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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

    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
  3. 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
  4. 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
  5. 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
  6. 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
  7. 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
  8. 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
  9. 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
  10. 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
  11. Economic Development of India. The CSO provides us the data of the economic growth of the states where a clear evidence of the emergence of the chronically poor states to the development is eminent. In the past the richest states often grew fastest and t

    The states are now at par with the international standards growth benchmark of 7%. The states have emerged as the miraculous state or may be said as miraculous economies. Miracle growth is globally rare precisely because it is very difficult for countries to improve the productivity of a large proportion of population. When productivity improvement is widespread, individual productivity improvement adds up to fast growth with the help of all regions and people in those regions. In other words, fast growth does not trickle down it trickles up.

    • Word count: 1668
  12. The World Trade Organisation is a global entity that is responsible for creating and regulating different statutes and policies for trading of goods and services on international level.

    In other words, political arguments now occur on a lesser level. An easygoing trade helps nations all around the globe to feel safe. People who are satisfied and successful with international trade are less likely to have fights and disagree with one and another, In other words, wars are less likely to happen between countries. Secondly, the trade system enables effective management and resolution of conflicts and disagreements on international level. In this regard, when trade increases around the world, there is an increase in the number of countries trading, subsequently, a rise in the production products, leading to healthy competition and lesser possibility of conflicts and disagreement to occur.

    • Word count: 1360
  13. Free essay

    Adam Smith "invisible hands"

    It emphasize on 'Lassez- Faire' which comprises Individualism and Liberalism. Perfectly competitive markets which comprised homogeneous commodities, perfect knowledge and lots of entrepreneurs and consumers that act as 'price takers', are self-regulating and flexible as they adjust to changes in market conditions in autonomous way. Demand and supply determines prices and the allocation of resources. Demand, is the quantity of a commodity that consumers are willing and able to buy at a given price in specific time period whilst others remain constant; which would only be effective if the consumers have the desire and sufficient purchasing power.

    • Word count: 1888

    of around 3.1 million cars, a huge amount by any standards. So why, when cars, jets and polluting businesses have been taxed into relative submission, should spammers remain unscathed? Simple: as with many online activities, the parties involved in spamming are usually anonymous, or exceedingly hard to trace. Nevertheless, the carbon footprint figure for spam highlights yet another, even bigger issue. This gargantuan wastage occurs even with the various forms of protection in place which attempt to prevent spam from being read at all (e.g.

    • Word count: 1050
  15. Describe the main focus of todays Public Health in improving the health of the population. (p1)

    They do this by tracking changes in the health of the population and alerting people to the potential problems. Developing programmes to reduce the risk and screen for disease The NHS has a cancer-screening programme this includes breast screening, cervical screening, bowl cancer-screening programme and prostrate cancer risk management. Breast screening is an effective part of the UK's efforts to reduce the death toll from breast cancer and a study in 2000 showed that there were significantly lowered mortality rates in breast cancer in the fifty-five - sixty-nine age group.

    • Word count: 1900
  16. Advantages and diasadvantages of joining the Euro

    This timetable shows the period as being, in total, approximately 36 months or 3 years. The first step to be taken would be the decision to join. The decision to join would then mean there would be a referendum called. To call this would take around four months. At the referendum, the British people would vote for or against becoming part of the European currency. If the public wanted to follow the decision it would take a minimum of 30 months before E-day. In this two and a half year period the UK exchange rate between pound sterling and the euro would be fixed although few changes would be made to everyday transitions at this stage.

    • Word count: 1457
  17. Comaprison of Indonesia and Australia's Economy

    Indonesia's average annual growth rate in GDP pc was 2.1% between 1990 and 2006. The cause of this difference is because; Australia has had a stable economic growth for the past seventeen years, while Indonesia was hit by the Asian Currency Crisis in 1997. The currency crisis led to a collapsed economy and recession. The exchange rate downfall in 1997 led to a higher inflation, rising unemployment, falling living standards and civil unrest. Employment and Unemployment In 2007/08 Australia had a workforce of 11,189,500; while having a population of 21 million. The participation rate of the working age was 65.3%.

    • Word count: 1203
  18. Problems of intervention in the market for Cocoa

    Many years of bad harvest means that the authorities will not be able to sell back any buffer stock and hence prices would be at an all time high. They consequently will have to buy products/goods from other countries hence the large cost. Another problem with the scheme is that since cocoa beans are perishable it means that if there are many years of good harvests, any cocoa beans stored as buffer stock must be sold quickly back into the market or they will be wasted.

    • Word count: 1155
  19. Should mortgage lenders be nationalised

    However, nothing lasts forever. Investors realised that there is a risk of their money not being returned either on condition that banks and/or lenders fail, therefore they immediately left the market causing dry up of mortgage finances. So, there it is. This is where government ought to, in mortgage lenders' opinion, step in, pump money and let the vicious cycle continue. Indeed, there is a market failure. A failure that only government can solve. Should it though? Isn't the true idea standing behind the capitalism to reward the hard-working, the smart and punish the lazy, the reckless?

    • Word count: 1074
  20. Free essay

    Are Economic Recessions Inevitable?

    A relevant case that heavily intrigued me was the car industry in America, where it was once a booming and heavily efficient industry, has now stagnated to the point that I thoroughly believe it should be dropped and left to crash. Their inability to improve their efficiency to match the Japanese and Germans in car manufacturing; means that that Government was forced into heavily subsidising them in order to keep them afloat - mainly because so many Americans had jobs with them.

    • Word count: 1338
  21. Free essay

    Reasons for British recession

    * Pound at record low against Euro- the pound has fallen to an all time low against the Euro at about 76p to the Euro. The pound is expected to fall further through 2008 as the UK economy slows, investors are now moving out of high yielding currencies and into low yielding currencies like yen. A weaker pound would make the UK more competitive on world markets but it could also raise the cost of imported goods and goods purchased by British people abroad could be more expensive.

    • Word count: 1181
  22. Free essay

    Multinational Corporations in context

    These influences can be both good and bad but what are the specific motives for MNCs existing and are there any particular examples? The financial sector is a dominant and rather large industry in the global market despite it's recent collapse in several MEDCs it still plays a massive role within the lives of consumers and businesses. China boasts a bank that is not only the largest and most reputed within the country but also the world's 4th largest bank in terms of market capitalization value.

    • Word count: 1241
  23. Free essay

    Examine the main trends in the UK public finances

    for the UK, from 1963 to 2008, with projections for the year ending 2009. These figures, were however, published in 2004 so the projections suggested may not be accurate due to the dramatic increase in government spending (such as significant monetary investment into the banking industry - i.e. Northern Rock). This trend displays how the real (the monetary values adjusted for inflation) expenditure has increased almost each year. The parts of the graph that have a negative gradient or no gradient are in the minority, suggesting the government may actually be increasing spending - but this may be for political reasons (i.e.

    • Word count: 1035
  24. Why has the gap between male and female wages narrowed significantly?

    However for reasons previously outlined it is likely that if trends continue, women in the future will close the gap further to due the increasing standard of their current education and increasing marginal revenue productivity. More women are also working for social reasons. For example, the opportunity cost of working compared to benefits may increase the incentive to work. Women may find that if they are in full-time employment they may be earning more compared to what they would be earning if they were on unemployment benefits.

    • Word count: 1208

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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