No 193: Internet Buttons - Improved!

SOME of you know that I have used a website called "Internet Buttons" to, well, make some internet buttons leading to websites you need to check out.

To get there, go to www.internetbuttons.org . Then log in with Username: bellerbys / Password: bellerbys

You should then see something like this:

The buttons are colour coded according to the type of site they link to.

BLUE is for Economics and Business News.

GREEN is for Economics Blogs.

YELLOW is for Comment Articles by well-known economics writers. Reading these is now essential for A2 students.

ORANGE is for sites with Economics Revision Materials.

If there is another site you use and like, you can add a button too!

No 172: Tutor2u Revision

HERE is a link to the Tutor2u website and all of its posts regarding exam revision:


http://www.tutor2u.net/blog/index.php/economics/tagged/tag/revision/

It is worth checking this every few days since new and useful stuff is being put up there regularly.

No 122: More tutor2u presentations

HERE they are as requested:

For both AS and A2 Macro
The Credit Crunch and possibilties of recovery
http://www.tutor2u.net/economics/presentations/workshops2010/AS3/player.html


AS Module 2
The balance of payments (note: needs to be downloaded into Powerpoint)
http://www.tutor2u.net/blog/index.php/economics/comments/as-economics-revision-the-balance-of-payments/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+economics_news+%28tutor2u+Economics+Blog%29#When:17:12:00Z

A2 Module 3
Evaluation of the NMW
http://www.tutor2u.net/economics/presentations/a2economics/evaluation/nmw/player.html

Interdependent Behaviour in Oligopoly (a post not a presentation)
http://www.tutor2u.net/blog/index.php/economics/comments/a2-economics-revision-interdependent-behaviour-in-oligopoly/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+economics_news+%28tutor2u+Economics+Blog%29#When:06:59:00Z

No 120: Tutor 2 U presentations

TUTOR2U has produced some very useful revision presentations. Here are links to some of them:

For AS Module 2

Supply side policies: http://www.tutor2u.net/economics/presentations/workshops2010/AS2/player.html 

Manging the economy: http://www.tutor2u.net/economics/presentations/workshops2010/AS4/player.html
(watch out for strange AD/AS diagrams!)

For A2 Module 4:

Protectionism: http://www.tutor2u.net/economics/presentations/workshops2010/A22/player.html 
(watch out for some anti-Chinese exchnage rate stuff!)

Global trade and investment: http://www.tutor2u.net/economics/presentations/workshops2010/A21/player.html


LET ME KNOW IF THESE ARE USEFUL AND WANT SOME MORE!

No 94: Key Information

ONE small thing to do, but something that could give you an advantage, is to remember then use in your exam the current major statistics about the UK economy:

• CPI INFLATION: 3.5% (JAN)

• UNEMPLOYMENT 7.8% (JAN)

• GDP GROWTH 0.3% (Q4 2009)

• TRADE BALANCE -£3.8 BILLION (JAN)

Good phrases to allow you to use these figures in your exam are-

"As can be seen from the current UK inflation rate of ____, .........."

"Unlike nowadays, when the rate of inflation is ______, ............."

"Having an inflation rate like the current UK one of ___, means that a government is likely to .........."

Believe me, few students will do this, yet it shows you have kept up with the latest developments in the UK economy. I think this could mark out your essay as one possibly deserving of a high mark.

I'll make you a deal - I'll update these statistics as they change if you promise to try and use them in the exams!

55. Tutor2u revision note

Look at these links which might be helpful for your revision.

http://www.tutor2u.net/blog/files/Ten_ways_to_improve_your_evaluation_skills_and_marks_for_A2_economics.doc

http://www.tutor2u.net/blog/index.php/economics/comments/a-selection-of-economics-revision-presentations/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+economics_news+%28tutor2u+Economics+Blog%29#When:19:12:00Z

No 49: New type of poll and Revision of Efficiency

TO YOUR right you can see a new poll. |t is a MCQ taken from a Module 1 examination. I have chosen it because the topic of efficiency is key to being successful in the exam.

Markets (free) are efficient when they work well, providing both the correct amounts of goods required (allocative efficiency) and causing production to happen with the lowest possible amount of resources which is often the same as producing with lowest costs (productive efficiency).

The ability of a free market to self-correct and reach equilibrium can lead to allocative efficiency. Competition drives down costs and may cause productive efficiency.

Markets fail when certain problems (monopoly power, externalities, information failure, etc) stop them from being efficient. When this happens governments may take action to try and correct the problem.

UNDERSTANDING THIS IS ABSOLUTELY CRUCIAL TO DOING WELL AT MODULE 1

No 45: The key Unit 1 (Microeconomics) Question?

I DO NOT have any special knowledge at all about which questions will be in your January exams. However, it seems to me that for Unit 1 we must remember the title of the module - "Markets and Market Failure".

One of the many results of the Credit Cruch has been a lot of doubt about arguments in favour of free markets. In the past 15 or so years, the common belief was that financial markets should be as free from government intervention as possible. You only have to look at the current economic situation to see why many economists have argued that market failure has resulted.

Additionally, we all know that environmental considerations are key issues of our time. For these problems, there is a debate about whether free market or government led solutions will be the most effective.

Therefore, being able to discuss the advantages and disadvantages of free markets, and the advantages and disadvantages of government action, should be an important part of your Unit 1 revision.

Here is a sample of a question related to this topic:

Using the data and your economic knowledge, evaluate the effectiveness of using the market mechanism to solve environmental problems.

I suggest we try and work on this question together, so please comment below on how you would try and answer this.

No 44: Monetary Policy Presentation

HERE is a link to an excellent Tutor2U presentation on monetary policy for AS level:

AS Monetary Policy

I've captured a few of the most important slides below. Firstly, it's very important to remember that monetary policy decisions are made now on what conditions are predicted to be in the future, due to time lags:

Next, here is an extremely useful list of points to remember when evaluating the effectiveness of monetary policy:

Finally here is a list of key concepts that if you use in your exam will present an advnaced level of analysis:

However, don't be lazy, read the whole thing!

No 42: More about market power and Cadbury

HERE is a report from the Tutor2U website:

Embroiled in what looks likely to be a protracted takeover bid from Kraft, Cadbury’s has suffered a blow with the news that its share of the UK confectionery market has dipped below 30 per cent for the first time in a while.  

The Times reports that Cadbury’s chunk of the chocolate market by value slipped 1.7 per cent to 29.8 per cent last month, the first time that it has fallen below 30 per cent all year. Market share of Mars, its biggest rival, slipped 0.6 per cent in the period. 

There are signs that aggressive pricing of basic chocolate bars by discount retailers such as Aldi and Lidl is having an effect; so too is the growth of sales for own-brand bars offered by Tesco, Sainsbury’s and the ongoing battle for customers between Waitrose and Marks and Spencer. 

Some customers have complained about a 75% rise in the price of a 230g bar of Dairy Milk in the last 12 months. High world cocoa prices have explained some of the price hike but Cadbury’s tactic of launching a new 100g bar priced at £1 had led some to claim that their are deliberately trying to anchor their prices at a higher level to raise profit margins as a defence against the takeover bid. The decline in market share suggests that chocoholics are more price sensitive than Cadburys might have forecast. 

It seems to me that part of the skill of being an economist is to be able to quickly identify the connection between real-world events (such as described above) to as many economic ideas as possible. The comment below lists the concepts I think are in the article. Before you look at the comment, see which ones you can identify yourself.

An excellent economics students is able to take the suggestions of just a few sentences of data and write a 3 page essay about it.

No 41: Decline of Internet Explorer

IN AS classes we have been talking about Microsoft and monopoly power. Here is a chart showing changes in the browser market:

This raises a number of questions:
1) What are the key changes shown in the diagram?
2) Which problems could arise from one company having such a large market share?
3) What are some economic explanations for the decline in IE's market share?
4) Can problems with monopoly power be best solved by using government intervention or by relying on the free market?

All of these are possible exam questions, so if you are doing one soon, you may want to consider your answers and perhaps leave a comment below.