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International Baccalaureate: Economics

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  1. An analysis of why economic sanctions are good

    But the aff shall prevail if, and only if he can prove otherwise...... C1: Smart economic sanctions are needed to compel foreign leaders. The resolution calls for a general ban on economic sanctions in dealing with foreign policy objectives. One of the foremost arguments against sanctions is the harm they may potentially bring. But these potential harms are mostly caused the imposition of broad, wide-ranging sanctions. But not all sanctions are harmful- there are good sanctions. The sanctions in the 21st century are targeted and narrow, not general. One of the common criticisms of economic sanctions is that they have injured civilian populations in the past.

    • Word count: 1500
  2. An analysis of Why Economic Sanctions are bad. Quotes and argument.

    (businessdictionary.com) Ought- used to express obligation. Foreign Policy- the policy of a sovereign state in its interaction with other sovereign states. Objectives- : an aim, goal, or end of action. (In case of argumentation relating to resolve not confined to U.S.A) Sovereign- one that exercises supreme authority within a limited sphere. All unspecified definitions are from Merriam Webster Core Value: Morality Value Criterion- Kant's Categorical Imperative, which is the moral principle that behavior should be determined by duty. Kant argued that morality is a standard that applies to the intentions behind an action.

    • Word count: 1554
  3. What is Economics? What do Economists do?

    Since your time is scarce you have to choose how to spend it. The money you own is scarce. You have to choose how to spend it. When you choose something it means that you have to give up, or forgo other things. � It is time to introduce a key economic concept, the concept of opportunity cost. � Any time you make choice, you give up other choices. � This act of giving up the other choices carries a cost with it - you have lost the value to you of the other choices.

    • Word count: 1563
  4. Scottish government reintroduces alcohol pricing bill commentary

    In the case of this news article, the main reason why Scotland's government wishes to impose a minimum price per unit of alcohol is that it wishes to discourage people from consuming as many alcoholic products. If their proposal is adopted and officially put into place, Scotland will be the first country in Europe to have such a limit on alcohol purchases.

    • Word count: 415
  5. Economic Commentary, Title of Extract: China to Release More Data on Air Pollution in Beijing

    The air pollution in Beijing is a negative externality. Negative externality is cause by over consumption or production which outcome a spilled over negative effect which affected the third party, in this case which is the whole society in Beijing. The consumers of use of cars are consuming at the marginal private benefit instead of the marginal social benefit, which include the cost of the air pollution they produced by consuming the use of cars. When, market failure exists. A simply diagram can explain this clearly: Market of use of car In above diagram, it shows the market of consumption of use of car.

    • Word count: 824
  6. Economics Commentary - article on the Haitian Earthquake

    First of all, there will be a change in Haiti's economy because there's a huge effect of Haiti's production. Haiti lost 250,000 people and 300,000 people were injured. They lost loads of labor and enterprise just because of this. Labor are human resources providing power to make goods and services Enterprise is a firm is an owner of a factory or company e.g. Nike, Apple. Capitals such as Houses, hospitals and factories were destroyed. Capital is man made resources that use for production. Many animals got kill by this earthquake and tsunami and destroyed timbers there's loss of land.

    • Word count: 729
  7. Economics commentary Demand and Supply. Title of extract: Prices of TCM herbs shoot skyward

    The appreciation of the Chinese yuan has made the exports of Chinese herbs more expensive. On the other hand, herbal plantations are destroyed and less land is available for plantations due to rapid urbanization. These factors shift the supply curve to the left. As seen in Figure 1, the initial price and quantity of TCM herbs are P0 and Q0 respectively. As the 6.9 magnitude earthquake and massive landslide hits China, the supply of TCM herbs decreases significantly, causing a shift of the supply curve to the left from S0 to S1.

    • Word count: 996
  8. Exchange Rate Revision Notes.

    rate system * Floating Exchange Rate- an exchange rate system where the value of the currency is allowed to be determined by the demand for and supply of the currency on the foreign exchange market. o There is no government influence on the value of the currency * Appreciation- the value of a currency rises in a floating exchange rate system (demand & supply for currency)

    • Word count: 541
  9. Economics Commentary- Market Failure. In the article, the negative externality was the spilling of toxic chemicals that caused large-scale environmental pollution[1]. The full cost of this polluting is not reflected in the market prices of

    Goods with a negative externality are called demerit goods. In a free market economy, demerit goods are overprovided, and therefore overconsumed. Cigarettes, for example, are demerit goods, as smoking has a negative effect on a third party, like the consequences of second hand smoking. In the article, the negative externality was the spilling of toxic chemicals that caused 'large-scale environmental pollution'1. The full cost of this polluting is not reflected in the market prices of the goods that the Biaoxin Chemical Company produces. Moreover, even though the company does offer job opportunities to the local population, the company causes a greater social cost to the people than the social benefit that can be gained through the income of the jobs.

    • Word count: 764
  10. Demand-deficient Unemployment article commentary.

    The decision was made to 'stop vulnerable workers from losing their jobs in a labour market that had deteriorated rapidly.'2 However, this means that low-paid workers have less disposable income available which may lead to purchase power decreasing and increasing inequality in the economy. Graph showing a decrease in AD (Fig 1) Demand-deficient unemployment (Fig 2) Average AD AD LRAS Average AS Price Real Level Wage Pl W a b Pl W AD AD Y Y Y Q Q Real Output (Y)

    • Word count: 768
  11. Economics article commentary. June Harvest to Reduce inflation

    However, as far as this article is concerned it is basically cost push inflation that is of major concern. Cost push inflation is caused by rising costs of production that forces producers to increase prices of the final products. High food prices have been the main driver of inflation due to the drought that hit the country early last year. Agriculture depends on natural factors beyond human control such as weather. A drought will cause shortages that will result in escalating prices as shown in the diagram below.

    • Word count: 745
  12. Is it possible to reduce unemployment without increasing inflation

    In the case of inflation and unemployment, the policies to reduce them are well summarized by the Keynesian versus monetarist respective approaches. The monetarist approach views unemployment, in the long term, as an anomaly in the functioning of the labour market. As for any other market, monetarists will argue that unemployment is just an excess of supply of labour over the demand for it, at the prevailing wages. This should be a temporary phenomenon, only expected in the short-term unless there is a malfunctioning of the labour market.

    • Word count: 1527
  13. Economics commentary - China set to introduce new rules on smoking in public

    This good produced is harmfully or damagingly affecting the society. Therefore there is misallocation of resources. Traditionally Government intervenes by adding to the basic price, taxes to lower the demand on the good which influences the social and private cost positively by lowering their quantities as shown in {figure A}. Concerning the article, the negative externality is present in china due to cigarettes supported by the fact that 1 out of 3 people is smoking, which is considered a negative pick rate, which surely affects the environment and the third party, as mentioned above. This fact, and the increase of cigarettes consumption, makes "The country's authorities believe smoking kills more than one million people every year and that figure is predicted to triple by 2030".

    • Word count: 978
  14. Economics Commentary. This article describes changes to the EU Common Agricultural Policy (CAP) and the different views to these changes. It deals with the economic principles of minimum prices, subsidies and buffer stocks.

    This causes Supply to shift outwards. This creates a surplus (the quantity from Q1 to Q2). The EU eliminates this by buying up surplus. This shifts demand outward, creating a new equilibrium at the minimum price. An example diagram for wheat is shown on the right. The EU stores the surplus as a buffer stock. When there is a supply shortage, they can release some of the surplus into the market. This allows the EU to stabilise prices in the event of an exogenous shock. Stability is created because prices and supply will always be constant through government manipulation of demand and supply.

    • Word count: 711
  15. Economics Commentary. This article deals with the development of African countries through export-led growth and export performance.

    Protectionist policies such as subsidies have also lowered prices. Because demand for agricultural commodities is very income inelastic, demand has barely changed. This means that prices of agricultural products have fallen dramatically. At the same time, people are now consuming more manufactured goods, which are income elastic. This increases the cost of manufactured products, which are Africa's primary imports. The falling global price of agricultural commodities and increasing cost of manufactured goods means that Africa faces deteriorating terms of trade.

    • Word count: 752
  16. Article analysis. The article I chose is about the recent rise in inflation in Hong Kong which mainly accelerated the food prices and the private housing rents.

    The consumer price index is the official measure of inflation in a country. Hong Kong's CPI has risen by 5.6% in one year which consists of the prices of food and property which are the major drivers of inflation. As it states in the article, the reason for this rise in inflation is strong domestic demand. This rise in aggregate demand, which is the total demand for goods and services produced in an economy over a period of time, has caused demand pull inflation in Hong Kong, which occurs when the demand exceeds the supply in an economy.

    • Word count: 727
  17. Growth and Development Problem Set - IB Economics exam questions and answers.

    Good governance also insists on transparency, control of corruption and consultative process between government and private interests. Let us provide an example to show the distinctive influence of different governances to economic growth. North and South Korea were both extremely poor in 1950. Between the end of the Korean War and 1980, both countries were dictatorships. Yet South Korean dictators chose capitalism and secured property rights and the economy grew rapidly, reaching per capita income level of US$ 1589 in 1980. In contrast, the North Korean dictator chose socialism and the country only reached the level of income of US$ 768 in 1980.

    • Word count: 5550
  18. Why might a given increase in real GDP not accurately reflect an increase in living standards?

    The reported growth in real GDP largely depends on the government and the accuracy of their statistics and calculations and even if a government is extremely careful in their data collection and calculations, there will be economic activity that will not be measured. Shadow economies, also known as underground economies or black markets, are extremely prominent especially in countries in which production taxes are high. Markets in these economies do not declare their economic output usually either to avoid being taxed or because its goods have been banned.

    • Word count: 1151
  19. Economics Commentary - U.S. Concerned Over Indian Trade Barriers

    There are a number of gains to be made from trade including lower prices, greater choices, differences in resources, and increased competition between producers. By reducing imports, India is limiting its economic efficiency. Trade results in a consumer surplus2 because consumers have the choice of buying the same goods at cheaper prices. (See Graph Below) In the graph above, the world price (PW) is perfectly elastic because as long as consumers are willing to pay the world price3 they can import as much as they want.

    • Word count: 763
  20. Economics Commentary: Ethanol as a substitute fuel.

    Ethanol is being touted one of the better eco-friendly fuel alternatives on the market today. A United States Department of Agriculture (USDA) report indicates supplies of corn and soybean crops will decrease going into 2011, pointing to strong quantity demanded, higher prices and an increase in corn and soybean plantings in the following years. The decrease in supply translates to an increase in quantity demanded and an increase in prices. Consumers plan to buy more gasoline with more usage of their cars as well as purchasing of more cars, thus more gasoline (with ethanol in it)

    • Word count: 759
  21. Why does there appear to be a movement towards oligopoly in certain markets? Evaluate how this affects the way in which producers make decisions, and how does it affect the welfare of consumers?

    Also the firm does not have to produce at a productive efficiency nor allocative efficiency. There can be different reasons for a movement towards oligopoly to appear in certain markets. If there is a monopolist which operates in a perfectly contestable market for instance it could lead to an oligopolistic market structure. In a market where the costs of entry and exit by other rival firms is zero then a market is considered to be perfectly contestable. Entry costs are barriers for a firm to enter the industry, these barriers could be that all the raw materials are owned by the monopolist (then nobody else could enter), but they could also be legal barriers such

    • Word count: 879
  22. Economics Notes. Elasticity of Demand and Supply.

    Change in price leads to equal and opposite change in demand. Change in price of product leads to proportionally smaller change in quantity demanded. Change in price of product leads to proportionally greater change in quantity demanded. - If a firm has inelastic demand for its product and wishes to increase total revenue, it should raise the price of its product. - If a firm has elastic demand for its product and wishes to increase total revenue, it should not raise the price of its product. - In unitary elastic demand: the revenue does not change since there is proportional increase and decrease.

    • Word count: 1149
  23. Economics Commentary - Russian Quota on US Pork and Indian Government Tax on cars.

    What could be potentially seen is an increased loss of world efficiency as the domestic producers would produce pork for higher minimum revenue than the American producers. Furthermore, QD3-QD2 tonnes of pork are not now consumed (150,000 tonnes) and this is a reduction in the consumer surplus, which is the extra utility gained by consumers from paying a price that is lower than that which they are prepared to pay. However, there are advantages to the quota for domestic producers.

    • Word count: 1452
  24. Assess the impact of a run on the dollar and a US recession on the EU Economy

    Y = C + S + T - Personal Income Y = C + I + G + (X-M) - Open Economy GDP/AD/Y = C + I + G + (X - M) = C + S + T I + G + (X - M) = S + T (G - T) (X - M) = S + T (G - T) Budget Balance = (S - I) + (M - X) Balance of Payments Balance If the government runs a budget deficit (which it has since 1970)

    • Word count: 1486
  25. Economics Extended Essay - To what extent has the market for paintings in South Bombay been affected by the economic slowdown?

    Theories.........................................15 Conclusion and Limitations...............................16 Appendix........................................................17 Bibliography..................................................20 Introduction: In 2008-2009 India registered a growth of 6.7%, as compared to the 9.0% growth achieved in 2007-2008.1 Thus we can see that the economy of the country was in fact in a slowdown. The lower growth meant that people's income was less than what they had expected. People will not want to spend money on a good that has no use other than as an object of appreciation as they do not have as much income as they expected to have.

    • Word count: 4864

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