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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. What accounts for the fact that Britain was the richest country in Europe in the 1870 - 1914 period?

    The period 1870 - 1914 in Britain, conjure images of power and expanding empire, however it was these years, which are associated with the beginning of Britain's one hundred year decline. This period saw growth in industrial production decrease, as did her share in worlds manufacturing capacity, Germany became the worlds centre of manufactured goods and by 1914 her share in world trade decreased by almost a third of 1870. This period saw Britain 'caught napping'3 whilst the rest of the world was catching up, she had rested on her laurels and did little else aside from watching those laurels begin to wilt.

    • Word count: 2505
  2. Rising manifestations of inequality in the South African context and the effects of globalisation.

    "Perhaps the most important and unique feature of the current globalisation process is the 'globalisation' of national policies and policy-making mechanisms. National policies (including in economic, social and cultural and technological areas) that until recently were under the jurisdiction of states and people within a country have increasingly come under the influence of international agencies and processes or by big corporations and economic/financial players." (Khor 51). The implication of this in the South African context is the erosion of national sovereignty and narrowed ability by the government and people to make choices from options in economic, social and cultural policies.

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  3. In today's society Multinational enterprises play an important part in World Trade.

    In order to consider Multinationals we must first go back and remember that from the 16th to the mid 18th centuries World Trade was not encouraged by the Mercantilist School of thought. According to (Piggott, Cook, 1999, p.49) "Exports were seen as 'good' since they brought in gold and silver (i.e. wealth) and stimulated industry to produce more. Imports on the other hand were 'bad' since they reduced demand at home and led to gold and silver flowing out of the country.

    • Word count: 2215
  4. Why foreign direct investment does not enter to Turkey.

    This amount is 1,707 million USD and 3,044 million USD for the years 2000 and 2001, respectively. The sharp increase is undeniable, but so is the huge difference between realizations and expectations. I am going to defend in this paper this thesis: Turkey can attract much less FDI than it desires because of two kinds of problems, economic and administrative. I am going to devote the rest of this paper to the proof of this thesis. After a brief overview on FDI, I am going to talk about the economic and administrative problems, respectively. In the conclusion part, I am going to express my views on how these problems can be overcome.

    • Word count: 1961
  5. Saint Thomas Aquinas writes in the "Summa Theologica", "Therefore all things whatsoever ye would that men should do to you, do ye also to them."

    This argument presented to the reader seems logical; however, as logical as it may be it is not moral. Aquinas rebuts quoting, "If thou lend money to any of they people who are poor, that dwelleth with thee, thou shalt not be hard upon them as an extortioner, nor oppress them with usuries." (Aquinas 7) He is saying that one should lend money to another not for one's own benefit, but in order to aid the person who has need. By taking usury one is taking advantage of the need of another. The person taking the loan has need of the money, and the lender has little need of the money therefore he should give the money gladly.

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  6. In this report, we shall explore the reasons for the shift from multilateralism to bilateralism, which is rapidly emerging in the wake of the 1997-98 economic crisis and we shall also focus upon the role of regionalism in East Asia in recent years.

    The confidence level in East Asia then declined to a new low in the short aftermath. This financial turmoil arose out of a twin crisis, combining an externally driven currency with an internally induced banking crisis. Originating from Thailand, the crisis quickly spread to other East Asian countries. In early July 1997, Thailand had to devalue its currency, the baht by about 20% against the US dollar, as a result of intense pressure in the foreign exchange market. Currency speculators and many Thai residents were trying to sell the baht and buy the US dollar, as the Thai government was running out of its foreign reserves and was also losing market confidence in maintaining the currency value and financial stability.

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  7. Why did the colonial powers develop a need for African Slavery?

    The desperate need for new colonists was not helped by rumours of indefinite servitude of whites. Legislation was brought in to promote the image that they would have a future by limited their service to a maximum of six years. The other side of the legal coin was a demotion of black rights. A Maryland law of 1663 decreed: "All Negroes or other slaves within the province and all Negroes and other slaves to be hereafter imported into the province shall serve durante vita; and all children born of any Negro or other slave shall be slaves as their fathers

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  8. By the mid nineteenth century, Britain had been the world's strongest economic power for nearly a century. It was the first industrialised nation and was hailed as the 'workshop of the world'.

    "If a business deteriorates, it is of no use blaming anyone except those at the top, and if an industry declines relatively faster than unfavourable external and uncontrollable factors lead one to expect, the weakness can only be attributable to those who are in control of its activities".1 Burnham and Hoskins found that many of these businesses had become very slack regarding the day to day management and that the generation of owners and managers were more concerned with enjoying their increasing leisure time and resting on the achievements of their forefathers than trying to further their businesses' interests.

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  9. What is Globalisation?

    The mobility of people around the world is also increasing due to a falling cost of travel. This causes old national perceptions to be changed. An example of this being the case in Japan where citizens were mislead by authorities about the quality of Australian and American beef to promote the sale of the local beef. Now however they have travelled, tasted it and know it is both good and cheap.2 These new global needs lead of course to a more global product. Globalisation is aimed at cutting costs through scale economies but it increases the complexity and interdependence of the organisation, which can increase costs.

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  10. Was late Victorian Imperialism purely economic in character?

    Britain was afraid that her status as 'workshop of the world' was declining and that she could no longer demand the economic domination she had done and was falling into decline. Politically, the enfranchisement of a middle class created an electorate of largely industrialists with more money and therefore a greater interest in the affect of external trade influencing their investments. As party politics reached its greatest height public opinion became progressively more important, and voters understood the relationship between the Empire and their finances.

    • Word count: 2641
  11. The Marshall Plan rested squarely on an American belief that European economic recovery was essential to the long term interests of the United States.

    France's economic and security concerns, and thus create a balance of power in the West sufficient to contain Soviet power in the East. The economic assumptions grew fundamentally out of the American experience at home, where a large internal economy integrated by free-market forces and central institutions of coordination and control seemed to have laid the groundwork for a new era of economic growth and social stability.3 An economic United States of Europe would bring similar benefits, or so the Americans believed, and in the process would realize all of their goals on the continent.

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  12. Importing Goods.

    The price of pounds for euros, the EXCHANGE RATE, is frequently changing. The changes can have a vital effect on Fit - for - Life. The exchange rate at present is �1 = 1,909 WON. This means that �1 can be exchanged for 1,909 WON. To import a Carbrini hoodie from South Korea will cost Fit - for - Life 19,090 WON. A fall im the value of the pound will make imports more expensive to British buyers. A fall from �1 = 1,909 WON to �1 = 1,250 could increase the price of a Carbrini hoodie to Fit - for - Life �10.00 (19,090 WON -- 1,909 WON)

    • Word count: 751
  13. Turkey: At the Crossroads of Civilization.

    A soldier for the Ottoman Empire, Ataturk became the charismatic leader of the Turkish national liberation struggle in 1919, and was a foremost peacekeeper, who upheld principles of humanism and a united humanity. Ataturk blazed across the world scene in the early 1920s as a strong commander, and following a series of impressive victories; he led his nation to full independence. By rallying the remnants of the crumbling Ottoman Empire, Ataturk defeated the invading Greeks, and threw out the treaty of Sevres, at the same time winning national recognition.

    • Word count: 2799
  14. The economic needs of European countries contributed to the growth of Imperialism in the second half of the 19th Century.

    The key cause of 'The MaCartney Mission' was to negotiate a commercial treaty with China to extend trade throughout the nation. In October, Lord Macartney submitted specific requests to construct a warehouse in Peking for traders selling manufactured goods. He also asked for additional trading ports in Ningpo and Tientsin. Moreover, the Opium Wars caused China to sign a series of agreements with Britain, under the threat of force. Incorporated in the treaties was the abolishment of the Canton System; hence China was required to trade with the Europeans on an equal basis.

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  15. Comment critically on comparative advantage as a basis for international trade.

    Shown below is a very simple idea of the benefits produced by comparative advantage: As with any model in economics, comparative advantage is not ideal. It is a proposed model based upon a fundamental idea which has very often proved itself to be true, but it still relies on many ideals and factors that do not and cannot realistically exist. These underlying assumptions mean it is difficult to base international trade upon the comparative advantage theory. However, the comparative advantage theory is questionably a solid 'basis' to trade, even if it cannot explain international demand and supply in its entirety.

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  16. Outline the issues under discussion at Cancún - Why did talks fail?

    Possibly the most contentious issue of all the talks was trade in the agricultural markets. The basic problem was the protectionist problems in place in the US, Japan and most importantly the EU, all of which were enormously subsidising domestic agricultural industries in order to protect domestic production. Agriculture is almost always an industry where developing countries have a comparative advantage, so preventing trade with these countries is only beneficial to one group of people, domestic producers in developed countries.

    • Word count: 2211
  17. What is meant by the phrase 'Globalisation'?

    This has lead to increasing 'interdependence', where a countries economic performance can affect other countries that may be using that country for a part of production, or service. For example if the E.U. ( a major market for Chinese manufactures ) went into recession, then it could impact on the Chinese economy, and could also impact on other economies (or the whole world) that may be supplying China with raw materials and components. In short, the fortunes of countries are becoming more closely linked to each other, making it more difficult for domestic governments to control their own economies.

    • Word count: 609
  18. Immigration in The U.S.

    To know a little more about this international border we want to go back in time. After Mexico won independence from Spain in 1821, people started to migrate to north part of Mexico; Mexico began to encourage trade. The inauguration of the Santa Fe Trail in 1821 linked Independence, in western Missouri, to Santa Fe and extended the Missouri trade into Chihuahua, a city in north central Mexico. This growing trade led the northern Mexican provinces to seek manufactured goods from the United States rather than areas in southern Mexico. People that were living in the north part of Mexico became independent from the rest of the country (Encarta 2002).

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  19. Benefits and risks associated with globalization.

    Economist David Henderson of the Melbourne Business School expands the definition into five related but distinct parts: *the increasing tendency for firms to think, plan, operate, and invest for the future with reference to markets and opportunities across the world as a whole; *the growing ease and cheapness of international communications, with the Internet the leading aspect; *the trend toward closer international economic integration, resulting in the diminished importance of political boundaries. This trend is fueled partly by the first two trends, but even more powerfully by official policies aimed at trade and investment liberalization; * the apparently growing significance

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  20. The world trading organization.

    Basic principles and rules GAUTT/WTO are: trade without discrimination, i.e. mutual granting of most favoured nation treatment in trade and mutual granting of a national treatment to the goods and services of a foreign origin; regulation of trade by mainly tariff methods; refusal of use of quantitative and other restrictions; the sanction of trading disputes by consultations and negotiations etc. The major functions of WTO are: the control of performance of agreements and arrangements of a package of documents of the Uruguayan round; realization of multilateral trading negotiations and consultations between the interested countries - members; the sanction of trading disputes; monitoring of a national commercial policy of countries -

    • Word count: 2010
  21. "To what extent is a globalized world of economic benefit?"

    This quest for economic efficiency had led to the rise of huge multinational corporations like Nik�. It has based its production of sportswear in the developing countries such as Sri Lanka and Bangladesh to benefit from cheap labour. This means that the production of sportswear is productively efficient and it also guarantees the workers in the developing economies an income, which is generally higher than they would otherwise get by taking up local employment. Recently, Dyson, the vacuum cleaner manufacturer has shifted its production to Indonesia for the same reason of cheap labour. The same reason is also behind the sporadic rise of call-centres in India.

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  22. Colonial Rivalries.

    This was seen as somewhat ungrateful as Britain paid the majority of the colonies defence costs as well as the initial conquering. Economic justification of an Empire had ceased by 1850, as Britain did more trade with America after it's independence, and its colonies were no longer it's best trading partners. The old colonial system of trading was being phased out for a new style of free trade. Despite these complaints, Britain carried on expanding it's empire, to include Singapore, Aden, Hong Kong, Australia, New Zealand and Lagos.

    • Word count: 736
  23. How Was Britain Able to Establish Itself as the 'Workshop of the World'?

    Britain had numerous advantages concerning trade, facilitating its growing wealth. The global position of Britain was very beneficial. Britain was in a good spot to trade across the Atlantic Ocean with American colonies, and also to trade with the rest of Europe. No mainland territory meant that Britain didn't have to spend too much money defending its territories, and so there was more money to invest in trade and commerce. Britain could produce many raw materials due to its beneficial geographical diversity; the climate, land, and global position.

    • Word count: 1433
  24. Why was Britain the First Industrial Nation?

    The good global position of Britain made it easy to trade with other countries in its empire. The British Empire grew rapidly in the 18th century, thus Britain's well-established overseas trade market grew as well. The value of exports of Britain had risen from �5,000,000 in the 1700s, to �10,000,000 in the 1780s. In 1830 over 50% of these exports was cotton, which had originally been imported from the Americas, spun in Britain, then re-exported to other colonies or foreign countries. By 1850 England dominated world trade in manufacture and proudly proclaimed itself to be the 'Workshop of the World', a position that the country held until the end of the 19th century.

    • Word count: 1724
  25. Unsustainable Debt.

    This present situation of utter poverty is a result of the debts and debt service payments; an enormous burdens on these countries. Far greater percentages of capital and resources are spent each year on interest payments resulting from these debts by the debtor nations than on vital services such as education, health care, and basic social infrastructures4. Without the debts and debt service payments, such countries would be able to re-direct their resources towards more urgent needs. Hence, in order to alleviate the suffering of millions around the world and to benefit the international economy in general, it is necessary to cancel third world debt.

    • Word count: 2029

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