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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 11
  • Peer Reviewed essays 3
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  1. 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
  2. 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
  3. Peer reviewed

    The Economic Effects Of The Wars In Afghanistan and Iraq

    3 star(s)

    This means that even if someone consumes or utilises this product, the supply for others will not be diminished. This is very relevant when it comes to defence as it is there to defend the whole of the country. Secondly, another characteristic of a public good is that it is non-excludable. Non-excludability is when the people that don't want to or can't pay for a product cannot be excluded form it as they are already using the product and its benefits. In the example of defence, if a certain person didn't want to get the benefits from defence it would be impossible to ensure that they didn't get those benefits while the rest of the country did.

    • Word count: 888
  4. The Economist article, Making The Desert Bloom, brings to light the condition that Mexico's economy is currently in, restricted by cartels, monopolies and its unfortunate situation with America.

    Until the recession, Mexico was on schedule to have a reasonable decade but with personal income growth now at only 0.6% , some of the worst in the world, it doesn't look promising. Mexico's unemployment rate peaked at 6.4% in 2009 and is only slowly getting better. The foundation of Mexico's economy is based on its exports. With americans share of Mexico's exports falling from 89% to 78% and expecting to get worse, mexico has a problem on their hands.

    • Word count: 515
  5. Analysis of fluctuations in the price of oil.

    Also for the reasons above; if the price of oil rises too high then it might also DECREASE the demand for it i.e. if the price of oil increases, then the price of petrol will also increase, therefore making some people reluctant to use their cars and reverting to forms of transport such as buses/trains which Supply and demand doesn't just affect oil but any other commodity which is traded in large amounts. This is a graph showing the prices of crude oil during the last 12 months: (Source; CNN.com)

    • Word count: 753
  6. How has the price of gold changed over the last 5 years?

    China is taking larger and larger steps to solidify its wealth with a huge stake in these expensive metals. This is evident by the fact that in May 2009 the price for one gram of gold in China varied from 253 to 272 yuans ($37.2 - $40), which is an increase of almost 100 yuans on one gram from the previous year. The table below is a representation of Chinas overwhelming success in the worldwide gold market. A rise in the cost of gold mining has seen a decline in production over the last 5 years.

    • Word count: 634
  7. Professional Development

    In addition, we discussed on the real issue of that article and analyzed these listed problems. Which led it was easy for us to complete the case analysis in the last class. In class, we reviewed what we had written in the out-class meeting. Then we drew the mind-map of problem situation and K-T analysis of problems according to the notes, which taken by before. After that, we did the PowerPoint to prepare for our oral presentation. We were all happy to do these and felt satisfactory with our oral presentation.

    • Word count: 602
  8. Using the London and Singapore congestion charges as examples, discuss the effectiveness of a congestion charge in correcting market failure

    becomes equal to the marginal social cost (MSC), and thus the private member of the economic transaction becomes responsible for all costs incurred. To an extent, this form of taxation does work, however there becomes a point where those who have not been priced out of the market will not change their consumption at any conceivable price level, either due to their price elasticity of demand for the consumption of road travel, or because the extra price to be paid represents a negligible amount of their income.

    • Word count: 803
  9. Debts Loans and credit cards

    There's a lot of ways in which debt can be regulated. The companies that lend money should be more responsible for people getting into debt. They should consider the salary of the person wanting to borrow money and give them a maximum amount for a certain number of years. This would reduce the likelihood of someone borrowing more money than they can repay and therefore this would reduce the number of people in debt. People who are already in debt should not apply for any other loans or credit cards, as if they do, probably they will not be able to pay back the previous and current debt, as well as that- interest grows fast too.

    • Word count: 588
  10. To what extent do you agree with the view that India will become the dominant world economy by 2050?

    Demographics of India are favourable compared to China as, India still has a positive birth rate meaning that the size of the workforce will continue to grow for the future. (unlike China) A rising workforce increases productivity. The infrastructure of India is so bad in places that even moderate improvements could lead to significant improvements in the productive capacity of the economy. However if these parts are ignored India will suffer a huge dent in becoming the leading economy as Chinas infrastructure is seen as better.

    • Word count: 767
  11. Bird flu and mobile phones

    mobile phones are used on buses, trams, road etc. they have come a long way. in the olden days, mobile phones were so big and heavy and allyou could do with was make and receive phone calls. nowadays, the latest phone gives the opportunity to surf the internet, listen to music, play games etc. however, there was a twist to all this when the world suddenly assumed it caused cancer in the 90's which left a lot of people worried. it was also made known that people living in France within 1000 feet (325etres)

    • Word count: 865
  12. third world debt

    However, bordering Zimbabwe is Mozambique. In Mozambique there is good governance which is trying to end poverty and bring sustained development. Being one of the poorest countries should its debt be relieved? As a result it can be seen that Debt cancellation should be part of a campaign to create the preconditions and good governance needed for economic growth. Similarly a stable framework for lasting self determined growth and take-off is essential for an ldc to move away from dependency. It also allows MDCs to demand reforms to end rural isolation and also to help the modern sector grow in town as well as country to replace the informal economy.

    • Word count: 919
  13. Asia politics

    The British and other Westerners resented the Qing dynasty because they felt they had the right to and demanded equal treatment and commercial access to the Chinese market. Another point of tension was that the Westerners were making treaties with Asian countries and not upholding them. At the end of China's first war Britain acquired Hong Kong Island under the way of the Treaty of Nanking in 1842 (Meinheit, 1997). There was friction because with this treaty Britain had more rights to trade within China and any agreements made with other foreign countries, the British were entitled to the same rights.

    • Word count: 966
  14. Gordon Brown has made some radical changes to the counties monetary policies, he has given independence to the Bank of England and increased public spending while not increasing income tax. However, has the current government delivered on their promises?

    So overall at times there is high growth or a decline in growth. Since 1997 although there has been low growth it has kept a steady growth with only slight dips. The graph of UK output in service and manufacturing shows that Britain is fast moving in the service sector where there is a huge growth.

    • Word count: 446
  15. Sweatshops Report

    The main reason goods are not manufactured in places such as Great Britain is because it is cheaper abroad. The wage you pay the worker is less and also companies do not have to pay any taxes or export duties. These countries are known as trade free zones. In these countries you can fire any workers who ask for a raise as well as cheating workers out of wages and making them work unpaid overtime whenever you want. On top of this the governments in these countries would not interfere if you dumped toxic by-products as there are no environmental laws and they would 'bend over backwards' to build any roads or infrastructures that would aid a company.

    • Word count: 829
  16. politicsHow different is New Labour from Old Labour?

    From this, what new labour entails is the sheer fact that people should be equal and everyone has the right to set up large businesses if they required to. Whereas, old labour tend to be stricter on the basis of this and they wanted to reduce this freedom to a great deal as possible. Old labour in the past held incredibly strong emphasis on workers and trade union rights.

    • Word count: 520
  17. There is evidence that supports the coaching trade helped the growth of Harlow

    The local agriculture helps support the coaching trade because it would have everything such as food and water for the horses and people, it would have also been used to make the beer. The census shows us that Harlow was a wealthy area because the amount of people employed and how many people to one house. The census also shows how many houses had servants and what sort of jobs there were. In the main there were only two people to a house. The census shows us what sort of jobs there were for example; brewer, butcher, shoemaker and servant.

    • Word count: 826
  18. Why did continental countries engage in a "Scramble for Africa" in the later nineteenth century

    Medical advancement in the 18th century reduced mortality rates and lengthened life expectancies. This resulted in rapid population growth and subsequently, living standards rose and this was accompanied by a new demand for a wider variety of goods and services. The European nations believed if population was increase at its present rate, there would be a point in time where they would not be able to support themselves economically. Industry-orientated countries had long begun running an unfavourable balance of trade. Also, a common perception about foreign territories is not only were they abundant in natural resources (e.g.

    • Word count: 766
  19. It has been observed that the world might be splitting into large trade blocks. What is a trade block, and how might this trend affect world trade and living standards?

    Therefore free trade is conferred globally but it is sometimes criticized to be unreasonable since it does not allow new businesses to emerge like protectionism does since there is no protection against them. For that reason, some economists believe that it would be hard to achieve free trade internationally all of a sudden. Therefore, it should first be divided into 3 major regional trading blocks (Europe, America, Asia), which has protectionism to some extent, and in the future achieve the main goal of global free trade.

    • Word count: 679
  20. CHINA: Explain the failure of the Qing dynasty to respond effectively to western demands of diplomatic relations and free trade between 1793 and 1839- ESSAY PLAN

    It then investigates what were the western attempts/ demands in diplomatic relations and free trade, and investigates what were the Qing's reponses and how and why were they failures.

    • Word count: 354
  21. The concept of globalization has challenged thestudy of International Relations from every aspect of the InternationalRelations theory. Globalization has undermined everything philosophers havecontributed to the theory of international relations....

    In the global community of today, international states are becoming more and more globalize. As the world becomes more modernized, communications has linked the world as if it is one big state. The International Relations theory says that the global community consist of many states and few actors, however globalization makes it so that global community feels more like one state and many actors. These two controversial theories can be argue because many see globalization as a myth, even though there is proof around us that lets us know that globalization is much so taking place in our everyday life.

    • Word count: 476
  22. What is Fair trade?Fair trade is an organisation, which guarantees a better deal for producers in the developing world

    Why is Fair Trade needed? Fair trade is needed to ensure that LEDC farmers are getting paid a fair price for their goods, without this organisation the farmers would be forced into selling the goods for very low prices.

    • Word count: 269
  23. Why Was Slavery Abolished?

    They didn't see why the English could have slaves and they could not. The slave trade was cruel to the slaves. They were treated like animals and were kept very poorly on the voyage to America. When they were bought, women and children usually got split up. Thomas Phillips, an abolitionist, said "I can't think there is any basic value in one colour more than another". They had no say in what they did. They were whipped and women were often be raped. They had to work up to 16 hours in a day in summer when it was very hot.

    • Word count: 549
  24. Was the role of Nelson Mandela the most important factor in ending Apartheid in South Africa?

    Other black organisations such as the PAC, UDF and COSATU also contributed to bringing Apartheid to an end. However, these organisations were not as influential as the ANC of which Mandela was a member. There were many individuals who helped to end Apartheid in South Africa. Together these individuals were extremely important, although individually Nelson Mandela probably made the most progress. Winnie Mandela, Mandela's wife, fought for her husbands release from prison. She came to symbolise defiance to white rule but in 1989 she was implicated in the death of a Soweto boy and lost some of her influence.

    • Word count: 995
  25. Gianina Hospedales

    They were undeveloped in comparison with developed, but they were never underdeveloped. They were created into underdevelopment." Today's 'underdeveloped' countries are faced with a world economy dominated by the developed capitalist countries. This must affect their development. According to Frank, the only thing that drives the international capitalist system is the search of profit, and this is pursued at the cost of everything else. Third World countries are over dependent on one or two primary products for example; basically all countries in the Caribbean depend on advanced industrialized countries for electronic products such as TVs and cars or for food products.

    • Word count: 739

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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