Unit 1: Negative externalities associated with lead smeltering in China

A great BBC article and video explaing the negative externalities associated with lead smeltering in China

http://news.bbc.co.uk/1/hi/world/asia-pacific/8211081.stm

a) Explain what a negative externality is
b) Use the article and video to explain the negative externalities associated with lead smeltering in this particular plant in China
c) Why does lead smeltering not always produce this sort of market failure? (Hint: Think of the actions the govt can take)

Unit 2: Consumer spending and saving data

A powerpoint from tutor2u packed with relevant data

http://www.tutor2u.net/economics/chartrooms/consumerspendingsaving/player.html

Unit 2: Economic growth in Japan

This BBC video explains why the Japanese economy has returned to growth

http://news.bbc.co.uk/1/hi/business/8204723.stm

a) How is economic growth measured?
b) State the formula for aggregate demand
c) According to the video, which components of AD are fuelling the growth in Japan?

Unit 1: Information failure in the food and drink industry

Three video stories that may/may not make you alter your lifestyle

http://news.bbc.co.uk/1/hi/health/8194584.stm Alcohol and oral cancer
http://news.bbc.co.uk/1/hi/health/8194584.stm Alcohol and teenage liver disease
http://news.bbc.co.uk/1/hi/health/8194584.stm Processed meat and bowelcancer risk

a) How would the market fail as a result of this information failure?
b) Outline 2 policies the govt could take to reduce these sorts of market failure
c) To what extent do you think any govt action is likely to be successful in reducing the market failure

Unit 2: Economic growth/Aggregate demand/Unempoyment data August 2009

From tutor2u a powerpoint on Economic growth/Aggregate demand/Unempoyment data August 2009

http://www.tutor2u.net/economics/chartrooms/aggregatedemand/player.html

Unit 2: Unemployment data August 2009

A powerpoint from tutor2u on the latest figures

http://www.tutor2u.net/blog/index.php/economics/comments/unemployment-in-the-uk-labour-market/#When:09:15:00Z

This BBC clip explains the problem

http://news.bbc.co.uk/1/hi/business/8197057.stm

Unit 1: The price of sugar

Tutor2u has this useful post explaining the rise in the price of sugar

http://www.tutor2u.net/blog/index.php/economics/comments/imbalance-between-supply-and-demand-drives-sugar-prices-to-28-year-high/#When:06:17:00Z

a) Explain, using a diagram, what has happened to the demand for, and supply of, sugar and why the price has risen

Unit 1: Economic systems: How different countries supply health care

This BBC article shows how differnt coutries provide health care

http://news.bbc.co.uk/1/hi/health/8201711.stm

a) Explain how the idea of economic systems can be used to explain how the various countries allocate their scarce resources to answer the 3 basic economic questions any society has to answer

Unit 1: Negative externalities associated with drunkeness

Two sobering videos from the BBC

http://news.bbc.co.uk/panorama/hi/front_page/newsid_8190000/8190335.stm
http://news.bbc.co.uk/1/hi/uk/8192652.stm

a) Who were the 2 parties involved in the economic transaction that resulted in this injury?
b) What is a negative externality/external cost?
c) List all the negative externalities resulting from that transaction that you see in the clip
d) Why are these things negative externalities?
e) What other negative externalities would arise from this assault/injury that are not mentioned in the clip?
f) To what extent do you think the solutions suggested in the second video are likely to be successful in reducing the market failure?

Unit 1: Income elasticity of demand and technology products

An interesting BBC report on an OFCOM survey

http://news.bbc.co.uk/1/hi/sci/tech/8186846.stm

a) Using evidence from the clip, explain what can you say about the income elasicity of demand for techn ology products compared to foreign holidays, eating out, CD's etc

Unit 2: The effects of the rise in value of the £

The BBC reports the value of the £ rising to a 10 month high

http://news.bbc.co.uk/1/hi/business/8183144.stm

a) What has to have happened in the market for the value of the £ to have risen?
b) What sections of the UK economy would benefit from this rise in the value of the £?
c) What sections of the UK economy might be adversely effected by this rise in the value of the £?

Unit 1: Negative externalities resulting from the Norwegian oil spill

The BBC has a video of the effect of an oil spill on the Norwegian coast

http://news.bbc.co.uk/1/hi/world/europe/8182789.stm

a) Define negative externality/external cost
b) Using evidence for the video, explain the negative externalities that may arise from this oil spill
c) What additional private costs will arise for the shipping firm from this oil spill?
d) Are there any private or external benefits/positive externalities that may arise from this oil spill?

Unit 2: Positive effects of unemployment?

Tutor2u have this Sky video/article on possible advantages for those made unemployed in the current recession

http://news.sky.com/skynews/Home/video/Funemployment-Is-The-Solution-To-Unemployment-For-Some-Recession-Victims/Video/200908115351529?lpos=video_Article_Related_Content_Region_1&lid=VIDEO_15351529_Funemployment_Is_The_Solution_To_Unemployment_For_Some_Recession_Victims

a) To what extent do you believe this is an accurate reflection of the effect of unemployment on individuals?
b) Do these possible positive effects outweigh the negative effects on the economy as a whole?

Unit 1: Negative externalities associated with clearing the Corby steelworks

These BBC videos report the sad case of children born with birth defects in Corby as a result of negligence by the local authority when cleaning the site of toxic materials

http://news.bbc.co.uk/1/hi/uk/8174316.stm
http://news.bbc.co.uk/1/hi/uk/8173192.stm
http://news.bbc.co.uk/1/hi/health/8174508.stm

a) Why would such birth defects be regarded as negative externalities by economists?

Unit 1: Positive externalities in Greenland arising from global warming

The BBC reports on possible positive externalities in Greenland arising from global warming

http://news.bbc.co.uk/1/hi/sci/tech/8173781.stm

a) Define a positive externality
b) Describe the potential positive externalities for Greenland arising from global warming and explain why are they positive externalities.

nit 1: Negative externalities assiciated with excess alcohol

This BBC clip has news of complaining Newquay residents

http://news.bbc.co.uk/1/hi/uk/8173145.stm

a) Define a negative externality
b) List the negative externalities the residents complain about and in each case identify the 3rd party effected by the excessive alcohol consumption

Unit 1: Information failure: Sunbeds and tanning

The BBC reports the latest on sunbeds and the potential danger associated with their overuse

http://news.bbc.co.uk/1/hi/health/8172690.stm article
http://news.bbc.co.uk/1/hi/health/8174136.stm video

a) How is this market subject to information failure (watch the video as well as reading the article)?
b) What is the result of this information failure in the market?
c) Explain 2 approaches the govt could take to reduce the market failure
d) To what extent do you believe such intervention would reduce the market failure?

Unit 1: Shift of the UK PPC

From tutor2u comes this great article about the UK PPC

http://www.tutor2u.net/blog/index.php/economics/comments/did-you-feel-the-shift/

a) Define a PPC
b) Why has the UK PPC shifted outwards?
c) Does this represent an increase in actual or potential output? Explain your answer
d) Draw a diagram to show the effect of this change in legislation

Unit 2: Is the UK coming out of the recession?

Three videos from the BBC putting 2 sided arguments forward as to whether the UK is recovering from a recession or not. These are ideal for gathering information to practice your evaluation technique

http://news.bbc.co.uk/1/hi/business/8150834.stm Hugh Pym
http://news.bbc.co.uk/1/hi/business/8150625.stm Steph Flanders
http://news.bbc.co.uk/1/hi/uk/8151111.stm Richard Scott

a) To what extent might it be said the UK economy is coming out of the recession?

Unit 1: The price mechanism at work: The coffee market

From economics student comes this clear summary of channges to supply and demand and their effect on the coffee market

http://rapidrevision.co.uk/economics-student/2009/07/08/coffee-republic-the-price-mechanism-at-work/