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University Degree: Applied Economics
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- Marked by Teachers essays 2
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The first report of the commission in June 1998 concluded that a minimum wage of £3.60 should be set up. The second report of the commission in February 2000 tried to analyse the effect of the National Minimum Wage had on the economy after the intervention. Their main conclusion was the minimum wage mostly benefit the economy. Minimum wage legislation is an example of government intervention into the economy due to a market failure. In this case the market failure was that the worker were not provided a level of income that support their standard of living.
Conclusion analysis
Good conclusions usually refer back to the question or title and address it directly - for example by using key words from the title.
How well do you think these conclusions address the title or question? Answering these questions should help you find out.
- Do they use key words from the title or question?
- Do they answer the question directly?
- Can you work out the question or title just by reading the conclusion?
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International trade has many potential benefits for participating countries, yet governments regularly impose barriers to trade. By using real-life examples, discuss the benefits of international trade and the reasons why restrictions are imposed.
"Conclusion
To sum up, International trade is very important in now a days for a country's economy and also;
imagine that if our choice were limited to what we can produce locally, for instance, as mentioned above because of comparative advantage or absolute advantage one country probability is not able to produce things lower opportunity cost than another country in this case; without the imports and exports, we would spend much money to produce for something than we could buy from foreign countries, and also we would be living in a small world that we have only lack of services and requires, so we might would be living without cotton clothes, tropical fruits, cars, coffee, wine, or even without natural gas that make our houses warm. Humans are needs that products and they always prefer to buy them as cheaper as they can."
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Compare the Classical and Keynesian models, making the reference to,a) The labour market, b) The AS curve, c) The AD curve, d) The relationship between real and monetary variables.
"Conclusion
In the Classical model, due to the vertical AS curve, supply alone determines real output. In the Keynesian model, both supply and demand factors affect real output.
In the Classical model, the position of the AD curve is determined by purely monetary variables (the role of demand was to determine p), whereas in the Keynesian model, both monetary and real variables determine its position."
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Compare the Classical and Keynesian models, making the reference to a) The labour market b) The AS curve c) The AD curve d) The relationship between real and monetary variables.
"Conclusion
In the Classical model, due to the vertical AS curve, supply alone determines real output. In the Keynesian model, both supply and demand factors affect real output.
In the Classical model, the position of the AD curve is determined by purely monetary variables (the role of demand was to determine p), whereas in the Keynesian model, both monetary and real variables determine its position."
