Unit 1: How much of the price of petrol goes in tax?

More than you might think! This BBC clip explains all

http://www.bbc.co.uk/news/business-12250225

a) What effect does the high tax on fuel have on demand for petrol and diesel? Why is this the case?

Unit 2: The UK recovery stalls

Two nice clips from the BBC

http://www.bbc.co.uk/news/business-12275611
http://www.bbc.co.uk/news/uk-12288179

and Ch4

http://www.channel4.com/news/uk-economy-shrinks-by-an-unexpected-0-5-per-cent

and anforme commentary

http://www.anforme.co.uk/blog/?p=1856

a) Why has the recovery faltered?
b) Using the AD formula, explain how the government expects the UK economy to grow
c) Why are 20% of last summer's graduates still without work?

Unit 2: Relative price changes

Thanks to tutor2u for this graph showing relative price changes

http://www.tutor2u.net/blog/index.php/economics/comments/changes-in-real-prices/

a) Describe the relative price changes over the time period
b) Sugggest reasons for the relative price changes

Unit 1: Price elasticity of demand in action: Car park pricing

The BBC reports a nasty shock for some consumers

http://www.bbc.co.uk/news/uk-12258329

a) Why are rail car parks able to increase prices so significantly for commuters?
b) Would they be able to do the same thing next year? Explain your reasoning

Unit 2: Who really suffers when the inflation rate rises?

Paul Lewis on the BBC explains

http://www.bbc.co.uk/news/business-12239663

A nice clip of the latest state of the Chinese economy

http://www.bbc.co.uk/news/business-12238997

a) Using the AD formula, explain why the Chinese economy is growing
b) Using an AD/AS diagram, explain why China may be experiencing their rising inflation rate

Unit 2: Why is UK inflation so high?

A fascinating clip from the BBC Daily politics programme about why UK infaltion is comparatively high and whether interst rates should rise

http://www.bbc.co.uk/news/uk-politics-12217592

and Ch4

http://www.channel4.com/news/inflation-rises-to-3-7

a) Why is the UK inflation rate so high?
b) What sort of inflation is the UK therfore experiecing?
c) Draw an AS/AD diagram to show how this inflation occurs
d) Comment on the extent to which increasing interest rates would decrease the UK inflation rate

Unit 1: Should I take a statin?

In my mid-50's, so should I take a statin? I'm no medical expert and it appears I'm suffering from information failure!

http://www.bbc.co.uk/news/health-12225318

Unit 1: Minimum alcohol pricing

The BBC reports a plan for minimum alcohol pricing

http://www.bbc.co.uk/news/uk-politics-12218188

a) Comment on the likely success of such a policy

Unit 2: Rising costs of production in the uK economy

Sky have this video/article on rising costs

http://news.sky.com/skynews/Home/UK-News/Fuel-Price-Rises-Will-Lead-To-Job-Cuts-Small-Businesses-Say/Article/201101415905024?f=rss

a) Using an AD/AS diagram, explain the effect of these rising costs on the UK economy

Unit 2: Latest dire unemployment figures

From Sky comes these clips with the latest unemployment figures, including the dire youth unemployment numbers

http://news.sky.com/skynews/Home/Business/Unemployment-Number-of-Jobless-Rose-To-25-Million-In-The-Three-Months-To-November/Article/201101315898749?f=rss

http://news.sky.com/skynews/Home/Politics/Youth-Unemployment-A-Ticking-Timebomb-Chris-Grayling-Says-As-He-Unveils-Work-Experience-Scheme/Article/201101415909448?lpos=Politics_First_UK_News_Article_Teaser_Region_1&lid=ARTICLE_15909448_Youth_Unemployment_A_Ticking_Timebomb,_Chris_Grayling_Says_As_He_Unveils_Work_Experience_Scheme

From the BBC

http://www.bbc.co.uk/news/uk-12232973

Some personal stories

http://www.bbc.co.uk/news/business-12226193

A good analysis from anforme

http://www.anforme.co.uk/blog/?p=1837



and a good graphic showing the rising proportion of long term unemployed





a) To what extent is unemployment a problem for the UK economy?

Unit 1: Allocative efficiency in action: The changing face of the highstreet

http://news.sky.com/skynews/Home/Business/The-Changing-Face-Of-The-High-Street-Less-Banks-More-Betting-Shops/Article/201101315901136?f=rss

a) Using the definition of allocative efficiency, explain how the concept can be applied to the changing face of the high street

Unit 2: macroeconomic data

The BBC economy tracker for up to date macro data

http://www.bbc.co.uk/news/10613201

Unit 2: Inflation data and analysis for Dec 2010

Up to date inflation data from the BBC and an analysis of the Dec 2010 figures

http://www.bbc.co.uk/news/business-12214546
http://www.bbc.co.uk/news/uk-12214003 video

Unit 2: What should the BoE do with interest rates?

Economics help looks at both sides of the argument

http://econ.economicshelp.org/2011/01/difficult-choices-for-monetary-policy.html

Unit 2: The costs of unemployment

If you want some figures as to hoe rising unemployment effect government finances, this BBC article is useful

http://www.bbc.co.uk/news/uk-politics-12174193

Unit 2: The impact of spending cuts and tax rises on Hastings

An interesting clip from the BBC

http://www.bbc.co.uk/news/uk-politics-12160901

a) Discuss the likely effect on the economy of Hastings of the changes it will face in 2011

Unit 1: Information failure leading to too much smoking

It can't be the case, can it? surely everybody knows smoking long term is bad for your health.........but did you know this?

http://www.bbc.co.uk/news/health-12193602

Unit 2: Which measure of inflation should be used?

A great post from economicshelp

http://econ.economicshelp.org/2011/01/which-inflation-measure-should-we-use.html

Unit 2: Unemployment at Burton's biscuits

The Guardian reports the closure of the Jammie dodgers/Waggon Wheels factory

http://www.guardian.co.uk/business/2011/jan/12/burtons-biscuit-factory-close-jammie-dodgers

a) What type of unemployment will this represent?

Unit 2: Macroeconomic data for the whole world

....in graphical and map form for all coutries of the world! Thanks to tutor2u for this awesome interactive resource

http://www.sacmeq.org/statplanet/StatPlanet.html

Unit 1: The demand for new cars

A nice summary with great data graphs from tutor2u

http://www.tutor2u.net/blog/index.php/economics/comments/economics-qa-what-economic-factors-affect-the-demand-for-new-cars/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+economics_news+%28tutor2u+Economics+Blog%29#When:08:31:00Z

Unit 1: The effect of rising fuel costs on a haulage firm

This BBC report makes it clear

http://www.bbc.co.uk/news/business-12135523

a) Using a S&D diagram, show the effect of rising fuel costs on the haulage market
b) if the firm is "no longer able to pass on the increased costs" how does the firm survive? How would this change your diagram?

Unit 1: Why world food prices are rising

From the BBC and Ch4 video explanations

http://www.bbc.co.uk/news/business-12124632 BBC
http://www.channel4.com/news/world-food-prices-hit-all-time-high Ch4

Anforme has a blog post on the topic including a nice graphic

http://www.anforme.co.uk/blog/?p=1783

a) Using a S&D diagram, explain why world food prices are rising. (Hint: If you can't do this, then the answer is on this economicshelp post http://www.economicshelp.org/blog/economics/food-inflation/ )

b) Using a S&D diagram, explain why the price of cotton clothes are likely to rise

Unit 1: Repairing potholes: An activity with positive externalities?

Thanks to econoimicshelp for this

http://www.economicshelp.org/blog/economics/no-money-for-potholes/

a) Define positive externalities
b) What are the positive externalities associated with pot hole repair?
c) Comment on the suggestion that repairing potholes is a merit good

Unit ": Which products does the UK have a trade suplus in

Thanks to tutor2u for these interesting stats

http://www.tutor2u.net/blog/index.php/economics/comments/economics-qa-does-the-uk-economy-achieve-a-trade-surplus-in-anything/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+economics_news+%28tutor2u+Economics+Blog%29#When:11:10:01Z

Unit 2: Jan 2011 macro data

Thanks to economicshelp for this data

http://www.economicshelp.org/blog/economics/uk-economy-2011/

Unit 2: The rising cost of unemployment to the government

Sky news reports the rising cost of unemployment to the UK

http://news.sky.com/skynews/Home/Politics/Rising-Unemployment-Will-Cost-An-Extra-14bn-According-To-The-Office-For-Budget-Responsibility/Article/201101115878715?f=rss

Unit 1: Organ donation; a merit good?

Do people fail to donate organs when they die due to information failure? There are certainly positive externalities from organ donation and so governments encourage people to sign up to the organ donation register, but few countries say you have to opt out of donating rather than opting in

These articles raise the issues concerned with organ donation and the latest government nudge for people to sign up

http://www.bbc.co.uk/news/health-12097225 article on new "nudge"
http://www.bbc.co.uk/news/health-12098396 video on new "nudge"
http://www.bbc.co.uk/news/health-12097992 the debate
http://www.uktransplant.org.uk/ukt/newsroom/statements_and_stances/statements/opt_in_or_out.jsp the debate in detail
http://www.bbc.co.uk/news/health-11717150 the impact
http://www.bbc.co.uk/news/health-11688102 the need
http://www.bbc.co.uk/news/health-10786211 an alternative approach


a) To what extent do you believe organ donation to be a merit good?
b) Discuss the likely impact of the new measure on increasing donation levels
c) Discuss whether alternative strategies might be more successful in increasing donation levels

Unit 1: More restrictions on smoking in Spain......and a great article on restrictions around the world

Articles from the BBC on tougher regulations on smoking in Spain

http://www.bbc.co.uk/news/world-europe-12056524
http://www.bbc.co.uk/news/world-europe-12104056

and a great interactive summary of actions around the world

http://www.bbc.co.uk/news/world-11845158

a) Discuss whether the regulatory actions taken in Spain and around the world are likely to reduce the consumption of cigarettes

Unit 1: How to reduce consumption of "unhealthy" food?

The BBC and Sky report a new initiaive from the government

http://www.bbc.co.uk/news/health-12104278 BBC video
http://www.bbc.co.uk/news/health-12099867 BBC article

http://news.sky.com/skynews/Home/Politics/Food-Vouchers-From-Mars-Nestle-Asda-Weight-Watchers-And-More-To-Encourage-Healthier-Eating/Article/201101115877805?f=rss

a) To what extent do you think this initiative will reduce the negative externalities associated with the excessive consumption of high fat/sugar/salt foods?

Unit 1: The social cost of alcohol

An interesting post from the BBC

http://www.bbc.co.uk/news/health-12094800

Unit 2: The personal costs of unemployment

A sobering report from the BBC

http://www.bbc.co.uk/news/health-12087916 video
http://www.bbc.co.uk/news/business-12086055 article

Rising fuel taxes and increasing crude oil prices reported by the BBC

http://www.bbc.co.uk/news/business-12102329

a) Using a S&D diagram, explain the effect on the petrol market of these 2 events

Unit 1: Italy introduces a plastic bag ban

The BBC reports the introduction of a ban

http://www.bbc.co.uk/news/world-europe-12097493

a) How if the free market failing?
b) What sort of action is the government introducing?
c) Comment on the likely success of such a ban in reducing the market failure

Unit 2: The costs of unemployment

A good summary from tutor2u, including data

http://www.tutor2u.net/blog/index.php/economics/comments/revision-consequences-of-unemployment/