential environmental disaster, increasing GDP may be the least important. Arguably the WTO should do more to promote environmental considerations. Free trade ignores cultural and social factors. ECONOMICS OF SCOTTISH INDEPENDENCE QUESTION: HOW CAN INFLATION REDUCE VALUE OF PERSONAL DEBT Inflation can reduce the value of debt, if your wages keep pace with inflation. It is possible to have inflation with no increase in income. In this case, it is more difficult to pay off your debt. Your income is the same, but you have to spend more on buying goods leaving less disposable income to PROS AND CONS OF GOVERNMENT INTERVENTION A key economic debate is the extent to which should governments intervene in the economy? At one extreme, free-market economists/libertarians, argue that government intervention should be limited to all but the most basic services, such as the protection of private property and the maintenance of law and order. At the FLEXIBLE LABOUR MARKETS Flexible Labour Markets. Flexible Labour Markets mean that the labour markets quickly adjust to a competitive equilibrium. Flexible labour markets involve factors such as: Easy to hire and fire workers. Labour is occupationally and geographically mobile.REAL BUSINESS CYCLE
Summary Real business cycle models state that macroeconomic fluctuations in the economy can be largely explained by technological shocks and changes in productivity. These changes in technological growth affect the decisions of firms on investment and workers (labour supply). Hence changes in output can be traced to microeconomic andsupply-side
PROS AND CONS OF IMMIGRATION Immigration can give substantial economic benefits - a more flexible labour market, greater skills base, increased demand and a greater diversity of innovation. However, immigration is also controversial. It is argued immigration can cause issues of overcrowding, congestion, and extra pressure on public services. There is also a debate aboutTRADING BLOCKS
Trading blocks have become increasingly influential for world trade. They have advantages in enabling free trade between geographically close countries. This can lead to lower prices, increased export potential, higher growth, economies of scale and greater competition. However, it can lead to compromise as countries pool economicsovereignty.
EQUIMARGINAL PRINCIPLE The equimarginal principle states that consumers will choose a combination of goods to maximise their total utility. This will occur where. The consumer will consider both the marginal utility MU of goods and the price. In effect, the consumer is evaluating the MU/price. This is known as the marginal utility of expenditure on eachitem of good.
LORENZ CURVE
Lorenz Curve. Definition: The Lorenz curve is a way of showing the distribution of income (or wealth) within an economy. It was developed by Max O. Lorenz in 1905 for representing wealth distribution. The Lorenz curve shows the cumulative share of income from different sections of the population. If there was perfect equality – ifeveryone
PROS AND CONS OF HEATHROW EXPANSION Arguments Against Heathrow Expansion. 725,000 people already living under the flight path. The high population density means it is not the ideal location for an airport. It makes sense to increase capacity in an area with lower population density. External Costs: Noise and air pollution would increase through expansion.CRITICISMS OF WTO
Many criticise the WTO’s philosophy that the most important economic objective is the maximisation of GDP. In an era of global warming and potential environmental disaster, increasing GDP may be the least important. Arguably the WTO should do more to promote environmental considerations. Free trade ignores cultural and social factors. LIMIT PRICING DEFINITION Limit Pricing Definition. Limit Pricing is a pricing strategy a monopolist may use to discourage entry. If a monopolist set its profit maximising price (where MR=MC) the level of supernormal profit would be so high it attracts new firms into the market. Limit pricing involves reducing the price sufficiently to deter entry. ECONOMICS HELPSHOPECONOMICS A Cracking Economics. An easy to read an overview of economics. ‘Cracking Economics’ gives explanations of main topics with images and diagrams to bring economics to life. The book is aimed at anyone with a general interest in economics but would like a better understanding. Available in hardback at major bookshops and online. PROS AND CONS OF CORONAVIRUS FURLOUGH SCHEME Pros and cons of coronavirus furlough scheme. Furlough schemes involve the government paying the wages of workers who would otherwise have been laid off. In the UK, the government pay 80% of wages up to 2,500 a month. Over 7.5 million jobs are now covered by the scheme. It is costing £8bn a month and has helped avoid a surge inunemployment.
PROS AND CONS OF FINANCIALISATION Financialisation is a term used to describe the increased role of the financial sector in a modern economy. Source: NYT 2013 Financialisation also refers to particular trends in the financial sector of the economy. This includes: Increased use of financial intermediaries Increased use of futures markets. For example futurecontracts
BEHAVIOURAL THEORIES OF THE FIRM Behavioural Theories of the Firm include: Size of a firm/prestige. Some managers may simply aim for working in a big and seemingly successful firm which gives more prestige and honour. Managers may be motivated to prove their projects are successful. This can cause firmsto
WHY IS THERE SO MUCH GLOBAL INEQUALITY? Living standards vary significantly across the globe. Wealthy economies, such as the US have an average GDP per head (at PPP) of $59,495 in the US (IMF 2017) This compares to an average annual income as low as $808 Burundi. (IMF 2017) There are many reasons for thesedivergences in
SWOT ANALYSIS
Examples of Weaknesses. Over-reliance on a small number of customers. Changing consumer demand – e.g. retail shops losing out to internet. Changing product life-cycle. High ratio of debt. Difficulty in finding suitable management/workers. For an exporting firm, an appreciation in the exchange rate, which makes exports less competitive. WHY DOES FEDERAL RESERVE BUY TREASURIES? According to Zero Hedge, countries outside of the U.S. dumped 74 billion dollars in U.S. Treasuries, most of it over the weekend: “Over the weekend, we observed the perplexing sell off of $56 billion in US Treasurys courtesy of weekly disclosure in the Fed’s custodial account (source: H.4.1) and speculated if this may be due to an asset rotation, under duress or otherwise, out of bonds andCRITICISMS OF WTO
Many criticise the WTO’s philosophy that the most important economic objective is the maximisation of GDP. In an era of global warming and potential environmental disaster, increasing GDP may be the least important. Arguably the WTO should do more to promote environmental considerations. Free trade ignores cultural and social factors. ECONOMICS OF SCOTTISH INDEPENDENCE QUESTION: HOW CAN INFLATION REDUCE VALUE OF PERSONAL DEBT Inflation can reduce the value of debt, if your wages keep pace with inflation. It is possible to have inflation with no increase in income. In this case, it is more difficult to pay off your debt. Your income is the same, but you have to spend more on buying goods leaving less disposable income to ECONOMICS HELPSHOPECONOMICS A Cracking Economics. An easy to read an overview of economics. ‘Cracking Economics’ gives explanations of main topics with images and diagrams to bring economics to life. The book is aimed at anyone with a general interest in economics but would like a better understanding. Available in hardback at major bookshops and online. PROS AND CONS OF CORONAVIRUS FURLOUGH SCHEME Pros and cons of coronavirus furlough scheme. Furlough schemes involve the government paying the wages of workers who would otherwise have been laid off. In the UK, the government pay 80% of wages up to 2,500 a month. Over 7.5 million jobs are now covered by the scheme. It is costing £8bn a month and has helped avoid a surge inunemployment.
PROS AND CONS OF FINANCIALISATION Financialisation is a term used to describe the increased role of the financial sector in a modern economy. Source: NYT 2013 Financialisation also refers to particular trends in the financial sector of the economy. This includes: Increased use of financial intermediaries Increased use of futures markets. For example futurecontracts
BEHAVIOURAL THEORIES OF THE FIRM Behavioural Theories of the Firm include: Size of a firm/prestige. Some managers may simply aim for working in a big and seemingly successful firm which gives more prestige and honour. Managers may be motivated to prove their projects are successful. This can cause firmsto
WHY IS THERE SO MUCH GLOBAL INEQUALITY? Living standards vary significantly across the globe. Wealthy economies, such as the US have an average GDP per head (at PPP) of $59,495 in the US (IMF 2017) This compares to an average annual income as low as $808 Burundi. (IMF 2017) There are many reasons for thesedivergences in
SWOT ANALYSIS
Examples of Weaknesses. Over-reliance on a small number of customers. Changing consumer demand – e.g. retail shops losing out to internet. Changing product life-cycle. High ratio of debt. Difficulty in finding suitable management/workers. For an exporting firm, an appreciation in the exchange rate, which makes exports less competitive. WHY DOES FEDERAL RESERVE BUY TREASURIES? According to Zero Hedge, countries outside of the U.S. dumped 74 billion dollars in U.S. Treasuries, most of it over the weekend: “Over the weekend, we observed the perplexing sell off of $56 billion in US Treasurys courtesy of weekly disclosure in the Fed’s custodial account (source: H.4.1) and speculated if this may be due to an asset rotation, under duress or otherwise, out of bonds andCRITICISMS OF WTO
Many criticise the WTO’s philosophy that the most important economic objective is the maximisation of GDP. In an era of global warming and potential environmental disaster, increasing GDP may be the least important. Arguably the WTO should do more to promote environmental considerations. Free trade ignores cultural and social factors. ECONOMICS OF SCOTTISH INDEPENDENCE QUESTION: HOW CAN INFLATION REDUCE VALUE OF PERSONAL DEBT Inflation can reduce the value of debt, if your wages keep pace with inflation. It is possible to have inflation with no increase in income. In this case, it is more difficult to pay off your debt. Your income is the same, but you have to spend more on buying goods leaving less disposable income to PROS AND CONS OF GOVERNMENT INTERVENTION A key economic debate is the extent to which should governments intervene in the economy? At one extreme, free-market economists/libertarians, argue that government intervention should be limited to all but the most basic services, such as the protection of private property and the maintenance of law and order. At the PROS AND CONS OF IMMIGRATION Immigration can give substantial economic benefits - a more flexible labour market, greater skills base, increased demand and a greater diversity of innovation. However, immigration is also controversial. It is argued immigration can cause issues of overcrowding, congestion, and extra pressure on public services. There is also a debate about FLEXIBLE LABOUR MARKETS Flexible Labour Markets. Flexible Labour Markets mean that the labour markets quickly adjust to a competitive equilibrium. Flexible labour markets involve factors such as: Easy to hire and fire workers. Labour is occupationally and geographically mobile. HOW TO REDUCE VALUE OF A CURRENCY Sometimes governments may wish to reduce the value of their currency. A depreciation in the value of a currency would make exports cheaper, imports more expensive and can provide a boost to domestic demand. If the economy is stuck in recession or unemployment rising, reducing thevalue of a
TRADING BLOCKS
Trading blocks have become increasingly influential for world trade. They have advantages in enabling free trade between geographically close countries. This can lead to lower prices, increased export potential, higher growth, economies of scale and greater competition. However, it can lead to compromise as countries pool economicsovereignty.
EQUIMARGINAL PRINCIPLE The equimarginal principle states that consumers will choose a combination of goods to maximise their total utility. This will occur where. The consumer will consider both the marginal utility MU of goods and the price. In effect, the consumer is evaluating the MU/price. This is known as the marginal utility of expenditure on eachitem of good.
LORENZ CURVE
Lorenz Curve. Definition: The Lorenz curve is a way of showing the distribution of income (or wealth) within an economy. It was developed by Max O. Lorenz in 1905 for representing wealth distribution. The Lorenz curve shows the cumulative share of income from different sections of the population. If there was perfect equality – ifeveryone
PROS AND CONS OF HEATHROW EXPANSION Arguments Against Heathrow Expansion. 725,000 people already living under the flight path. The high population density means it is not the ideal location for an airport. It makes sense to increase capacity in an area with lower population density. External Costs: Noise and air pollution would increase through expansion. ADVANTAGES OF HOSTING A MAJOR EVENT Advantages of hosting a major event. 1. Raise the profile of the city/country. Increasing the profile of a city can lead to lasting economic benefits. For example, cities which host the Olympics can be assured of a persistent increase in recognition and tourism. CRITICISMS OF BANK OF ENGLAND Criticisms of Bank of England. The Bank of England was given autonomy to set interest rates in 1997. The government set the Monetary Policy Committee MPC a target of inflation – 2%. For the period 1997-2008, the Bank helped preside over a long period of economic expansion. They avoided a boom and bust economic cycle – keeping inflation low. ECONOMICS HELPSHOPECONOMICS A Cracking Economics. An easy to read an overview of economics. ‘Cracking Economics’ gives explanations of main topics with images and diagrams to bring economics to life. The book is aimed at anyone with a general interest in economics but would like a better understanding. Available in hardback at major bookshops and online. PROS AND CONS OF CORONAVIRUS FURLOUGH SCHEME Pros and cons of coronavirus furlough scheme. Furlough schemes involve the government paying the wages of workers who would otherwise have been laid off. In the UK, the government pay 80% of wages up to 2,500 a month. Over 7.5 million jobs are now covered by the scheme. It is costing £8bn a month and has helped avoid a surge inunemployment.
COSTS OF ECONOMIC GROWTH Potential costs of economic growth include. 1. Inflation. If Aggregate Demand (AD) increases faster than Aggregate Supply (AS), then economic growth will lead to higher inflation as firms put up prices. Economic growth tends to cause inflation when the growth rate is BEHAVIOURAL THEORIES OF THE FIRM Behavioural Theories of the Firm include: Size of a firm/prestige. Some managers may simply aim for working in a big and seemingly successful firm which gives more prestige and honour. Managers may be motivated to prove their projects are successful. This can cause firmsto
TRADING BLOCKS
Trading blocks have become increasingly influential for world trade. They have advantages in enabling free trade between geographically close countries. This can lead to lower prices, increased export potential, higher growth, economies of scale and greater competition. However, it can lead to compromise as countries pool economicsovereignty.
SUPPLY SIDE POLICIES FACTORS AFFECTING CHOICE OF JOB/OCCUPATION Individuals choice of job/career/occuption will depend on how attractive the job is compared to the alternatives. Individuals will be influenced by various factors such as the wage levels, skills required and the likely satisfaction gained in the job. The supply of labour to particular occupations will depend on several factors.MARKET FAILURE
28 November 2019 by Tejvan Pettinger. Definition of Market Failure – This occurs when there is an inefficient allocation of resources in a free market. Market failure can occur due to a variety of reasons, such as monopoly (higher prices and less output), negative externalities (over-consumed and costs to third party) and publicgoods
QUESTION: HOW CAN INFLATION REDUCE VALUE OF PERSONAL DEBT Inflation can reduce the value of debt, if your wages keep pace with inflation. It is possible to have inflation with no increase in income. In this case, it is more difficult to pay off your debt. Your income is the same, but you have to spend more on buying goods leaving less disposable income toPOLLUTION PERMITS
15 December 2019. 28 October 2019 by Tejvan Pettinger. Pollution permits involve giving firms a legal right to pollute a certain amount e.g. 100 units of Carbon Dioxide per year. If the firm produces less pollution it can sell its pollution permits to other firms. However, if it produces more pollution it has to buy permits from other firmsor
ECONOMICS HELPSHOPECONOMICS A Cracking Economics. An easy to read an overview of economics. ‘Cracking Economics’ gives explanations of main topics with images and diagrams to bring economics to life. The book is aimed at anyone with a general interest in economics but would like a better understanding. Available in hardback at major bookshops and online. PROS AND CONS OF CORONAVIRUS FURLOUGH SCHEME Pros and cons of coronavirus furlough scheme. Furlough schemes involve the government paying the wages of workers who would otherwise have been laid off. In the UK, the government pay 80% of wages up to 2,500 a month. Over 7.5 million jobs are now covered by the scheme. It is costing £8bn a month and has helped avoid a surge inunemployment.
COSTS OF ECONOMIC GROWTH Potential costs of economic growth include. 1. Inflation. If Aggregate Demand (AD) increases faster than Aggregate Supply (AS), then economic growth will lead to higher inflation as firms put up prices. Economic growth tends to cause inflation when the growth rate is BEHAVIOURAL THEORIES OF THE FIRM Behavioural Theories of the Firm include: Size of a firm/prestige. Some managers may simply aim for working in a big and seemingly successful firm which gives more prestige and honour. Managers may be motivated to prove their projects are successful. This can cause firmsto
TRADING BLOCKS
Trading blocks have become increasingly influential for world trade. They have advantages in enabling free trade between geographically close countries. This can lead to lower prices, increased export potential, higher growth, economies of scale and greater competition. However, it can lead to compromise as countries pool economicsovereignty.
SUPPLY SIDE POLICIES FACTORS AFFECTING CHOICE OF JOB/OCCUPATION Individuals choice of job/career/occuption will depend on how attractive the job is compared to the alternatives. Individuals will be influenced by various factors such as the wage levels, skills required and the likely satisfaction gained in the job. The supply of labour to particular occupations will depend on several factors.MARKET FAILURE
28 November 2019 by Tejvan Pettinger. Definition of Market Failure – This occurs when there is an inefficient allocation of resources in a free market. Market failure can occur due to a variety of reasons, such as monopoly (higher prices and less output), negative externalities (over-consumed and costs to third party) and publicgoods
QUESTION: HOW CAN INFLATION REDUCE VALUE OF PERSONAL DEBT Inflation can reduce the value of debt, if your wages keep pace with inflation. It is possible to have inflation with no increase in income. In this case, it is more difficult to pay off your debt. Your income is the same, but you have to spend more on buying goods leaving less disposable income toPOLLUTION PERMITS
15 December 2019. 28 October 2019 by Tejvan Pettinger. Pollution permits involve giving firms a legal right to pollute a certain amount e.g. 100 units of Carbon Dioxide per year. If the firm produces less pollution it can sell its pollution permits to other firms. However, if it produces more pollution it has to buy permits from other firmsor
COSTS OF ECONOMIC GROWTH Potential costs of economic growth include. 1. Inflation. If Aggregate Demand (AD) increases faster than Aggregate Supply (AS), then economic growth will lead to higher inflation as firms put up prices. Economic growth tends to cause inflation when the growth rate isEFFECTIVE DEMAND
Effective demand is the amount of any quantity actually sold in the markets while derived demand depends on the amount of another good or service and therein demanded due to that other factor e.g. labor is demanded when new capital machinery is acquired by a firm.MARKET FAILURE
28 November 2019 by Tejvan Pettinger. Definition of Market Failure – This occurs when there is an inefficient allocation of resources in a free market. Market failure can occur due to a variety of reasons, such as monopoly (higher prices and less output), negative externalities (over-consumed and costs to third party) and publicgoods
POLICIES TO REDUCE POVERTY 28 July 2019 by Tejvan Pettinger. In summary, to reduce poverty, government policies could include: Means-tested welfare benefits to the poorest in society; for example, unemployment benefit, food stamps, income support and housing benefit. Minimum wages. Regulation of labour markets, for example, statutory minimum wages.CONTESTABLE MARKETS
28 October 2019 by Tejvan Pettinger. A contestable market occurs when there is freedom of entry and exit into the market. In a contestable market, there will be low sunk costs. (Costs which can’t be recovered when leaving the market) Due to freedom of entry and exit – existing firms always face the threat of new firms entering themarket.
WINNERS AND LOSERS FROM GLOBALISATION Winners and losers from globalisation. Globalisation involves the increased integration and interdependence of the global economy. Since the 1960s, there has been an increased rate of globalisation, which has been characterised by rising trade, rising exports as % of GDP, greater movement of labour and capital, and an increasedinterdependence
EFFECTS OF A FALLING DOLLAR An essay on the economic effects of a falling dollar. Between 2006 and early 2008, there was a 15% fall in the trade-weighted value of the dollar. Then from 2008 to 2011, there was another fall of around 15%. In summary, a fall in the value of the dollar will have these effects. Makes US exports cheaper to foreigners importing US Goods.CHOICE ARCHITECTURE
Choice architecture is a method to retain consumer sovereignty (the right to choose) but nudging consumers to make certain choices. The idea of choice architecture originated in a book Nudge: Improving Decisions about Health, Wealth, and Happiness. (2008) by Richard Thaler and Cass Sunstein. ISOQUANT AND ISOCOSTS Isocost. An isocost shows all the combination of factors that cost the same to employ. In this example, a unit of labour and capital cost 6,666 each. If we employ 30K and 30L, the total cost will be 200,000 + £200,000. If we employ 10 K and 50L, the total cost will be £66,666 +£333,333 = £400,000. ADVANTAGES AND PROBLEMS OF PRIVATISATION A look at the arguments for and against privatisation (selling state-owned assets to the private sector). Arguments include efficiency, raising revenue, natural monopolies, effect on price, incentives and examples from UK, US.Skip to content
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