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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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Economics CPD for the Summer Term in 2014

We’ve got a busy programme of CPD for Economics and Business Studies in the summer term and we’d be delighted if you and your colleagues were able to join us. Brief details below.

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Unit 1 Micro: Revision Quizzes 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 income and employment. But there is a fierce debate about the consequences of tourism - what role can tourism play in economic development? Can travel to developing countries do more harm than good?

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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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Test your knowledge on AS Micro Diagrams

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

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.

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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Information failure and the Tamiflu saga

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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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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Teaching Vacancy - Economics at Greenhead College

An exciting opportunity has arisen to join the superb team at Greenhead College, Huddersfield. The requirement is for a permanent 0.5 Economics teaching position starting in September 2014. Full details can be found here http://www.tes.co.uk/job/teacher-of-a-as-level-economics-221483/ and on the college website www.greenhead.ac.uk with the closing date for applications noon on 28 April 2014.

You would find a warm and friendly supportive team to share resources and work with, many of whom work with tutor2u in delivering their successful courses. This is a grade 1 department who intend to be the best in the UK for many years to come.

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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Proposed GCE AS and A Level Subject Content for Economics

Here are the details - Board specifications to appear in the summer I suppose!

Click: www.gov.uk/government/uploads/system/uploa...

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Unit 4 Macro: Africa Rising - RES Panel Event

Wednesday, April 09, 2014

Paul Collier on Africa Rising

As result of China's growth we have seen a big rise in commodity prices

Consequence for Africa has been a decade of stronger terms of trade

Average sq mile of OECD - $300,000 of known sub soil natural assets in 2000

Average sq mile of Africa - $60,000

As of the Millennium, Africa had discovered a lot less!

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A lighthearted look at corruption

After looking at the scourge of corruption as a factor hindering economic development in LEDCs and as part of #econ4, here's a rather amusing look at one of the ways in which graft can be exemplified (though taking advantage of one's position for illicit gains is not a trait unique to developing countries alone, as recently demonstrated by our very own politicians seemingly inability to keep their paws out the honey pot!)

The changing face of Government Spending - a teacher resource

Here's a short but fun classroom starter to stimulate discussion about how the Government Spends its money.  

Based upon information from a BBC article showing how Government spending has changed since 1953, the resource asks students to separate 'blocks' representing the percentage of overall spending on each department (e.g. health, defense) into those that they think represent spending in 1953 and those that represent 2013.  Having separated the blocks, students must then re-arrange the blocks into perfect squares on the printable 'mats' provided as part of the resource.

As well as stimulating discussion about how the Government spends its money and changes in its priorities, it may provide a useful hook for getting your students to remember the proportion of spending the Government places on each of its department which they can use as evidence within their exam answers.

Click on this link to download the resource.

Click on this link to go to the original BBC article.

One student’s take on the Dubai Revision Workshops

AS Economist Kripa Venkatesh 's thoughts post-Dubai Revision Workshops extravaganza:

With our hearts filled with hope that we would automatically gain the knowledge necessary to ace our exams within 2 days, we headed to Tutor2u's Economics Revision Workshops on the 5th and 6th of April. Dubai College played host to many other schools from around the Gulf region and they got to experience what a DC fire drill entails. Apparently our evaluation points were so hot, they set the fire alarm off! #classicgeoff

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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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Our Economics Workshop in Dubai!

I am just back home from a five day trip to the modern city state of Dubai for the first of what we truly hope will be a regular and flourishing revision workshop for AS and A2 economics students in the middle east. Mo Tanweer and I flew to Dubai last week and we have been bowled over by the warm and generous welcome and also the energy, diligence and focus of over 150 students from 3 different countries. 

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Unit 2 Macro: Supply Side Policies and Competitiveness

A revision presentation used at the workshop in Dubai on aspects of supply-side competitiveness in the UK economy

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