Theme 1: Government Failure & Public Goods

Two presentations that link government failure and the provision of public goods.

Government failure from mattbentley34

Public goods from mattbentley34

Theme 3: Labour Market Failure - with diagrams

Aspects of Labour Market Failure from tutor2u

All Themes: The state of the UK economy: Post BREXIT

Theme 3: The Labour Market (an introduction)

Tutor2u - Labour Market Economics from tutor2u

The Autumn Statement - Thoughts?

Click here to access the Autumn statement from the Chancellor. Makes for interesting reading...we will discuss in class (Politics & Economics)

Theme 3: Assessment Week 1 - Jan 10 Mark Scheme

Jan 10 n from mattbentley34

Theme 2 & 4: What is Frictional Unemployment?

Useful video explaining the concept of frictional unemployment. Helps to explain why an economy is unlikely to ever have 100% employment as there will always be some people in between work.

Theme 2, 3 & 4: Structural Unemployment

Theme 3 & 4: Consumerism hits China in a BIG way!

An interesting piece of marketing by Alibaba, the Chinese equivalent of Amazon....



Questions for discussion:

What does say about economic development in China?

How might this growth in consumer spending and middle class population, effect demand management in China?

What are the benefits/opportunities for the rest of the world?

Theme 4: Egypt gets loan from IMF

Click here to access a BBC article on how Egypt, with help from the IMF, intends to solve it's economic crisis. Lots of economics in the article, floating exchange rates, fiscal policy, economic development, FDI, supply side policy etc etc.

Theme 1 & 3: How to answer short answer questions from the A level paper 1

Examiners require you to have three elements in your answers:

• Knowledge – this is usually identification of different points OR definitions of key theories.
• Application – you need to provide examples illustrating your economic theory OR identifying some facts from the information provided. Make sure that your examples are ALWAYS related to the examples used in the question.
• Analysis – here you need to refer to the impact or consequences of the theory you have discussed OR provide a benefit or cost of the theory discussed.

Here is an example to make you understand better what you are required to do:

Briefly explain the market structure in the grocery industry in the UK for the period shown. (5)

Knowledge – this market is an oligopoly, where a few large firms dominate the market.

Application – the 4 firm concentration ratio is 73.4%, showing that the 4 largest firms, Tesco, Asda, Sainsbury's and Morrisons control more that half of the market.

Analysis – As a result it can be inferred that the market is highly concentrated and there are likely to be high barriers to entry and exit from the industry.

Given the changes made in your A-level exams, you have to be extra careful when it comes to the structure of your answers. Make sure you do not miss any of the above stages, to ensure you score the highest of marks.

Theme 1: Market Failure Presentations

Externalities introduction from mattbentley34

Economic efficiency market_failure from mattbentley34

Negative externalities from mattbentley34

Government failure from mattbentley34

Theme 2 & 4: Egypt's currency falls by over 50%

In recent times, Egypt have switched between floating and fixed exchange rates for its currency - the pound. After the Arab Spring of 2011 it reimposed controls and only now has decided to revert to a floating exchange rate, with the effect that it fell 48% immediately and has continued to fall in subsequent days.

The key reason for the decision to move to a floating rate seems to be because they want a large loan ($12billion) from the IMF and won't get it without making the change! According to the IMF, "The flexible exchange rate regime... will improve Egypt's external competitiveness, support exports and tourism and attract foreign investment, all of this will help foster growth, job creation and stronger external position for the country."

Of course, the cost of imports will now increase significantly which will cause some short-term pain for Egyptian consumers and businesses that need to import machinery etc.

Students may themselves be thinking how all of this could affect them so it might be a good time to ask if a) anyone has been to Egypt (perhaps unlikely, depending on where you are) or b) anyone wants to go to Egypt at some point in their life. An interesting digression can then be made into why you might want to go to Egypt, what other "bucket list" items you might have and bringing it all back to the effect of exchange rates on the cost :)

The article can be found here.

Theme 3: Government regulation

Excellent presentation on the ways governments regulate industry, the reasons behind it, and the advantages and disadvantages of each method.

Govt regulation 4 (regulation of privatised industries) from mattbentley34