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UK Economy: The Rise of Sterling

Thursday, April 24, 2014

In recent months the external value of the pound has been rising quite strongly. Indeed it has outperformed a cluster of other countries even though we have seen a rise in the UK's current account deficit on the balance of payments. Stephanie Flanders, chief market strategist at JPMorgan Asset Management, talks to the Financial Times about the sterling's out-performance and what impact the strong pound is likely to have on the UK economy.

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UK Economy: Debt and Barriers to Growth

Wednesday, April 23, 2014

The BBC's Robert Peston looks at the broader issue of heavy debt in the UK economy and whether it is holding back economic growth.

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Unit 4 Macro: Country Profile Revision Sheet

Tuesday, April 22, 2014

Here is a Country Profile revision sheet that I have created as part of my revision programme for my A2 students. 

The idea is to complete (neatly) one sheet each for six countries – leaving room on the other side for additional useful revision concepts and background context. ideally students will choose at least one African country, a middle income nation, one or more of the BRICS or MINT countries and an EU country other than the UK. 

The sheets can be duplicated for class use and make an excellent prompt for discussion. Download a free version by clicking this link. Country_Profile_Revision_Sheet.pdf

Unit 4 Macro: A2 Macro Revision Quiz 1

The first of a set of ten question revision quizzes covering A2 macro topics - good luck!

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Unit 4 Macro: Matching Definitions with Concepts

Here is a new ten question matching concepts quiz powered by the Zondle platform - good luck!

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Revision on Labour Market Failure

Sunday, April 20, 2014

Revision resources on the topic of labour market failure

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Unit 4 Macro: Rethinking Development Aid

Saturday, April 19, 2014

Private capital flows are now much bigger than traditional aid and there has been a geographical shift in where the world's poorest people live. This OECD video provides some useful background on these important changes as we head towards changes to post-2015 development goals.

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Unit 4 Macro: Brazil’s Unfinished Mega Railroad

Government failure and the harm it can wreak on local communities is evident in this short piece from the New York Times

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UK Economy: Is the Real Wage Squeeze Ending?

Nominal weekly wage growth is now running at approximately the same pace as consumer prices inflation hinting that a long period of declining real wages might be coming to an end. The precise measurement of whether real wages are no longer falling is open to doubt, what matters more is the longer run context. The UK has seen a persistent decline in real wages and this has undoubtedly affected the strength of the economic recovery from the 2008-09 recession. 

As this short FT video shows, younger workers have seen the steepest declines in real wages.

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Unit 3 Micro: Tanzania’s cola wars

Tanzanian cola producers are taking on Coca Cola and making headway in the battle for market share. Despite economic growth, there is a fragile middle class vulnerable to changes in world commodity prices and unstable employment and wages. This opens up an opportunity for indigenous food and drinks manufacturers who might be able to supply products at a lower price harnessing environmental aims such as recycling the majority of plastic bottles used.

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Unit 1 Micro: Legal Highs and Information Failure

Here is an example of a product which has important market failure implications. BBC Newsnight investigates the open sale of legal highs - not approved for human consumption - but which are a growing presence even on mainstream high streets.

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Key Data on the UK Economy

Friday, April 18, 2014

At this time of the year many students are wanting to get up to speed with some of the important data for the UK economy so that they can consider including it in some of their exam answers. Here is a one page revision handout on the UK drawing on a large number of indicators and (as far as possible) providing the data for 2013. Sources used include the IMF, OECD and UK Treasury.

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Test your Knowldge on A2 Diagrams (Day Three)

Wednesday, April 16, 2014

Today is the final day of posting resources aimed at testing knowledge on diagrams (please see the links at the bottom of this page for easy access to Monday and Tuesday's blog posts).  The resources are aimed at testing knowledge on some of the key diagrams that students need to know for their exams.

Today's diagrams are for A2 students in both micro and macro economics.  We're sorry, but the diagrams are primarily aimed at students undertaking the AQA version of the Economics qualification.

For both micro and macro, you have a Powerpoint file that can be used in class to test knowledge using a scrolling slideshow.  There is also a static diagram file for both topics that can be used in class or as a revision tool for students.

Click here to download a Powerpoint scrolling slideshow for A2 Micro

Click here to download a document testing diagrams for A2 Micro

Click here to download a Powerpoint scrolling slideshow for A2 Macro

Click here to download a document testing diagrams for A2 Macro

Click here to go to Monday's blog post for diagrams on AS micro economics

Click here to go to Tuesday's blog post for diagrams on AS macro economics

Unit 1 Micro: AS Micro Revision Quiz 4

Here are twelve more questions covering markets and market failure - test your understanding with this zondle-powered quiz!

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Unit 1 Micro: Revision on Market Failure

Here are some revision quizzes for students to check their understanding of market failure

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Unit 4 Macro: Tourism and Economic Development

Tuesday, April 15, 2014

For many developing countries tourism is already a major part of their economy and a significant source of extra factor incomes and employment. But there is a fierce debate about the economic and social consequences of tourism - what roles can tourism play in economic development? Can travel to developing countries do more harm than good? This revision blog provides some arguments and resources on this topic.

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Structural Change in Asian and Australasian Countries

Using pubic data from the Asian Development Bank here are some illustrations of the structural changes in output that have occurred across a selection of countries in Far East Asia, Australia and New Zealand. Consider the magnitude of the changes that have taken place over the last twenty years. Note for revision which countries appear at the top and the bottom of each individual chart and think about WHY they appear in that position.

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Inequality: The Gini Coefficient

The Gini coefficient is a commonly-used measure of income inequality that condenses the entire income distribution for a country into a single number between 0 and 1: the higher the number, the greater the degree of income inequality.

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Unit 4 Macro: Mobile Technology Helps Kenyan Farmers

Here is a short report on the impact that the widespread uptake of mobile banking is having on Kenyan farmers. Kenya's Mobile banking system M-PESA is widely cited as an example of how mobile money transfer systems can act as a catalyst for growth and development. At least two-thirds of Kenyans use their mobile phones to pay bills, transfer money, pay salaries and now to get loans. The availability of a reliable mobile -payments platform has also spawned a host of mobile phone start-ups helping thousands who don't have bank accounts.

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Test your knowledge on AS Macro Diagrams (Day two)

Here is the second in our series of resources aimed to testing student knowledge of the key diagrams for their upcoming exams.  Today's files are related to AS Macro diagrams.

The two files are aimed at teachers or students in the run up to their exams and assume that they have been covered previously.

Click here to download a Powerpoint file to use in class as a scrolling test (with accompanying music).  The test lasts 4 minutes and then teachers can reveal the answers one at a time.

Click here to download a document file that tests the same diagrams but in a static document format for either teachers to use in class or for students revising for their exams.

This link takes you to yesterday's (Day one) blog for the AS micro equivalent.

Unit 4 Macro: Prospects for UK growth - A New Survey

Monday, April 14, 2014

Fears that the financial crisis will have a significant negative impact on long-term UK economic growth are unfounded, according to a majority of the UK macroeconomics profession surveyed by the Centre for Macroeconomics (CFM). What’s more, the CFM survey indicates some optimism about the UK’s immediate capacity for higher growth: while roughly half of the respondents share the views of the Office of Budget Responsibility, the other half is substantially more optimistic about the capacity for the economy to recover.

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Unit 4 Macro: Mauritania in search of growth and stability

If you are searching for a vivid example of a country experiencing primary product dependency have a look at this short video report from the Financial Times. The lower middle income west African country is trying to modernise their economy but remains deeply at risk from outside external shocks including over-dependency on a single mineral and terrorist threats. Inequality may be the biggest risk to it's future.

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Unit 3 Micro: Business Objectives, Costs, Revenues and Profits

This blog entry brings together some of our revision resources on these crucial aspects of the theory of the firm. Scroll down below for revision notes, presentations and online quizzes for your to check your understanding.

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Unit 1 Micro: Theory of Market Demand

Sunday, April 13, 2014

Demand is the quantity of a good or service that consumers are willing and able to buy at a given price in a given time period

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Unit 1 Micro: Production Possibility Frontier

A production possibility frontier (PPF) shows the maximum possible output combinations of two goods or services an economy can achieve when all resources are fully and efficiently employed

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Unit 1 Micro: Factor Rewards

Revision blog on factor rewards / factor incomes together with a revision quiz to check your understanding

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Unit 1 Micro: Factors of Production

There are only a finite number of workers, machines, acres of land and reserves of oil and other natural resources on the earth. Because most resources are finite, we cannot produce an unlimited number of different goods and services. Indeed by supplying more for an ever-growing and richer population we are in danger of destroying the natural resources of the planet.

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Unit 1 Micro: Economic Systems

An economic system is a network of organisations used by a society to resolve the basic problem of what, how much, how and for whom to produce.

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Unit 1 Micro: Opportunity Cost

In economics, “there is no such thing as a free lunch!” Even if we are not asked to pay money for something, scarce resources are used up in production and there is an opportunity cost involved.

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Unit 3 Micro: Some Key Diagrams for Business Economics

Here is a selection of key diagrams for the Unit 3 business economics course

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Unit 2 Macro: The Changing Face of East London

Saturday, April 12, 2014

This Financial Times video report looks at the economic transformation of East London prompted in part by high levels of inward investment from the Far East. Consider the economic benefits of this investment but also the challenges of rejuvenating a part of London which for decades has lagged behind the rest of the capital in nearly every economic and social metric,

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Unit 4 Macro: Food imports set to rise in China

This is a revealing perspective on the challenges facing China in producing enough food to feed the hundreds of millions of Chinese squeezed into their ever growing cities. 

China's policy makers are trying to increase the size of farms to exploit economies of scale and get their farmers to focus on cash crops. But the reality is that China will have to import a huge amount of food in the years to come - this creates big opportunities for farmers in China's trading partners.

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Economics in Crisis: Money, Blood and Revolution

Economics does not fit on a left-to-right political scale, says George Cooper, author of a new book 'Money, Blood and Revolution'. Cooper believes that Economics is in a scientific crisis with many competing schools of thought, all of which have some validity but which cause a log jam and contribute to policy confusions. 

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Unit 2 Macro: AS Macro Revision Quiz 3

Friday, April 11, 2014

Here is the third of our series of AS macro quizzes - ten questions to check your understanding - good luck!

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Unit 2 Macro: AS Macro Revision Quiz 2

Here is the second of our general AS macro revision quizzes - ten questions for you to have a go at!

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Unit 2 Macro: AS Macro Revision Quiz 1

Here is the first of our general AS macro revision quizzes - ten questions for you to have a go at!

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Unit 2 Macro: Conditions for a Sustainable Recovery

Here is an extract from a recent speech by Charlie Bean at the Bank of England - the full speech can be found here: www.bankofengland.co.uk/publications/Docume...

For the economic recovery to be both sustained and sustainable we really want to see three things happen

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The ‘Gentleman in Whitehall’ does not know best

The government is relaxed about people cashing in their pension schemes to buy a Lamborghini. But the left-leaning liberal commentariat is certainly not. Abuse has been heaped onto George Osborne’s Budget measure of removing the requirement for people to buy an annuity. The main thrust of the attacks is that individuals may act irresponsibly. They may take financial decisions that are not in their best interests.

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Unit 4 Macro: Quick Quiz on Exchange Rate Systems

Thursday, April 10, 2014

Using the IMF's annual survey of exchange rate systems for each country - have a go at this ten question quiz!

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Unit 4 Macro: Revision on Balance of Payments

All exam boards require candidates to have an understanding of the Balance of Payments and Exchange Rates. In this session we will focus on the causes of the UK’s Balance of Trade (aka Current Account) deficit, what we can do about it, and how an exchange rate depreciation should affect an economy, and has affected the UK post financial crisis.

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Unit 4 EU Single Market: Trade and Labour Migration

This short streamed revision presentation looks at aspects of the EU including exam style question on the economic effects of labour migration

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Unit 2 Macro: Effectiveness of Macro Policies

We have considered the three key areas of macroeconomic policy – monetary policy, fiscal policy and supply-side policies.

In the longest essay questions on data response papers examiners often ask students to consider how effective these are when they are used to manage the economy. How can we judge whether the performance of the economy is improving as a result of them? In this session we will remember how to assess macroeconomic performance, think about some of the issues with measuring growth, and focus on ways to evaluate the effectiveness of different policies

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Unit 2 Macro: Revision on Managing the Economy

One of the most significant roles of a modern government is to ensure that the economy performs to its full capacity. The government has to consider the performance indicators like inflation, unemployment and economic growth and devise policies to achieve their aims. In this session we will consider the options that fall into the fiscal and monetary policy

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The ‘SLAP the examiner’ evaluation tool for Economics

Here at tutor2u, we like our acronyms to help students remember key phrases.  We're particular fond of any acronym that helps students remember how to structure paragraphs for more complex, evaluative answers that they have to give as part of their examination answers (search this site for WEESTEPS, BEESHATECOD and TWEEP).

Here's another such acronym (hat-tip to Paul Hoang, from Sha Tin College in Hong Kong for showing us this acronym), called 'SLAP the examiner' aimed at evaluation. I guess that this one has the advantage of containing only 4 letters(!).

The acronym stands for: 

S Stakeholder perspectives
L Long term vs short term implications
A Advantage and disadvantages of policy recommendations
P Priorities of the government or economy.

Click on this link to download a nice single sheet reminder of the acronym which has been applied to a couple of economics questions.

Unit 2 Macro: Revision on Unemployment

Unemployment is one of the major macro-economic performance indicators. The more unemployed people in our economy the more we are producing below our potential, less income is earned (reducing saving, consumption and tax revenue) and there is a negative impact on the welfare of society.

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Unit 2 Macro: Economic Cycles and Objectives

In this session from our macro revision workshop, we are focus on the performance of the UK economy over recent years and see how economic growth appears to follow a cyclical pattern

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State of the UK Economy - Threats to Recovery

Falling unemployment, declining inflation and stronger growth – we are seeing a better picture for the UK in 2014? But can it last?

After several years of weak expansion, the UK economy is enjoying a relatively strong cyclical recovery. Can the UK continued to experience a recovery in output, jobs and investment? Will the recovery be balanced and sustainable? How resilient is the UK? What are some of the major threats to growth in 2014 and beyond? This revision presentation hopefully provides some context.

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Unit 4 Macro: The Rise of Managed Exchange Rates

The new IMF report on the global economy published in April 2014 includes a focus on the currency regimes chosen by emerging market countries.  An increasing number of central banks have switched from free-floating exchange rates to managed currency regimes - perhaps because they want to make more active use of the exchange rate as an instrument of monetary policy. 

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Unit 4 Macro: Asian Growth Requires Less Inequality

The new annual report from the Asian Development Bank outlines what developing Asia needs to promote inclusive growth in the years ahead. Governments in the region should tackle widening inequality that is keeping millions poor, by using fiscal policy to help close income and wealth gaps and promote more inclusive growth, says the theme chapter of Asian Development Outlook 2014. The importance of equity in shaping future growth and development continues to gain momentum across the world and not just in the fast-growing Asian region.

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Unit 4 Macro: Africa Rising - RES Panel Event

Wednesday, April 09, 2014

Here are some notes taken from the recent RES panel event on the African economy

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