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Wednesday, 1 October 2014

Unit 1: Prices for sacrificial animals rise ahead of Eid Al Adha

I was sat waiting for my car to registered yesterday and I came across this article which highlights how restricting supply so farmers can react to the increased demand is a good way to increase revenue and profits.

Questions:






Draw a supply & demand diagram to show how the Eid break affects prices.

What does the article suggest about the price elasticity of demand for Sheep during Eid?

What does the article suggest about the price elasticity of supply of sheep during Eid?

I would expect students to comment on this blog.....and comment on the comments!

I look forward to hearing from you.

Mr Bentley

Tuesday, 30 September 2014

Unit 4: Inequality - This will shock you....hopefully!

A useful clip which puts inequality into perspective.........



Questions for discussion:

Is this fair?
Is it economically desirable?

Both of the above questions can be argued both ways. try it....




Monday, 29 September 2014

Unit 3: Perfect Competition & Efficiency

All,

I will not be in your lesson today, but as always, I have set you a task. Please read (and make notes or print out) the following revision notes on Perfect Competition.

Click here to access link.

I specifically need you to answer the following questions:

Efficiency: What is it, how many types are there, what do they mean?

What are the advantages and disadvantages of perfect competition to the consumer?


Wednesday, 24 September 2014

Unit 4: Hotel India - Episode 1

Documentary series going behind-the-scenes of India's oldest hotel. This final episode looks at guests directly connected to the hotel's past and the terrorist attack of 2008.

It's a really interesting insight into the problems India is facing as it tries to grow economically.

Wednesday, 17 September 2014

Unit 4: Children are dying!

This picture is intended to shock - be an economist and want to solve it!
Remember I said that economics kills more than anything else on this planet....well here is some proof. Bad economic decisions and free market economics have created absolute poverty in many parts of the world. If this is of interest to you, take some time to read the articles. (If you are not interested, you will be tested on inequality and how best to combat it - so read the articles anyway!)

The overall rate of infant mortality has been halved in the past two decades.

That's the good news. But Unicef' s latest figures estimate every day 17,000 under-fives die - 6.3 million a year - from largely preventable causes. Most of the deaths happen in the first hours or weeks following birth.

One of the eight Millennium Development Goals which was set in 2000 was to cut infant mortality by two-thirds. The aim had been to reach the target by the end of 2015, but at current progress it won't be achieved until 2026.

However, Malawi has achieved the target. According to Unicef, one of the keys to Malawi's success had been to correct information failure about infant health, with the creation of a network of health workers with basic skills, who lived and worked in the community. Their work focuses on simple matters like keeping infants warm, the importance of breastfeeding to boost immunity, use of mosquito nets, and providing vitamin A. This gives a great opportunity for a case study to be used by students of development economics - the BBC website has some great interactive data as well as a video explaining the issues, and an accompanying article.


Malawian officials are also dealing with the after-effects of a huge corruption scandal, which caused international donors to withhold aid until their governance is better managed - some information about this is given in a separate BBC article, with a link to further information, and it gives a rare opportunity to research some simple but effective evidence for the economic effects of corruption.

Tuesday, 16 September 2014

Unit 3: Microsoft buys Minecraft

I read this today on the BBC news site (Click here for article). It is an excellent example of horizontal integration.

Why do you think Microsoft bought this company?

What are the advantages for the consumer?

What are the potential disadvantages for Microsoft?

Monday, 15 September 2014

Unit 3: UK Competition Policy

Click here to read a relatively short, if rather dull notice from the government explaining UK Competition Policy. You are asked about this EVERY year and have to include a decent definition. Recently the government merged the Office of Fair Trading and the Competition Commission, to form the Competition & Markets Authority (CMA).



Please take a few minutes to read. I will ask you about it in class this week!