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Economics Year 13 revision Day 28 - Economic Integration

Economics Year 13 revision Day 28 - Economic Integration

On day 28 of the Year 13 Recap we review the concept of economic integration and discuss the different levels in which economic integration can come in.

Economic integration describes how countries take active steps to increase the amount of trade between themselves and the rest of the world. There are lots of competing terms that you need to be comfortable with such as a customs union, free trade agreement and single market.

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Economics Year 13 revision Day 27 - Balance of Payments

Economics Year 13 revision Day 27 - Balance of Payments

On day 27 of the Year 13 Recap we review the balance of payments and more specifically the solutions that are put forward to correct large trade deficits and surpluses.

A deficit may sound bad and a surplus may sound good, but the reality is that some countries have to run a large surplus to finance the large deficits belonging to other countries. So should we really be as concerned with these trade statistics as we might think?

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Economics Year 13 revision Day 26 - Exchange Rates

Economics Year 13 revision Day 26 - Exchange Rates

On day 26 of the Year 13 Recap we review the material surrounding exchange rates and the systems that prevail around the global economy.

An exchange rate is a price at which one currency exchanges for another. Businesses, holidaymakers, governments and policymakers all keep a keen eye on the exchange rate as it has important knock-on effects for each of these agents.

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Economics Year 13 revision Day 25 - Trade Protection

Economics Year 13 revision Day 25 - Trade Protection

On day 25 of the Year 13 Recap we focus on trade protection and how we can analyse the welfare implications of three of most commonly used protectionist policies.

Despite the efforts of the WTO and the existence of the widely-accepted trade theory of comparative advantage, protectionism is still a trading action which is used as a political bargaining chip and sometimes implemented to place pressure on a particular industry or country.

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Economics Year 13 revision Day 24 - Comparative Advantage

Economics Year 13 revision Day 24 - Comparative Advantage

On day 24 of the Year 13 Recap we review the trade theory of comparative advantage and how it can be used to explain trade patterns around the world.

Ever wondered why the UK has a specialised focus on providing and selling services, whilst China has an innate ability to produce heavily manufactured goods? The theory of comparative advantage, to some degree, explains why countries focus and trade the surplus of the goods they are most efficient at producing.

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Economics Year 13 revision Day 23 - Globalisation

Economics Year 13 revision Day 23 - Globalisation

On day 23 of the Year 13 Recap we discuss the causes, consequences and impact of globalisation on the UK economy.

Globalisation is a term which is used to explain how individual economies have moved away from their localised specialities towards a more global approach. Globalisation has fielded a series of advantages for firms, be that small or large, through the reduction in transportation costs and trade barriers.

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Economics Year 13 revision Day 22 - Financial Regulation

Economics Year 13 revision Day 22 - Financial Regulation

On day 22 of the Year 13 Recap, we review the basics behind financial regulation and why this has grown in prominence since the 2008 financial crisis.

Regulation is enforced in an industry to curb the activities and conduct of firms to ensure that standards are maintained, and consumers are not being exploited.

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Economics Year 13 revision Day 21 - Quantitative Easing

Economics Year 13 revision Day 21 - Quantitative Easing

On Day 21 of the Year 13 Recap we review the policy tool of Quantitative Easing (QE) and why it is was introduced post-2008.

After the 2008 financial crisis, many central banks around the world sought to stimulate their respective economies by slashing interest rates. This relates back to the chain of reasoning introduced in the traditional transmission mechanism. However, one of the limitations of interest rate changes is that the effectiveness of this policy tool erodes as the bank rate gets closer to zero.

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Economics Year 13 revision Day 20 - 2008 Financial Crisis

Economics Year 13 revision Day 20 - 2008 Financial Crisis

On Day 20 of the Year 13 Recap, we review the causes, consequences and UK policy response to the 2008 Financial Crisis.

When it comes to the material surrounding the financial crisis there are lots of pieces of literature, books, articles and academic research devoted towards explaining and the analysing the causes that led up to the 2008 crash.

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Economics Year 13 revision Day 19 - Banks and Financial Institutions

Economics Year 13 revision Day 19 - Banks and Financial Institutions

On day 19 of our Year 13 Recap, we begin our review of the material relating to the financial sector. In doing so, we start at the most logical point which is looking the role of banks and financial institutions.

Banks and bankers have a bad reputation amongst the general public due to the perception that they are making huge profits using our savings and earning large bonuses in the process. However, Banks and financial institutions are crucial for the functioning of an economy.

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Economics Year 13 revision Day 18 - Productivity

Economics Year 13 revision Day 18 - Productivity

On day 18 of the Year 13 Recap we review the macro material relating to productivity and why it matters.

Productivity is a sensitive talking point within businesses and the wider economy because it reflects upon how well managed and organised our production processes and supply chains are.

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Economics Year 13 revision Day 17 - Phillips Curve

Economics Year 13 revision Day 17 - Phillips Curve

On day 17 of the Year 13 Recap we review the theory of the Phillips Curve and discuss the importance of this theory for policymakers.

At the heart of macroeconomic policy decisions are the Government’s central macroeconomic objectives. These objectives exist to provide a framework for policymakers to achieve the type of growth and performance levels that are needed if real benefits to the economy are going to be generated.

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Economics Year 13 revision Day 16 - Evaluating AD curve shifts

Economics Year 13 revision Day 16 - Evaluating AD curve shifts

On day 16 of the Year 13 recap we review how to evaluate AD curve shifts to help add weight to your essay response.

The skill of an economist is to be able to analyse what is expected to happen because of the imposition of a policy or a economic event and as well as that be able to evaluate and question the assumptions that bind the economic theory together.

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Economics Year 13 revision Day 15 - Monopsony

Economics Year 13 revision Day 15 - Monopsony

On day 15 of our Year 13 recap, we review the concept of a monopsony in the context of labour markets.

A monopoly describes one producer/seller in the market and a monopsony describes one buyer in the market. A firm that is a monopsony has significant bargaining power when it comes to employing the factors of production needed to make goods and/or services.

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Economics Year 13 revision Day 14 - Labour market imperfections

Economics Year 13 revision Day 14 - Labour market imperfections

On day 14 of the Year 13 Recap we review some of the factors that can create imperfections in the labour market.

The labour market of an industry is in equilibrium when the demand for and supply of labour intersect each other. This determines the equilibrium wage rate and the number of people employed in the industry.

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Economics Year 13 revision Day 13 - Perfectly competitive labour markets

Economics Year 13 revision Day 13 - Perfectly competitive labour markets

On day 13 of the Year 13 Recap, we review the theory of perfectly competitive labour markets.

Even though there are very few markets for labour that are perfectly competitive, understanding the theory of perfectly competitive labour markets such as the demand for labour and supply of labour curves, allows you to analyse the impact of labour market policies on the wage rate and the number of people employed.

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Economics Year 13 revision Day 12 - Asymmetric Information

Economics Year 13 revision Day 12 - Asymmetric Information

 On day 12 of the Year 13 recap we review the concept of asymmetric information and why it can cause markets to fail.

Market failure arises because of a misallocation of resources and this results in a drop in social welfare. One influential factor behind this misallocation is sometimes if there is an unbalanced stock of information held by the two opposing sides of the market i.e. the buyers and the sellers.

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Economics Year 13 revision Day 11 - Price Discrimination

Economics Year 13 revision Day 11 - Price Discrimination

 On day 11 of the Year 13 recap we review the different forms of price discrimination and the challenges that firms face when charging different prices for different consumers.

Across many industries, firms segment the market into different customer segments and charge different prices based on the logic of the market segmentation.

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Economics Year 13 revision Day 10 - Contestability

Economics Year 13 revision Day 10 - Contestability

On day 10 of the Year 13 recap we review the concept of contestability in a market, which draws upon the theory of perfectly contestable markets.

Contestability relates to the ease at which new firms can enter and/or exit an industry. The most significant friction that new firms face when entering an industry are the sunk costs associated with being able to compete on competitive terms with incumbent firms in the market.

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Economics Year 13 revision Day 9 - Oligopoly

Economics Year 13 revision Day 9 - Oligopoly

On day 9 of the Year 13 recap we review the characteristics of an oligopoly market structure and the related concepts that stem from this.

Oligopolies describe a market structure where there are a small number of large firms that compete amongst each other in an industry. Some of the largest and most important industries in the UK are examples of oligopolies because there is often a high level of interdependency that exists between firms that compete.

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