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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

    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
  2. 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
  3. Distribution of Income and Wealth HSC Notes

    * Wealth inequality grown to other assets such as home ownership, ownership of residential land, shares, financial investments, business ownerships and interest bearing deposits this has been counter balanced by the compulsory superannuation wealth. Sources of Income * Wages from the sale of Labour: This is the main source of income for consumers. It comes in the form of wage or salary payments for labour's participation in labour market. Non-wage inclusions: fringe benefits, superannuation and workers' compensation payments * Rent from Land: Investment properties * Earnings from Capital.

    • Word count: 3333
  4. Environmental Economics HSC Notes

    decrease quality of life o Economic growth should be considered by taking longer term perspectives ? all consequences of economic activity on standard of living of a nation. * Governments should also focus on achieving level of growth that is consistent with preserving the environment in the long term * Eco growth occurs when more goods and services are available for consumption and investment, measured by increase in GDP. * Overuse/exploitation of resources in the present can deplete resources or permanently damage the environment, thus potentially reducing productivity and output in the future. This is seen from the diagram of the Production Possibility Curve.

    • Word count: 3318
  5. Unemployment HSC Notes

    usually as a result of structural changes. They find it difficult to re enter workforce: * New entrants to work force have more up to date skills * Long term unemployed loss their skills * They have lost enthusiasm to re enter the workforce * Employers look less favourable on those who have been out of work for long periods. Hardcore: Long term unemployed who may be considered as unemployable because of their personal circumstances ? from mental/physical disability to drug abuse and anti-social behaviour, not counted in U/E statistics.

    • Word count: 3277
  6. Carbon Credit Trading

    In fact, reducing carbon emissions through anti-pollution technologies and entering the volunteer carbon market go hand-in-hand and will increase total profits as well as total world social welfare. However, it is an extremely costly endeavor that few companies can afford to implement. Fortunately, Heinz has the financial stability to implement these alternatives as it is a long-term solution that will guarantee sustainability in the food producing market in the years to come. November 18th, 2009 Heinz North America Scott O'Hara, Executive Vice President, President & Chief Executive Officer P.O.

    • Word count: 4834
  7. Are recessions inevitable?

    Conversely, figures can be revised up as well as down. * Fluctuations in Economic Growth. E.g. If economy A grew by 3% in the first quarter and then fell by 0.5% in the next two, it would be considered in a recession. Yet if economy B grew by 1% in the first quarter, then fell by 3% in the next, and finally rose by 1%, it would avoid being categorised under a recession. This is in spite of the fact that economy A would appear to have done relatively better than economy B.

    • Word count: 4033
  8. Globalisation of GAP

    Inspired by the same Values, we reflect the character, spirit and beliefs of Gap in everything we do. Driven to exceed with the right Behaviors, we work purposefully as individuals, as teams, as a company, to be the best we can be and achieve our vision for growth. Our Purpose Every day, Gap Inc. honors the original reason for founding this company: We're passionate that you be you. We make it easy for you to express your personal style throughout your life. Our Values To achieve our purpose, we create an environment that encourages our teams to act with integrity and live by the highest standard of ethics.

    • Word count: 4423
  9. In what ways is the government attempting to increase the willingness to wor

    Using methods such as supply side and demand side polices. These policies have been successful to an extent, and thanks to these policies it has changed the PPF slightly. Reduction in unemployment has meant output of goods and services can move closer to the PPF curve i.e. towards A and B. This can be seen by the reduction in unemployment. An example of Keynsian unemployment is when the economy goes into recession and there is a fall in demand for labour, shown by the shift from D1 to D2. With wages remaining at OW, cyclical unemployment of GE will be created.

    • Word count: 4407
  10. Free essay

    does uk housing market warrant government intervention

    As demonstrated, for a 3 bedroom house in the south, you may have to pay almost three times as much as the north for a relatively similar property. As the next fig. shows it is not just for 3 bedroom family houses that there is a large gap in value between north and south it is the whole housing market. The most up to date figures only further support the evidence of the north/south divide, with in past year the south experiencing double figure growth in price of 13.77% compared to the north seeing less than half of that 5.2%.

    • Word count: 7478
  11. Free essay

    Globalisation and changing career patterns

    Such growth has resulted in more consumers needing goods and services, and subsequently more and more residents of developing countries are gaining employment with multi national organisations, increasing their own quality of life. However, this has also had a knock on effect on UK industry and employment. These changing patterns throughout the globe have affected the way services are delivered, resulting in a significant impact on the career choices of many individuals. For the purpose of this report, I will aim to define globalisation and will take into consideration the effect globalisation has had on the career choices of UK employees, paying particular focus to my own industry - IT.

    • Word count: 5896
  12. This paper investigates an evidence to support the HOV model by carrying out a factor content analysis of trade of a single country, Vietnam, which has not been carried out before

    Five production factors were taken into account; capital, land, un-skilled labour, semi-skilled labour, and high-skilled labour. Unskilled labor is defined as no education and primary education, semi-skilled labor is secondary education and vocational training, highly skilled labor is university degree. The method for testing this trade theory was based on matrices multiplatinum, resulting in two non-parametric tests, the 'sign test' and the 'rank test'. In addition, a Spearman's and Kendall correlation test was computed to check the relevance between the 'sign test' and the 'rank test' for the case of Vietnam. This paper was outlined into seven sections, section I gives a brief introduction, section II reviews factor content studies.

    • Word count: 5621
  13. Will trading fairly reduce world poverty?

    This has shown in 2000 as the annual report on human development showed that 1.2 billion people were living on less than $1 a day, which is approximately 50p. I feel that this question is very important as one of the main causes of global inequality is unfair trade. (Source: GCSE humanities for AQA, page 176) There are many forms of trade; another form of trade is international trade. International Trade can make a tragic impact to millions of producers forcing them into debt if the prices of goods fall.

    • Word count: 6806
  14. A Comparison Of The Path Of Development In

    This hypothesis seems correct as one consults history books to find that the very first settlers were servants of the byeboat keepers who traveled to New France as passengers on fishing ships and were ordered to stay by their employers. Eventually some byeboat keepers and other fishermen elected to stay as well for similar reasons instead of returning. Although the people who stayed as a result of fishing could not be referred to as a 'settlement' as the numbers were quite few and they did not result in a natural increase as there were hardly any women among them.

    • Word count: 4130
  15. To what extent has globalisation been benefical to China's economic growth?

    Investigation Just over 25 years ago, China began the renovation from a centrally planned to a more market based economy, by gradual economic reforms. In order to make this transition happen, the Chinese Government realised that it would be necessary to promote access to foreign capital and advanced technology through greater integration into the multilateral trading system. China went from autarky to a more open economy through a gradual and highly managed transition. China did not officially join the WTO until the 11th December 2001, after 15 years of negotiations with GATT, the original organisation of the WTO.

    • Word count: 4241
  16. A Study of Globalisation - A study of multinationals and their effect on our local communities

    Introduction to Globalisation Definition: Globalisation can be defined as ' the intensification of worldwide social relations which link distant localities in such a way that local happenings are shaped by events occurring many miles away and vice versa' (Giddens 1990). It has also been described as ' process which embodies a transformation in the spatial organisation of social relations and transactions - assessed in terms of their extensity, intensity, velocity and impact - generating transcontinental or inter-regional flows and networks of activity'.

    • Word count: 3991
  17. International trade - In this case I choose the country Canada. When doing a research the best information you must find, is the SLEPT analysis. Using this analysis, you are able to know more about the Social, Legal, Economic, Politics and the Technology

    However, the return from this land wouldn't be constant the same. In fact the land would suffer from decreased returns. When you buy extra land it would become more and more profitable and it attract a further capital. The allocation of each factor of production to each area of economic activity would be determined by the level of economic rent, which could be earned. When the returns are decreasing, the capital would shift to more profitable activities. International trade theory The international trade theory, also named as the comparative advantage, is focused on comparative costs and how a country could make profit when it had lower costs.

    • Word count: 7715
  18. ECN353 International Economy

    Moreover, it is later confirmed by a traditional trade model known as the Heckscher-Ohlin model. According to economic theory, free trade affects the prices of factors through the change of relative prices of goods. Trade initiates a reduction of the relative price of products intensive in unskilled labour, as well as increasing the relative prices of products intensive in skilled labour. Consequently, the relative wage of skilled labour increases, while that of unskilled labour decreases. As a result, wage inequality becomes apparent. What's more, economic theory is confirmed by studies carried out by several economists.

    • Word count: 3682
  19. The failure to cooperate and coordinate macroeconomic policies will leave countries worse off than an outcome involving cooperation

    is usually regarded as a classic example of a 'beggar-thy-neighbor' policy because it result in an expansion of domestic output at the expense of foreign output. Assuming fixed exchange rates, in the case in which the foreign country is responsible for fixing the exchange rate, the monetary expansion in the home country will lead to a monetary expansion in the foreign country that is necessary to hold the exchange rate fixed. The result is a global monetary expansion. Second, consider the fiscal policy transmission.

    • Word count: 3084
  20. This essay aims to discuss the post-WWI economic disaster, the impacts this had on the international scale and the methods used by the world's economic leaders to implement and establish a new world economy

    saw their gold stocks more than doubled to about 40 percent of the world's monetary gold. This enabled them, when they joined the war in 1917, to make loans directly to the Allies. This reversed the role, which they had played throughout the nineteenth century, from net debtor to creditor, a position they would hold well into the 1980s1. The greater economic impacts of the war were astonishing, entire nations saw their budgets interrupted, the previous thoughts about spending and taxes were torn apart and industrial production and patterns of international trade were permanently distorted. Some countries experienced growth in markets formerly dominated by the European nations, such as the Canada, Australia and Argentina in the

    • Word count: 3164
  21. CRITICALLY EVALUATE THE THEORIES OF ABSOLUTE ADVANTAGE (ADAM SMITH MODEL) AND COMPARATIVE ADVANTAGE (DAVID RICARDO MODEL). TO WHAT EXTENT DO YOU THINK THAT THEY EXPLAIN

    (International Business Environments and Operations, 2004). It is easy to see that if countries have an absolute advantage there are advantages to trade. However, what happens if one country has an absolute advantage over its trading partners in the production of a number of goods? Specialisation and trade can still result in there being welfare gains made from trade. A country has a comparative advantage in the production of a good or service that it produces at a lower opportunity cost than its trading partners.

    • Word count: 3452
  22. Compare and contrast the levels of economic development in the regions of Europe and Africa.

    Without a doubt, Europe has a much bigger influence in the economy with those around them than Africa, which will explained in detail as to why and what significance this has. In addition, ways in which Africa can improve themselves, become stronger and start to have more influence on economies around them will be discussed. In addition, points will be raised as to how Africa can improve its economy to gain more status and influence as that of Europe. The main economic indicators that will be used will mainly be trade/ industry but will however cover briefly areas such as finance and GDP growth.

    • Word count: 3163
  23. Globalization is undoubtedly not a single phenomenon.

    Are the richer countries of north exploiting poor countries in order to further exert global dominance? Or, simply stated, is globalization what is needed to help poorer nations escape the restraints of their third world status or just a mechanism by rich nations to impair them? Ultimately, the goal of globalization is to achieve a world economy reaping the benefits of additional trade and, consequently, mutual dependency and therefore creating more jobs and prosperity for the participating countries. However, some such as Martin Khor, an economist and director of the NGO Third World Network, believe that free trade within a global market will polarize the poorer countries from the richer nations still further.

    • Word count: 3190
  24. To what extent has globalisation created a 'borderless world'?

    The cost of a three minute telephone call between New York and London fell from $244 to $3. Consumer tastes and their responses have changed. Consumers in many countries are more willing to buy foreign products. Examples include cars from Korea and Malaysia which are now purchased in Europe. It could also be argued that consumers around the world have increasingly similar tastes. Some food products, such as Cadbury's chocolate, are sold in many countries with little difference to their ingredients.

    • Word count: 4480
  25. Feminist approaches to the study of international relations theory

    Among the early books, now classics of the field, are Jean Bethke Eishtain's Women and War (1987) and Cynthia Enloe's Bananas, Beaches and Bases (1989). In addition, J. Ann Tickners Gender in International Relations: Feminists Perspectives on achieving global security (1992) and Christine Sylevester's Feminist Theory and International Relations in a Postmodern Era (1994) made their mark in the early 1990's. While they are all different in their approach, they are united by seeking to rethink IR's basic parameters.1 Research into gender is now a major growth area in international relations. Gender and IR were very slow to connect historically however, and there was no feminist work to speak of until the 1980's.

    • Word count: 3116

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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