http://www.tutor2u.net/blog/index.php/gcse-economics/ en tutor2u.net Copyright 2009 2009-11-19T17:20:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/great-interactive-data-on-budget-deficits-around-the-world/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/great-interactive-data-on-budget-deficits-around-the-world/#When:17:20:00Z The BBC have produced a fantastic visual interactive map of budget deficits across the world between 2007 and 2010. It would make a great starter activity or a main part to a lesson on government budgets. MACROECONOMICS TOPICS, Government income and expenditure 2009-11-19T17:20:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/petrol-prices-set-to-rise/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/petrol-prices-set-to-rise/#When:17:00:00Z The cost of a barrel of oil has risen from $40 a year ago to $80 now with the price expected to rise even further in the coming months. These oil tankers are apparently refusing to dock and unload their contents until the price of oil rises! MICROECONOMICS TOPICS, Competitive markets 2009-11-19T17:00:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/great-video-on-how-to-use-the-oecd-website/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/great-video-on-how-to-use-the-oecd-website/#When:17:16:00Z The BBC have created a great short video showing how to use the OECD website. This will be particularly good for the OCR module on global issues. OTHER TOPICS, Globalisation 2009-11-18T17:16:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/direct-or-indirect-taxes-you-decide/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/direct-or-indirect-taxes-you-decide/#When:20:27:00Z I have been asking my year 11 students which taxes they would raise to reduce the UK’s massive budget deficit. These two articles would be perfect to help with the debate. The first shows a disadvantage of direct taxes as 50 millionaire hedge fund traders are leaving the city for Geneva to hide from the 50% income tax rate with fears that many will follow. The second article reveals how retailers are worried that VAT will be increased in the new year to 20%. A big disadvantage of increasing indirect taxes such as VAT is it could reduce spending. An interesting lesson activity would be to set up a debate about the pros and cons of direct and indirect taxes using the two articles as case studies. 2009-11-15T20:27:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/bit-of-fun-on-a-saturday-morning-youth-unemployment/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/bit-of-fun-on-a-saturday-morning-youth-unemployment/#When:10:13:00Z MACROECONOMICS TOPICS, Employment & unemployment 2009-11-14T10:13:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/great-video-on-ba-and-iberia-merger/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/great-video-on-ba-and-iberia-merger/#When:07:36:00Z Following on from my blog yesterday I have found a great video clip on the proposed merger of BA and Iberia. Willie Walsh talks about the synergies that are going to occur due to the merger. MICROECONOMICS TOPICS, Growth of firms 2009-11-14T07:36:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/ba-and-iberia-economies-of-scale/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/ba-and-iberia-economies-of-scale/#When:08:36:00Z The proposed merger of British Airways and Iberia shows types of economies of scale very nicely. Economies of scale occur when a firm grows larger its long run average costs fall. If we remember the mnemonic we used for types of economies of scale - Really, Fun, Mums, Try, Making, Pies, we can then apply this to the merger. MICROECONOMICS TOPICS, Growth of firms 2009-11-13T08:36:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/8-million-economically-inactive-unemployment-definition/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/8-million-economically-inactive-unemployment-definition/#When:09:18:01Z A common mistake I noticed whilst marking GCSE papers this summer, involved students writing that an unemployed person is someone who has not got a job. I will use this article in an unemployment lesson to show that to be unemployed you must be willing and able to find a job, but currently out of work. The article shows that 7.9 million (one in five of working age) people in the UK are out of work and are not trying to find a job. They are considered to be economically inactive. Another article which would be very useful for an unemployment lesson clearly explains the difference between the two main measures of unemployment, the Claimant Count and the ILO survey. Click read more for some questions on unemployment 2009-11-12T09:18:01-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/on-this-day40-years-ago-technological-unemployment/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/on-this-day40-years-ago-technological-unemployment/#When:08:11:00Z This interesting article from the Guardian, written 40 years ago, is a fantastic example of technological unemployment. Maureen O’Connor warns ‘Girls need more careers advice before the computers really take over’. The article estimated that in the United States, 25% of secretaries would be redundant within seven years due to computers rapidly being introduced into offices. After reading the article students could be asked to think of any current examples of technological unemployment. 2009-11-12T08:11:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/toy-shortage-at-christmas/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/toy-shortage-at-christmas/#When:17:21:00Z Have toy manufacturers misjudged the amount of sales this Christmas? With the UK still in a recession toy manufacturers could have presumed that Santas budget was much lower this year and therefore produced fewer toys. MICROECONOMICS TOPICS, Competitive markets 2009-11-11T17:21:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/uk-trade-deficit-worsens-qa/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/uk-trade-deficit-worsens-qa/#When:13:24:01Z This is often a topic that GCSE Economists struggle with. An interesting article on the BBC explains how the UK trade deficit has worsened due to the car scrappage scheme. OTHER TOPICS, International trade & protectionism 2009-11-10T13:24:01-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/booming-businesses-in-the-recession/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/booming-businesses-in-the-recession/#When:21:08:00Z We have all heard lots about the numerous businesses that have lost out to the recession. We have not heard so much about the businesses that have done well out of falling incomes and increased unemployment. MACROECONOMICS TOPICS, Economic growth 2009-11-09T21:08:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/mnemonic-monday-types-of-unemployment/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/mnemonic-monday-types-of-unemployment/#When:07:26:00Z This mnemonic will tie in with my Super Starter Sunday on unemployment. It aims to help students remember the different types of unemployment 2009-11-09T07:26:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/super-starter-sunday-unemployment-special/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/super-starter-sunday-unemployment-special/#When:21:22:00Z This week the pictures show different types of unemployment. 1. As usual the students have to guess the news stories using the pictures. 2. Students should then try to work out the type of unemployment in each picture 3. In groups, they could discuss ways solve each type of unemployment. 2009-11-08T21:22:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/competition-in-action-ms-to-sell-top-brand-names/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/competition-in-action-ms-to-sell-top-brand-names/#When:09:20:00Z Marks and Spencer have recently lost market share in part due to the emergence of Waitrose but also due to shoppers trading down supermarkets due to the recession. Well M&S have decided to fight back. MICROECONOMICS TOPICS, Competitive markets 2009-11-06T09:20:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/my-trip-to-brazil-the-olympics-market-failure-and-the-exchange-rate/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/my-trip-to-brazil-the-olympics-market-failure-and-the-exchange-rate/#When:17:52:00Z Last week I was given the opportunity to go to Rio to compare the Brazilian education system to our own. Whilst there I thought it would be interesting to look out for any interesting economic stories for the blog. This is what I found. I couldn’t help but notice how positive everyone seemed to be about Rio securing the Olympics in 2016, with many expecting growth to skyrocket after the event. It may be interesting for your students to use this article to discuss the economic impact of an Olympics on the host city. The inequality of income in Rio is a great example of market failure. I was lucky enough to see a school in the middle of the second biggest favela in Brazil. There I saw that many in Brazil have not benefited from economic growth and live in appalling conditions surrounded by drugs and violence. (We drove past a drug dealer carrying an AK 47!) Click read more for some questions on market failure The Brazilian Secretary of Economic Policy believes the currency has to weaken by 19% to allow for strong economic growth in the country. Students can use the mnemonic, SPICED to remember the effect of a strong currency. Strong Pound Imports Cheap Exports Dear. Click read more for some questions on exchange rates 2009-11-05T17:52:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/fantastic-interactive-guide-economic-growth/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/fantastic-interactive-guide-economic-growth/#When:09:30:01Z The Guardian has come up with another great interactive guide showing GDP growth in countries across the world. Growth ranges from -2.6% in Finland to 7.9% in China. 2009-11-04T09:30:01-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/how-would-you-spend-38bn/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/how-would-you-spend-38bn/#When:08:27:00Z As the amount the government have pumped into the banking system in the UK continues to rise, the Guardian looks at what else this huge sum of money could be spent on. MACROECONOMICS TOPICS, Government income and expenditure 2009-11-04T08:27:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/video-games-positive-or-negative-externalities/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/video-games-positive-or-negative-externalities/#When:08:11:00Z Not long ago video games such as Grand Theft Auto were being blamed for childhood obesity, reclusive children and an increase in violent crimes. These negative externalities were considered to be so harmful that some people felt certain games needed to be banned. It seems however that the general public has had a change of heart. 46% of a recent Times survey felt the reputation of the video game industry has improved due to one product…the Nintendo Wii. It produces many positive externalities such as reducing strain on the NHS, as an increasing number of people use games such as Wii Fit to develop an active and healthy lifestyle. Analysts even believe the console can improve family relationships as they get together to play games. Click read more for some classroom activities to go with this article. 2009-11-04T08:11:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/demand-and-supply-in-action-the-housing-market/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/demand-and-supply-in-action-the-housing-market/#When:08:10:00Z The housing market has seen six consecutive months of price increases suggesting an upturn. We have also seen the first annual percentage price rise, 2% on the previous year. MICROECONOMICS TOPICS, Competitive markets 2009-10-31T08:10:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/l-u-w-v-or-bathtub-shaped/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/l-u-w-v-or-bathtub-shaped/#When:08:04:00Z No doubt we have all heard the various letters and shapes that have been suggested for the shape of this recession. This article in the Guardian would make a great start to the half term possibly prompting an interesting discussion. MACROECONOMICS TOPICS, Economic growth 2009-10-31T08:04:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/great-data-on-the-global-recession/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/great-data-on-the-global-recession/#When:17:24:00Z The Guardian has once again produced a great guide to the countries that are still in recession and those that are beating it. MACROECONOMICS TOPICS, Economic growth 2009-10-24T17:24:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/the-uk-still-in-recession-some-great-resources/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/the-uk-still-in-recession-some-great-resources/#When:21:47:00Z As it was announced today that the UK remains in recession with the economy unexpectedly contracting 0.4% between July and September, there are some great resources around for teaching economic growth and GDP. The graph below from the BBC shows this recession and the last. MACROECONOMICS TOPICS, Economic growth 2009-10-23T21:47:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/the-self-service-supermarket-technological-unemployment/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/the-self-service-supermarket-technological-unemployment/#When:08:21:00Z Here is a great example of technological unemployment. Tesco have opened their first self-service only shop which requires just one person to supervise five tills.  Critics worry this could lead to massive job losses as the major supermarkets currently employ around 750,000 people. Click read more for some GCSE style questions to go with the article. 2009-10-22T08:21:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/how-should-we-tax-those-greedy-bankers/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/how-should-we-tax-those-greedy-bankers/#When:07:21:00Z The country is in uproar about bankers receiving bumper bonuses this year. Here is an interesting video from the BBC which asks whether banks should face a windfall tax. It could be used as a starter for a lesson on tax where you could ask pupils to think about the pros and cons. They could also use the following article from the Guardian website to think of other ways to tax bankers. 2009-10-22T07:21:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/mnemonic-monday-ped-calculation/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/mnemonic-monday-ped-calculation/#When:11:07:00Z Whilst marking hundreds of OCR papers over the summer, I noticed a lot of students understood PED but mistakenly put price on the top of the calculation and quantity on the bottom.  Here is a very simple way to make sure pupils always put % change in quantity on the top and % change in price on the bottom for PED.  2009-10-19T11:07:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/alcohol-50p-a-unit-minimum-price-lesson/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/alcohol-50p-a-unit-minimum-price-lesson/#When:10:38:00Z Every time I teach minimum prices I always talk about the minimum wage or the agricultural market but today I was delighted to find a new example which I will be using from now on. It has been suggested that alcohol should have a minimum price of 50p per unit, well above the current lowest price of alcohol which is currently around 9p per unit. By setting the price high, demand should reduce which in turn will hopefully slow the current trend of alcohol related deaths. Click read more for some questions on minimum prices. 2009-10-19T10:38:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/super-starter-sunday-beat-the-teacher-3/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/super-starter-sunday-beat-the-teacher-3/#When:15:33:00Z This weeks beat the teacher is based on supply. Can you spot the mistakes in the text? Beat_the_Teacher_3.doc Beat_the_Teacher_3_answers.doc RESOURCE SERIES, Super Starter Sunday 2009-10-18T15:33:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/the-us-criticises-the-weakened-yuan-protectionist-policies/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/the-us-criticises-the-weakened-yuan-protectionist-policies/#When:12:44:00Z I wrote a blog last week about China’s exports recovering from a huge dip. They have done this by actively keeping their currency weak and proving firms with tax rebates to ensure companies maintain their price competitiveness. This has angered the US who feel China’s currency is undervalued by 20% to 40% which means that Chinese products are cheaper for US consumers and American products cost more in the Chinese market. This would be a good article to use when teaching currency, the balance of payments or protectionist policies. Click read more for some GCSE style questions on these topics 2009-10-18T12:44:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/is-a-weak-pound-good/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/is-a-weak-pound-good/#When:12:38:00Z As some of you may be discovering it isn’t a great time for UK holiday makers to go on holiday in the USA or Europe. As the value of the pound against both the dollar and the euro has weakened it has meant that it is more expensive to buy goods abroad (remember as a tourist going abroad we are an import because the money goes out of the UK and into the foreign country). Could this weak pound be good for the UK economy as a whole? OTHER TOPICS, Exchange rates and currencies 2009-10-18T12:38:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/more-interactive-unemployment-data1/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/more-interactive-unemployment-data1/#When:10:44:00Z Following the announcement that unemployment is still rising but at a slower rate, the Guardian have produced a great interactive graph with data on both the claimant count and the LFS dating back to 1971. MACROECONOMICS TOPICS, Employment & unemployment 2009-10-16T10:44:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/price-war-in-the-mortgage-market/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/price-war-in-the-mortgage-market/#When:10:27:00Z Competition in most markets is great for the consumer. It can help to drive down prices and improve quality. The market for mortgages is no exception. Nationwide have this week slashed interest rates on their mortgages and are once again offering 95% mortgages.  MICROECONOMICS TOPICS, Competitive markets 2009-10-16T10:27:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/starter-picture-5000-people-in-queue-for-a-jobs-fair/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/starter-picture-5000-people-in-queue-for-a-jobs-fair/#When:22:01:00Z This blog doesn’t take much explaining. Click read more to see a photo of a massive queue for a job fair in Canary Wharf to show at the beginning of a lesson on unemployment 2009-10-15T22:01:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/the-worlds-largest-trade-fair-chinas-exports-rebound/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/the-worlds-largest-trade-fair-chinas-exports-rebound/#When:21:09:01Z China’s current account has taken a big hit during the recession with exports falling by as much as 25% from the previous year. Things are looking up however at the world’s biggest trade show in Guangzhou China where the signs are good that trade is finally rebounding. The interesting point to take from the article is how China’s government has helped increase exports, which could be really useful for revision on how to improve the state of a country’s current account. The government has actively kept their currency weak and provided firms with tax rebates to ensure companies maintain their price competitiveness. Click read more for some questions to go with the article. 2009-10-15T21:09:01-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/inflation-video/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/inflation-video/#When:10:17:00Z Yesterdays announcement that inflation as measured by the CPI had fallen to 1.1% in September and the RPI had dropped to -1.4% further fueled concerns that the UK may not come out of the recession by the end of the year. MACROECONOMICS TOPICS, Price stability and inflation 2009-10-14T10:17:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/new-charge-faced-by-londons-drivers/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/new-charge-faced-by-londons-drivers/#When:15:30:00Z The new OCR GCSE specification expects pupils to have an understanding of policies the government could use to help reduce externalities. The mayor of London, Boris Johnson has outlined a plan to make drivers pay for using the busiest roads in the capital. MACROECONOMICS TOPICS, Fiscal policy 2009-10-12T15:30:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/uk-has-worst-quality-of-life-in-europe-economic-growth-and-living-standards/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/uk-has-worst-quality-of-life-in-europe-economic-growth-and-living-standards/#When:10:20:00Z I am currently teaching economic growth to my year 11’s and have got used to saying an increase in GDP improves the standard of living in a country. At GCSE this statement is usually enough but this article could get your pupils extra marks for evaluating whether this is actually true. A study has show Britain to have the worst quality of life in Europe despite having an average household income of £35,730 a year, over £10,000 higher than the European average.  This is because British families have to contend with a high cost of living, with fuel, food and alcohol all costing more than the European average. Not only that but we are also working longer hours, having less holiday and dealing with worse weather. Click read more for some GCSE and A level style questions on economic growth and living standards. MACROECONOMICS TOPICS, Economic growth 2009-10-12T10:20:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/super-starter-sunday-supply-and-demand-special/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/super-starter-sunday-supply-and-demand-special/#When:16:49:00Z This has been a fantastic week to teach supply and demand as there have been so many stories in the news that could be used as examples. This super starter has bought them all together and would work as a great starter where the pupils have to guess the news stories using the pictures or could be used as the basis of a whole supply and demand lesson. I am going to ask my students to draw a supply and demand diagram for each example and show whether there is a shift in supply or demand. MICROECONOMICS TOPICS, Price mechanism 2009-10-11T16:49:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/demand-and-supply-in-action-champagne-affected-by-the-recession/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/demand-and-supply-in-action-champagne-affected-by-the-recession/#When:06:56:00Z As a luxury good it is probably unsurprising to hear that the sales of champagne have dropped significantly. MICROECONOMICS TOPICS, Competitive markets 2009-10-10T06:56:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/sugar-canesugar-prices-on-the-up-supply-and-demand-ped-and-pes/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/sugar-canesugar-prices-on-the-up-supply-and-demand-ped-and-pes/#When:13:49:00Z This article on raw sugar is pure gold! It could be used for lessons on demand and supply, PED or PES. Supply and Demand The price of raw sugar peaked at 24.85 cents last month, its highest since 1981. The increase in price has been caused by a large proportion of Brazilian sugarcane being diverted from food use into ethanol production. At the same time, the biggest consumer of sugar, India, has had a dismal monsoon season and has gone from being a net exporter of sugar to an importer. These two factors have caused supply to drastically reduce, increasing the price of raw sugar. Price elasticity of supply One of the key factors that affects the price elasticity of supply of a good is the availability of stockpiles. In this case, even though consumption of sugar is predicted to outstrip production by 9m tonnes next year, governments and food companies have stockpiles that could be dipped into. Therefore supply should be more elastic than you would expect of a good that takes a long time to produce. Price elasticity of demand Any sugar lovers out there should not panic as in Europe and the US sugar prices are fixed to protect sugar beet farmers. In addition, even if prices were not fixed, demand is unlikely to change for sugar as it is a small proportion of a person’s income. Even if the price were to increase substantially, people are still likely to buy it. Click read more for some questions to go with this topic. 2009-10-07T13:49:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/mnemonic-monday-fiscal-policy/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/mnemonic-monday-fiscal-policy/#When:14:26:00Z This weeks mnemonic is the way my students remember what fiscal policy is. RESOURCE SERIES, Mnemonic Monday 2009-10-05T14:26:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/milk-prices-plummet-supply-and-demand/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/milk-prices-plummet-supply-and-demand/#When:10:37:00Z Here is a great article to explain why too much supply can cause prices to crash. Milk producers across the EU have driven their tractors to Brussels in protest of what that see as uneconomic milk prices. The simple problem is far too much milk is being produced. Some farmers have even had to dump some of their milk and withhold their supply to try to raise prices. Click read more for a GCSE style question to go with this article. 2009-10-05T10:37:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/changes-in-taste-shift-in-demand/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/changes-in-taste-shift-in-demand/#When:10:15:00Z I have just taught demand to my Year 10’s and was finding it hard to think of a new example of how changes in fashion and taste can influence demand. For the last few years I have resorted to talking about clothes going in and out of fashion but here is a new example to use. Real Ale is the only type of beer to see its sales grow in UK pubs.  This is down to a change in taste from women drinkers as their consumption has doubled. As a starter your pupils could show this information on a demand diagram. 2009-10-05T10:15:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/another-solution-to-finding-a-job/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/another-solution-to-finding-a-job/#When:20:26:00Z An Italian supermarket has come up with an interesting way to help its unemployed customers. Along with buying your groceries you can enter a lottery, where the prize is a job. This video would make a great starter. MACROECONOMICS TOPICS, Employment & unemployment 2009-10-04T20:26:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/super-starter-sunday-beat-the-teacher-2/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/super-starter-sunday-beat-the-teacher-2/#When:20:22:00Z This weeks Beat the Teacher is an introduction to demand. Students have to identify the errors in the information. Beat_the_Teacher_2.doc Beat_the_Teacher_2_answers.doc RESOURCE SERIES, Super Starter Sunday 2009-10-04T20:22:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/the-sun-employment-frictional-unemployment/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/the-sun-employment-frictional-unemployment/#When:16:28:00Z One of the best ways of reducing frictional unemployment is to provide people with information about what jobs are available. Usually this is provided by the Job Centre but the government has got a surprise helper in the form of the Sun Newspaper. They have made it their ambition to get people back to work by providing an online service with over 3000 jobs advertised, e-mail alerts and even the option of uploading your CV. Clearly there are still jobs out there if you know where to look. Click read more for some questions on unemployment. 2009-10-04T16:28:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/free-london-evening-standard-price-elasticity-of-demand/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/free-london-evening-standard-price-elasticity-of-demand/#When:16:00:00Z Here is an extreme case of price elasticity of demand. The London Evening standard is to axe its 50p cover price and become a free newspaper. They have realised that many people are reluctant to hand over a 50p charge when they have plenty of other things to entertain and inform – not least the emergence of mobile phones which can surf the internet. This is a great example of how lots of substitutes increases a products PED. Click read more for a mnemonic to help remember factors that influence PED and some GCSE style questions on the topic. 2009-10-04T16:00:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/is-keynes-influencing-politics-today/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/is-keynes-influencing-politics-today/#When:06:22:00Z Next Saturday I am taking some of my students to see Robert Skidelsky talk about John Maynard Keynes at the Cheltenham Literature festival. No doubt it will be a fascinating talk. This video shows Peter Clarke and Robert Skidelsky talking about how they believe Keynes economic philosophy is continuing to influence today’s political scene. It could make an interesting starter looking at how Keynes theories is affecting todays politics. MACROECONOMICS TOPICS, Economic objectives 2009-10-03T06:22:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/house-prices-rising-but-could-it-all-be-about-to-stop/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/house-prices-rising-but-could-it-all-be-about-to-stop/#When:05:38:00Z House prices have been on the rise for the last five months after a disastrous year of falls. The average price of a house in the UK in September stands at £161,816. This figure is £19 higher than this time last year. If we go back to February this year the average house price had slumped to £147,746. MICROECONOMICS TOPICS, Competitive markets 2009-10-03T05:38:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/stamps-to-go-up-by-3p-price-elasticity-of-demand/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/stamps-to-go-up-by-3p-price-elasticity-of-demand/#When:07:17:00Z The Royal Mail has decided to increase the price of first class stamps by 3p due to a huge hole in their finances. They are hoping the proposal will rake in an extra £100 million pounds a year. Whether this tactic is successful depends on the price elasticity of demand for the stamp. Consumer Focus believe the new prices would drive away customers meaning demand would be price elastic where as the Royal Mail obviously believe demand is price inelastic as they expect to increase revenue with the price change. Click read more for some questions on PED that would suit both GCSE and A level students. MICROECONOMICS TOPICS, Price mechanism 2009-09-30T07:17:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/mnemonic-monday-the-role-of-profit-in-an-economy/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/mnemonic-monday-the-role-of-profit-in-an-economy/#When:17:55:00Z This weeks mnemonic looks at the role of profit in an economy - FARSI RESOURCE SERIES, Mnemonic Monday 2009-09-28T17:55:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/whisky-maker-runs-dry-price-elasticity-of-supply/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/whisky-maker-runs-dry-price-elasticity-of-supply/#When:12:43:00Z Examples of products whose supply is price inelastic don’t get much better than this. An up and coming whisky maker in the US has run dry after not being able to accurately predict rapidly increasing demand. You may think this is poor business planning, but it is easier to forgive their mistake when you find out it takes 9 years in a complex maturing process to create the perfect taste. Click read more for some questions to go with the article. 2009-09-28T12:43:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/super-starter-sunday-beat-the-teacher1/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/super-starter-sunday-beat-the-teacher1/#When:13:35:00Z The savings ratio is expected to rise again when figures are released this week. The graph shows the savings ratio fell as borrowing soared, however as the credit crunch began to bite the ratio rose as we started to save more when consumer confidence fell. MACROECONOMICS TOPICS, Incomes & poverty 2009-09-27T13:35:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/super-starter-sunday-beat-the-teacher/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/super-starter-sunday-beat-the-teacher/#When:12:45:00Z Beat the teacher is a great starter activity to get your students thinking and revisiting the topic they have just done. RESOURCE SERIES, Super Starter Sunday 2009-09-27T12:45:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/video-starter-for-a-lesson-on-the-basic-law-of-supply/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/video-starter-for-a-lesson-on-the-basic-law-of-supply/#When:11:59:00Z Soon it will be time again to introduce the supply and demand diagram to your Year 10 students. I’ve always noticed pupils find the law of demand (as the price of a good or service increases, demand falls), much easier than law of supply (as the price of a good or service increases, supply will increase). This video from the BBC shows that oil producers have less incentive to extract new reserves when the price of oil is lower. It would be a great starter for the first lesson on supply. MICROECONOMICS TOPICS, Price mechanism 2009-09-27T11:59:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/super-starter-sunday-economics-in-the-news-27-09-09/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/super-starter-sunday-economics-in-the-news-27-09-09/#When:11:26:00Z This week’s economics in the news covers exchange rates, supply and demand and a change in the retirement age. The pupils have to guess the news stories using the pictures. Each picture has an explanation and web link behind it. RESOURCE SERIES, Super Starter Sunday 2009-09-27T11:26:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/new-gcses-g20-economies/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/new-gcses-g20-economies/#When:07:40:00Z A big element of the new OCR specification is the international economics area. This BBC article looks at each of the G20 countries and discusses what they have been doing to deal with the economics crisis and prevent it happening in the future.  OTHER TOPICS, Globalisation 2009-09-25T07:40:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/demand-and-supply-in-action-cocoa-shortage-to-affect-price-of-chocolate/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/demand-and-supply-in-action-cocoa-shortage-to-affect-price-of-chocolate/#When:11:26:00Z For those chocolate-lovers out there like me this item may send shivers down your spine! We are currently seeing the biggest shortage of cocoa for 40 years. MICROECONOMICS TOPICS, Competitive markets 2009-09-24T11:26:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/do-we-want-a-weak-pound/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/do-we-want-a-weak-pound/#When:08:26:00Z The pound has slid to its lowest level against the Euro since April. This is ether a good or bad thing, depending on which newspaper you read this morning. The Daily Mail has focused on misery for holidaymakers as they are only being offered 98 cents for their pound at Birmingham airport. The Telegraph strikes a more upbeat note by recognising a weak pound could transform Britain’s current account deficit and push it into surplus for the first time in living memory. These two articles are brilliant for a lesson on the effect of a weak currency on an economy. Click read more for some exam style questions on exchange rates. 2009-09-23T08:26:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/graduates-face-a-tough-job-market/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/graduates-face-a-tough-job-market/#When:07:01:00Z Is this what the job market has come to? MACROECONOMICS TOPICS, Employment & unemployment 2009-09-23T07:01:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/demand-and-supply-in-action-fall-in-demand-for-apples/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/demand-and-supply-in-action-fall-in-demand-for-apples/#When:09:34:00Z Consumption of apples has fallen by 3.2% in the last year, despite Government guidelines stating we need to have our five a day. MICROECONOMICS TOPICS, Competitive markets 2009-09-22T09:34:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/qa-on-spending-cuts/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/qa-on-spending-cuts/#When:20:51:00Z Talk of cutting government spending seems to be almost a daily occurrence in the national newspapers at the moment. This BBC article makes a good read for students to help them find out more on what might be proposed and why it needs to happen. MACROECONOMICS TOPICS, Fiscal policy 2009-09-21T20:51:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/does-money-really-make-the-world-go-round/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/does-money-really-make-the-world-go-round/#When:19:32:00Z This really links well with Innes’ mnemonic today. Innes looked at why GDP is not the best measure of standard of living. So does rising national wealth really make peoples lives better? MACROECONOMICS TOPICS, Economic growth 2009-09-21T19:32:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/mnemonic-monday-limitations-of-gdp-as-a-measure-of-living-standards/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/mnemonic-monday-limitations-of-gdp-as-a-measure-of-living-standards/#When:07:23:00Z Although this is not strictly a GCSE topic, this mnemonic has proved invaluable in teaching the limitations of GDP as a measure of living standards at A2. At GCSE you could pick bits out to explain why a high GDP does not always mean high living standards. 2009-09-21T07:23:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/public-debt-clock-from-the-economist/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/public-debt-clock-from-the-economist/#When:12:27:00Z I found this brilliant public debt clock on The Economist website. It is updated every few seconds and although The Economist admits it is not completely accurate, it could be a really interesting starter for a lesson on the Budget for both GCSE and A level. 2009-09-20T12:27:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/super-starter-sunday-economics-in-the-news-20-09-09/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/super-starter-sunday-economics-in-the-news-20-09-09/#When:12:14:00Z This week’s economics in the news covers Ed Ball’s new money saving ideas, a trade dispute and a new currency in London. The pupils have to guess the news stories using the pictures. Each picture has an explanation and web link behind it. 2009-09-20T12:14:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/can-the-brixton-pound-be-considered-good-money/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/can-the-brixton-pound-be-considered-good-money/#When:18:33:00Z The London Borough of Brixton has decided upon an unusual way of beating the recession by creating their own currency called the Brixton Pound. £40,000 worth has been printed which can be spent in over 70 shops within the borough. Do your students think this will help the local economy or do they just see it as a fashionable gimmick? This BBC article covers many economic concepts and would be a brilliant starter for a Friday afternoon lesson. Click read more for a question about good money to go with the article. 2009-09-17T18:33:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/the-ultimate-public-spending-interactive-guide/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/the-ultimate-public-spending-interactive-guide/#When:07:30:01Z The Guardian has produced the ultimate public spending interactive guide. It would make a brilliant wall display or you could split your class into groups and ask them to decide which areas the government should cut to reduce spending. Pupils could present their plans back to the class which could lead to really interesting debates. Click here for a link to the guide or here for an article showing where the Guardian expects cuts to be made. 2009-09-17T07:30:01-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/price-war-for-the-lost-symbol/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/price-war-for-the-lost-symbol/#When:18:05:00Z Another price war has broken out amongst retailers, this time over Dan Brown’s new book, The Lost Symbol. Asda is leading the way by selling the book for £5, well below its recommended retail price of £18.99. For economics students, this story could spark a debate about different ways companies compete. For business students, it is a great example of a loss leader. 2009-09-16T18:05:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/more-interactive-inflation-data/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/more-interactive-inflation-data/#When:06:39:00Z The Consumer Price Index for August was announced yesterday as 1.6%, the lowest it has been since January 2005. The RPI gave slightly cheerier news as it rose from -1.4% to -1.3. The Guardian has updated its interactive data on inflation.  MACROECONOMICS TOPICS, Price stability and inflation 2009-09-16T06:39:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/cut-spending-or-raise-taxes/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/cut-spending-or-raise-taxes/#When:22:04:01Z The government have a lot to think about if they are to prevent what some economists are calling a possible double dip recession. However they must consider the future and the large debts that have already been accumulated. The Labour party see the way forward as maintaining spending and increasing taxes, one idea being the new 50% tax on earnings over £150,000. The Conservatives on the other hand think that the only way ahead is to cut government spending. MACROECONOMICS TOPICS, Fiscal policy 2009-09-15T22:04:01-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/continuing-concerns-over-neets/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/continuing-concerns-over-neets/#When:06:32:00Z 16-18 years olds not in education, employment or training, otherwise known as NEETs are continuing to rise in numbers. In Gloucestershire there are now 599 NEETs a rise of 14% on last year. The West Midlands has the largest number of NEETs in the UK.  MACROECONOMICS TOPICS, Employment & unemployment 2009-09-15T06:32:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/the-problem-with-using-tariffs/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/the-problem-with-using-tariffs/#When:16:27:00Z This trade dispute hasn’t gained much press in the UK but it could have big implications on future relations between the US and China. Domestic pressure has caused the US to impose a 35% tariff on Chinese tyres. China didn’t take this lying down and have announced plans to impose a similar tariff on US chicken and cars. This is a great example of the dangers of imposing tariffs as countries are likely to respond in kind. Click read more for some questions on protectionism. 2009-09-14T16:27:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/mnemonic-monday-functions-of-the-price-mechanism/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/mnemonic-monday-functions-of-the-price-mechanism/#When:07:00:00Z This weeks mnemonic will help students remember the functions of the price mechanism. RESOURCE SERIES, Mnemonic Monday 2009-09-14T07:00:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/super-starter-sunday-economics-in-the-news-13-09-09/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/super-starter-sunday-economics-in-the-news-13-09-09/#When:16:44:00Z This week’s economics in the news covers product placements on TV, mergers and the perils of internet banking. The pupils have to guess the news stories using the pictures. Each picture has an explanation and web link behind it.  RESOURCE SERIES, Super Starter Sunday 2009-09-13T16:44:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/demand-and-supply-in-action-second-hand-car-prices-rise/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/demand-and-supply-in-action-second-hand-car-prices-rise/#When:13:42:00Z We would normally expect the value of our cars to fall (depreciate) over time. This year though the reverse is happening. Due to a shortage in supply the price of second hand cars have risen. MICROECONOMICS TOPICS, Competitive markets 2009-09-13T13:42:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/super-starter-sunday-factors-of-production-video/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/super-starter-sunday-factors-of-production-video/#When:12:58:01Z This weeks Super Starter Sunday uses a short video to help get students to think about how to improve the four factors of production. RESOURCE SERIES, Super Starter Sunday 2009-09-13T12:58:01-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/where-did-all-the-money-go/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/where-did-all-the-money-go/#When:11:09:00Z Another fantastic interactive guide, this time from the BBC. Since the markets began to tumble in 2008, governments around the world have spent almost $11 trillion bailing out failing banks and trying to repair the financial system. This interactive guide shows where the money went and what it means for the tax payer.  MACROECONOMICS TOPICS, Government income and expenditure 2009-09-11T11:09:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/economy-set-to-benefit-from-englands-world-cup-qualification/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/economy-set-to-benefit-from-englands-world-cup-qualification/#When:10:52:00Z Few of us could have missed the fact that this week the England football team qualified for next years World Cup in South Africa with a 5-1 win against Croatia. What you may not realise is that this will benefit the UK economy greatly. According to the British Retail Consortium England’s qualification will benefit the UK economy to the tune of £1bn.  MACROECONOMICS TOPICS, Economic growth 2009-09-11T10:52:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/mozzarella-from-india/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/mozzarella-from-india/#When:11:03:00Z The BBC has a great short video about Indian farmers starting to produce buffalo mozzarella. India apparently have thousands of water buffalo and so are able to produce this type of cheese at a fairly low cost and may possibly be a rival to Italian producers. This video is fantastic as it can cover a variety of topics. It would make a nice little case study for factors of production. Other issues covered are globalisation, international competitiveness and factor endowment to name a few. MICROECONOMICS TOPICS, Basic economic problem 2009-09-10T11:03:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/bbc-interactive-map-budget-deficit-with-questions/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/bbc-interactive-map-budget-deficit-with-questions/#When:10:24:01Z The BBC website has come up with another fantastic interactive map, this time showing countries budget deficits before and after the economic crisis. Click read more for some questions on fiscal policy. 2009-09-09T10:24:01-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/bbc-interactive-recession-map/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/bbc-interactive-recession-map/#When:07:31:00Z Here is a great interactive world map by the BBC which aims to investigate the impact of the global recession. Being the BBC, it has load of videos and looks like it will continue to be added to over the next few weeks. OTHER TOPICS, Globalisation 2009-09-08T07:31:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/t-mobile-and-orange-set-to-merge/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/t-mobile-and-orange-set-to-merge/#When:07:27:00Z The new OCR GCSE specification goes into more depth in the topic of business growth; students will learn about how businesses grow. The news today that T-mobile and Orange are set to merge is a great real world example for students to gain a greater understanding of this topic. MICROECONOMICS TOPICS, Growth of firms 2009-09-08T07:27:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/mnemonic-monday-supply-side-polices/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/mnemonic-monday-supply-side-polices/#When:10:36:00Z This week’s mnemonic is really good for both GCSE and A level. I’ve included the graph but for GCSE you can just get your class to learn the words. Supply side policies breathe LIFE into an economy and produce EPIC results. Click read more to find out what this means 2009-09-07T10:36:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/super-starter-sunday-economics-in-the-news-06-09-09/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/super-starter-sunday-economics-in-the-news-06-09-09/#When:17:23:00Z This week’s economics in the news covers US unemployment, BP, Easy Jet and insurance claims. The pupils have to guess the news stories using the pictures. Each picture has an explanation and web link behind it. RESOURCE SERIES, Super Starter Sunday 2009-09-06T17:23:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/super-starter-sunday-above-or-below-the-line/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/super-starter-sunday-above-or-below-the-line/#When:08:19:00Z Something to get a lesson started with students thinking about patterns and links between concepts in Economics. This starter could either be done on an interactive whiteboard or with pen and paper. RESOURCE SERIES, Super Starter Sunday 2009-09-06T08:19:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/new-gcses-wto/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/new-gcses-wto/#When:07:45:00Z An exciting new part of the OCR specification is the introduction of the international area of economics. The World Trade Organisation (WTO) appears in the specification for the first time. Originally formed in 1995 the WTO was designed to liberalise world trade. The World Trade Organisation deals with regulation of trade between participating countries; it provides a framework for negotiating and formalising trade agreements, and a dispute resolution process aimed at enforcing participants’ adherence to WTO agreements. OTHER TOPICS, International trade & protectionism 2009-09-06T07:45:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/giant-oil-field-uncovered-supply-and-demand/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/giant-oil-field-uncovered-supply-and-demand/#When:07:21:00Z BP has just uncovered a ‘giant’ oil field containing up to 3 billion gallons of crude oil in the Gulf of Mexico which has the potential to double their output in the region to 600,000 barrels a day. This could be an interesting article to use for a supply and demand lesson. Click read more for some questions to go along with it. 2009-09-03T07:21:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/winners-and-losers-of-the-car-scrappage-scheme/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/winners-and-losers-of-the-car-scrappage-scheme/#When:06:15:00Z New car registrations were up 2.4% in July this year, showing the scrappage scheme is finally starting show its effects on the car industry. This is the first increase since April 2008. MACROECONOMICS TOPICS, Fiscal policy 2009-09-03T06:15:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/fraudulent-claims-for-fire-damage-and-break-ins-costs-of-a-recession/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/fraudulent-claims-for-fire-damage-and-break-ins-costs-of-a-recession/#When:07:10:00Z I was woken up last week by a group of masked men breaking in to the shop across the road. Normally this would scare the life out of me but I felt pretty calm as it was the second time the same shop has been hit in the last six months. Over breakfast I started to bore my girlfriend by saying the increase in crime in the area could be due to the recession. I contemplated a blog on the subject but another possible theory has arisen. This article from the Daily Mail reports that insurers have seen a 20% increase in fire damage claims since the recession began. The Association of British Insurers say fraudulent claims often increase as companies try to free them from untenable running costs and money woes. This article could be used to start a lesson on some of the costs of a recession. 2009-09-02T07:10:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/would-you-have-your-hair-cut-in-a-layby/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/would-you-have-your-hair-cut-in-a-layby/#When:07:07:00Z ‘Ben the Barber’ has set up in a lay by on the A6 near Luton. Having been a hairdresser in a conventional shop he found the overheads getting larger and larger and was struggling to cope. As this video shows he bought a mobile shop and eventually his business has grown. MICROECONOMICS TOPICS, Costs revenues and profit 2009-09-02T07:07:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/the-mamma-mia-effect/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/the-mamma-mia-effect/#When:13:24:00Z Our summer holidays are probably starting to feel like a distant memory now. Many Brits opted to stay in the UK this year due to the recession. This has affected many holiday destinations abroad, such as Greece. OTHER TOPICS, European Union & Economy 2009-09-01T13:24:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/price-wars-price-elasticity-of-demand/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/price-wars-price-elasticity-of-demand/#When:10:15:00Z I blogged a while back that a price war in school uniforms led to Tesco selling a complete set for £3.75. It seems their low price strategy has worked with sales in their school uniform soaring 20% over the summer. Debenhams are now following this with a 60% cut in the cost of their school ranges. The same tactics are being used in other clothing ranges with Aldi selling a complete suit for £27.98. Tesco and Asda are not far behind with £35 suits. These examples could be used for a lesson on competition or price elasticity of demand as currently a reduction in price will lead to a substantial increase in sales. Click read more for some questions on competition and price elasticity of demand (PED). 2009-09-01T10:15:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/mnemonic-monday-exchange-rates/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/mnemonic-monday-exchange-rates/#When:07:18:00Z Here we go again, its almost the start of the term, you have probably spent all of your holiday money and are raring to start studying again! And so we start back with our first mnemonic of the academic year. This week we are going to look at how a strong pound will affect the competitiveness of exports and imports. RESOURCE SERIES, Mnemonic Monday 2009-08-31T07:18:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/cash-for-gold/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/cash-for-gold/#When:06:59:00Z If, like me, you found yourself watching far too much daytime TV over the holidays, you may have noticed advert after advert imploring you to send your unwanted gold (even teeth!) to a company in return for cash. Interest in companies like this has soared during the recession as people struggle to cope. H. Samuel has just entered the market, hoping their recognised brand name will entice customers. Can any of your pupils think of other industries which will do well during a recession? MICROECONOMICS TOPICS, Price mechanism, MACROECONOMICS TOPICS 2009-08-31T06:59:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/technological-unemployment-at-royal-mail/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/technological-unemployment-at-royal-mail/#When:17:37:00Z This interesting article covers technological unemployment. The Royal Mail, who have been criticised for being too slow to introduce change, has decided to invest in new ‘walk sequences’ machines which will vastly improve efficiency cutting sorting times from hours into minutes. This news will not be well received by the postal union as thousands of jobs will be under threat. Press read more for some questions to go with the article. 2009-08-30T17:37:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/super-starter-sunday-economics-in-the-news-30-08-09/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/super-starter-sunday-economics-in-the-news-30-08-09/#When:17:10:00Z This week’s economics in the news covers Karen Brady, Iceland, competition, and technological unemployment. The pupils have to guess the news stories using the pictures. Each picture has an explanation and web link behind it.  RESOURCE SERIES, Super Starter Sunday 2009-08-30T17:10:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/super-starter-sunday-quiz/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/super-starter-sunday-quiz/#When:07:00:00Z As many of us will be heading back to the classroom next week Super Starter Sunday has returned, it feels like only yesterday that I was signing off for the summer! So I thought a mini true or false quiz on economic happenings over the summer might be a good start for both year 10 and 11. RESOURCE SERIES, Super Starter Sunday 2009-08-30T07:00:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/christmas-cheer/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/christmas-cheer/#When:10:33:00Z Yes, I know it is August Bank Holiday, but firms are already planning ahead for the festive season. Sainsbury’s are planning on hiring 20000 seasonal workers to cope with expected increases in demand, as they compete vigorously with their arch rival Tesco to increase market share. Ask your class to come up with alternative ways of competing in this market. 2009-08-29T10:33:00-06:00 http://www.tutor2u.net/blog/index.php/gcse-economics/comments/the-uk-recessiona-classic-example-of-a-bathtub/ http://www.tutor2u.net/blog/index.php/gcse-economics/comments/the-uk-recessiona-classic-example-of-a-bathtub/#When:10:29:00Z What is he talking about I hear you cry!  While economists have been trying hard to describe in words how the recession is shaping up, others have had fun finding ways of describing this recession in picture or shape form. V, W and U have all been used, but this article looks at more imaginative symbols – can your class come up with any others? 2009-08-29T10:29:00-06:00