Wednesday, January 30, 2013

Unit 1: Olive oil prices to rise?

Likely, according to this BBC clip

a) Using a S&D diagram, explain why the price of olive oil is likely to rise

Unit 1: Should we tax sugary drinks?

An interesting clip from the BBC

and Aljazeera

a) How does the market for sugar based drinks fail?
b) Using a S&D diagram, explain how the tax would help correct the market failure
c) Comment on the likely success of such a tax policy to reduce the market failure

Sunday, January 27, 2013

F582 scoop it boards

F581 scoop it boards

Scoop it resources from Geoff Riley all boards. For AS, the 2 most useful are: developments in the UK economy inflation and unemployment

Unit 1: The internet: A public good?

It appears not as this article illustrates

a) Given the choice of public, private or quasi-public good, explain which you would choose for an internet connecton

Unit 2: The costs of economic growth in China

....are all too evident from these BBC  videos and article video video article

Unit 1: Positive and negative externalities in Beijing

Great article from the BBC

a) Explain both the positive and negative externalities associated with China's rapid economic growth from the article

Tuesday, January 22, 2013

Unit 1: A flaw in the EU tradable permits scheme

The recession has reduced demand for the permits and so the price of pollution has fallen, according to the BBC

a) Why is this price fall a problem?

Unit 2: A cost of unemployment a country can be the loss of it's workers as they emigrate in search of work. The higher the unemployment rate, the more likely this is to happen

This BBC clip shows Spanish workers in Germany

Unit 1: Information failure in the ecstacy market

Given that the market is illegal and therefore unregulated, there is no knowing what an ecstacy pill might contain. This clip from the BBC illustrates the extreme outcome of information failure in buying ecstacy

Sunday, January 13, 2013

Unit1: Negative externalities: Severe smog in Beijing

...according to Aljazeera. It looks grim

and the BBC

Unit 2: Comparative EU unemployment data

....from this BBC video

and Greece's latest data makes it worse than Spain

Unit Assymetric information failure in the football pie market

Don't you love it when you find a really different example? Thanks to tutor2u for a post that combines meat pies and the esteemed Joe Stiglitz

Unit 2: Benefit spending in the UK

Nice graphic from the Guardian

Unit 2: How much of a problem is a balance of payments current account deficit?

I like the evaluative component (near the end) of this post from economicshelp

Sunday, January 06, 2013

Unit 1: Allocative efficiency in the magazine market; bye-bye Newsweek

So farewell to the print edition of Newsweek

....and readers Digest appears to be following the same path

a) How does this story reflect the idea of allocative efficiency?

Unit 1: Revision help

I've just come across these youtube videos from Enhance Tuition where they go through exam technique and answer past questions.

BUT!!!!!!! Remember this is one teacher's interpretation of the questions and the examiner's published markscheme, it is not the holy grail!

Unit 1: Reducing the negative externalities associated with food waste

A fascinating story from South Korea courtesy of Aljazeera

a) Comment on how successful this policy appears to be (Make sure your answer is 2 sided!)

Unit 1: The importance of substitutes on demand: The video games industry

Console sales are down, reports Sky news

a) Explain why, using the theory of demand
b) Draw 2 demand diagrams, one showing the new demand for consoles, and the other showing demand for mobile games

Saturday, January 05, 2013

Unit 1: Are flood defences a public good?

They are often cited as an example. This clip from Aljazeera allos you to judge for yourself

a) Are these flood defences non-excluable?
b) Are these flood defences non-rival?
c) So, are these flood defences a pubic, quasi-public or private good?

Unit 2: Key terms glossary

........from tutor2u

Friday, January 04, 2013

Unit 1: Allocative efficiency in the music market

It seems the relentless rise of digital music is not only effecting the UK, according to the BBC

a) In what way does this story illustrate the concept of allocative efficiency ?

Thursday, January 03, 2013

Unit 2: Entreprenneur loan scheme: A supply side imitiative

...according to Ch4 and the BBC Ch4 BBC

a) Comment on the success of the policy so far and its likely future success in th efuture

Unit 1: Allocative efficiency in Cambridge

As the popularity of going to the pub continues to decline and pubs close, it's intersting to see the new uses they are put to. Examples in Cambridge include pubs demolished and conversions to restaurants and estate agents. This latest proposal is for conversion to student flats

a) Why is this an example of allocative efficiency in the market?

Unit 2: The multiplier effect of Swansea being in the premier league

You can work it out from the data in this report from the BBC

Unit 1: Information failure in the cosmetic surgery market?

It appears so from this Ch4 report

a) In what way is there information failure in the market?
b) Comment on the likelyhood that the suggested regulations would reduce the market failure
c) Comment on the likely success of an alternative strategy that the government could implement

Unit 2: Macroeconomic data

Thanks to tutor2u for these charts

and these on the key macro indicators