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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).

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  1. Can there be certainty?

    If a business doesn't grow, it can plan for the future, to reduce certainty and increase confidence in decision-making. However, planning for the future maybe difficult due to shifts and changes in trends. They could also adopt different strategies such as market penetration, market development, product development and diversification. All of these strategies would assist the Body Shop in achieving growth. Anita Roddick had established the first store of Body Shop in 1976, 6 months later a second store had opened. In 1978, The Body Shop began to expand overseas, making a franchise in Germany. By 1984, it became a public limited company.

    • Word count: 1485
  2. 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.

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  3. 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.

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  4. Essay on Adam Smith

    Here he introduced a number of substantial concepts that have arguably affected the world hugely; these being: the invisible hand, division of labour, freedom of trade, modern capitalism and his own growth model. These ideas are all inter-twined however each is a valuable concept, so first I will discuss the idea of the invisible hand. Smith's perhaps cynical view is that individuals are out to increase his or her own interest before anything else and according to Smith an individual "neither intends to promote the public interest, nor knows how much he is promoting it".

    • Word count: 1570
  5. 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%.

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  6. 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.

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  7. 'Globalisation should not be resisted.' What do you think?

    A globalised world would be one where countries are interdependent on each other. This may be because every country may have a strategic interest in another location, or its monetary support is crucial for the economy. One example would be the United Nations' current situation: the attack on Iraq. An attack on Iraq may increase the price of oil. However, the threat of weapons of mass destruction is no trifling matter. This predicament highlights the fact that everybody in this world is affected by the acts of others. The United Nations symbolises the beginning of a united, integrated and globalised world.

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  8. 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
  9. 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.

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  10. Why was the expansion of trade and empire so important in determining British foreign & imperial policy in the period 1846-1902?

    Other great powers such as Russia influenced Britain's foreign policy. Russia was a threat to Britain for a number of reasons; they were seen as an aggressive expansionist nation, and Britain feared the Russians expanding into Europe through their support for Slavic groups within the Ottoman Empire into the Balkans. Britain was also worried about potential Russian expansion by land into the Far Eastern reaches of her empire - India in particular - the "jewel in the crown". Britain's dominant position in the Mediterranean - with control at the western end through Gibraltar and via the Suez Canal in the east could only be threatened through the Black Sea by the Russians.

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  11. EXPANDING C&C INDUSTRIES

    As always, if you have any questions regarding this report please feel free to contact me at any time. I would enjoy discussing my research and reasoning with you. Thanks for giving me the opportunity to present this report on such a critical matter for C&C Industries. Table of Contents Introduction 4 Analysis of Findings 4 Conclusion and Recommendation 7 Works Cited 9 Table of Figures Figure 1 6 Figure 2 6 Figure 3 7 Expanding C&C Industries into Overseas Markets Introduction Expanding C&C Industries into overseas markets will be the key to growing our business. The opportunity for C&C Industries to expand our Network Services division outside of China has arrived.

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  12. Globalisation: Economics and Society

    This is illustrated in figure 1. by an outward shift from AD1 to AD2. . Figure 1. The second and perhaps the most important argument in favour of free trade is that based on the theory of comparative advantage. It states that "If each country specializes in those goods and services where they have an advantage, then total output and economic welfare can be increased. This is true even if one nation has an absolute advantage over another country"2. To fully understand the concept we must apply the theory to real life. To recognize which country should specialize in which product we must work out the opportunity cost or alternative foregone.

    • Word count: 1892
  13. Discuss Globalization.

    ended in failure with many trade barriers continuing to proliferate. (30 marks) 3. One of the major criticisms of globalisation is that growth in trade is bad for the environment. Using appropriate economic concepts, evaluate this argument. Is there any evidence to support it? (40 marks) Globalization, free trade and the removal of protectionist barriers are three economic concepts that come hand in hand. The definition of globalization is 'the development of the world into one market place' (Grant 2003) and the way this could be achieved would be by the removal of protectionist measures such as quotas and tariffs, to create free trade between all countries.

    • Word count: 2400
  14. Is Globalization bad for the third world?

    In its broadest terms globalization encapsulates the free flow of ideas across the globe and there is very little argument for this being bad for anyone. It can be seen that in authoritarian third world states today there are liberal, humanist protest groups rising up to demand better human rights and a more equal democratic society. Although social democracy is not necessarily the best ideology to follow, and its pursuit has led to some bloody conflicts, globalization and the spread of ideas has allowed people in poorer areas to make a choice between different political options in a way they never could in the past.

    • Word count: 1617
  15. 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.

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  16. 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
  17. Globalisation is the way forward for both rich and poor. To what extent do you agree with this statement? Explain your reasoning.

    As the Wikipedia definition states, there are several aspects to globalisation, all of which have to been to be taken into consideration to be able to assess the different outcomes of globalisation for the rich and the poor. 1) The economical aspect of globalisation One of the main economical factors is international trade/investment, which has been both the cause and the outcome of globalisation. It has expanded rapidly, e.g., the number of tonnes of goods traded has increased sixteen-fold since 1950, according to the Carnegie Endowment for International Peace organisation.

    • Word count: 1826
  18. 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
  19. Analyse the reasons for reducing protection and its impact on the domestic and global economies.

    Free trade enables these goods to be obtained. Ricardo's law of Comparative Advantage states that, even if one country has an absolute advantage in producing all goods over another, each country will gain from trade providing each specialises in the production of that good in which it has a comparative advantage, or lower opportunity cost, in producing. If a country produces to its comparative advantage, the LRASC (long run average supply curve) will move to the right. It will also lead to reduced costs of production as nations move towards economies of scale.

    • Word count: 2186
  20. 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
  21. Free essay

    The United States contributed greatly to the development of the international economy in the period 1945-2000. Discuss.

    The United States willingness to sustain a deficit so as to provide the liquidity required to underpin the Bretton Woods IMF scheme was also crucial in providing necessary liquidity needed for the increase in international trade. Besides, the US also insisted that the Europeans to collaborate and integrate their economies more closely. This led to agreements to reduce trade barriers such as the United Nations Economic Commission for Europe and Economic Cooperation and Development (OECD). US made significant contributions in reviving the European economies that allowed Europe to be a strong economic power.

    • Word count: 1451
  22. 'Whether we call it "globalization" or "inter-nationalization", very few people, organizations or states stand to benefit' To what extent do you agree with this statement?

    We are all losers in terms of global problems such as pollution - acid rain, toxic waste etc and it extremely daunting to think that we are totally limitless in our control of them. For example, in April 1986 an accident occurred at the Chernobyl nuclear power station in the USSR. This caused a cloud carrying radioactive particles to hit Britain. Ten years on, as a result of the fall-out, 70,000 sheep in Cumbria remained contaminated (Cochrane, A. and Pain, K.

    • Word count: 1781
  23. Why were exchange rates so stable under the Classic gold standard?

    The second condition was money circulating as a ratio to gold reserves, also known as the 'Gold content'. How much this ratio varied depended on the country. Britain, Finland, Japan, Norway and Russia were 100% backed with gold reserves while Belgium, Holland and Switzerland used a cover system that allowed some degree of flexibility in the reserves of gold held. There also seemed to be a lack of exchange control associated within the gold standard with currency conversion being regulation-free. Lastly, both people and money and hence gold were allowed to freely cross borders making monetary exchange and conversion easier for consumers and producers alike.

    • Word count: 2527
  24. Has globalisation widened or narrowed the gulf between rich and poor countries

    The second understanding of globalisation and inequality is more pessimistic and it sees globalisation as a means of allowing there to be new forms of domination and exploitation via neo-colonialism. In order to validate these views I will provide evidence, which supports both perspectives by referring to a range of examples including the success of the Asian Tigers. Finally I will briefly summarise whether globalisation has narrowed or widened the gulf between rich and poor countries. The single most significant feature of globalisation is that it is not truly global.

    • Word count: 1956
  25. From Free Trade to Forced Trade: Canada in the Global Economy, written by Peter Urmetzer exclusively discusses the idea of free trade. The author claims that free trade is a neutral activity that neither has huge advantages nor disadvantages as well as an

    up their arguments differed greatly in terms of research methods and its presentation such as illustrations and statistics, structures of the book, and comparisons made in each books and High, providing more detailed evidences and explanations, proved more successful in supporting his arguments. Urmetzer begins his arguments by saying that free trade does not have a major effect on economies and it is rather a big idea of our time, designed for solving all social and economic problems. However, he states that there is not sufficient evidence to prove whether free trade has significant impact on industrial and economic growth or not.

    • Word count: 1535

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