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International Baccalaureate: Economics

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  1. Econ IA-Supply and Demand

    "In the discounting phase we see retailers like Woolworths, 7-Eleven, United and many of the other independents who are driving the discount down through the entrenched cycle. "They see what each is doing and they have this [Informed Sources] website where they exchange information. "We believe that that is what we've described as coordinated conduct. It's not collusion as described in the act, so we're not saying it's a breach of the act. "But nevertheless it's an issue that for us causes some concerns and we've raised that issue with the Government."

    • Word count: 1183
  2. Free essay

    Commentary on six Economics Articles

    Daddona says "We thought there was going to be some let up, so we were a bit surprised (at the statewide statistics) but when we saw the national numbers and the job losses were larger than anticipated and larger than the previous month, I think what we're seeing in Connecticut is just a reflection of what's happening nationally." This article shows an example of the current recession and employment in Connecticut, as we always discussed in the class. According to the article "Pfizer Reports 26 Percent Earnings Increase", Lee Howard states that Pfizer's earnings are up 26 percent compared to last year.

    • Word count: 1382
  3. IB Macroeconomics Commentary

    In his written report, Dhawan did cite some hopeful signs. Businesses that do see additional demand and consumers that are willing to borrow will have an easier time getting the cash they need, he said. "Credit markets are beginning to thaw and that is a good sign." Nationally, the economy will probably grow this current quarter - but at less than a 1 percent pace, said Dhawan. The economy will likely shrink at a similar pace in the next quarter, he said.

    • Word count: 1269
  4. GPD countries

    It is impossible to compare different GDP numbers when it is measured by different methods. For example, in 2007, International Monetary Fund (IMF), World Bank (WB) and CIA World Factbook (CIA WF) measured GDP of all countries in the world. Even though their countries ranks should have been the same, they differed substantially. According to IMF, Mexico was 13th country in the world by GDP with $1,022,816 mln. In WB statistics Mexico was 14th ($893,364 mln) and in CIA WF it was 15th ($893,400 mln). When comparing countries, it has to be remembered to compare GDP figures from one source.

    • Word count: 1272
  5. Vacation In Australia

    These concepts can be applied on the item of Vacation in Australia. Firstly we must mention the attractions that Australia offers to tourists that want to travel to there. In first place Australia offers ecological diversity, extreme sports and also anthropological activities because of the interaction with aborigines. But there are several non- price determinants that can affect vacations in Australia. The first determinant that is going to be analyzed is tastes and preferences. In the case of Colombia there is not much advertising about vacation in Australia, instead places like Brazil, South America and mostly Panama and USA, receive all the advertising.

    • Word count: 1615
  6. Economics Assignment Methods of Calculating National Income

    which includes the cost of raw materials and intermediate inputs and imputed rent on any owner occupied housing * Interest * The output method: o Adds up the value added by a firm's production: * The value of the firm's output minus the value of inputs o Alternatively this method adds up the output of final goods and services. * If $100 worth of goods and services has been produced (output method) this must have generated $100 worth of income (income method)

    • Word count: 1066
  7. Protectionism and Free Trade

    Dumping is however condemned, not prohibited. As long as a domestic industry is not materially injured or not threatened with material injury (ia.ita.doc.gov), a foreign company is not guilty of dumping. Dumping is a threat for a country's economy. However this is only one negative aspect of free trade and is a very uncommon one due to the very strict restrictions. Even if a government feels dumping a tariff will solve the problem, pushing the prices back up and increasing revenue.

    • Word count: 1137
  8. Economcs commentary - Title: Euro Zone Posts Current Account Deficit

    "Euro-zone exporters have learned to live with a strong euro over the last years ... although of course it will start to hurt a bit" if the single currency continues to rise, he said. The euro rose above $1.50 for the first time in a year on Wednesday, but fell back slightly Thursday, recently trading at $1.4950. The trade surplus of �6 billion and services surplus of �1.8 billion were offset by a wider deficit in current transfers, which rose to �7.2 billion from �6.3 billion in July, and a slightly narrower deficit in income of �1.8 billion.

    • Word count: 1256
  9. Economics Commentary Topic-: Who will prove cartels in steel?

    He also said that no evidence of cartelization had come to the notice of his ministry. So, can the real estate body's claims be read as support of the Chidambaram/Paswan view, and a response to Prasada's stated lack of complaints? It is not clear if the council has given evidence on price hikes compared with input cost increases for the steel industry. Lack of clarity is the one thing that emerges from recent government responses to rising inflation. Most important is the absence of appropriate systems to throw light on the question of cartelization. We refer, of course, to the case of the missing Competition Commission of India (CCI)

    • Word count: 1141
  10. Analyse the impact of the credit crunch on the differing economic systems, and consider its implication.

    With little debt being paid off, financial institutions like mortgage providers and banks have been unwilling to take on more debt themselves, and have little money to lend and so these affects have spread around the world. With the examples of the US as a free market economy, North Korea as a command economy, China as a transition economy, and the UK as a mixed economy, I will explore the impact and implications of the recent credit crunch. In a free market economy, for example that of the US, resources are allocated by the price mechanism.

    • Word count: 1654
  11. IB Economics IA - Commentary 2 (Mortgage Rates Down)

    had been made to the money supply thereby the interest rates had increased. Following on, this cause has resulted in falling sales and commodities. This graph illustrates the basic Aggregate Demand [1] (AD)/Aggregate Supply [2] (AS) model and AD curve has fallen resulting in prices falling. This change has occurred following high prices level (inflation) - because of oversupply of money. Because of high prices, the value of money has decreased resulting in AD falling. This has also caused the National Income to drop, unemployment and interest rates to increase. The increase in interest rates raised the cost of borrowing, which meant consumer and investment spending will fall.

    • Word count: 1090
  12. Economics LDC Types of Aid

    "Capital accumulation increases productive capacity and allows higher output, which then leads to more savings, and so on."2 This can be seen as a vicious cycle, where this model highlights the importance of each of the four factors. In Figure 1: The Harrod-Domar Model, the focus is particularly on the importance of investment and the need for a flow of savings to enable this. In relation to developing countries; domestic savings are repeatedly deficient, thus growth cannot occur. In order o a developing nation to accrue the savings, they may need to draw in resources from abroad, in forms of aid or foreign direct investment.

    • Word count: 1658
  13. Buffer Stocks

    These vast stockpiles have dwindled to nothing as the EU tried to drop its reputation for spending much of its budget propping up farmers, but moves to scrap the provision for emergency buying and subsidies were blocked by the French government last year. The re-introduction of hand-outs for farmers to top-up the market price of butter and other dairy products could also be the final death-knell for a new world trade deal to open up markets, especially if the new US administration decides to follow suit and further protect its farmers.

    • Word count: 1306
  14. Outline briefly- with a diagram, the key economies and diseconomies of scale, both internal and external. How useful is the whole concept of Economies of Scale?

    3000. Thus the average cost per unit is (3000/100) = Rs. 30. The company then imports a machine costing Rs. 2500 which increases the rate of production. Now, in the same Rs. 3000, it can produce 150 units of the soft-drink. Now, the average cost per unit becomes 3000/150 = Rs. 20. As seen, the average cost per unit has decreased by Rs.10. Here we can say that the company has succeeded in achieving economies of scale. What about the Rs. 2500 incurred in machinery? In the short run, though it may appear as if costs have risen due to extra investment, it is only a one-time investment and will lead to increased production and efficiency, and decreased costs per unit in the long run.

    • Word count: 1415
  15. Production Possibility Frontier (PPF)

    Factors of Production: another intimidating term? Factors of production in simple terms refer to the four main resources used while producing goods. They include 1) Land 2) Labor 3) Capital 4) Enterprise PPF and Opportunity Cost Opportunity cost is the value of what is foregone to have something else. Due to limited resources, if more of a certain product needs to be produced, less of another must be produced. The opportunity of enjoying one product is lost when less of that product and more of another begins to be produced.

    • Word count: 1481
  16. Commentary 1: The article deals with the OPECs decision to keep production quotas unchanged as the market is oversupplied with crude oil. Abiding by the fundamentals of supply[1] and demand[2], the worry of the OPEC member states involves

    The meeting's closing communique said "whilst there are signs that economic recovery is under way, there remains great concern about the magnitude and pace of this recovery," especially in the West. The group noted uncomfortably high crude and refined product levels, which reflect that refiners are not eager to churn out additional product. "Since the market remains oversupplied and given the downside risks associated with the extremely fragile recovery, (OPEC) once again agreed to leave current production levels unchanged for the time being," the statement said.

    • Word count: 1270
  17. Evaluating interest rates

    The level of consumption is the consumer's expenditure or in other words, the purchase and use of goods and services by consumers, or the quantity of these purchased. The level of consumption will decrease for simple and obvious reasons: if interest rates are raised the banks will charge more for their loans and credits. This reaction from the banks will send a disincentive to the borrowers; a borrower will have to pay more interests for a loan therefore there will be less borrowers.

    • Word count: 1121
  18. Winners and Losers of Inflation and Deflation

    One of the government's macroeconomic goals is a low and stable rate of inflation as there are many consequences of high levels of inflation. High levels of inflation rates are often followed by recessions when demand plummets. Inflation affects people differently. The most obvious consequence associated with inflation is the consumers' loss of purchasing power. Consumers who have fixed income experience a loss of purchasing power because as the average price level increases consumers real income falls. This means consumers can now purchase less than before with the same amount of money.

    • Word count: 1387
  19. Economics Commentary - Tax cuts make a cross-party comeback, thanks to economic woe

    This would set the scene for the pre-budget report (PBR) on November 24th, which will reveal details of the government's plans to lower taxes and borrow more to pay for it. These could include bigger tax credits and more help for losers from the abolition of the 10% income-tax rate. Bringing forward spending is also likely to feature. The Conservatives' plans, announced on November 11th by David Cameron, their leader, eschew any tax cuts that are not matched by cost savings.

    • Word count: 1822
  20. What are Elasticities?

    in price leads to a larger change in demand; if price is changed, the demand will fall more by comparison; if a firm has an elastic product, they should not raise the price of the product o Unit Elastic Demand = value is equal to one; a change in price will lead to a large, opposite, change in the quantity of demand; if the price is raised by a certain percentage, then the quantity demanded will fall by the same percentage, meaning the revenue will not change o As the price of a product goes lower, so does the value

    • Word count: 1130
  21. Tax Bungle

    Furthermore, the plan included large dividend tax cuts. A dividend tax is an income tax on dividend payments to the stockholders of a company. In addition to the above tax cuts, large estate tax cuts were proposed. The estate tax is unique to the United States, it is a tax imposed on the transfer of the 'taxable estate' of a deceased person. This tax proposal was overall of tremendous benefit to the rich; this will explained further later on. Stiglitz points out very clearly that this proposed tax cut plan was not designed to stimulate the economy.

    • Word count: 1431
  22. Wealth Doesnt Require Morals

    This is at least what Paul Krugman argues in his article "For Rich". In order to analyze the status quo to the fullest extent, historical comparisons must be explored, in particular, the first 'Gilded Age' in the early 1900's. During this time, there was a substantial growth in population and extravagant displays of wealth. Figures such as J.P Morgan, Andrew Carnegie and John D. Rockefeller are the epitome of this age. The economy was controlled and run by these robber barons.

    • Word count: 1085
  23. Commentary on News Article

    This has a negative effect on the population, since some people can not afford anymore to buy the amount of tortillas they used to; and many are in fact in a situation of poverty, and the rising prices of such a preliminary food has altered this. Since the producers of corn now want the companies that use corn to make other food to pay higher prices, then the companies have to put higher prices on their products. For example, if a farmer is now asking 50$ for 10 kg of corn, to a company, that same company to make a profit, will have to sell the cereals at a higher price.

    • Word count: 1543
  24. Make Educating Girls a Priority

    One way for these countries to head towards economic development is by 'making educating girls a priority'. Making separate schools in places where girls and boys are educated separately is one solution. It is believed that by building girls' schools, the education gap can be eliminated to a great extent. Policymakers can strengthen the incentives for parents to send their daughters to school by setting the no-fee policy. However, in economics, nothing is for free. There is always someone or something that pays for it. A no-fee policy may be brought about by taking a portion of the people's taxes.

    • Word count: 1070

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