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....

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?

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.

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.

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?

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!

All Economists: Scottish Independence - From a different perspective!

The economics of Scottish independence has been turned in to a gay romantic comedy in an online series launching today. 

The mini-series ‘United Queendom’ tells the story of a couple on the verge of separation: Scott and Adrian argue over oils (for the bath), who controls the credit card, membership of ‘The Club’ and whether they should aspire to be like their neighbour, the Scandinavian model.

At the end of each episode, the viewer is presented with a choice of endings and votes on whether the couple breaks up or stays together. Embracing the apathy of some of today’s voters, the poll also includes an option for those who just ‘don’t care’. The ending with the most views will be declared the winner.

The series centres on a gay relationship and is full of hidden references to the economics but it is produced for a general audience. Denham adds: ‘This series is universal. I want everyone in the world to be able to watch and take part.

The series releases today in four mini episodes (5-7 minutes each). The episodes are as follows.

Episode 1 – SCOTT'S INDEPENDENCE – Scott thinks about going alone

Episode 2 – ADRIAN'S WALL – Adrian puts up barriers of his own

Episode 3 – THE SCANDINAVIAN MODEL – She's an inspiration

Episode 4 – DECISION TIME – In or out, once and for all

Question - How would you vote?

Unit 3: Oligopoly in Dubai

I saw an article today in the 7-Days newspaper which discusses how a bar in Dubai is trying to attract more customers. Click here to read the article.

Questions for discussion:

What type of competition strategy is this?
What is the market structure of bars in Dubai?
How effective will this form of competition be?

Try and get used to commenting on this blog.....I welcome discussion.

Unit 3: Horizontal & Vertical Integration

A useful explanation on a relatively straight forward concept.