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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. 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.

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  2. Free essay

    Adam Smith "invisible hands"

    It emphasize on 'Lassez- Faire' which comprises Individualism and Liberalism. Perfectly competitive markets which comprised homogeneous commodities, perfect knowledge and lots of entrepreneurs and consumers that act as 'price takers', are self-regulating and flexible as they adjust to changes in market conditions in autonomous way. Demand and supply determines prices and the allocation of resources. Demand, is the quantity of a commodity that consumers are willing and able to buy at a given price in specific time period whilst others remain constant; which would only be effective if the consumers have the desire and sufficient purchasing power.

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    of around 3.1 million cars, a huge amount by any standards. So why, when cars, jets and polluting businesses have been taxed into relative submission, should spammers remain unscathed? Simple: as with many online activities, the parties involved in spamming are usually anonymous, or exceedingly hard to trace. Nevertheless, the carbon footprint figure for spam highlights yet another, even bigger issue. This gargantuan wastage occurs even with the various forms of protection in place which attempt to prevent spam from being read at all (e.g.

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  4. How has the price of gold changed over the last 5 years?

    China is taking larger and larger steps to solidify its wealth with a huge stake in these expensive metals. This is evident by the fact that in May 2009 the price for one gram of gold in China varied from 253 to 272 yuans ($37.2 - $40), which is an increase of almost 100 yuans on one gram from the previous year. The table below is a representation of Chinas overwhelming success in the worldwide gold market. A rise in the cost of gold mining has seen a decline in production over the last 5 years.

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  5. 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.

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  6. Professional Development

    In addition, we discussed on the real issue of that article and analyzed these listed problems. Which led it was easy for us to complete the case analysis in the last class. In class, we reviewed what we had written in the out-class meeting. Then we drew the mind-map of problem situation and K-T analysis of problems according to the notes, which taken by before. After that, we did the PowerPoint to prepare for our oral presentation. We were all happy to do these and felt satisfactory with our oral presentation.

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  7. Describe the main focus of todays Public Health in improving the health of the population. (p1)

    They do this by tracking changes in the health of the population and alerting people to the potential problems. Developing programmes to reduce the risk and screen for disease The NHS has a cancer-screening programme this includes breast screening, cervical screening, bowl cancer-screening programme and prostrate cancer risk management. Breast screening is an effective part of the UK's efforts to reduce the death toll from breast cancer and a study in 2000 showed that there were significantly lowered mortality rates in breast cancer in the fifty-five - sixty-nine age group.

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  8. Advantages and diasadvantages of joining the Euro

    This timetable shows the period as being, in total, approximately 36 months or 3 years. The first step to be taken would be the decision to join. The decision to join would then mean there would be a referendum called. To call this would take around four months. At the referendum, the British people would vote for or against becoming part of the European currency. If the public wanted to follow the decision it would take a minimum of 30 months before E-day. In this two and a half year period the UK exchange rate between pound sterling and the euro would be fixed although few changes would be made to everyday transitions at this stage.

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  9. Using the London and Singapore congestion charges as examples, discuss the effectiveness of a congestion charge in correcting market failure

    becomes equal to the marginal social cost (MSC), and thus the private member of the economic transaction becomes responsible for all costs incurred. To an extent, this form of taxation does work, however there becomes a point where those who have not been priced out of the market will not change their consumption at any conceivable price level, either due to their price elasticity of demand for the consumption of road travel, or because the extra price to be paid represents a negligible amount of their income.

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  10. There are 3 areas to judge for sustainability. 1. Economic sustainability. 2.Social sustainability. 3. Environmental sustainability.

    by Population growth, now 6.5 billion people and expected to rise to over 9 billion in 20 years. Farmland, fish and forests and the environment are all under tremendous pressure as economies grow and industrialise, people want cars and houses with central heating etc. There are 3 areas to judge for sustainability. 1. Economic sustainability. 2.Social sustainability. 3. Environmental sustainability. Economic sustainability means we need to increase GDP growth to lift present generations out of poverty and need. This also implies we must provide good human investment in both health and education so future generations are as productive as present.

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  11. Debts Loans and credit cards

    There's a lot of ways in which debt can be regulated. The companies that lend money should be more responsible for people getting into debt. They should consider the salary of the person wanting to borrow money and give them a maximum amount for a certain number of years. This would reduce the likelihood of someone borrowing more money than they can repay and therefore this would reduce the number of people in debt. People who are already in debt should not apply for any other loans or credit cards, as if they do, probably they will not be able to pay back the previous and current debt, as well as that- interest grows fast too.

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  12. To what extent do you agree with the view that India will become the dominant world economy by 2050?

    Demographics of India are favourable compared to China as, India still has a positive birth rate meaning that the size of the workforce will continue to grow for the future. (unlike China) A rising workforce increases productivity. The infrastructure of India is so bad in places that even moderate improvements could lead to significant improvements in the productive capacity of the economy. However if these parts are ignored India will suffer a huge dent in becoming the leading economy as Chinas infrastructure is seen as better.

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  13. Comaprison of Indonesia and Australia's Economy

    Indonesia's average annual growth rate in GDP pc was 2.1% between 1990 and 2006. The cause of this difference is because; Australia has had a stable economic growth for the past seventeen years, while Indonesia was hit by the Asian Currency Crisis in 1997. The currency crisis led to a collapsed economy and recession. The exchange rate downfall in 1997 led to a higher inflation, rising unemployment, falling living standards and civil unrest. Employment and Unemployment In 2007/08 Australia had a workforce of 11,189,500; while having a population of 21 million. The participation rate of the working age was 65.3%.

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  14. Problems of intervention in the market for Cocoa

    Many years of bad harvest means that the authorities will not be able to sell back any buffer stock and hence prices would be at an all time high. They consequently will have to buy products/goods from other countries hence the large cost. Another problem with the scheme is that since cocoa beans are perishable it means that if there are many years of good harvests, any cocoa beans stored as buffer stock must be sold quickly back into the market or they will be wasted.

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  15. Should mortgage lenders be nationalised

    However, nothing lasts forever. Investors realised that there is a risk of their money not being returned either on condition that banks and/or lenders fail, therefore they immediately left the market causing dry up of mortgage finances. So, there it is. This is where government ought to, in mortgage lenders' opinion, step in, pump money and let the vicious cycle continue. Indeed, there is a market failure. A failure that only government can solve. Should it though? Isn't the true idea standing behind the capitalism to reward the hard-working, the smart and punish the lazy, the reckless?

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  16. Free essay

    Are Economic Recessions Inevitable?

    A relevant case that heavily intrigued me was the car industry in America, where it was once a booming and heavily efficient industry, has now stagnated to the point that I thoroughly believe it should be dropped and left to crash. Their inability to improve their efficiency to match the Japanese and Germans in car manufacturing; means that that Government was forced into heavily subsidising them in order to keep them afloat - mainly because so many Americans had jobs with them.

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  17. 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.

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  18. Free essay

    Reasons for British recession

    * Pound at record low against Euro- the pound has fallen to an all time low against the Euro at about 76p to the Euro. The pound is expected to fall further through 2008 as the UK economy slows, investors are now moving out of high yielding currencies and into low yielding currencies like yen. A weaker pound would make the UK more competitive on world markets but it could also raise the cost of imported goods and goods purchased by British people abroad could be more expensive.

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  19. A view from the bridge - Examine the manliness hostility and aggression and the ways in which they may be linked

    Eddie likes to feel that he is in control of his family, even if he is not. One example of this is when Eddie says to Catherine: "what's the heels for?". This quote shows that he likes to be Catherine's 'so called father', although he is not her father, but also shows the audience that in Eddie's eyes Catherine is still a young girl and should not behave in such manner. Eddie's protectiveness and possession over Catherine seems a bit over but strong.

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  20. Free essay

    Multinational Corporations in context

    These influences can be both good and bad but what are the specific motives for MNCs existing and are there any particular examples? The financial sector is a dominant and rather large industry in the global market despite it's recent collapse in several MEDCs it still plays a massive role within the lives of consumers and businesses. China boasts a bank that is not only the largest and most reputed within the country but also the world's 4th largest bank in terms of market capitalization value.

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  21. Why has the gap between male and female wages narrowed significantly?

    However for reasons previously outlined it is likely that if trends continue, women in the future will close the gap further to due the increasing standard of their current education and increasing marginal revenue productivity. More women are also working for social reasons. For example, the opportunity cost of working compared to benefits may increase the incentive to work. Women may find that if they are in full-time employment they may be earning more compared to what they would be earning if they were on unemployment benefits.

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  22. Bird flu and mobile phones

    mobile phones are used on buses, trams, road etc. they have come a long way. in the olden days, mobile phones were so big and heavy and allyou could do with was make and receive phone calls. nowadays, the latest phone gives the opportunity to surf the internet, listen to music, play games etc. however, there was a twist to all this when the world suddenly assumed it caused cancer in the 90's which left a lot of people worried. it was also made known that people living in France within 1000 feet (325etres)

    • Word count: 865
  23. A2 Macroeconomics - Globalisation Essay

    Although comparative advantages have changed, this is a trend that has continued into the 21st century, with the rise of low cost air travel and other forms of transport becoming quicker, cheaper and further reaching. There is certainly incentive for this - international trade driving globalisation has seen a rise in the trade of manufactured goods to $12 trillion in 2005, a hundred times greater than it was in 1955. Over a similar period, the industrialisation of LEDCs has also been significant.

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  24. How has the international economy developed in the last 250 years?

    Different parts of Britain saw the growth of different types of manufacturing industries. Coalbrookdale is famed for its Iron works; the Pennines for wool and cotton manufacturing, the area around Stoke is still referred to as being the 'Potteries' today. These areas built up due to close proximity to raw materials, the intended market for the produce and to ports. Each areas population grew rapidly as impoverished agricultural workers sought a new life and guaranteed work in the apparently prosperous cities.

    • Word count: 2096

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