Many thanks to Mark Seccombe for letting us know about this terrific HOD Economics opportunity - well worth a look. Please mention that you saw this on the tutor2u Economics blog! All the details you need are below.read more...»
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.read more...»
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
The first of a set of ten question revision quizzes covering A2 macro topics - good luck!read more...»
Here is a new ten question matching concepts quiz powered by the Zondle platform - good luck!read more...»
Revision resources on the topic of labour market failureread more...»
We know that some students appreciate the opportunity for some extra and/or different revision support as they prepare for key summer exams.
As a trial, we've set up a series of revision classes for AS & A2 Economics on the tutor2u section of our sister company Zondle.
We'll add a series of key topic tests to these classes which students who are registered on Zondle (it's free!) can use as part of their exam revision.
To join a class, first register as a student on Zondle and then enter the relevant class codes which are listed below.
Students can register for one or more classes
Summer Revision Classes on Zondle (enter the class codes for the classes you would like to join)
ECON1 AS Micro: (290-66327)
ECON2 AS Macro: (290-66328)
ECON3 A2 Micro (290-66329)
ECON4 A2 Macro (290-66330)
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.read more...»
Government failure and the harm it can wreak on local communities is evident in this short piece from the New York Timesread more...»
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.read more...»
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.read more...»
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.read more...»
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.read more...»
Investigating and understanding price fixing and collusion are an important part of analysing behaviour in oligopolistic markets. Not all of these corrupt practices are headline grabbers: most are in such unglamorous areas as ball-bearings and cargo rates, which go on unnoticed for years, quietly bumping up the end cost to consumers of all manner of goods and services.
What steps can be taken to undermine the incentives for business to engage in these illegal activities?read more...»
Measuring the size of an economy is difficult on so many levels. Of course, there’s always the GDP debate, which asks about the best way to measure economic and social progress. But even measuring GDP is a huge challenge. Nigeria has just experienced a vast 89% increase in GDP having ‘rebased’ its figures.read more...»
Some thoughts from Mashiat and Adrianna, AS Economists from Kuwait English School, on their experience at the Dubai Revision Workshops:
“There’s no such thing as a free lunch”.
This famous quote from economist Milton Friedman played a center role in the 2 day Tutor2U Economics Revision Conference. On the 5th and 6th of April, we, students of Kuwait English School, attended this Economics Revision Conference at Dubai College.read more...»
Here is our weekly economics news quiz. Ten questions on the latest economics and business news in a quiz format powered by the Zondle website!Have a go and good luck!read more...»
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
Here are twelve more questions covering markets and market failure - test your understanding with this zondle-powered quiz!read more...»
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.read more...»
Here are some revision quizzes for students to check their understanding of market failureread more...»
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.read more...»
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.read more...»
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.read more...»
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.read more...»
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.
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.read more...»
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.read more...»
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.
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.read more...»
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 periodread more...»
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 employedread more...»
Revision blog on factor rewards / factor incomes together with a revision quiz to check your understandingread more...»
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.read more...»
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.read more...»
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.read more...»
Here is a selection of key diagrams for the Unit 3 business economics courseread more...»
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,read more...»
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.read more...»
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.read more...»
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.
Here is the third of our series of AS macro quizzes - ten questions to check your understanding - good luck!read more...»
Here is the second of our general AS macro revision quizzes - ten questions for you to have a go at!read more...»
Here is the first of our general AS macro revision quizzes - ten questions for you to have a go at!read more...»
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 happenread more...»
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.read more...»
Using the IMF's annual survey of exchange rate systems for each country - have a go at this ten question quiz!read more...»
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.read more...»
This short streamed revision presentation looks at aspects of the EU including exam style question on the economic effects of labour migrationread more...»
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 policiesread more...»