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AS and A Level: UK, European & Global Economics

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How to evaluate effectively in economics

  1. 1 A significant proportion of marks are likely to be for evaluation. Trigger words include ‘assess’, ‘to what extent’ and ‘evaluate’. Evaluation can come during a piece as well as at the end. It includes any critical distance you add to your points.
  2. 2 Stating both sides of an argument or different points of view e.g. advantages and disadvantages will give you a start. Try to group them rather than a list of each. This will score more evaluation marks as you are linking the two arguments.
  3. 3 Discussing the long term versus the short term effects is a good method of evaluating. Don’t be frightened to acknowledge that it may even be too early to say with certainty what the outcome will be. An example of this is the impact of the UK not being in the Eurozone.
  4. 4 If you have made several points, you can gain evaluation marks for prioritising them or just saying which you believe is the most significant and why.
  5. 5 How significant will a particular point be and will it affect different groups of people in different ways. Discuss these for evaluation marks.

Five things to know about exchange rates

  1. 1 Most exchange rates are ‘floating’. This means that the value of one currency expressed in terms of another currency varies according to the demand and supply for and of each currency.
  2. 2 Factors affecting the demand for a country’s currency are the demand for the goods and services of it, the demand of its citizens for imported goods, relative interest rates and speculation. If for example, UK interest rates are relatively high, then people will buy pounds to save in UK banks. This will increase the value of the pound.
  3. 3 Exchange rates affect the competitiveness of a country’s products. Remember the acronym SPICED – Strong Pound Imports Cheaper Exports Dearer.
  4. 4 A strong pound will be worse for UK producers as they will struggle to compete with cheaper imports and UK exports will look relatively more expensive abroad. It will however be useful to reduce domestic inflation.
  5. 5 A weak pound will help UK producers for the opposite reason but may lead to inflation. It will help the balance of payments subject to the Marshall Lerner condition (learn this and use it for evaluation).

What is globalisation?

  1. 1 Globalisation refers to the increasing integration of the world’s economies meaning more international trade, increased international flows of capital, shifting patterns of consumption and production across countries e.g. outsourcing production.
  2. 2 Many reasons are put forward for its growth and it is hard to differentiate between its causes and effects. Is the growth of multinational companies and their desire for greater profits a cause of globalisation or its effect?
  3. 3 Other reasons put forward for globalisation are the reduction in trade restrictions, growth of the internet, cheaper international transport costs, opening up of China and the old communist countries. Again they could be cause or effect.
  4. 4 The effects of globalisation are debatable (more evaluation opportunities). Generally it is seen as increasing the level of wealth as countries specialise more in the products in which they have a comparative advantage.
  5. 5 Recent economic uncertainty has lead to some talk of de-globalisation where international trade declines due to increased protectionism (tariffs and quotas).

  • Marked by Teachers essays 17
  • Peer Reviewed essays 10
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  1. Marked by a teacher

    Discuss the extent to which the fast economic growth of China and growth of its manufacturing exports is to Britains benefit.

    5 star(s)

    In addition, as China is primarily based on exports and due to China controversial pegged Yuan which makes it much weaker than that of the Pound or Euro, import prices for Chinese goods are much cheaper for western countries. As well as allowing for relatively cheaper imports, which includes capital equipment. This will lower the UK's and Europe's firm costs, possibly increasing profits. From here, if labour is invested in as well and trained to use the specialist machinery, it may improve output and labour productivity in the long run, allowing for GDP and economic growth to rise.

    • Word count: 1609
  2. Marked by a teacher

    Discuss the extent to which globalisation has been beneficial to Africa, China, America or Britain.

    5 star(s)

    The reason being that these weak governments are easily exploited by the powerful governments of the west due to the poor organisation and structure of governments. Conversely Africa and other 3rd world countries can also gain from increased trade as they can reinvest, increasing GDP for sustainable growth such as into infrastructure such as telecommunication and railway services, this helps build a base for future growth as western countries may turn to these countries for outsourcing jobs which are wasting resources in the West, for example, British companies employing an Indian firm to run a telephone helpline as it is

    • Word count: 2045
  3. Marked by a teacher

    Is Increased globalization a good thing?

    5 star(s)

    In other words, a globalized world is one in which social, economic and political events become more and more interconnected and where such events have more impact upon each other. Most people will agree that nowadays the world economy is more interdependent than ever. However, opinions clash when trying to come to a decision about whether or not it is a positive process or not. It is a subject which constantly draws fervent support and fervent opposition. Firstly, it is necessary to draw up some arguments in favour of globalization.

    • Word count: 2802
  4. Marked by a teacher

    ESSAY: Fair trade or free trade?

    5 star(s)

    Unfortunately, protectionism impeded trade and the implantation of his theory. Protectionism can be assured using tariff barriers or non tariff barriers. The example of tape measure (protectionism lesson) shows that a foreign company exporting its cheaper product to a protect country will see its product becoming more expansive than the local one. So the foreign company advantage on price will no longer be efficient. It clearly emphasizes the fact that tariffs are against trade because of the risk for a stranger to invest in a foreign protected market. However, as Ricardo explained, trade let countries became richer.

    • Word count: 3289
  5. Marked by a teacher

    How successful has the WTO been in achieving it’s objectives?

    5 star(s)

    The argument goes that free trade is the way to optimise world output and income levels in the long run. The problem is that it is possible that individual countries may still gain from protectionism of some sort, the government protects it's own industry through tariffs, the firms can then compete at a lower price in foreign markets and the government earns a handsome revenue from increased corporate profits and the tariffs on foreign goods in general. Even the USA are not immune to this temptation, the recent steel tariffs of 30% on foreign steel are a proof of that (though some tariffs have already been reduced again, thanks to WTO mediation)

    • Word count: 1648
  6. Marked by a teacher

    Analyse and Evaluate the significance of Fiscal Policy rules and Fiscal Policy targets and constraints in promoting Economic Growth, Economic Stability and International Competitiveness

    4 star(s)

    and International Competitiveness. This causes an ? in AD, which can be good for an economy. For example if a Government ? interest rates, people will have an ? in disposable income, because payments on credit cards will ?, mortgage payments will ? and it is not worth saving due to the reduced rate of interest, meaning they have more to spend on goods and services, thus AD ?. L3. Monetary policies can promote economic growth and stability and international competitiveness as changes in the interest rate affects Domestic Demand (Consumer Expenditure, Investment and Government Spending)

    • Word count: 1024
  7. Marked by a teacher

    Advantages and disadvantages of Globalisation. Need for development.

    4 star(s)

    Any return of profits are small compared to these points. Export led growth brings structural change and diversification for LDCS, monoculture leads to stagnation, unstable earnings and 3rd world debt. True Globalisation should bring the advantages of free trade (make sure you know them) - competition, productive and allocative efficiency, comparative advantage and huge gains from specialization, economies of scale and consumer choice. It also should provide the 3rd world with desperately needed Western capital and technology while the West gains the world's poor migrants to meet their labour shortages.

    • Word count: 2621
  8. Marked by a teacher

    International Business Strategy - Case Study on Unilever

    4 star(s)

    The company grew by constantly acquiring businesses that produce various consumer goods. Unilever has its own plants, factories, distribution networks and supply chains, all of these added to the uniqueness of the company as none of the others in the market manufactures and sells like Unilever does. The growth of emerging economies has made significantly impact to the growth of Unilever. They are growing so fast and dynamic. International trade analysts believe that these emerging economies will soon take up half of the world's total consumption of consumer goods. Being the world's second-largest consumer-goods company, Unilever operates in over 100 countries across the world and is experienced in starting businesses in emerging economies.

    • Word count: 4549
  9. Marked by a teacher

    Assess the importance of international trade to the UK economy

    4 star(s)

    International trade is also seen as a vital measure which can encourage growth for a nation's economy. The general belief of international trade is that based upon the idea of specialisation and exchange, which will lead to a general increase in world living standards. The guiding principle is that trade should be based on co-operation and any barriers to trade should be removed. There are numerous international organisations that are present which exist in order to promote free trade. A great advocate of this system of trade was Adam Smith (The Wealth of Nations 1776), he argued that nations should

    • Word count: 2479
  10. Marked by a teacher

    What is an international bank? How do international banks compete?

    4 star(s)

    The economic welfare of a country will therefore increases if that country will export its good or service in which it has comparative advantage and imports other goods or services where they are relatively more efficient compared to its goods or services. At firm level, firms engage in international trade because of competitive advantages in order to make the most out of the arbitrage opportunities. In order to deliver international banking services to its customers, banks use one or more of the following different organizational forms: * Participation / Loan Syndication * Correspondent-Bank Relationships * International Department * Representative Offices

    • Word count: 1554
  11. Marked by a teacher

    "Discuss the Effectiveness of Supply Side Policies in Improving UK Economic Performance"

    4 star(s)

    This increases passenger numbers and there is more aggregate supply in the industry. There are a couple of advantages of deregulation. Less regulation means that fewer regulators need to be employed by the government or local councils. Also less regulation should encourage more competition. However, many rules affecting business were to stop exploitation: is this acceptable nowadays? Another disadvantage is that competition does not necessarily provide what society wants; it may only provide what is profitable. Privatisation is another supply side policy. This involves selling off state-run organisations and transferring them to the private sector.

    • Word count: 842
  12. Marked by a teacher

    The euro has many effects on businesses and the consumers not only within the Euro zone but also out of it. Firstly I will discuss the advantages of the single currency inside and outside of Europe.

    4 star(s)

    Secondly there will be greater price transparency, the single currency will make price differences in different countries in the euro zone more obvious. This may affect companies who charge different prices for their products in countries within the euro zone. On the other hand, companies buying from the euro zone will be able to compare prices more easily. Either way, this will sharpen competition The third advantage is that there will be stable exchange rates, the single currency will remove exchange rates between countries in the euro zone.

    • Word count: 1289
  13. Marked by a teacher

    Discuss the extent to which Britain can ease its economic problems within the next 3 years

    3 star(s)

    Although this is a possibility there will also be the benefit of increasing employment as a result of rising AD. This is Keynesian's fiscal expansion to kick start an economy. On the other hand this will also increase the budget deficit and is not a very likable option for politician but is necessary to pull an economy out of a recession. The government could also implement monetary policy, this is changes in the money supply and interest rates and exchange rate in order to alter AD.

    • Word count: 983
  14. Marked by a teacher

    Discuss the consequence of a rise in the rate of inflation

    3 star(s)

    There are two types of inflations they are demand pull inflation and cost push inflation. Cost push inflation occur as a result of demand exceeding supply. The excess amount of demand for products and services will increase the price level. Moreover, there are other reasons that can case inflation such as increase in wages in a company and no improvements in productivity. As result of this the company may pass the extra costs by increasing the price of the products and services.

    • Word count: 756
  15. Marked by a teacher

    Economics Portfolio on Trade Deficits

    3 star(s)

    But JPMorgan economist Helen Kevans said a firmer Australian dollar was largely responsible for reducing the country's export competitiveness. "Unfavourable weather conditions also drove down the volume of commodity exports as two cyclones in Western Australia curbed iron ore shipments from major exporters, leading exports of non-rural goods to slump six per cent month-on-month. She said rural goods exports remained relatively steady given the impact of the drought. Mr Tharenou said the trade deficit should improve in the medium-term once production shutdowns and delays have passed.

    • Word count: 1080
  16. Marked by a teacher

    What are some of the problems of WTO mechanisms will pose for national governments?

    3 star(s)

    However, if the country wants to stop WTO from implementing a decision issued by a WTO tribunal or authorizing permanent trade sanctions against countries that refuse to change their domestic's law to comply with a WTO decision, unanimous consensus are required. Apart from this, WTO's 12 free-standing agreements constrain government actions. They constrain both the goal a government seeks and the means it uses to obtain them. For example, in the food area, a government is not all allowed to have an environment goal, an animal welfare goal or a consumer information goal in setting up a standard that limits trade in food.

    • Word count: 1760
  17. Marked by a teacher

    Is a process of globalisation unifying the world around common interests or is it dividing the world into winners and losers?

    3 star(s)

    Or is it curse that is dividing us all into winners and losers? The first part of this essay will focus on the question of unity. That is, is globalisation unifying the world around common interests? This question involves looking at the increase in technology and thus the increase in global mass media and communications alike. While the biggest transnational corporations (TNCs), such as General Motors and Ford, have revenues larger then many states, the Internet has allowed small businesses to also offer their services worldwide. Music tastes, and fashions shape life across borders, as do economic practices such as Fordism (mass production techniques plus mass consumption).

    • Word count: 1258
  18. Peer reviewed

    Economic Growth. There is a clear difference in the economic growth of developed, developing and emerging countries. There are several reason for this; good examples that clearly protray this disparity are the United Kingdom, China and India

    4 star(s)

    The UK's economic growth fluxuates but remains steady. China(%) 9.0 11.9 10.7 10.4 10.1 10.0 9.1 8.3 8.4 7.6 China is a developing country that has a very high economic growth as a result fo radical changes after 1978.The China Gross Domestic Product is worth 4326 billion dollars or 6.98% of the world economy, according to the World Bank. China's economy is the second largest in the world after that of the United States. During the past 30 years China's economy has changed from a centrally planned system that was largely closed to international trade to a more market-oriented that has a rapidly growing private sector.

    • Word count: 960
  19. Peer reviewed

    What should the MPC do to ensure that inflation is kept within the 2% target?

    4 star(s)

    and finally result in the inflation rate meeting the 2% target. The reason behind the interest rates being kept at 0.5% has also been an attempt to boost consumer spending as the public would be required to pay less in mortgage interest repayments, and therefore, have more money to spend. Moreover, they would also be less likely to keep the money in banks accounts due to the low interest rates and spend it on either consumer purchases or investments (both of which, are extremely important components of aggregate demand).

    • Word count: 830
  20. Peer reviewed

    Explain how monetary policy can be used to control the performance of the UK economy

    4 star(s)

    They cover a wide range from the general economic situation, over politics to technological advancements. On the other side there are emerging factors. The changing faces of consumer behaviour in tourism like destinations preferences, quality expectations, etc. But what the tourist does can not only be explained by external factors alone. The experienced and educated traveller will change his behaviour even in a constant framework, for they probably prefer to travel by themselves rather than going on a package holiday.

    • Word count: 1365
  21. Peer reviewed

    Discuss the extent to which the use of trade barriers by developing economies is an appropriate policy for such economies.

    4 star(s)

    This would therefore lead to an increase in aggregate demand. With the price of imported goods being higher than domestically produced ones, in the long run foreign suppliers are likely to decrease supply to those nations with tariffs, due to the lack of demand. Again this would stimulate growth in domestic businesses but efficient may start to occur due to lack of competition. Yet with the increase in employment their will be an increase in income and therefore disposable income will rise, presuming the cost of living does not rise extensively.

    • Word count: 1030
  22. Peer reviewed

    Discuss how the government might improve the UK's long term economic growth

    4 star(s)

    This means that people stay in the work force longer, and so are economically active for longer. This again has the effect of increasing real GDP, but an increase in retirement age remains unpopular amongst voters, so it would appear to be one of the weaker policies. The final option with regards to the labour force is to cut taxes and to cut benefits. The cut in taxes means that people are encouraged to work for longer as they feel that they are keeping a higher proportion of their wages. People working for longer hours means that output will increase, but it also means that they will have more disposable income, which will lead to an increase in AD and therefore an increase in real GDP.

    • Word count: 913
  23. Peer reviewed

    Discuss the economic consequences of inflation?

    4 star(s)

    Secondly, inflation leads to people bringing forward their purchase to avoid higher prices. This leads to increased consumption which creates higher prices resulting in the demand for higher wages. This increases production costs for firms who pass on the higher costs to consumers in the form of higher prices. On the other hand some firms are driven out of the industry due to elastic demand creating job losses and increasing unemployment. On the contrary, low and steady inflation results from extra pressure from aggregate demand growth. This helps create growth and steady increases in sales.

    • Word count: 1072
  24. Free essay

    Evaluate the possible consequences of a falling rate of inflation for the performance of the UK economy.

    3 star(s)

    and that there are not enough goods to meet with AD and so prices for goods rise. A diagram below illustrates demand pull inflation. Price Level AD1 AD AS Quantity Demand pull inflation occurs when consumer tastes or consumer confidence changes very quickly and the firms do not adjust their supply quickly enough. Or when exchange rate falls and exports increase, which makes it harder for the economy to adjust its supply in the short term because they are running with full employment for example. Cost push inflation occurs when production costs for firms increases and so it becomes more expensive for firms to produce the goods.

    • Word count: 571
  25. Peer reviewed

    Discuss whether an inflation rate of 5% might cause problems for the UK economy

    3 star(s)

    An inflation rate of 5% would mean that pensions need to increase by the same percent, whereas if inflation were at 2.5%, pensions would only need to increase by this amount. For, the government this would mean that if they wanted pensioners to be as well off, they would need to spend more money if the inflation rate were 5% to cover the inflation, causing an opportunity cost as that would be money that they couldn't spend on something else for example, schools.

    • Word count: 937

Conclusion analysis

Good conclusions usually refer back to the question or title and address it directly - for example by using key words from the title.
How well do you think these conclusions address the title or question? Answering these questions should help you find out.

  1. Do they use key words from the title or question?
  2. Do they answer the question directly?
  3. Can you work out the question or title just by reading the conclusion?
  • Discuss and present the ways in which the Chinese business environment will change now that they have entered the World Trade Organisation (WTO).

    "Conclusion; I feel that now that China has entered the World Trade Organization (WTO) it has boosted up many economical and governmental aspects of its nation. Its GDP has gone up to 7% helping its economic growth rise. Also I feel that foreign confidence improved towards China. Thus making more deals possible between China and other nations. As we could see the exports have reached +19% since they have joined the WTO. These facts I feel show that entering the WTO was a good choice for China. As I said in the report China is now rich, has low-cost labour resource and has a vast market. It holds a lot of land where it can retain various sources and has an enormous population. I feel that I had to change the main question from "Discuss and present the ways in which the Chinese business environment will change now that they have entered the World Trade Organisation. (WTO)" to an "have changed". This was done since China has been through the changes it would have, and is facing the pros and cons of its entering. To end I feel that China will be able to become a major global economic player, if it takes right advantage of the situation."

  • Discuss the characteristics of globalization (part 1) and analyses its impact on China economic development and living standards (part 2).

    "Conclusion To integrate into the global economy, China has become a member of the WTO, opened up its markers and reduced tariff barriers. These successful strategic moves have been rewarded with dramatic increase in its GDP and foreign direct investment. The overall living standards of the Chinese people, as reflected by the country's HDI, have improved with 170 million people lifted out of poverty. However globalization and rapid economic growth have also resulted in a rise in short term unemployment due to structural changes. Its environment deteriorates as economic activities increase. The income gap has exacerbated between the wealthy and the poor provinces. Despite the obvious benefits, globalization has its downsides on China. In embracing globalized trade, China has to face enormous challenges ahead in ensuring sustained economic growth can be achieved in face of a weak global environment or a slowly recovering world economy in the years to come."

  • Discuss the extent to which membership of the Euro zone is beneficial to an individual country's macroeconomic performance.

    "To conclude membership of the euro will bring many benefits, and disagreements. However I recommend that in the near future we do have a single currency proving many countries are operating at similar stages within the economic cycle. As the single currency should increase FDI, and improve BOP position, however in order for this to occur countries need to be operating at similar stages in terms of the economic cycle. It should also increase a countries economic influence in the world which should decrease volatility of the euro and in the long term lead to greater external trade"

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