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Year 12 Recap - Business Cycles

Year 12 Recap - Business Cycles

We continue our Year 12 Recap on the theory of the business cycle.

The business cycle highlights the cyclical nature of any economy. It shows that an economy fluctuates between periods of growth culminating in a boom, followed by periods of slower/negative growth culminating in a bust. The academic importance of this is it emphasises that economies will eventually return to growth after a recession due to changes in economic fundamentals such as interest rates, exchange rates, and confidence. 

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Year 12 Recap - Economic Growth

Year 12 Recap - Economic Growth

This Year 12 Recap video covers the basics around the topic of economic growth.

In many macroeconomic essay questions, students will have to be able to draw upon their knowledge of AD/AS diagrams to apply to real-world examples the impact of policy changes on the growth prospects of a country. Therefore, it is important for students to be confident with representing both short-run and long-run growth on an AD/AS diagram. 

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Year 12 Recap - LRAS Curve

Year 12 Recap - LRAS Curve

This Year 12 Recap video covers the basics around the Long-Run Aggregate Supply Curve.

The LRAS curve provides economists with a graphical depiction of how the output of an economy changes in the long-run. The curve is vertically fixed at the full employment output level, to indicate that an economy cannot sustainably produce above capacity unless there is a change in the quality and/or quality of the economy's stock of factors of production. Being able to understand the distinction between a  movement and shift in this curve is important because AD/AS diagrams represent the core bedrock of many macroeconomic essay questions.

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Year 12 Recap - SRAS Curve

Year 12 Recap - SRAS Curve

Next up on our Year 12 Recap videos are Short-Run Aggregate Supply Curves. 

Short-run aggregate supply curves provide economists with a graphical way of representing the aggregated supply of an economy's goods and services produced at any given point in time. Being able to understand the basic upward shape of SRAS curves and the distinction between a movement along the SRAS curve and a shift is a crucial skill amongst economists. 

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Year 12 Recap - Aggregate Demand Curve

Year 12 Recap - Aggregate Demand Curve

 Today's Year 12 Recap is looking at the topic of Aggregate Demand Curves.

Aggregate demand curves provide economists with a graphical way of representing the total expenditure on an economy's goods and services produced at any given point in time. Being able to understand the basic downward shape of aggregate demand curves and the distinction between a movement along the aggregate demand curve and a shift is a crucial skill amongst economists. 

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Year 12 Recap - Aggregate Demand

Year 12 Recap - Aggregate Demand

The first of our Year 12 Recap videos for macroeconomics looks at Aggregate Demand.

 Aggregate Demand curves provide economists with a graphical way of representing the total expenditure on an economy's goods and services produced at any given point in time. Being able to understand the main components of aggregate demand is a crucial skill amongst economists. This is because AD/AS diagrams represent the core bedrock of many macroeconomic essay questions.

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Year 12 Recap - Price Controls

Year 12 Recap - Price Controls

The final Micro Year 12 Recap covers the topic of price controls.

Governments have a duty to protect the welfare of all economic agents across the economy and to prevent agents from being exploited by the forces of the market. One of the policy approaches a government can take is to impose a price control on the market, to ensure consumers are not exploited, and producers get a fair price for their production efforts.

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Year 12 Recap - State Provision and Regulation

Year 12 Recap - State Provision and Regulation

This Year 12 Recap video centers around the topic of some of the additional forms of government intervention such as state provision and regulation.

Governments and policymakers have to remain vigilant and alert to intervene in a market when there is a misallocation of resources away from the social optimum. These policy tools help influence the outcome in the market and help nudge the equilibrium closer to the social optimum. The knowledge of this concept is crucial, as when discussing potential remedies for markets that fail to allocate scarce resources effectively, these simple but effective policy tools can be discussed in great detail.

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Year 12 Recap - Subsidies

Year 12 Recap - Subsidies

This Year 12 Recap video centers around the topic of Producer Subsidies.

Subsidies are one of the central policy tools which can be used by a government to influence the outcome in the market to help nudge the equilibrium closer to the social optimum. The knowledge of this concept is crucial, as when discussing potential remedies for markets that fail to allocate scarce resources effectively, this simple but effective policy tool can be discussed.

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Year 12 Recap - Indirect Taxes

Year 12 Recap - Indirect Taxes

This Year 12 Recap video centers around the topic of Indirect Taxation.

Indirect taxes are one of the central policy tools which can be used by a government to influence the outcome in the market to help nudge the equilibrium closer to the social optimum. The knowledge of this concept is crucial, as when discussing potential remedies for markets that fail to allocate scarce resources effectively, this simple but effective policy tool can be discussed.

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Year 12 Recap - Negative Externalities

Year 12 Recap - Negative Externalities

Next up on our Year 12 Recap are Negative Externalities.

 If you are in Year 12, it is essential that you are confident with the basic principles of externalities and how to graphically represent this on a demand and supply diagram. This is an important topic as exam questions center around markets that fail and how policymakers can correct a misallocation of resources.

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The Economics Weekly 5 - 23rd March 2018

The Economics Weekly 5 - 23rd March 2018

Welcome to this week's edition of the Weekly 5. This week's topics are:

The European Commission's plans to introduce a tax on revenue

The Intellectual Property row between the US and China

The NHS pay deal

The UN World Happiness Report

Problems for high street retailer New Look

 

The usual questions will stretch your students and enable them to apply their knowledge of economic concepts to current events.

Download the PDF here

 

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Year 12 Recap - Positive Externalities

Year 12 Recap - Positive Externalities

Next up on our Year 12 Recap are positive externalities.

 If you are in Year 12, it is essential that you are confident with the basic principles of externalities and how to graphically represent this on a demand and supply diagram. This is an important topic as exam questions centre around markets that fail and how policymakers can correct a misallocation of resources.

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Year 12 Recap - Public Goods

Year 12 Recap - Public Goods

Our Year 12 Recap continues with the topic of Public Goods.

 The provision (or lack of) for public goods is a controversial and heated topic in microeconomics, as the question of who is best placed to provide and pay for goods and services which help satisfy basic human wants and needs is often debated amongst policymakers and politicians. Therefore, it is a relevant and probable question to appear in microeconomics exam papers and students need to be well versed in the discussion and explanation points surrounding this topic.

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Year 12 Recap - Competition

Year 12 Recap - Competition

Next up on our Year 12 Recap is the theory of competition.

 If you are in Year 12, it is essential that you are confident with the basic characteristics of a range of different market structures, as well as the factors which affect the level of contestability in the market.

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Year 12 Recap - The Price Mechanism

Year 12 Recap - The Price Mechanism

The next stop on our Year 12 Recap is the microeconomic concept of the Price Mechanism.

 If you are in Year 12, it is essential that you are confident with the basic principles and functions of the price mechanism to help understand how the interaction of demand and supply creates a prevailing equilibrium price and quantity.

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Year 12 Recap - XED and YED

Year 12 Recap - XED and YED

If you are in Year 13, it is essential that you are confident of the basic foundations of elasticity and can effectively weave in elasticity into your longer responses as an analytical or evaluative tool. XED and YED are additional elasticity tools you can call upon in an exam situation to demonstrate consumers demand sensitivity to changes in the price of related goods and household disposable income. 

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Year 12 Recap - PES

Year 12 Recap - PES

On day 5 of our Year 12 Recap, we are continuing the topic of elasticity!

If you are in Year 13, it is essential that you are confident of the basic foundations of elasticity and can effectively weave in elasticity into your longer responses as an analytical or evaluative tool.

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The Economics Weekly 5 - 16th March 2018

The Economics Weekly 5 - 16th March 2018

Welcome to another edition of The Weekly 5. This week's top stories include:

 

The Chancellor's Spring Statement

UK R&D Expenditure

Changes to the UK CPI inflation basket

Growth in income vs growth in welfare

The UK overfishing problem

 

For this week's homegrown economics topics, we have the usual questions and exercises to test your students.

You can download the full PDF here

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Year 12 Recap - PED

Year 12 Recap - PED

We have reached day 4 of our Year 12 recap already and we are moving in to the territory of elasticity. 

If you are in Year 13, it is essential that you are confident of the basic foundations of elasticity and can effectively weave in elasticity into your longer responses as an analytical or evaluative tool.

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