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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 1 Micro: Legal Highs and Information Failure

Saturday, April 19, 2014

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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Unit 1 Micro: AS Micro Revision Quiz 4

Wednesday, April 16, 2014

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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Test your knowledge on AS Micro Diagrams

Monday, April 14, 2014

Being able to construct diagrams are an important part of a good student response to many Economics exams questions.  These resources are aimed at testing students ability to remember some key aspects of some of the major diagrams.

Designed by the same team who contribute to our Wow Economics Teacher CPD event, these resources are aimed at giving teachers a quick (10 minute) resource in their revision class or for students looking to test their knowledge.  This first set of resources are aimed at AS Micro Economic students.

1.  Click here to download a Powerpoint file that displays the 10 diagrams in a scrolling show (with musical accompaniment) and then allows the teacher to go through the answers.

2. Click here to download a document that can be printed off for either students or teachers to test knowledge.  The document contains the same 10 diagrams as the Powerpoint but allows anyone to answer the questions in their own time.

Note: A2 Micro and AS & A2 Macro versions of these resources will be posted to the t2u website over the next few days.

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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Higher of Lower? A fun way to learn predicted growth in GDP for the world’s major economies

Saturday, April 12, 2014

Here's a quick a fun resource to help students learn the predicted economic growth of the world's major economies.  Although a student wouldn't be expected to quote percentage growth statistics, it is always handy to have some figures ready to use as evidence or, at least, an understanding of the world's fastest growing states.

The game is called 'Higher or Lower' and is very simple.  You are presented with the name of a country (e.g. China) and the predicted growth in GDP (compared to 2013) for 2014, as calculated by the IMF.  You are also presented with the name of another country (e.g. United Kingdom).  Your task is to say whether you think that the UK's predicted GDP growth is either higher or lower than that of China.  Get the answer correct you earn a point and are presented with a third country and must predict whether their growth is higher or lower than that of the UK.  However, get an answer wrong, you are out of the game!  The maximum score of 37 (the number of countries in the database).  Play the game a few times and really start to get a feel for the statistics for the different countries.  The game is randomly set up so you can run it a few times a get a different sequence of countries each time.

Challenge your friends!  Alternatively, you can go to the table on slide 3 of the resource and learn all of the figures off-by-heart!

Click on this link to upload the game.  It is a Powerpoint-based game so you will need to have Powerpoint on your PC or Mac (versions beyond 2003).  When prompted you should 'enable' macros.  Sorry, this game does not work on mobile devices or OS like Android.

Information failure and the Tamiflu saga

Thursday, April 10, 2014

Here’s a good example of overlaps between market failure, government failure and the problem of asymmetric information contributing to these problems. The UK government spent £500m stockpiling the drug Tamiflu in the hope that it would help prevent serious side-effects from a feared flu epidemic. It turns out the drug would probably be no more helpful than paracetamol. But the bigger scandal is that Roche (who make the drug) broke no law by withholding vital information on how well its drug works (or doesn’t).

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Unit 1 Micro: Revision on Elasticity of Demand and Supply

Tuesday, April 08, 2014

Our normal laws of demand suggest that as prices increase demand decreases whilst firms attempt to supply more (with the opposite happening as prices decrease). The concept of elasticity extends this understanding by asking the question ‘by how much does demand and supply change?’

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Unit 1 Micro: Introductory Concepts in Micro

Revision notes from our workshop session 1 covering introductory concepts in Economics. Test yourself with some zondle quizzes embedded below!

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Unit 1 Micro: Smoking Bans and Obesity

Anti-smoking measures, such as taxes and bans, eventually lead people to eat better and lose weight. That is the central conclusion of research by Luca Savorelli, Francesco Manaresi and Davide Dragone, to be presented at the Royal Economic Society’s 2014 annual conference. The three economists overturn the conventional wisdom that kicking the smoking habit is healthy but results in weight gain.

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Labour Market: UK Minimum Wage does not Cost Jobs

The introduction of a national minimum wage does not lead to job losses. That is the central finding of research by Peter Dolton and
Michael Stops, to be presented at the Royal Economic Society’s 2014 conference.

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Unit 1 Micro: Toyota Plans to Replace Robots with Craftsmen

Here is an example of reverse capital-labour substitution! A hat tip to Dave Sowden for spotting this one! Read through the article and consider the motivations, opportunities and challenges facing Toyota with this change of approach.

Read: How Toyota plans to build a better car company by replacing robots with humans

Normative statements - using E-Cigarette newspaper reports to look at normative statements

Friday, April 04, 2014

I'm sure that introducing the concept of normative statements is something that most Economics' teachers introduce early in the curriculum to show the dangers of expressing opinions without evidence.  It's a tricky balancing act that we have to play - as students start to write longer, evaluative pieces we are keen for them to make reasoned arguments that don't sit on the fence but warn them of the dangers of starting to rant.

I thought that the two reports included on the document here might prove an interesting activity.  The file contains two reports into a possible plan from the Welsh Assembly to introduce a ban on the smoking of E-cigarettes in public places (akin to the current ban on smoking of 'traditional' cigarettes) in Wales.  The articles are interesting in their own right in explaining the reasons behind such a plan and as an example of Government intervention to solve a possible market failure (although one of the articles clearly identifies E Cigarettes as a solution to a market failure itself).

You could also ask students to read through the two articles and answer the following questions:

  1. Which of the two articles appears to offer more opinion-based evidence than the other?
  2. Highlight any words or phrases that indicate a value judgement rather than evidence-based reporting.
  3. Based upon your own reading and picking up on journalistic styles, have a guess which newspaper each article was published in.

The answer to this final question is in the 'read more...' section of this blog.

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Lancashire and London have dominated the Premier League.  Can it last?

Thursday, April 03, 2014

The Premier League season draws to an exciting close. It is by no means clear who will be champions, or who will gain the coveted top five European qualifying spots. There could even be a surprise. If Liverpool win, for the first time since 1995 a team from outside Manchester and North London will be crowned. Even then it was Blackburn. In the previous 21 seasons of the Premier League, all the winners have come from either the North West or London. So a Scouse victory would not alter this.

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UK carbon taxes in a mess

Wednesday, April 02, 2014

Climate change is back in the news, and continues to stir up heat, but not much light. It’s proving fantastically difficult to come up with consistent and efficient policies to reduce CO2 emissions.

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Carpet, bed and sofa retailers promise ‘genuine prices’ after OFT investigation

According to the Guardian, Carpetright and four other flooring and furniture retailers have promised to clean up their pricing after reaching a settlement with the Office of Fair Trading (OFT). It looks like a good example of the potential for market failure arising out of asymmetric information.

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Unit 1 Micro: Options for Funding the BBC

Monday, March 31, 2014

How should a public service broadcaster be funded? This excellent article from the BBC looks at the financing of state broadcasters across a range of countries. The BBC is largely funded by the licence fee but as the article makes clear, there are many other options. The funding links back to the nature of broadcasting and the public good characteristics of much of the BBC's output.

Have a read of the article and then test your understanding of public and private goods using our Zondle quiz!

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Unit 1 Micro: Smoking Bans Improve Health

Friday, March 28, 2014

In 2007 a ban on smoking in enclosed public places was introduced in England - Scotland had introduced a similar measure a year earlier. Fresh evidence published in the medical journal The Lancet finds that enforced bans on smoking are now having a discernible effect on measures of public health.

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F585 Pre-Release Resources (and F583, F582 & F581 too)

Sunday, March 23, 2014

I thought it worthwhile sharing my resources which I have been collecting for students (and teachers alike). I have been promoting them on Twitter (@Economics_KSF) through scoop.it but for those of you not on there, the link for the scoop.it boards are here:

http://www.scoop.it/u/economics-kcsf

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Paul Ormerod: Trends in Inequality: Truth and Myth

Thursday, March 20, 2014

Concern about inequalities of income and wealth is now a fashionable topic. It featured strongly in the gathering of the world’s top brass at Davos earlier this year. Much of the popular coverage of the topic gives the impression that not only is inequality at record highs, but that it is confined to the wicked Anglo-Saxon economies. A recent paper published by authors linked to the George Soros-funded Institute for New Economic Thinking shows very decisively that neither of these points is true.

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How Coal Shortages Might Impact Indian Growth

Wednesday, March 19, 2014

The development of India, or its non-development relative to China, is an interesting topic, and one that Bob Hindle has already been blogged about in relation to its tax system.

However, there are other aspects of the Indian economy that will also impede its ability to grow, notably its lack (or should that be 'lakh'?) of coal.

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30 Years since the Start of the Miners’ Strike

Monday, March 10, 2014

It was an industrial dispute that reshaped not just the British coal industry but also many other sectors. In 1984 a national strike broke out pitting Arthur Scargill against Margaret Thatcher. Channel 4 news looks back at the 30th anniversary of the start of a year-long bitter battle whose scars are still apparent.

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Unit 1 Micro: Information Failure and Coca Cola

In this memorable Newsnight interview, Jeremy Paxman quizzes / interrogates a senior Coca Cola executive about the amount of sugar in Coca Cola drinks. Coca Cola wants to "make sure that the information is available" but if they did would students, cinema goers and millions of other consumers change their preferences?

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Unit 1 Competitive Markets Revision Q&A - Student Licence for Just £5

Monday, March 03, 2014

Incomplete notes? Unsure of exactly what you need to know? Only a few weeks left before the exam?. Don't worry - you've come to the right place. Tutor2u's Q&A format is the rapid revision route to success. 

Tutor2u Q&A's focus on the essentials of each subject covered. A comprehensive glossary summaries key terms and concepts. Test your understanding against 100's of questions designed to cover all aspects of the syllabus. 

You can cover the syllabus in rapid time, knowing that you are focusing your effort on the essentials for success. No wonder, tutor2u's Q&As are the best-selling online rapid revision guides available for AS and A2 economics.

Details can be found here

EdExcel Unit 1 Economics

AQA Unit 1 Economics

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New evidence of persistent gender bias at the UK’’s top companies

Wednesday, February 26, 2014

The UK’s biggest companies remain biased when appointing women to their boards, according to new research by Dr Ian Gregory-Smith and colleagues, published in the February 2014 issue of the Economic Journal

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Unit 1 Micro: Information Failures in Markets

Saturday, February 15, 2014

This blog brings together some of our resources on information failures in markets.

Click below for:

Mo Tanweer's superb revision notes on aspects of information economics

Try our short Zondle revision quiz on information failure

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Boris Bikes - Do Benefits Exceed the Costs?

Friday, February 14, 2014

Boris Johnson, The Mayor of London, has been happy to extend the use of bicycles in London; and the pattern of use has thrown up some interesting points. There were 7.4 million cycle hire trips last year but an estimated 71% of cycling use was by men. Most of these journeys would have been made on foot (31%) or by public transport (47%). Coverage of the study published in the BMJ looked at the health effects is found here.. The notes in the article, provide good examples of the strengths and weaknesses of cost benefit analysis.

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Government underestimates the amount of student loans that are likely to be paid back

According to a report published by the Parliamentary Public Accounts Committee, the Government are currently underestimating how many students will actually pay back their university loans over the coming decades.  Currently, the Government estimates that between 35 and 40% of loans to Higher Education students are never paid back - the Committee believes that the rate on non-repayment is much higher and reflects a weakness in the loan collection method.  The primary reason for non-repayment is that student details get lost over a period of time particularly if the graduate moves and works abroad or was an EU citizen who has returned to their own country.  The method of using the income tax registration process as a way of locating former students has been criticized for not being an effective method of collecting information.  It is estimated that the shortfall could be as much as £80 million by 2042.

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What’s that got to do with the price of ... almonds?!

Thursday, February 13, 2014

A great case study on the BBC about what has been driving up the price of almonds. Plenty of topics to explore in here: agricultural supply, determinants of demand, derived demand (almond milk), monopoly power, capital intensive production and maybe more.

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AS Micro - Weekly Revision Quiz - Week 1

Tuesday, February 04, 2014

Here is the first weekly revision quiz for AS economists who would like to keep their revision of AS Micro up-to-date whilst they are covering AS Macro!

10 questions from across the AS Micro specs to keep you focused:

Launch AS Micro - Weekly Revision Quiz - Week 1

Energy companies charge cash-paying customers more - market failure and Government intervention

If you attended the recent tutor2u revision conferences for up-coming micro-economic exams (look out for the macro workshops and combined micro and macro to come in March) you will have seen how fuel-pricing was used as an example of market failure, government intervention strategies and government failure.  

Fortunately, the energy market is a gift that keeps giving to us in the economics world (every cloud has a silver lining) as a report out today (see this link for the BBC version of the story) indicates that Parliament is about to intervene to try and stop the energy companies charging more to customers who pay by cash rather than by direct debit (£114 per year, according to the report).

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10 Questions on Income and Cross Price Elasticity

Friday, January 31, 2014

Here are ten revision questions covering income elasticity and cross price elasticity of demand

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10 Questions on Supply and Demand

Thursday, January 30, 2014

Here are ten multiple choice revision questions covering the topic market demand and market supply

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Unit 1 Micro: 10 Questions on Markets in Action

Here are ten questions for students wanting to check their understanding on markets in action

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Government looks to abandon use of Microsoft Office to save money

It was announced yesterday that the Government is planning to abandon its use of expensive software such as Microsoft Office (see article in the Guardian here) partly as a way of reducing costs but also as a means of breaking some of the software company's 'oligopolistic' stranglehold on the market.

As well as offering an example of Government policy to combat market failure, this story gives us a little insight into the issue of contestability in the software industry.

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Building a Future for Chocolate

Here is a short video on the challenges and opportunities facing cocoa producers across the world but especially in sub Saharan Africa which accounts for 70% of global production. Supply is struggling to keep pace with rising world demand and there have been some structural declines in production in several countries.

The FT's Emiko Terazono reports from Ghana on how chocolate manufacturers and traders are striving to boost cocoa supplies, which are coming under pressure from climate change and urbanisation amid growing demand for confectionery in emerging markets. Farmers are being encouraged to develop supplementary incomes and invest in sustainable production methods.

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Unit 1 Micro: Revision on Government Intervention

Wednesday, January 29, 2014

Here are somr revision resources on government intervention in markets. There are some revision notes, a streamed revision video from PJ Holden and then ten questions for students wanting to check their understanding on government intervention in markets

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Imports are good too!

Monday, January 27, 2014

We are often (quite rightly), talking about Britain’s disappointing export performance. There are lots of good reasons to promote exports – an injection into the circular flow of income and the X in C+I+G+(X-M)

But don’t fall for the trap of thinking that exports=good and imports=bad. In the final analysis, one of the main reasons for exports is to pay for imports. Imports play a crucial role in making our economy more efficient.

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Saudi Arabia - the ‘dominant producer’ in the world’s oil market

Friday, January 24, 2014

Saudi Arabia’s position as one of the largest players in the global oil market, producing more than a tenth of the world’s output and owning a quarter of the world’s proven reserves, has negative effects on other market participants. Writing in the Economic Journal, Anton Nakov and Galo Nuño document two features that have made the Kingdom different from other oil producers:

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Information failure in the NHS

Thursday, January 23, 2014

The NHS gives us so much value, as Economics teachers, as it serves as a great example of so many areas of theory. The story which heads up the BBC News site this morning is another useful one: NHS waiting time data for elective surgery has been found to be 'unreliable'

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The Changing DNA of Entrepreneurs and Business Start-Ups

Sunday, January 19, 2014

Here is a great overview from the Economist of some of the ideas behind lean start-ups and the shift in focus towards frequent / hi-speed reaction to customer feedback as minimum viable products are launched into the market-place. Conventional views of entrepreneurs are evolving fast but they still need to have that driving energy and a willingness to challenge orthodoxy! The Eric Ries book - The Lean Entrepreneur - is given extensive mentions here and rightly so.

Government help for exports - could do better?

This report which the Public Accounts Committee published on Friday, entitled Supporting UK exporters overseas, gives a useful piece of background reading, as it marries up AS and A2 level theory, and micro and macro topics. It looks at the combined efforts of the Foreign and Commonwealth Office and UK Trade and Industry to help UK firms, particularly small and medium sized businesses, boost their exports and so contribute to UK GDP recovery. The summary of the report on the PAC website could be used by students to consider a couple of questions:

How many examples of government failure can you identify?

Given that the UK does not currently use monetary policy to influence the exchange rate, what mix of government policies might be used in order to meet the target of doubling exports by 2020?

Fog and filthy air

Wednesday, January 08, 2014

Here's another weather blog.  It's cold and atmospheric conditions are right for exceptionally severe local air pollution; smoke, micro particulates and sulphur dioxide combine into a greasy 'smog'.  The health impact is severe. People start talking about a 'killer fog' and even an 'environmental disaster'.  Thousands die over the next few days and weeks, many more face serious long term consequences.

Where am I describing?

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Energy saving tips from the Government - effective Government intervention

Proposing Government intervention strategies for dealing with externality market failure is a common enough exam question.  Many of my students will concentrate on the use of indirect taxation, subsidies, pollution permits or regulation as a method of reducing consumption - often forgetting that the Government can use good, old-fashioned advice as a way of altering purchasing patterns.

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