http://www.tutor2u.net/blog/index.php/economics/ en tutor2u.net Copyright 2012 2012-05-25T14:04:00+00:00 Penny Brooks http://www.tutor2u.net/blog/index.php/economics/comments/euro-crisis-hits-eurovision http://www.tutor2u.net/blog/index.php/economics/comments/euro-crisis-hits-eurovision#When:07:02:34Z Amidst the depths of concern about where the Greek crisis and the eurozone might take us, can I offer a lighter note. Putting aside UK contingency planning to deal with mass immigration and Bankia’s request for a 19bn bailout, perhaps the ultimate indicator of the crisis is the news that Spanish TV has instructed their entrant to the Eurovision Song Contest that she is not to win. If Pastora Soler wins with her ballad Quedate Conmigo (Stay With Me), then according to the rules of the contest the public broadcaster of the nation that wins must host the following year. And Spain’s broadcaster TVE cannot afford that at the moment. Surely this explains how/why countries choose their Eurovision entry, and is a great example of game theory which we should use in the classroom? European Economy, The Euro, OECD Economies, Spain Economy, Quirky Trivia, 2012-05-26T07:02:34+00:00 Michael Owen http://www.tutor2u.net/blog/index.php/economics/comments/small-government-is-beautiful-discuss http://www.tutor2u.net/blog/index.php/economics/comments/small-government-is-beautiful-discuss#When:14:04:00Z Does a smaller Government sector mean more economic growth? This example of normative economics from The Centre For Policy Studies offers a case that it does. The CPS is trying to convince you and me, that smaller government leads to lower taxes, less crowding out, more enterprise amongst other outcomes. It is trying to shape decisions about the mixed economy, or change the behaviour of governments and voters. It might provide some food for thought about what sort of mix of private and public sector is desirable. If you wanted to weigh up the case for more intervention, what would you highlight? Does the data used show that the relationship between government size is based on correlation or coincidence? Economics in News Quiz, Government Intervention, Teaching of Economics, Fun Friday, UK Economy, Quirky Trivia, 2012-05-25T14:04:00+00:00 Tom White http://www.tutor2u.net/blog/index.php/economics/comments/greek-euro-exit-flowchart http://www.tutor2u.net/blog/index.php/economics/comments/greek-euro-exit-flowchart#When:08:29:19Z Here’s a good one for the end of the week, if you want a discussion regarding the possible outcome(s) of the € currency crisis, or a handy revision tool. This Guardian interactive page is very helpful. AS and A2 Specifications, AQA Economics Unit 4, EdExcel Economics Unit 4, A2 Macro, European Economy, The Euro, 2012-05-25T08:29:19+00:00 Ben Cahill http://www.tutor2u.net/blog/index.php/economics/comments/the-merkeltaur-my-favourite-greek-crisis-cartoon http://www.tutor2u.net/blog/index.php/economics/comments/the-merkeltaur-my-favourite-greek-crisis-cartoon#When:22:53:02Z The Greek economic crisis has led to many amusing and insightful cartoons, and my students and I have enjoyed discussing the cross-curricular links between Classics and Economics that many of the cartoons reference. 2012-05-24T22:53:02+00:00 Michael Owen http://www.tutor2u.net/blog/index.php/economics/comments/bavarian-monopolist-at-work http://www.tutor2u.net/blog/index.php/economics/comments/bavarian-monopolist-at-work#When:14:14:13Z BMW have been fined SFr156m ($163m) by Swiss Competition Authorities for restricting the supply of BMW and MINI cars to Swiss purchasers. AS and A2 Specifications, A2 Micro, AS Micro, Business Economics, Competitive Markets, Monopoly, Price Discrimination, Competition Policy, Government Intervention, Regulation, 2012-05-24T14:14:13+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/investment-in-energy-infrastructure http://www.tutor2u.net/blog/index.php/economics/comments/investment-in-energy-infrastructure#When:13:58:41Z Many people take as given a pressing need to increase capital investment in the infrastructure of our energy sectors - but how strong are the economic and social impacts of such investment? The LSE Growth Commission met this week to discuss this and I have brought together some of the arguments drawing on a number of various twitter feeds AS and A2 Specifications, AQA Economics Unit 1, AQA Economics Unit 3, EdExcel Economics Unit 1, EdExcel Economics Unit 2, EdExcel Economics Unit 4, A2 Macro, A2 Micro, Cost Benefit Analysis, Environmental Economics, Macroeconomic Policies, Supply-side policies, Oil and Gas, UK Economy, 2012-05-23T13:58:41+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-cyclical-and-structural-economic-issues-facing-the-uk http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-cyclical-and-structural-economic-issues-facing-the-uk#When:11:54:27Z Our focus in an AS macro revision session was on the difference between cyclical issues and events and the wider / deeper structural problems and issues facing the UK economy at this fascinating time. Key macro policy decisions affect the path of an economy out of recession, but are these the same policies that will address the supply-side constraints and weaknesses that hold back growth, development and contribute to growing inequality? AS and A2 Specifications, AQA Economics Unit 2, EdExcel Economics Unit 2, OCR AS Economics Unit F582, A2 Macro, AS Macro, Cycles and Shocks, Economic Growth, Macroeconomic Policies, Fiscal Policy, Monetary Policy, Supply-side policies, Trade Policies, Keynesian Economics, 2012-05-23T11:54:27+00:00 Ben Christopher http://www.tutor2u.net/blog/index.php/economics/comments/a2-macro-you-have-75-billion-to-save-the-world-how-would-you-spend-it http://www.tutor2u.net/blog/index.php/economics/comments/a2-macro-you-have-75-billion-to-save-the-world-how-would-you-spend-it#When:10:48:49Z Five top development economists including 4 Nobel Laureates were asked how they would best spend $75 billion to improve human welfare especially in developing countries and the list below is what they came up with in order of priority. 2012-05-23T10:48:49+00:00 Ben Christopher http://www.tutor2u.net/blog/index.php/economics/comments/for-24.95-george-w.-bush-will-share-his-strategies-for-economic-growth http://www.tutor2u.net/blog/index.php/economics/comments/for-24.95-george-w.-bush-will-share-his-strategies-for-economic-growth#When:10:36:31Z If you’re looking for some light post exam season poolside reading material, perhaps the previous US President’s thoughts on how to achieve economic growth will appeal. However, according to this report by the Economic Policy Institute under Bush’s watch “between the end of the 2001 recession (2001Q4) and the peak of that expansion (2007Q4), the U.S. economy experienced the worst economic expansion of the post-war era.” 2012-05-22T10:36:31+00:00 Jim Riley http://www.tutor2u.net/blog/index.php/economics/comments/as-macro-unit-2-economics-online-revision-clinic-tuesday-22-may-2012 http://www.tutor2u.net/blog/index.php/economics/comments/as-macro-unit-2-economics-online-revision-clinic-tuesday-22-may-2012#When:21:12:25Z The second in our series of online revision clinics for AS Economics students taking their Unit 2 exams will be 8.30 pm to 9.30 pm on Tuesday 22 May 2012. To participate in the revision clinic (e.g. ask questions, comment etc) you will need to login using your FB or Twitter ID. 2012-05-21T21:12:25+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-evaluation-on-supply-side-policies http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-evaluation-on-supply-side-policies#When:15:22:21Z Lots of students will be revising the economics of supply-side policies this week with their AS macro paper coming into view. There are different interpretations of what constitutes a supply-side policy measure. I like to label SSP (supply-side policy) to any policy or group of measures where emphasis is given to improving the working of markets, raising factor efficiency, improving the quantity and quality of labour and in lifting the capacity and competitiveness of an economy in a constantly-changing international environment. Many supply side policies focus on improving incentives and outcomes in the labour market, others are geared towards bettering the performance of markets for goods and services, All of them centre on helping to sustain non-inflationary growth, improve trade performance, lift living standards and create new and fulfilling jobs opportunities. This revision blog looks in particular at some evaluation points on supply-side approaches: AS and A2 Specifications, AQA Economics Unit 2, EdExcel Economics Unit 2, EdExcel Economics Unit 4, OCR AS Economics Unit F582, AS Macro, Behavioural Economics, Game Theory, Cycles and Shocks, Aggregate Supply, Economic Growth, Global Economy, Government Intervention, Macroeconomic Policies, Fiscal Policy, Monetary Policy, Supply-side policies, UK Economy, Unemployment, 2012-05-21T15:22:21+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/an-economists-guide-to-teaching-styles http://www.tutor2u.net/blog/index.php/economics/comments/an-economists-guide-to-teaching-styles#When:08:56:34Z Many thanks to Paul Bridges for this witty and revealing interpretation of teaching styles - I am sure our student and teaching community can suggest additional styles and we will happily showcase the best! Over to you! Teaching of Economics, Quirky Trivia, 2012-05-21T08:56:34+00:00 Mo Tanweer http://www.tutor2u.net/blog/index.php/economics/comments/oxbridge-economics-introduction-to-game-theory http://www.tutor2u.net/blog/index.php/economics/comments/oxbridge-economics-introduction-to-game-theory#When:07:09:01Z Here is an “Introduction to Game Theory” lecture, which offers a broad introduction to the field, with some exercises to do at the end. (The yellow-underlined text hyperlinks out to other resources). AS and A2 Specifications, AQA Economics Unit 3, EdExcel Economics Unit 3, A2 Micro, Behavioural Economics, Game Theory, Teaching of Economics, UCAS and Oxbridge Advice, 2012-05-21T07:09:01+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/unit-3-micro-game-theory-and-business-economics http://www.tutor2u.net/blog/index.php/economics/comments/unit-3-micro-game-theory-and-business-economics#When:07:04:08Z Game theory is mainly concerned with predicting the outcome of games of strategy in which the participants (for example two or more businesses competing in a market) have incomplete information about the others’ intentions.  This revision blog looks at some of the ways in which game theory can be applied to business economics decisions. 2012-05-21T07:04:08+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-the-current-account-of-the-balance-of-payments http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-the-current-account-of-the-balance-of-payments#When:18:45:12Z A revision note for AS economists on the current account of the balance of payments 2012-05-20T18:45:12+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-uk-trade-in-services http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-uk-trade-in-services#When:18:39:57Z A revision blog on UK overseas trade in services AS and A2 Specifications, AQA Economics Unit 2, EdExcel Economics Unit 2, AS Macro, Balance of Payments, Business Economics, Financial Markets, Global Economy, Macroeconomic Policies, Trade Policies, UK Economy, 2012-05-20T18:39:57+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-migration-and-the-uk-economy http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-migration-and-the-uk-economy#When:14:36:49Z A revision blog on the economic impact of migration on the UK economy AS and A2 Specifications, AQA Economics Unit 2, EdExcel Economics Unit 2, OCR AS Economics Unit F582, AS Macro, Business Economics, European Economy, Single Market, Global Economy, Government Intervention, Labour Market, Macroeconomic Policies, Supply-side policies, Poverty and Inequality, Standard of Living, Teaching of Economics, UK Economy, Regional Economics, London Economy, Unemployment, 2012-05-20T14:36:49+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-positive-and-negative-multiplier-effects http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-positive-and-negative-multiplier-effects#When:14:20:08Z An initial change in aggregate demand can have a much greater final impact on equilibrium national income. This is known as the multiplier effect. It comes about because injections of new demand for goods and services into the circular flow of income can stimulate further rounds of spending – in other words “one person’s spending is another’s income”. Put another way, spending becomes someone else’s income. This can lead to a bigger eventual effect on output and employment. AS and A2 Specifications, AQA Economics Unit 2, EdExcel Economics Unit 2, OCR AS Economics Unit F582, AS Macro, Cycles and Shocks, Aggregate Demand, GCSE Economics, Teaching of Economics, UK Economy, Unemployment, 2012-05-20T14:20:08+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/uk-economy-revision-productivity http://www.tutor2u.net/blog/index.php/economics/comments/uk-economy-revision-productivity#When:14:13:44Z Productivity is a key measure of supply-side economic performance and labour efficiency. AS and A2 Specifications, AQA Economics Unit 2, EdExcel Economics Unit 2, OCR AS Economics Unit F582, Economics Q&A, Q&A - Markets, AS Macro, Business Economics, Monopolistic Competition, Cycles and Shocks, Aggregate Supply, Inflation and Deflation, Macroeconomic Policies, Supply-side policies, UK Economy, 2012-05-20T14:13:44+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-measuring-unemployment-in-the-uk http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-measuring-unemployment-in-the-uk#When:14:07:25Z The unemployed are people able, available and willing to work at the going wage rate but cannot find a job despite an active search for work. Unemployment means that scarce human resources are not being used to produce goods and services to meet people’s needs and wants. Persistently high levels of joblessness have damaging consequences for an economy causing both economic and social costs. AS and A2 Specifications, AQA Economics Unit 2, EdExcel Economics Unit 2, AS Macro, UK Economy, Unemployment, 2012-05-20T14:07:25+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-measuring-inflation-in-the-uk http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-measuring-inflation-in-the-uk#When:13:58:06Z Inflation is a sustained increase in the cost of living or the average / general price level leading to a fall in the purchasing power of money. The opposite of inflation is deflation which is a decrease in the cost of living or average price level. AS and A2 Specifications, AQA Economics Unit 2, EdExcel Economics Unit 2, OCR AS Economics Unit F582, AS Macro, Inflation and Deflation, Macroeconomic Policies, UK Economy, 2012-05-20T13:58:06+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/uk-economy-nominal-and-real-interest-rates http://www.tutor2u.net/blog/index.php/economics/comments/uk-economy-nominal-and-real-interest-rates#When:13:56:35Z The real rate of interest is important to businesses and consumers when making spending and saving decisions. The real rate of return on savings, for example, is the money rate of interest minus the rate of inflation. So if a saver is receiving a money rate of interest of 6% on his savings, but price inflation is running at 3% per year, the real rate of return on these savings is only + 3%. Real interest rates become negative when the nominal rate of interest is less than inflation, for example if inflation is 5% and nominal interest rates are 4%, the real cost of borrowing money is negative at -1%. AS and A2 Specifications, AQA Economics Unit 2, AQA Economics Unit 4, EdExcel Economics Unit 2, EdExcel Economics Unit 4, A2 Macro, AS Macro, Cycles and Shocks, Aggregate Demand, Consumer Spending, Saving, Macroeconomic Policies, Monetary Policy, UK Economy, 2012-05-20T13:56:35+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-human-development-index-hdi http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-human-development-index-hdi#When:13:30:57Z The Human Development Index (HDI) forms part of the annual human development report and is a composite measure of economic and social welfare that has three main components. At its most basic it focuses on longevity, basic education and minimal income and progress made by countries in improving these three outcomes. The inclusion of education and health indicators is a sign of successful government policies in providing access to important merit goods such as health care, sanitation and education. World Human Development Map 1. Knowledge: First an educational component made up of two statistics – mean years of schooling and expected years of schooling 2. Long and healthy life: Second a life expectancy component is calculated using a minimum value for life expectancy of 25 years and maximum value of 85 years 3. A decent standard of living: The final element is gross national income (GNI) per capita adjusted to purchasing power parity standard (PPP) “Human development is the expansion of people’s freedom to live long, healthy and creative lives; to advance other goals they have reason to value; and to engage actively in shaping development equitably and sustainably on a shared planet. People are both the beneficiaries and the drivers of human development, as individuals and in groups” Source: HDR Report, November 2010 HDI Indicator Gateway   AS and A2 Specifications, AQA Economics Unit 2, AQA Economics Unit 4, EdExcel Economics Unit 2, EdExcel Economics Unit 4, A2 Macro, AS Macro, Emerging Economies, Development Economics, Economic Growth, European Economy, Global Economy, International Trade, 2012-05-20T13:30:57+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/qa-what-do-we-need-to-know-about-output-gaps http://www.tutor2u.net/blog/index.php/economics/comments/qa-what-do-we-need-to-know-about-output-gaps#When:11:51:37Z Q&A: For AS macroeconomics, what do we need to know about output gaps? AS and A2 Specifications, AQA Economics Unit 2, EdExcel Economics Unit 2, Economics Q&A, Q&A - Macro, AS Macro, Cycles and Shocks, Aggregate Demand, Global Economy, Credit Crunch, UK Economy, Recession Watch, 2012-05-20T11:51:37+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/revision-the-output-gap http://www.tutor2u.net/blog/index.php/economics/comments/revision-the-output-gap#When:11:45:04Z How much spare capacity does an economy have to meet a rise in demand? How close is an economy to operating at its productive potential? Has the recession damaged the economy’s productive potential? These sorts of questions all link to an important concept – the output gap. The output gap is the difference between the actual level of national output and the estimated potential level and is usually expressed as a percentage of the level of potential output. AS and A2 Specifications, AQA Economics Unit 2, EdExcel Economics Unit 2, OCR AS Economics Unit F582, A2 Macro, AS Macro, Cycles and Shocks, Aggregate Supply, European Economy, Macroeconomic Policies, OECD Economies, German Economy, Greece Economy, Spain Economy, UK Economy, Unemployment, 2012-05-20T11:45:04+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/a-selection-of-revision-notes-on-unemployment http://www.tutor2u.net/blog/index.php/economics/comments/a-selection-of-revision-notes-on-unemployment#When:09:24:14Z A revision blog on possible unemployment questions on AS and A2 papers AS and A2 Specifications, AQA Economics Unit 2, AQA Economics Unit 4, EdExcel Economics Unit 2, EdExcel Economics Unit 4, A2 Macro, AS Macro, UK Economy, Unemployment, 2012-05-20T09:24:14+00:00 Michael Owen http://www.tutor2u.net/blog/index.php/economics/comments/peston-on-the-eurozone http://www.tutor2u.net/blog/index.php/economics/comments/peston-on-the-eurozone#When:19:27:32Z As the Eurozone continues to be bufferted by instability in Spanish Banks, and uncertainty over Greek membership of the single currency. Robert Peston fronts a programme on The Euro on BBC2 tonight. It remains to be seen if he offers any answers to Mervyn King’s observation, that the UK biggest trading partner, the euro area, is “tearing itself apart without any obvious solution,” AS and A2 Specifications, A2 Macro, AS Macro, Cycles and Shocks, Economic History, European Economy, The Euro, 2012-05-17T19:27:32+00:00 Jim Riley http://www.tutor2u.net/blog/index.php/economics/comments/tutor2u-visit-to-the-middle-east-april-2013 http://www.tutor2u.net/blog/index.php/economics/comments/tutor2u-visit-to-the-middle-east-april-2013#When:13:09:14Z We have been invited by several colleagues to organise a visit to the Middle East in April 2013 to provide a programme of CPD and student revision workshops. As part of our planning, we’d like to invite colleagues in the area to let us have their thoughts on the content of the programme. Please use this online survey to have your input into the tour planning! https://tutor2u.wufoo.com/forms/2013-uae-qatar-programme/ Teaching of Economics, 2012-05-17T13:09:14+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/unit-1-micro-revision-presentation-on-government-intervention http://www.tutor2u.net/blog/index.php/economics/comments/unit-1-micro-revision-presentation-on-government-intervention#When:04:54:00Z Here is a short 35 slide revision presentation on government intervention in markets designed for AS microeconomics revision AS and A2 Specifications, AQA Economics Unit 1, EdExcel Economics Unit 1, OCR AS Economics Unit F581, AS Micro, Government Intervention, Buffer Stocks, Government Failure, Indirect Taxes, Subsidies, Market Failure, Market Equilibrium and Price, Price Mechanism in Action, Price Volatility, 2012-05-17T04:54:00+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/unit-1-micro-revision-presentation-on-externalities http://www.tutor2u.net/blog/index.php/economics/comments/unit-1-micro-revision-presentation-on-externalities#When:04:52:53Z Here is a short revision presentation on externalities streamed using Slide Share AS and A2 Specifications, AQA Economics Unit 1, EdExcel Economics Unit 1, OCR AS Economics Unit F581, AS Micro, Market Failure, Externalities, 2012-05-17T04:52:53+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-bank-cuts-uk-growth-forecast-for-2012 http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-bank-cuts-uk-growth-forecast-for-2012#When:04:35:21Z The quarterly Inflation Report is an opportunity for the Bank of England to flesh out their latest forecasts and thoughts on the direction of the UK economy and it is safe to say that the May report will probably be best remembered for a remarkable statement from the Bank of England Governor Mervyn King. “We have been through a big global financial crisis; the biggest downturn in world output since the 1930s; the biggest banking crisis in this country’s history; the biggest fiscal deficit in our peacetime history; and our biggest trading partner, the euro area, is tearing itself apart without any obvious solution. The idea that we could reasonably hope to sail serenely through this with growth close to the long-run average and inflation at 2 per cent strikes me as wholly unrealistic.” In short: * Economic growth for 2012 - forecast has been cut to just 0.8% * Consumer spending will continue to fall this year as real living standards for millions of people are squeezed * The rising cost of borrowing in the wholesale money markets is increasing costs for banks and is putting upward pressure on the price of business loans and mortgages * Now sees significant chance of negative annual GDP growth in 2012. Raises near term inflation forecast - CPI inflation inflation to fall back to target before the middle of 2013 * It may take a long time to get the UK economy back to previous growth / inflation paths: ““There’s no obvious reason to believe we can’t get back to original path [of economy pre-crisis] but may take 10/15/20 years” - a realisation of the severity of the shock to the global financial system and the aftermath * Weak growth forecasts for 2012 assumes that there will not be a collapse / breakup of the single currency Bank governor warns of eurozone crisis ‘storm’ Bank of England warns of euro crisis ‘storm’ (BBC news video) A sticky wicket for the Bank (Stephanie Flanders) Bank of England Inflation Report Data Sections   AS and A2 Specifications, AQA Economics Unit 2, AQA Economics Unit 4, EdExcel Economics Unit 2, EdExcel Economics Unit 4, A2 Macro, AS Macro, Cycles and Shocks, European Economy, The Euro, Macroeconomic Policies, Monetary Policy, UK Economy, 2012-05-17T04:35:21+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/unit-1-micro-revision-presentation-on-elasticity-of-supply http://www.tutor2u.net/blog/index.php/economics/comments/unit-1-micro-revision-presentation-on-elasticity-of-supply#When:16:43:28Z A slide share revision presentation on price elasticity of supply AS and A2 Specifications, AQA Economics Unit 1, EdExcel Economics Unit 1, OCR AS Economics Unit F581, AS Micro, Market Equilibrium and Price, Elasticity of Supply, 2012-05-16T16:43:28+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/unit-1-micro-revision-presentation-on-elasticity-of-demand http://www.tutor2u.net/blog/index.php/economics/comments/unit-1-micro-revision-presentation-on-elasticity-of-demand#When:16:38:21Z A slide share revision presentation on elasticity of demand AS and A2 Specifications, AQA Economics Unit 1, EdExcel Economics Unit 1, OCR AS Economics Unit F581, AS Micro, Market Equilibrium and Price, Elasticity of Demand, 2012-05-16T16:38:21+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/unit-1-micro-revision-presentation-on-the-price-mechanism http://www.tutor2u.net/blog/index.php/economics/comments/unit-1-micro-revision-presentation-on-the-price-mechanism#When:16:23:21Z Here is a slide share presentation on the price mechanism in action focused in students taking their AS microeconomics papers. AS and A2 Specifications, AQA Economics Unit 1, EdExcel Economics Unit 1, OCR AS Economics Unit F581, AS Micro, Government Intervention, Market Equilibrium and Price, Nature of Demand, Nature of Supply, Price Mechanism in Action, Price Volatility, Inter-related Markets, Teaching of Economics, 2012-05-16T16:23:21+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/improving-evaluation-skills-in-economics-exams http://www.tutor2u.net/blog/index.php/economics/comments/improving-evaluation-skills-in-economics-exams#When:15:51:30Z Here is an updated version of the WEESTEPS approach to economics evaluation designed to boost the evaluation scores and exam results for AS and A2 students. Paul Bridges is the mastermind behind this superb approach to evaluation - it gives you some great pointers about the evaluative approaches that can be used. Works well for micro and macro - but particularly when you have to evaluate a specific policy intervention in a market / industry / or a macro policy discussion. AS and A2 Specifications, AQA Economics Unit 1, AQA Economics Unit 2, AQA Economics Unit 3, AQA Economics Unit 4, EdExcel Economics Unit 1, EdExcel Economics Unit 2, EdExcel Economics Unit 3, EdExcel Economics Unit 4, OCR A2 Economics Unit F585, OCR AS Economics Unit F581, OCR AS Economics Unit F582, A2 Macro, A2 Micro, AS Macro, AS Micro, Government Intervention, Buffer Stocks, Government Failure, Indirect Taxes, Maximum Prices, Minimum Prices, Regulation, Subsidies, Macroeconomic Policies, Fiscal Policy, Monetary Policy, Supply-side policies, Trade Policies, Keynesian Economics, Market Failure, Teaching of Economics, 2012-05-16T15:51:30+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/date-announced-for-res-essay-competition-judging http://www.tutor2u.net/blog/index.php/economics/comments/date-announced-for-res-essay-competition-judging#When:15:07:34Z Monday 11th and Tuesday 12th June are the days set aside for the teacher judging panel to assess the hundreds of entries for the 2012 RES competition. The main judging takes place on the Tuesday and we will post a list of shortlisted and highly commended essays sometime on the evening of the 12th June. The final shortlist will then proceed to judging from the RES panel. 2012-05-16T15:07:34+00:00 Oliver Fernie http://www.tutor2u.net/blog/index.php/economics/comments/eurozone-crisis-lessons-learnt http://www.tutor2u.net/blog/index.php/economics/comments/eurozone-crisis-lessons-learnt#When:11:03:18Z Last week I attended a very interesting lecture at the LSE on the Eurozone crisis, given by Leszek Balcerowicz, a Polish economist who is former chairman of the National Bank of Poland and Deputy Prime Minister. The following blog outlines his thoughts, but also includes useful links to articles to read. Using the crisis as a case study will hugely benefit A2 students as it encompasses many of the topics covered in the syllabus. AS and A2 Specifications, AQA Economics Unit 4, EdExcel Economics Unit 4, OCR A2 Economics Unit F585, A2 Macro, Balance of Payments, Economic Growth, European Economy, The Euro, Exchange Rates, Global Economy, IMF, Credit Crunch, Macroeconomic Policies, Fiscal Policy, Monetary Policy, Supply-side policies, OECD Economies, Greece Economy, 2012-05-16T11:03:18+00:00 Michael Owen http://www.tutor2u.net/blog/index.php/economics/comments/grexit-andrew-balls-on-greece-and-the-euro http://www.tutor2u.net/blog/index.php/economics/comments/grexit-andrew-balls-on-greece-and-the-euro#When:09:31:21Z Following on from Ben Christopher’s article, a BBC Radio 4 interview with Andrew Balls, an investment fund manager, and younger brother of The Shadow Chancellor on the possibility of a Grexit - Greek exit from the Euro. AS and A2 Specifications, A2 Macro, AS Macro, Balance of Payments, Cycles and Shocks, European Economy, The Euro, Macroeconomic Policies, Fiscal Policy, Monetary Policy, Trade Policies, OECD Economies, Greece Economy, Ireland Economy, 2012-05-16T09:31:21+00:00 Jim Riley http://www.tutor2u.net/blog/index.php/economics/comments/jonathan-portes-to-speak-at-the-economics-teacher-national-conference-2012 http://www.tutor2u.net/blog/index.php/economics/comments/jonathan-portes-to-speak-at-the-economics-teacher-national-conference-2012#When:20:03:19Z https://tutor2u.wufoo.com/forms/economics-teacher-national-conf-2012-booking-form/ We are delighted that Jonathan Portes will be one of our key note speakers at the Economics Teacher National Conference at the British Library on Wednesday 27th June. In recent months Jonathan has been a prominent figure in the media commentating on a wide range of macroeconomic issues but notably on the lively debate about how best to drive economic growth and recovery in the UK. He is currently Director of the National Institute of Economic and Social Research and previously, he was Chief Economist at the Cabinet Office, where he advised the Cabinet Secretary, Gus O’Donnell, and Number 10 Downing Street on economic and financial issues. Before that he held a number of other senior economic policy posts in the UK government. Jonathan writes a blog “Not the Treasury View” that has fast-gained a large following within the economics community and much wider afield.  Jonathan is also a prolific user of Twitter! We are delighted that one of the UK’s top economists will be joining us for a pre-lunch presentation and open floor discussion. Delegate Rates: £175 (+ VAT) for a single delegate £125 (+ VAT) for groups of two or more delegates from the same institution https://tutor2u.wufoo.com/forms/economics-teacher-national-conf-2012-booking-form/ Teaching of Economics, 2012-05-15T20:03:19+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/speaker-line-up-for-the-economics-teacher-conference http://www.tutor2u.net/blog/index.php/economics/comments/speaker-line-up-for-the-economics-teacher-conference#When:19:31:22Z Our speaker line up is now complete for tutor2u’s 10th Anniversary Economics Teacher National Conference! We are delighted to have some outstanding economists and communicators to talk on a range of current issues and the day provides a terrific opportunity to celebrate our marvellous subject and enrich our passion for what we do in the classroom ahead of the summer break! Our keynote speakers are currently confirmed below: Delegate Rates: £175 (+ VAT) for a single delegate £125 (+ VAT) for groups of two or more delegates from the same institution 2012-05-15T19:31:22+00:00 Ben Christopher http://www.tutor2u.net/blog/index.php/economics/comments/peston-on-a-greek-euro-exit http://www.tutor2u.net/blog/index.php/economics/comments/peston-on-a-greek-euro-exit#When:19:05:09Z Speculation about a Greek exit from the Eurozone has reached fever pitch particularly after today’s talks between the national political parties failed to achieve any agreement over forming a government to make the tough decisions required to free up the next tranche of the bailout package. If the second lot of elections are as inconclusive as the last, then a Euro exit is inevitable according to what seems to be the entire world’s press. Clear explanation here by the inimitable Robert Peston on what the Eurozone members are facing if Greece is forced to revert back to the Drachma. 2012-05-15T19:05:09+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-african-human-development-report-2012 http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-african-human-development-report-2012#When:18:18:57Z May 15th 2012 marks the day when the African Human Development Report 2012 is published. This will no doubt become a key reference point for students and teachers who are passionate about their development economics. “Sub-Saharan Africa cannot sustain its present economic resurgence unless it eliminates the hunger that affects nearly a quarter of its people, the United Nations Development Programme (UNDP) argues. More than one in four Africans - close to 218 million people - is undernourished, African governments spend between 5-10% of their budgets on agriculture, well below the 20% average that Asian governments devoted to the sector during the green revolution there.” Resources: African Human Development Report 2012 Guardian: Sub-Saharan Africa can only grow if it solves hunger crisis – UNDP AS and A2 Specifications, AQA Economics Unit 4, EdExcel Economics Unit 4, OCR A2 Economics Unit F585, A2 Macro, AS Macro, Agriculture, Emerging Economies, African Economy, Development Economics, Demography, Economic Growth, Global Economy, Government Intervention, International Trade, Poverty and Inequality, Standard of Living, Teaching of Economics, 2012-05-15T18:18:57+00:00 Steve Whiteley http://www.tutor2u.net/blog/index.php/economics/comments/underemplyment-the-dark-side-of-flexible-working-or-just-a-sign-of-the-rece http://www.tutor2u.net/blog/index.php/economics/comments/underemplyment-the-dark-side-of-flexible-working-or-just-a-sign-of-the-rece#When:08:06:33Z Today, TUC figures showed that the number of men working part time who are looking for full time work has doubled in the last four years from 293,000 to nearly 600,000. Is this a sign of the recession or is it an inevitable result of a move towards more flexible working? AS and A2 Specifications, AQA Economics Unit 2, AQA Economics Unit 4, EdExcel Economics Unit 2, EdExcel Economics Unit 4, A2 Macro, AS Macro, Demography, Labour Market, Macroeconomic Policies, Supply-side policies, Poverty and Inequality, Standard of Living, 2012-05-15T08:06:33+00:00 Jim Riley http://www.tutor2u.net/blog/index.php/economics/comments/as-a2-economics-revision-clinic-market-failure-monday-14-may-2012 http://www.tutor2u.net/blog/index.php/economics/comments/as-a2-economics-revision-clinic-market-failure-monday-14-may-2012#When:07:07:45Z The next in our series on online revision clinics for AS & A2 Economics students takes place at 9pm on Monday 14 May. This time, the topic will be Market Failure. 2012-05-14T07:07:45+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/unit-1-micro-revision-on-rice-prices http://www.tutor2u.net/blog/index.php/economics/comments/unit-1-micro-revision-on-rice-prices#When:21:47:13Z A revision blog on developments in international rice prices AS and A2 Specifications, AQA Economics Unit 1, EdExcel Economics Unit 1, OCR AS Economics Unit F581, AS Micro, Commodities Markets, Market Equilibrium and Price, Price Volatility, 2012-05-13T21:47:13+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/unit-1-micro-price-elasticity-of-supply http://www.tutor2u.net/blog/index.php/economics/comments/unit-1-micro-price-elasticity-of-supply#When:12:07:44Z Revision Blog on Price Elasticity of Supply AS and A2 Specifications, AQA Economics Unit 1, EdExcel Economics Unit 1, OCR AS Economics Unit F581, AS Micro, Market Equilibrium and Price, Elasticity of Supply, Price Volatility, 2012-05-13T12:07:44+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/unit-1-micro-income-elasticity-of-demand http://www.tutor2u.net/blog/index.php/economics/comments/unit-1-micro-income-elasticity-of-demand#When:11:54:45Z A revision blog on income elasticity of demand AS and A2 Specifications, AQA Economics Unit 1, EdExcel Economics Unit 1, OCR AS Economics Unit F581, AS Micro, Market Equilibrium and Price, Elasticity of Demand, Nature of Demand, 2012-05-13T11:54:45+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/unit-1-micro-price-elasticity-of-demand http://www.tutor2u.net/blog/index.php/economics/comments/unit-1-micro-price-elasticity-of-demand#When:11:40:29Z Revision note on price elasticity of demand 2012-05-13T11:40:29+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/unit-1-micro-economics-of-cocoa-prices http://www.tutor2u.net/blog/index.php/economics/comments/unit-1-micro-economics-of-cocoa-prices#When:16:07:37Z A revision blog on recent developments in the international cocoa market AS and A2 Specifications, AQA Economics Unit 1, EdExcel Economics Unit 1, OCR AS Economics Unit F581, AS Micro, Emerging Economies, African Economy, Commodities Markets, Government Intervention, Market Equilibrium and Price, Nature of Demand, Nature of Supply, Price Volatility, 2012-05-12T16:07:37+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/unit-1-micro-market-failure-glossary http://www.tutor2u.net/blog/index.php/economics/comments/unit-1-micro-market-failure-glossary#When:11:31:20Z This blog provides a glossary of many key market failure terms AS and A2 Specifications, AQA Economics Unit 1, EdExcel Economics Unit 1, OCR AS Economics Unit F581, AS Micro, Government Intervention, Market Failure, De-Merit Goods, Externalities, Factor Immobility, Information Failure, Merit & De-Merit Goods, Public Goods, 2012-05-12T11:31:20+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/as-economics-revision-price-volatility-in-markets http://www.tutor2u.net/blog/index.php/economics/comments/as-economics-revision-price-volatility-in-markets#When:09:28:49Z Here is a revision presentation which should be useful for AS economists revising for core microeconomics topics Revision presentation on Price Volatility in Markets Download printable slife handouts (pdf) Link below for related articles on global food price volatility and world food price inflation AS and A2 Specifications, AQA Economics Unit 1, EdExcel Economics Unit 1, OCR AS Economics Unit F581, AS Micro, Market Equilibrium and Price, Price Volatility, 2012-05-12T09:28:49+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/unit-1-micro-economics-of-a-minimum-wage http://www.tutor2u.net/blog/index.php/economics/comments/unit-1-micro-economics-of-a-minimum-wage#When:08:49:25Z This revision blog looks at some of the economic issues surrounding the minimum wage. A pay floor is an important government intervention in the labour market and it was first introduced into the UK in April 1999 at a rate of £3.60 per hour for adult workers. The adult rate of the National Minimum Wage will be increased by 11 pence to £6.19 an hour from 1 October 2012 Over the years the rate for the national minimum wage has been raised each year - the current rate is £6.08 for adult workers, £4.98 is the Development Rate (for workers aged 18-20) and £3.68 is the 16-17 Year Olds Rate. The Low Pay Commission reported in 2012 that “the adult rate of the NMW has now increased by nearly 69 per cent since its introduction. That is faster than both average earnings and prices. Since October 2006, however, the increases in the minimum wage have broadly been in line with average earnings, though below inflation.” A key point is that the minimum wage rate is not set at an especially high level relative to other wages rates in the economy. The UK minimum wage as a proportion of median earnings) increased from 45.7 per cent in 1999 to 51.0 per cent in 2007 but then remained just under this level between 2007 and 2010. 2012-05-12T08:49:25+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/unit-1-micro-poverty-and-inequality-and-market-failure http://www.tutor2u.net/blog/index.php/economics/comments/unit-1-micro-poverty-and-inequality-and-market-failure#When:08:36:43Z In a market economy an individual’s ability to consume goods & services depends upon his/her income or other resources such as savings An unequal distribution of income and wealth may result in an unsatisfactory allocation of resources and can also lead to alienation and encourage crime with negative consequences for the rest of society. The free-market system will not always respond to the needs and wants of people with insufficient economic votes to have any impact on market demand. What matters in a market based system is your effective demand for goods and services. When we are discussing inequality and poverty, we cannot escape making value judgements i.e. normative views about what is an acceptable scale of inequality and what is not 2012-05-12T08:36:43+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/unit-1-micro-asymmetric-information http://www.tutor2u.net/blog/index.php/economics/comments/unit-1-micro-asymmetric-information#When:08:25:10Z For markets to work, there needs to be symmetric information i.e. consumers and producers have the same level of knowledge about the products, and they know everything there is to know about them. Asymmetric information occurs when somebody knows more than somebody else in the market. This can make it difficult for the two people to do business together. This is an example of information failure in a market   AS and A2 Specifications, AQA Economics Unit 1, EdExcel Economics Unit 1, AS Micro, Government Intervention, Market Failure, Information Failure, 2012-05-12T08:25:10+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/unit-1-micro-de-merit-goods http://www.tutor2u.net/blog/index.php/economics/comments/unit-1-micro-de-merit-goods#When:06:53:34Z This is a revision blog on the concept of de-merit goods AS and A2 Specifications, AQA Economics Unit 1, EdExcel Economics Unit 1, AS Micro, Government Intervention, Market Failure, De-Merit Goods, Information Failure, Merit & De-Merit Goods, 2012-05-12T06:53:34+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/unit-1-micro-differences-between-merit-and-public-goods http://www.tutor2u.net/blog/index.php/economics/comments/unit-1-micro-differences-between-merit-and-public-goods#When:06:36:59Z Here is a brief summary of the “textbook” differences between merit goods and public goods 2012-05-12T06:36:59+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/unit-1-micro-public-bads http://www.tutor2u.net/blog/index.php/economics/comments/unit-1-micro-public-bads#When:06:25:20Z A public bad is the opposite of a public good – it provides disutility or dis-satisfaction to people when consumed and therefore reduces our economic welfare. AS and A2 Specifications, AQA Economics Unit 1, EdExcel Economics Unit 1, OCR AS Economics Unit F581, AS Micro, Behavioural Economics, Environmental Economics, Government Intervention, Regulation, Market Failure, Externalities, Merit & De-Merit Goods, Public Goods, 2012-05-12T06:25:20+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-government-spending http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-government-spending#When:23:19:06Z Government spending (or public spending) and in Britain, it takes up nearly half of our annual GDP. Spending by the public sector can be broken down into three main areas: AS and A2 Specifications, AQA Economics Unit 2, EdExcel Economics Unit 2, AS Macro, Government Intervention, Macroeconomic Policies, Fiscal Policy, 2012-05-11T23:19:06+00:00 Jim Riley http://www.tutor2u.net/blog/index.php/economics/comments/economax-may-2012 http://www.tutor2u.net/blog/index.php/economics/comments/economax-may-2012#When:10:38:42Z The latest edition of econoMAX (May 2012) is now available to download. The new articles and case studies are summarised below: Teaching of Economics, Digital Learning, 2012-05-11T10:38:42+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-revision-notes-on-supply-side-policies http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-revision-notes-on-supply-side-policies#When:16:00:46Z Supply-side policies are mainly (but not exclusively) micro-economic policies designed to improve the supply-side potential of an economy, to make markets and industries operate more efficiently and contribute to a faster underlying-rate of growth of real national output. Most governments believe that improved supply-side performance is the key to achieving sustained growth without causing a rise in inflation. Supply-side reform on its own is not enough to achieve this growth. There must also be a high enough level of AD so that the productive capacity of an economy is actually brought into play. 2012-05-10T16:00:46+00:00 David Carpenter http://www.tutor2u.net/blog/index.php/economics/comments/how-do-we-promote-growth-in-europe http://www.tutor2u.net/blog/index.php/economics/comments/how-do-we-promote-growth-in-europe#When:15:25:18Z Read on to find out about an interesting BBC News report published today investigating what can be done to promote growth across Europe… AS and A2 Specifications, AQA Economics Unit 2, AQA Economics Unit 4, EdExcel Economics Unit 2, EdExcel Economics Unit 4, A2 Macro, AS Macro, European Economy, 2012-05-10T15:25:18+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/unit-1-micro-12-blogs-on-markets-and-intervention http://www.tutor2u.net/blog/index.php/economics/comments/unit-1-micro-12-blogs-on-markets-and-intervention#When:14:50:23Z Here is a selection of a recent blog resources on topics that appear on the core Unit 1 Syllabus focusing on changing market prices and examples of interventions to address perceived market failures AS and A2 Specifications, AQA Economics Unit 1, EdExcel Economics Unit 1, OCR AS Economics Unit F581, AS Micro, Government Intervention, Buffer Stocks, Government Failure, Maximum Prices, Minimum Prices, Subsidies, Market Failure, Externalities, Factor Immobility, Market Equilibrium and Price, Price Mechanism in Action, Price Volatility, Teaching of Economics, 2012-05-10T14:50:23+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/unit-1-micro-true-and-false-revision-questions-on-elasticity http://www.tutor2u.net/blog/index.php/economics/comments/unit-1-micro-true-and-false-revision-questions-on-elasticity#When:14:08:17Z Here is a ten question quiz on elasticity of demand to give you a little extra variety in your revision! AS and A2 Specifications, AQA Economics Unit 1, EdExcel Economics Unit 1, OCR AS Economics Unit F581, AS Micro, Market Equilibrium and Price, Elasticity of Demand, 2012-05-10T14:08:17+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/unit-1-micro-revision-quiz-and-game-on-market-prices http://www.tutor2u.net/blog/index.php/economics/comments/unit-1-micro-revision-quiz-and-game-on-market-prices#When:11:55:37Z Test your understanding of market prices using this newly created Zondle game 2012-05-10T11:55:37+00:00 Ben White http://www.tutor2u.net/blog/index.php/economics/comments/knoema-the-youtube-of-data http://www.tutor2u.net/blog/index.php/economics/comments/knoema-the-youtube-of-data#When:10:05:08Z I have found Knoema incredibly useful for collecting data and imagine it would be an excellent site for teaching colleagues and researchers, particularly with its focus on Economics. The Guardian’s data team have a good article on it today. A2 Macro, Emerging Economies, Demography, European Economy, International Trade, Poverty and Inequality, 2012-05-10T10:05:08+00:00 David Carpenter http://www.tutor2u.net/blog/index.php/economics/comments/fact-or-forfeit http://www.tutor2u.net/blog/index.php/economics/comments/fact-or-forfeit#When:08:25:25Z It’s the year 13’s last ever day at school today so I thought it was time to come up with a new idea for a game. Read on to find out how to play ‘fact or forfeit’... A2 Macro, Teaching of Economics, 2012-05-10T08:25:25+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/unit-3-micro-innovation-in-markets http://www.tutor2u.net/blog/index.php/economics/comments/unit-3-micro-innovation-in-markets#When:07:36:39Z A presentation on the key topic of innovation in markets - including drivers and the differences between product and process innovation 2012-05-10T07:36:39+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/unit-1-micro-getting-higher-marks-for-evaluation http://www.tutor2u.net/blog/index.php/economics/comments/unit-1-micro-getting-higher-marks-for-evaluation#When:18:21:16Z Some brief advice on getting higher evaluation marks AS and A2 Specifications, AQA Economics Unit 1, EdExcel Economics Unit 1, OCR AS Economics Unit F581, AS Micro, 2012-05-09T18:21:16+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/command-words-in-questions http://www.tutor2u.net/blog/index.php/economics/comments/command-words-in-questions#When:18:16:31Z A quick overview of command words and what they mean in economics exam papers and how many marks are awarded AS and A2 Specifications, AQA Economics Unit 1, AQA Economics Unit 2, EdExcel Economics Unit 1, EdExcel Economics Unit 2, OCR AS Economics Unit F581, OCR AS Economics Unit F582, 2012-05-09T18:16:31+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/supported-mc-questions-for-edexcel-unit-1-economics http://www.tutor2u.net/blog/index.php/economics/comments/supported-mc-questions-for-edexcel-unit-1-economics#When:18:06:28Z Some advice on answering these questions AS and A2 Specifications, EdExcel Economics Unit 1, 2012-05-09T18:06:28+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-model-answer-for-revision-data-question http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-model-answer-for-revision-data-question#When:14:12:01Z Here is a suggested answer for the first of the practice questions available from this resource: AS_Macro_Revision_Trade_Sterling.docx AS and A2 Specifications, AQA Economics Unit 2, EdExcel Economics Unit 2, Cycles and Shocks, Aggregate Demand, UK Economy, 2012-05-09T14:12:01+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/poverty-tells-many-stories http://www.tutor2u.net/blog/index.php/economics/comments/poverty-tells-many-stories#When:12:28:26Z Poverty tells many stories -  this is a powerful award-winning short film that will raise many issues with your students AS and A2 Specifications, AQA Economics Unit 1, AQA Economics Unit 3, EdExcel Economics Unit 1, EdExcel Economics Unit 2, Poverty and Inequality, 2012-05-09T12:28:26+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/unit-1-micro-minimum-wages-and-living-wages http://www.tutor2u.net/blog/index.php/economics/comments/unit-1-micro-minimum-wages-and-living-wages#When:08:36:13Z The campaign for a living wage has gained renewed prominence in the last year or so. Students and teachers wanting to know more about the minimum and the living wage debate might find this background blog from Channel 4 news relevant and useful. More here on the living wage from the Citizens UK web page. AS and A2 Specifications, AQA Economics Unit 1, AQA Economics Unit 3, EdExcel Economics Unit 1, A2 Micro, AS Micro, Government Intervention, Minimum Prices, Labour Market, Poverty and Inequality, Market Equilibrium and Price, Price Mechanism in Action, Standard of Living, Teaching of Economics, 2012-05-09T08:36:13+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-practice-questions-for-edexcel-as-macro http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-practice-questions-for-edexcel-as-macro#When:08:35:20Z Here are a couple of practice questions for EdExcel AS macro - one 30 marker on exchange rates and macro objectives, one 12 marker on interest rates and the distribution of income and wealth. Hope they might be useful. AS_Macro_Revision_Trade_Sterling.docx AS and A2 Specifications, EdExcel Economics Unit 2, 2012-05-09T08:35:20+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-fiscal-policy-revision-charts http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-fiscal-policy-revision-charts#When:08:33:40Z This PowerPoint contains four fiscal policy charts for the UK - I have been using them in a revision session this morning. I will blog a little bit more about them later on Fiscal_Policy_Revision.pptx AS and A2 Specifications, AQA Economics Unit 4, EdExcel Economics Unit 4, A2 Macro, Macroeconomic Policies, Fiscal Policy, 2012-05-09T08:33:40+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/unit-3-micro-the-dawn-of-a-shareholder-spring http://www.tutor2u.net/blog/index.php/economics/comments/unit-3-micro-the-dawn-of-a-shareholder-spring#When:21:28:27Z Here is a pertinent and timely resource from Channel 4 news on overcoming the principle agent-problem. Are shareholders in some of our leading companies becoming more active in holding senior executives to account for poor performance? or more concerned with their own shareholder value at a time when CEO earnings continue to grow well above inflation? I own plenty of shares but have never once been to a company AGM or exercised my right to vote. Could planned legislation further embolden activist shareholders and shake up boardrooms across the UK? More on the debate over the shareholder spring here See also BBC news: FTSE 100 bosses’ pay ‘rose 11% last year’ And: FTSE 100 bosses’ pay unrelated to results, report says (BBC news, May 2012) AS and A2 Specifications, AQA Economics Unit 3, EdExcel Economics Unit 3, A2 Micro, Business Economics, Management Issues, Labour Market, 2012-05-08T21:28:27+00:00 David Carpenter http://www.tutor2u.net/blog/index.php/economics/comments/development-economics-revision-pack-updated-for-2012 http://www.tutor2u.net/blog/index.php/economics/comments/development-economics-revision-pack-updated-for-2012#When:20:31:36Z I’ve updated my development economics revision pack with lots of new case studies for 2012. Read on to find out how to download the pack AS and A2 Specifications, AQA Economics Unit 4, EdExcel Economics Unit 4, A2 Macro, Emerging Economies, Development Economics, 2012-05-08T20:31:36+00:00 Penny Brooks http://www.tutor2u.net/blog/index.php/economics/comments/made-in-china-but-not-quite-so-cheaply http://www.tutor2u.net/blog/index.php/economics/comments/made-in-china-but-not-quite-so-cheaply#When:05:40:55Z How long can China keep its comparative advantage of cheap production for manufacturing goods? We are aware of rising inflation in China which is eroding their advantage, and here is an article about a UK firm which manufactures cushions, some from a factory in Kirkby on Merseyside and some from his factory in the Zhejiang province in China. The story comes from a programme ‘The Town taking on China’ to be shown on BBC2 at 8pm tonight - and subsequently on i-player. A2 Macro, AS Macro, Emerging Economies, China Economy, Business Economics, Competitive Markets, Global Economy, Labour Market, Manufacturing Industry, Unemployment, 2012-05-08T05:40:55+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-10-key-revision-topics-for-edexcel http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-10-key-revision-topics-for-edexcel#When:05:32:56Z A selection of key topics to cover for the paper for the 25th May linking to our blogs in each category - there are loads of great revision notes in these blogs for students wanting extra background and help with evaluation AS and A2 Specifications, EdExcel Economics Unit 2, 2012-05-08T05:32:56+00:00 Jim Riley http://www.tutor2u.net/blog/index.php/economics/comments/uk-economy-update-as-a2-econ-evaluation-special http://www.tutor2u.net/blog/index.php/economics/comments/uk-economy-update-as-a2-econ-evaluation-special#When:20:28:19Z Geoff and the team are holding an online revision clinic for an hour on Tuesday 8 May (9pm here on this blog entry) for AS & A2 Econ students who would like to refresh their understanding of the key recent developments in the UK economy. The focus will very much be on helping students build their confidence to evaluate issues and potential policy options for the UK economy. AS and A2 Specifications, AQA Economics Unit 2, AQA Economics Unit 4, EdExcel Economics Unit 4, OCR A2 Economics Unit F585, OCR AS Economics Unit F582, A2 Macro, AS Macro, Teaching of Economics, Digital Learning, UK Economy, 2012-05-07T20:28:19+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/aqa-unit-3-micro-practice-paper http://www.tutor2u.net/blog/index.php/economics/comments/aqa-unit-3-micro-practice-paper#When:16:12:03Z A selection of practice questions for this paper are shown below AS and A2 Specifications, AQA Economics Unit 3, 2012-05-06T16:12:03+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/f585-recent-articles-of-relevance http://www.tutor2u.net/blog/index.php/economics/comments/f585-recent-articles-of-relevance#When:06:09:53Z A Sunday hat tip to Tom White for providing this super selection of recent articles relevant to students preparing for the OCR F585 paper in June 2012 AS and A2 Specifications, OCR A2 Economics Unit F585, 2012-05-06T06:09:53+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-exchange-rates-glossary http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-exchange-rates-glossary#When:22:15:56Z A short glossary covering concepts relevant to exchange rate economics AS and A2 Specifications, AQA Economics Unit 2, EdExcel Economics Unit 2, AS Macro, Exchange Rates, Macroeconomic Policies, Monetary Policy, UK Economy, 2012-05-05T22:15:56+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-tv-assembly-back-in-the-usa http://www.tutor2u.net/blog/index.php/economics/comments/unit-4-macro-tv-assembly-back-in-the-usa#When:21:43:51Z Here is a small, tentative counter-weight to the inevitable shift of global manufacturing / assembly to the East. A short video about a US firm that has started to manufacture televisions in the USA. Tariffs and transportation costs have played a role in making it viable and their marketing department has been quick to exploit nationalistic feelings among some consumers. 2012-05-05T21:43:51+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-growth-and-development-glossary http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-growth-and-development-glossary#When:20:44:13Z A short selection of key terms connected to economic growth and development for AS macro students 2012-05-05T20:44:13+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-monetary-policy-and-inflation-glossary http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-monetary-policy-and-inflation-glossary#When:20:33:24Z A selection of key terms on monetary policy and inflation AS and A2 Specifications, AQA Economics Unit 2, EdExcel Economics Unit 2, AS Macro, Cycles and Shocks, Aggregate Demand, Inflation and Deflation, Macroeconomic Policies, Monetary Policy, UK Economy, 2012-05-05T20:33:24+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-trade-and-balance-of-payments-glossary http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-trade-and-balance-of-payments-glossary#When:20:26:34Z A short glossary of some international trade and balance of payments key terms for AS macro AS and A2 Specifications, AQA Economics Unit 2, EdExcel Economics Unit 2, OCR AS Economics Unit F582, AS Macro, Balance of Payments, International Trade, UK Economy, 2012-05-05T20:26:34+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-unemployment-glossary http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-unemployment-glossary#When:20:21:44Z A selection of key terms linked to the topic of unemployment AS and A2 Specifications, AQA Economics Unit 2, EdExcel Economics Unit 2, AS Macro, UK Economy, Unemployment, 2012-05-05T20:21:44+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-fiscal-policy-glossary http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-fiscal-policy-glossary#When:18:00:52Z A selection of economic terms linked to government fiscal policy AS and A2 Specifications, AQA Economics Unit 2, EdExcel Economics Unit 2, AS Macro, Macroeconomic Policies, Fiscal Policy, 2012-05-05T18:00:52+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-economic-cycle-glossary http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-economic-cycle-glossary#When:17:52:42Z A short glossary of key terms connected to the economic cycle AS and A2 Specifications, AQA Economics Unit 2, EdExcel Economics Unit 2, OCR AS Economics Unit F582, AS Macro, Cycles and Shocks, Aggregate Demand, Capital Investment, Consumer Spending, Saving, Aggregate Supply, Economic Growth, Macroeconomic Policies, Fiscal Policy, Monetary Policy, Supply-side policies, Trade Policies, Keynesian Economics, 2012-05-05T17:52:42+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-aggregate-demand-glossary http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-aggregate-demand-glossary#When:17:44:14Z A glossary of some key terms related to aggregate demand AS and A2 Specifications, AQA Economics Unit 2, EdExcel Economics Unit 2, OCR AS Economics Unit F582, AS Macro, Cycles and Shocks, Aggregate Demand, Capital Investment, Consumer Spending, Saving, 2012-05-05T17:44:14+00:00 Jim Riley http://www.tutor2u.net/blog/index.php/economics/comments/exam-technique-for-a2-economics-weesteps-to-evaluation http://www.tutor2u.net/blog/index.php/economics/comments/exam-technique-for-a2-economics-weesteps-to-evaluation#When:17:30:36Z With AS and A2 modules on the horizon, here is a presentation outlines an approach to demonstrating evaluation using the WEESTEPS acronym - first developed by Paul Bridges and his students who is now Head of Economics at the RGS Guildford. It is an approach that has struck a chord with us all during our Economics revision workshops. The presentation uses a macro topic to illustrate the approach… but WEESTEPS can be used for all evaluation-style questions especially those focusing on different forms of government intervention in markets. AS and A2 Specifications, AQA Economics Unit 1, AQA Economics Unit 2, AQA Economics Unit 3, AQA Economics Unit 4, EdExcel Economics Unit 3, EdExcel Economics Unit 4, OCR A2 Economics Unit F585, Teaching of Economics, 2012-05-05T17:30:36+00:00 Steve Whiteley http://www.tutor2u.net/blog/index.php/economics/comments/sustainable-transport http://www.tutor2u.net/blog/index.php/economics/comments/sustainable-transport#When:21:01:49Z Mindmap of Sustainable Transport for OCR Transport Economics StudentsMindmap on Sustainable Transport Policy for OCR Economics A Level 2012-05-04T21:01:49+00:00 Jim Riley http://www.tutor2u.net/blog/index.php/economics/comments/economics-revision-workshops-spring-2013-units-2-4-including-f585 http://www.tutor2u.net/blog/index.php/economics/comments/economics-revision-workshops-spring-2013-units-2-4-including-f585#When:14:13:32Z The dates and locations for our Spring 2013 AS & A2 Economics revision workshops are now confirmed - please see below. Provisional bookings can now be made using our online form:  https://tutor2u.wufoo.com/forms/as-a2-economics-revision-workshops-spring-2013/ A2 Macro, AS Macro, 2012-05-04T14:13:32+00:00 Geoff Riley http://www.tutor2u.net/blog/index.php/economics/comments/macro-revision-key-statistics-on-the-uk-economy http://www.tutor2u.net/blog/index.php/economics/comments/macro-revision-key-statistics-on-the-uk-economy#When:07:23:14Z For the May and June macro papers here is a brief summary of the key macroeconomic numbers for the UK economy so that you can demonstrate good awareness to the examiners in your papers: AS and A2 Specifications, AQA Economics Unit 2, AQA Economics Unit 4, EdExcel Economics Unit 2, EdExcel Economics Unit 4, OCR A2 Economics Unit F585, OCR AS Economics Unit F582, A2 Macro, AS Macro, UK Economy, 2012-05-04T07:23:14+00:00 Penny Brooks http://www.tutor2u.net/blog/index.php/economics/comments/prospects-for-the-uk-economy-in-brief http://www.tutor2u.net/blog/index.php/economics/comments/prospects-for-the-uk-economy-in-brief#When:03:50:52Z The NIESR has published its latest ‘Prospects for the UK economy’ this morning - this link given is to the one-page press release. This clear document gives some stark headlines from their predictions: they consider the persistent weakness in the economy to be unprecedented, they continue to expect that CPI will fall below target by the end of the year, and they believe that unemployment will rise to 9% and stay there for some years, doing permanent damage to the supply side of the UK economy. They estimate that a 1 per cent of GDP increase in government investment this year would boost GDP by around 0.7 per cent, and would provide a boost to the short-run lack of aggregate demand. They do predict a return to growth in 2013, with some above-average growth figures for 2014, which may return the economy to its size of 2008. For the sake of the students sitting their AS and A levels in the next few weeks, let us hope that they are right. A2 Macro, AS Macro, Cycles and Shocks, Aggregate Demand, Economic Growth, Macroeconomic Policies, UK Economy, Unemployment, 2012-05-04T03:50:52+00:00 Ian Pryer http://www.tutor2u.net/blog/index.php/economics/comments/ocr-f582-revision-activity http://www.tutor2u.net/blog/index.php/economics/comments/ocr-f582-revision-activity#When:16:10:45Z Here’s a revision activity that combines ‘beat the teacher’ and ‘spoof/peer assessment’ to get students thinking about the first 5 questions and ensuring they carefully read the case study. 2012-05-03T16:10:45+00:00 Michael Owen http://www.tutor2u.net/blog/index.php/economics/comments/which-is-the-most-pressing-problem-for-the-under-25s-in-europe http://www.tutor2u.net/blog/index.php/economics/comments/which-is-the-most-pressing-problem-for-the-under-25s-in-europe#When:08:52:17Z If you are trying to rank the most pressing European economic problem, This morning’s copy of The Sun has a set of statistics which make Grim reading for the under 25s across the EU. On the other hand, how do your grand-parents feel about seeing negative returns on their savings? 2012-05-03T08:52:17+00:00 Jim Riley http://www.tutor2u.net/blog/index.php/economics/comments/teaching-vacancy-economics-business-studies-at-rainham-mark-grammar-school http://www.tutor2u.net/blog/index.php/economics/comments/teaching-vacancy-economics-business-studies-at-rainham-mark-grammar-school#When:07:11:23Z These economics and business teaching vacancies just keep on coming! Here’s another really good one - with the chance to join the team at Rainham Mark Grammar School. More details below. Teaching of Economics, Teaching Opportunities, 2012-05-03T07:11:23+00:00 Jim Riley http://www.tutor2u.net/blog/index.php/economics/comments/ocr-f585-a2-economics-online-revision-clinic-3-may-2012 http://www.tutor2u.net/blog/index.php/economics/comments/ocr-f585-a2-economics-online-revision-clinic-3-may-2012#When:06:08:32Z Many A2 students are now working their way through the pre-released stimulus for the OCR F585 unit, perhaps helped by our popular OCR F585 Revision Toolkit!  Geoff is hosting a one-hour online revision clinic on Thursday evening (3 May, 9pm) at which students can have any initial revision queries addressed. The clinic will be hosted here on this blog entry. 2012-05-03T06:08:32+00:00