The document discusses the expansion of the European Union over time through various enlargements. It began in the 1970s and expanded significantly in 2004 to include many central and eastern European countries. The new EU members have experienced many economic benefits from membership, including increased trade, investment, and EU funding. Their economies have grown faster than the EU average in many cases, with rising productivity, investment, and standards of living. Unemployment has fallen for most, though remains higher in some countries.
The document provides an analysis of the projected state of the global economy in 2050, with the following key points:
1) Emerging economies will collectively be larger than developed economies by 2050, with 19 of the top 30 largest economies being emerging economies.
2) China and India will be the largest and third largest economies respectively, and many other emerging economies like Mexico, Turkey, and Indonesia will see substantial increases in their global rankings.
3) In contrast, some small European economies will see declines in economic might and global rankings due to unfavorable demographic trends.
4) Growth in the emerging markets will boost overall global growth, with emerging world growth contributing twice as much as developed world growth
This document summarizes key points from an International Energy Agency presentation on global energy trends. It finds that while developing countries like China and India are driving increased energy demand, natural gas and renewables are becoming more important sources. Energy efficiency is also crucial for energy security, climate change mitigation, and economic impacts. Specific examples show how efficiency is lowering oil demand growth and can contribute significantly to emissions reductions in the EU. The document outlines the World Energy Outlook 2012 report which will provide updated global energy projections and analyses of priority issues.
Presentation by Julian Mansfield, Policy Lead for Energy Security in European & Multilateral Fora, British Foreign & Commonwealth Office, delivered at a briefing and energy policy discussion forum held at the British Embassy in Oslo on 28 March 2011.
Monetary policy aims to control inflation and maintain price stability through two main tools: changing interest rates and changing the money supply. Raising interest rates typically dampens aggregate demand in the economy, lowering inflation, while quantitative easing expands the money supply to boost demand. The document discusses how monetary policy decisions are made by the Bank of England's Monetary Policy Committee based on assessing economic indicators and their expected impact on inflation.
The document discusses several development strategies for developing countries, including diversifying industrial bases to avoid overreliance on commodities, improving agricultural production through reforms and investment, implementing free market reforms while addressing issues of market failure, undertaking structural adjustment policies involving trade liberalization and fiscal austerity, and pursuing outward-looking trade strategies focused on export promotion. It also notes the importance of population control and encouraging savings and investment to support economic growth.
Tahra Zafar is the Head of Costume for the London 2012 Olympic and Paralympic Games. She oversees teams that are creating 26,000 costumes for the Opening Ceremonies. Some of her responsibilities include planning costumes well in advance and ensuring the right costumes are delivered to the right performers at the right time. After the Games, selected iconic costumes will be displayed in museums while most costumes will be given to performers or sold.
The document provides an analysis of the projected state of the global economy in 2050, with the following key points:
1) Emerging economies will collectively be larger than developed economies by 2050, with 19 of the top 30 largest economies being emerging economies.
2) China and India will be the largest and third largest economies respectively, and many other emerging economies like Mexico, Turkey, and Indonesia will see substantial increases in their global rankings.
3) In contrast, some small European economies will see declines in economic might and global rankings due to unfavorable demographic trends.
4) Growth in the emerging markets will boost overall global growth, with emerging world growth contributing twice as much as developed world growth
This document summarizes key points from an International Energy Agency presentation on global energy trends. It finds that while developing countries like China and India are driving increased energy demand, natural gas and renewables are becoming more important sources. Energy efficiency is also crucial for energy security, climate change mitigation, and economic impacts. Specific examples show how efficiency is lowering oil demand growth and can contribute significantly to emissions reductions in the EU. The document outlines the World Energy Outlook 2012 report which will provide updated global energy projections and analyses of priority issues.
Presentation by Julian Mansfield, Policy Lead for Energy Security in European & Multilateral Fora, British Foreign & Commonwealth Office, delivered at a briefing and energy policy discussion forum held at the British Embassy in Oslo on 28 March 2011.
Monetary policy aims to control inflation and maintain price stability through two main tools: changing interest rates and changing the money supply. Raising interest rates typically dampens aggregate demand in the economy, lowering inflation, while quantitative easing expands the money supply to boost demand. The document discusses how monetary policy decisions are made by the Bank of England's Monetary Policy Committee based on assessing economic indicators and their expected impact on inflation.
The document discusses several development strategies for developing countries, including diversifying industrial bases to avoid overreliance on commodities, improving agricultural production through reforms and investment, implementing free market reforms while addressing issues of market failure, undertaking structural adjustment policies involving trade liberalization and fiscal austerity, and pursuing outward-looking trade strategies focused on export promotion. It also notes the importance of population control and encouraging savings and investment to support economic growth.
Tahra Zafar is the Head of Costume for the London 2012 Olympic and Paralympic Games. She oversees teams that are creating 26,000 costumes for the Opening Ceremonies. Some of her responsibilities include planning costumes well in advance and ensuring the right costumes are delivered to the right performers at the right time. After the Games, selected iconic costumes will be displayed in museums while most costumes will be given to performers or sold.
The document is an examiners' report from Edexcel on the January 2011 GCE Economics exam. It provides feedback on student performance on each question and common mistakes. For question 9 on airline mergers, it summarizes that most students could identify the type of integration but did not make sufficient use of the data. For part b, it notes that many students focused on explaining reasons for losses rather than evaluating them, and did not include the required diagram. For part c, it says contestability was generally understood well, with students discussing factors like economies of scale and potential collusion.
The document discusses how globalization has impacted and will continue to impact the world economy according to Goldman Sachs projections. It notes that China will likely surpass the US to become the largest economy by 2025 and India will become the third largest by 2050. For the UK, the document outlines how it has benefited from globalization through increased trade and investment opportunities abroad, but also faces threats from things like rising inequality and risks to domestic industries. Some threats to the current wave of globalization mentioned include rising populism and protectionism as countries struggle with issues like wealth inequality exacerbated by globalization.
This document provides 10 ways to improve economics exam papers. It discusses the importance of analyzing decisions at the margin and how marginal changes can have big effects. It also covers the law of unintended consequences, the importance of identifying stakeholders, using appropriate time periods in economic analysis, recognizing non-linear demand and supply curves, changing elasticities to develop analysis, and how most markets are interrelated.
The document discusses the strengths of the UK constitution. It begins by stating the objectives of identifying strengths of the UK constitution and reflecting on learning from the unit. Some key strengths mentioned include parliamentary sovereignty, which establishes that parliament has ultimate lawmaking power; the principle of the rule of law; and the existence of a unitary state with power held by the central Westminster Parliament. However, some argue these principles are outdated given developments like devolution and European law. An advantage of the UK's uncodified constitution is that it allows for flexibility and reform, as demonstrated by recent constitutional changes. However, some reforms like devolution may limit future flexibility.
The UK constitution is an uncodified set of rules that define the government and protect civil liberties. It aims to limit government power by establishing separate powers and responsibilities for institutions like Parliament. The UK constitution has evolved over time based on parliamentary sovereignty, with Parliament able to make any law. Its key features include parliamentary sovereignty, being uncodified, a unitary system, a fusion of executive and legislative powers, and flexibility to change through new legislation.
The document outlines the UK government's industrial strategy to promote partnership between government and industry. It discusses the need for the strategy due to changes in the global economy and the UK's relative position. The strategy focuses on strategic partnerships in key sectors like aerospace, offshore wind, and construction. Progress to date includes commitments in life sciences, automotive investments, technology investments, improving access to finance, procurement, and skills. The overall goal is to promote long term growth through these partnerships and investments.
This document provides an overview of the European Union economy and single market. It discusses the background and size of the EU, economic integration within the EU including the customs union and single market built on four freedoms of movement. The single market aims to increase productivity and economic growth through increased trade, competition, economies of scale and specialization between member states. Over half of UK trade is with other EU countries, and the single market accounts for a large percentage of trade for many member states.
The document provides an overview of the Eurozone crisis, including important dates, statistics on the crisis' impact, details on Greece's debt crisis, the theory behind the Eurozone, and factors that contributed to the crisis. It discusses how Greece did not meet the criteria to join the Eurozone, its growing debt levels, credit downgrades, austerity measures, and the €110 billion bailout package provided. The structure of the Eurozone is identified as a cause due to issues like excessive borrowing, conflicting responsibilities for bank bailouts, and differences in macroeconomic policies across countries.
Industrial Strategy summary updated 26 March 2013bisgovuk
The industrial strategy aims to foster partnership between government and industry to drive economic growth. It focuses on key sectors like aerospace, life sciences, and automotive. Progress includes publishing sector strategies, investing over £500 million in priority industries, establishing technology innovation centers, and skills initiatives like the employer ownership pilot. The strategy seeks to maintain the UK's competitive advantages amid globalization and support industries in developing new technologies.
Research context for libraries and publishersAlicia Wise
The document discusses how research and development spending has grown significantly around the world, increasing by an average of 4% annually and totaling over $1.2 trillion in 2010. Both developed and developing countries have steadily increased their spending on R&D as a percentage of GDP to support innovation and economic growth. This rise in research funding has driven growth in the number of researchers and scientific publications worldwide.
The document discusses the European Union, Eurozone, and the European sovereign debt crisis. It provides details on the countries that make up the Eurozone and EU. It then summarizes the sovereign debt crisis that began in Greece in 2009 and spread to other European countries like Portugal, Ireland, Italy, and Spain. It explains some of the key events and impacts of the crisis, as well as measures taken by the EU and European Central Bank to address the financial crisis.
The document discusses the European Union, Eurozone, and the European sovereign debt crisis. It provides details on the countries that make up the Eurozone and EU. It then summarizes the sovereign debt crisis that began in Greece in 2009 and spread to other European countries like Portugal, Ireland, Italy, and Spain. It explains some of the key events and impacts of the crisis, as well as measures taken by the EU and European Central Bank to address the financial crisis.
The document provides an overview of the European Union (EU) in 3 paragraphs:
1) The EU is an economic and political union of 27 member states located primarily in Europe, forming the largest regional economic body in the world and most open market for developing countries. Key symbols of the EU include the flag and anthem.
2) The EU was formed in 1957 with 6 founding members through the Treaty of Rome, which established free movement of goods, capital and labor within the union.
3) Over the past 50+ years, the EU has brought peace and prosperity to Europe through cooperation and economic integration between members, including the establishment of a single market and common currency adopted by 15 members.
The document provides an overview of the history and role of the European Union (EU). It discusses how the EU was established in 1958 with 6 original members and has since expanded to 27 members. The goals of the EU are to increase trade and cooperation between member countries through establishing a single market and adopting a common currency, the euro. The EU aims to improve workers' rights and reduce economic disparities between regions through social and regional policies.
World seaborne trade continued to grow in 2011 but at a slower rate than 2010 due to weaker global economic growth. Several factors weighed on the global economy including the sovereign debt crisis in Europe, natural disasters in Japan and Thailand, rising oil prices, and social unrest. While developing economies drove most global growth, the outlook remains uncertain depending on how factors like high oil prices and debt issues evolve. Preliminary estimates indicate world seaborne trade grew in 2011 but at a slower pace than the year before as merchandise trade and the global economy slowed.
The document summarizes the Eurozone crisis, including its causes and potential outcomes and solutions. It discusses how countries like Greece, Portugal and Ireland accumulated large fiscal and trade deficits within the Eurozone, unable to devalue their currencies. This led to a sovereign debt crisis threatening the entire Eurozone. Proposed solutions included bailouts with austerity measures, new stabilization funds, and moves toward greater fiscal and political integration among Eurozone members.
This document provides a 3-paragraph summary of a policy brief on the current state of the European Union. It begins by outlining the economic advantages of adopting a single currency, such as reduced transaction costs and exchange rate uncertainty. However, it notes that more economic and fiscal integration is needed to ensure long-term success. The document then presents an action plan to strengthen economic governance and establish a European Debt Agency. It argues that growth is also important to overcoming the crisis. In conclusion, the policy brief advocates bold action to take advantage of the crisis and overcome current challenges facing the European Union.
This document provides a 3-paragraph summary of a policy brief on the current state of the European Union. It begins by outlining the economic advantages of adopting a single currency, such as reduced transaction costs and exchange rate uncertainty. However, it notes that more economic and fiscal integration is needed to ensure long-term success. The document then presents an action plan to strengthen economic governance and establish a European Debt Agency. It argues that growth is also important to overcoming the crisis. In conclusion, the policy brief advocates bold action to take advantage of the crisis and overcome current challenges facing the European Union.
Research outputs are growing rapidly due to increasing global R&D spending and collaboration. STM information companies contribute to research by registering, reviewing, disseminating and preserving research outputs; nurturing cross-disciplinary areas; facilitating collaboration; monitoring researcher mobility patterns; facilitating access to experimental data; and providing a broad range of metrics and tools to measure research outcomes and impacts. The overall goal is to support high quality research that improves economic and social outcomes.
The document discusses key issues related to the Eurozone and Britain's position regarding adopting the Euro. It covers topics such as which countries have adopted the Euro, convergence criteria for joining, the motivations and cases for and against Britain adopting the Euro, and tensions that have arisen within the Eurozone.
The document is an examiners' report from Edexcel on the January 2011 GCE Economics exam. It provides feedback on student performance on each question and common mistakes. For question 9 on airline mergers, it summarizes that most students could identify the type of integration but did not make sufficient use of the data. For part b, it notes that many students focused on explaining reasons for losses rather than evaluating them, and did not include the required diagram. For part c, it says contestability was generally understood well, with students discussing factors like economies of scale and potential collusion.
The document discusses how globalization has impacted and will continue to impact the world economy according to Goldman Sachs projections. It notes that China will likely surpass the US to become the largest economy by 2025 and India will become the third largest by 2050. For the UK, the document outlines how it has benefited from globalization through increased trade and investment opportunities abroad, but also faces threats from things like rising inequality and risks to domestic industries. Some threats to the current wave of globalization mentioned include rising populism and protectionism as countries struggle with issues like wealth inequality exacerbated by globalization.
This document provides 10 ways to improve economics exam papers. It discusses the importance of analyzing decisions at the margin and how marginal changes can have big effects. It also covers the law of unintended consequences, the importance of identifying stakeholders, using appropriate time periods in economic analysis, recognizing non-linear demand and supply curves, changing elasticities to develop analysis, and how most markets are interrelated.
The document discusses the strengths of the UK constitution. It begins by stating the objectives of identifying strengths of the UK constitution and reflecting on learning from the unit. Some key strengths mentioned include parliamentary sovereignty, which establishes that parliament has ultimate lawmaking power; the principle of the rule of law; and the existence of a unitary state with power held by the central Westminster Parliament. However, some argue these principles are outdated given developments like devolution and European law. An advantage of the UK's uncodified constitution is that it allows for flexibility and reform, as demonstrated by recent constitutional changes. However, some reforms like devolution may limit future flexibility.
The UK constitution is an uncodified set of rules that define the government and protect civil liberties. It aims to limit government power by establishing separate powers and responsibilities for institutions like Parliament. The UK constitution has evolved over time based on parliamentary sovereignty, with Parliament able to make any law. Its key features include parliamentary sovereignty, being uncodified, a unitary system, a fusion of executive and legislative powers, and flexibility to change through new legislation.
The document outlines the UK government's industrial strategy to promote partnership between government and industry. It discusses the need for the strategy due to changes in the global economy and the UK's relative position. The strategy focuses on strategic partnerships in key sectors like aerospace, offshore wind, and construction. Progress to date includes commitments in life sciences, automotive investments, technology investments, improving access to finance, procurement, and skills. The overall goal is to promote long term growth through these partnerships and investments.
This document provides an overview of the European Union economy and single market. It discusses the background and size of the EU, economic integration within the EU including the customs union and single market built on four freedoms of movement. The single market aims to increase productivity and economic growth through increased trade, competition, economies of scale and specialization between member states. Over half of UK trade is with other EU countries, and the single market accounts for a large percentage of trade for many member states.
The document provides an overview of the Eurozone crisis, including important dates, statistics on the crisis' impact, details on Greece's debt crisis, the theory behind the Eurozone, and factors that contributed to the crisis. It discusses how Greece did not meet the criteria to join the Eurozone, its growing debt levels, credit downgrades, austerity measures, and the €110 billion bailout package provided. The structure of the Eurozone is identified as a cause due to issues like excessive borrowing, conflicting responsibilities for bank bailouts, and differences in macroeconomic policies across countries.
Industrial Strategy summary updated 26 March 2013bisgovuk
The industrial strategy aims to foster partnership between government and industry to drive economic growth. It focuses on key sectors like aerospace, life sciences, and automotive. Progress includes publishing sector strategies, investing over £500 million in priority industries, establishing technology innovation centers, and skills initiatives like the employer ownership pilot. The strategy seeks to maintain the UK's competitive advantages amid globalization and support industries in developing new technologies.
Research context for libraries and publishersAlicia Wise
The document discusses how research and development spending has grown significantly around the world, increasing by an average of 4% annually and totaling over $1.2 trillion in 2010. Both developed and developing countries have steadily increased their spending on R&D as a percentage of GDP to support innovation and economic growth. This rise in research funding has driven growth in the number of researchers and scientific publications worldwide.
The document discusses the European Union, Eurozone, and the European sovereign debt crisis. It provides details on the countries that make up the Eurozone and EU. It then summarizes the sovereign debt crisis that began in Greece in 2009 and spread to other European countries like Portugal, Ireland, Italy, and Spain. It explains some of the key events and impacts of the crisis, as well as measures taken by the EU and European Central Bank to address the financial crisis.
The document discusses the European Union, Eurozone, and the European sovereign debt crisis. It provides details on the countries that make up the Eurozone and EU. It then summarizes the sovereign debt crisis that began in Greece in 2009 and spread to other European countries like Portugal, Ireland, Italy, and Spain. It explains some of the key events and impacts of the crisis, as well as measures taken by the EU and European Central Bank to address the financial crisis.
The document provides an overview of the European Union (EU) in 3 paragraphs:
1) The EU is an economic and political union of 27 member states located primarily in Europe, forming the largest regional economic body in the world and most open market for developing countries. Key symbols of the EU include the flag and anthem.
2) The EU was formed in 1957 with 6 founding members through the Treaty of Rome, which established free movement of goods, capital and labor within the union.
3) Over the past 50+ years, the EU has brought peace and prosperity to Europe through cooperation and economic integration between members, including the establishment of a single market and common currency adopted by 15 members.
The document provides an overview of the history and role of the European Union (EU). It discusses how the EU was established in 1958 with 6 original members and has since expanded to 27 members. The goals of the EU are to increase trade and cooperation between member countries through establishing a single market and adopting a common currency, the euro. The EU aims to improve workers' rights and reduce economic disparities between regions through social and regional policies.
World seaborne trade continued to grow in 2011 but at a slower rate than 2010 due to weaker global economic growth. Several factors weighed on the global economy including the sovereign debt crisis in Europe, natural disasters in Japan and Thailand, rising oil prices, and social unrest. While developing economies drove most global growth, the outlook remains uncertain depending on how factors like high oil prices and debt issues evolve. Preliminary estimates indicate world seaborne trade grew in 2011 but at a slower pace than the year before as merchandise trade and the global economy slowed.
The document summarizes the Eurozone crisis, including its causes and potential outcomes and solutions. It discusses how countries like Greece, Portugal and Ireland accumulated large fiscal and trade deficits within the Eurozone, unable to devalue their currencies. This led to a sovereign debt crisis threatening the entire Eurozone. Proposed solutions included bailouts with austerity measures, new stabilization funds, and moves toward greater fiscal and political integration among Eurozone members.
This document provides a 3-paragraph summary of a policy brief on the current state of the European Union. It begins by outlining the economic advantages of adopting a single currency, such as reduced transaction costs and exchange rate uncertainty. However, it notes that more economic and fiscal integration is needed to ensure long-term success. The document then presents an action plan to strengthen economic governance and establish a European Debt Agency. It argues that growth is also important to overcoming the crisis. In conclusion, the policy brief advocates bold action to take advantage of the crisis and overcome current challenges facing the European Union.
This document provides a 3-paragraph summary of a policy brief on the current state of the European Union. It begins by outlining the economic advantages of adopting a single currency, such as reduced transaction costs and exchange rate uncertainty. However, it notes that more economic and fiscal integration is needed to ensure long-term success. The document then presents an action plan to strengthen economic governance and establish a European Debt Agency. It argues that growth is also important to overcoming the crisis. In conclusion, the policy brief advocates bold action to take advantage of the crisis and overcome current challenges facing the European Union.
Research outputs are growing rapidly due to increasing global R&D spending and collaboration. STM information companies contribute to research by registering, reviewing, disseminating and preserving research outputs; nurturing cross-disciplinary areas; facilitating collaboration; monitoring researcher mobility patterns; facilitating access to experimental data; and providing a broad range of metrics and tools to measure research outcomes and impacts. The overall goal is to support high quality research that improves economic and social outcomes.
The document discusses key issues related to the Eurozone and Britain's position regarding adopting the Euro. It covers topics such as which countries have adopted the Euro, convergence criteria for joining, the motivations and cases for and against Britain adopting the Euro, and tensions that have arisen within the Eurozone.
This document discusses building an innovation economy in Peru. It outlines that while Peru has experienced strong economic growth in recent decades based on natural resources and open markets, it has not yet established the foundations for an innovation-driven economy. The document proposes that Peru must now focus on building innovative capacity, transitioning from microenterprises to innovation-based entrepreneurship, and harnessing the power of cluster-driven economic strategies. This will help Peru move to the next stage of economic development beyond its current resource-led growth model.
The document compares crises frequency between advanced and emerging market economies, examines differences in their economic recoveries after the global financial crisis, discusses factors that help predict crises, and debates whether recent capital inflows may undermine financial stability in emerging markets. It also outlines key aspects of the international monetary system centered around the US dollar, including costs and benefits, asymmetries in external adjustment, and emerging markets' self-insurance through reserve accumulation.
The document discusses the potential for a "Eurozone Renaissance" with three scenarios: 1) A bona fide economic recovery in Europe that boosts global growth and US markets. 2) European equity markets recover but real growth remains slow with limited impact on the US. 3) A resurgence of the debt crisis in Europe due to political changes in Germany or other shocks. Recent data shows tentative signs of recovery in Europe but high unemployment, weak demand, and political challenges remain obstacles to a strong rebound to pre-crisis levels.
The document summarizes a seminar on financial innovation in Belgium. It provides an agenda for presentations on investing in the Belgian financial sector, unique tax incentives in Belgium, financial innovation in Europe, and US investment perspectives in Belgium. A presentation by Filip Dierckx discusses Belgium's open, international banking sector which is dominated by foreign banks yet still contributes strongly to the domestic and European economies. Albert Wolfs was scheduled to present on unique tax incentives available for foreign investments in Belgium.
Slide 1 1mm - the basic economic problemmattbentley34
The basic economic problem is that human wants are unlimited while resources are scarce. This means that societies must make choices about how to allocate scarce resources between alternative uses to best satisfy people's needs and wants. The opportunity cost of a choice is the value of the best alternative forgone, or what is given up by making that choice. Production possibility curves illustrate this problem by showing the tradeoffs involved - producing more of one good requires producing less of another since resources are limited.
This document introduces economics as a social science that studies human behavior in markets at both micro and macro levels. It then lists several current economic issues and prompts the reader to discuss the reasons for each issue and potential solutions in small groups. Some of the issues highlighted include the wealth divide, the effects of Brexit, policies to curb plastic pollution, and the future of work with artificial intelligence. The document encourages further discussion and learning about economics topics.
1. Altruism refers to humans behaving with more kindness and fairness than would be expected if they acted rationally according to self-interest.
2. Anchoring is the tendency for people to rely on irrelevant reference points or anchors when making estimates.
3. Bounded rationality recognizes the cognitive limits of humans in making fully rational decisions due to limits in information, time, and brain processing capacity.
This document provides a list of 14 online resources for learning about behavioral economics and conducting experiments. Some of the key resources mentioned include Dan Ariely's website which has video explanations of concepts and research; the Invisible Gorilla team's videos demonstrating bounded rationality; interactive experiments on the Online Psychology Laboratory website; and videos from the Behavioural Design Lab. Overall, the document serves as a guide to various online materials for studying behavioral economics concepts.
This document introduces concepts from behavioural economics, which challenges the assumption that people always make rational decisions. It discusses how social, emotional, and cognitive factors can influence choices. People have bounded rationality and use mental shortcuts like heuristics. Choices are affected by defaults, framing, norms, and biases. Behavioural economics aims to "nudge" better choices through approaches like changing defaults or using social norms, rather than mandates. However, some argue that nudges could be seen as paternalistic or that consumers are not as irrational as behavioral economics assumes.
1. ArcelorMittal, the world's largest steelmaker, made a bid to acquire Macarthur Coal in Australia in October 2011. This was likely motivated by the desire to achieve the benefits of backwards vertical integration, as ArcelorMittal uses large quantities of coal in its steel production process.
2. Sally owns a potato farm and aims to maximize profit. As she believes the market price of potatoes will not be affected by her farm's output level, she will produce at the level where marginal cost equals price in the short run to maximize profit.
3. Sally believes her individual output will not impact the overall market price. Therefore, she will produce the quantity where marginal cost equals price to
- Starbucks has had success in China but has faced criticism for high prices. It has adopted a localization strategy including store designs that reflect local culture and adding popular local flavors.
- Spotify dominates the music streaming market but faces challenges from competitors differentiating their offerings and royalty costs reducing profits despite rising revenues.
- Nissan faces uncertainty from Brexit but has cut European prices for its electric Leaf model. A UK consumer could save over £1,000 buying from France due to the weak pound.
This document summarizes factors that influence wage determination in labor markets, including supply and demand, trade unions, government intervention, and discrimination. Key points include:
- Supply and demand are primary determinants of wages, with wages rising or falling based on labor demand changes.
- Economic rent and transfer earnings also impact wages. Workers earn more economic rent the more inelastic the labor supply.
- Trade unions aim to increase member wages through collective bargaining, creating a new higher minimum supply curve. This raises wages but reduces employment.
- Government policies like minimum wage legislation and anti-discrimination laws also impact wages.
- Discrimination against groups lowers their wages below true market rates due to prejudices about their productivity
Justin King became CEO of UK retailer J Sainsbury plc in 2004 when sales and market share were falling. He implemented a strategy of recovery through sales growth including price cuts, organizational restructuring, and bonuses for higher store standards. King also focused on increasing employee engagement to improve customer service and financial performance. Following King's changes, Sainsbury's experienced 36 consecutive months of sales growth from 2010 to 2013 and increased its market share. However, in 2014 King announced he was stepping down as CEO and soon after Sainsbury's reported its first sales decline in 9 years due to continued competition.
This document provides a template for planning answers to AQA A Level Business exam questions. The template includes spaces to write the question, marks available, and multiple paragraphs to structure an answer with context, evidence, models, theory and reasoning. Each paragraph includes prompts to include an explanation of a point and opportunities to include evaluation.
The multiplier effect occurs when an initial injection of spending, such as government spending on a new infrastructure project, leads to a greater total increase in real GDP through multiple rounds of spending. The size of the multiplier effect depends on factors like the marginal propensity to consume, marginal propensity to save, marginal propensity to import, and how elastic the aggregate supply is. A higher propensity to consume and a lower propensity to save and import leads to a larger multiplier. The multiplier is calculated as 1 divided by the sum of the marginal propensities.
Nationalism and racialism are often confused concepts. Nationalism refers to a shared cultural identity among a group of people, such as a common language, religion, or traditions. In contrast, racialism asserts that humanity is divided into distinct biological groups with inherent differences. While nationalism can take liberal forms that promote self-determination and international harmony, it can also be expressed chauvinistically by asserting the superiority of one nation over others. Racialism inherently claims racial segregation and superiority. However, the concepts can overlap, such as in certain expressions of aggressive nationalism. Overall, nationalism encompasses a spectrum of doctrines from the progressive to the reactionary.
This document provides exam advice for the Edexcel A Level Economics exam. It outlines the structure and timing of Papers 1-3 and the types of questions that may be asked. For each section and question type, it offers strategies and techniques for answering questions successfully, such as using diagrams, chains of analysis, and considering different perspectives in evaluations. Students are advised to read questions carefully, show workings, use economic terminology, and relate their answers back to the questions.
The document appears to be missing content and only contains the heading "Conclusions;" without any conclusions stated. Based on the limited information, this document does not provide any summarizable content in 3 sentences or less.
Nationalism and racialism are often confused concepts. Nationalism refers to a shared cultural identity among a group of people, such as a common language, religion, or traditions. In contrast, racialism asserts that humanity is divided into distinct biological groups with inherent differences. While nationalism can take liberal forms that promote self-determination and international harmony, it can also be expressed chauvinistically by asserting the superiority of one nation over others. Racialism inherently claims racial segregation and superiority. However, the concepts can overlap, such as in certain expressions of aggressive nationalism. Overall, nationalism encompasses a spectrum of doctrines from the progressive to the reactionary.
This document discusses different voting systems used in elections, including first-past-the-post, supplementary vote, additional vote, and single transferable vote systems. First-past-the-post is used for UK House of Commons elections, where voters select one candidate and the candidate with the most votes wins. Proportional representation systems aim to allocate seats proportionally based on votes. The supplementary vote and additional vote systems allow voters to rank candidates, while single transferable vote uses multi-member constituencies and transfers votes from eliminated candidates.
This document provides an overview of key concepts related to political representation and democracy in the UK. It defines democracy, explaining that modern democracies are generally representative rather than direct, with citizens electing representatives to make decisions on their behalf. It discusses the role of manifestos in outlining party policies, and the concept of mandates for the party that wins a majority of seats. Referendums are described as a way to directly consult citizens on important issues. Finally, it outlines the different levels of government in the UK, from local to national to European Union levels.
This document discusses political participation in the UK. It outlines different forms of political participation such as voting, joining political parties, and participating in demonstrations. Younger people are more likely to engage in newer forms of participation like pressure groups, while older individuals typically participate through voting and party membership. Women are underrepresented among politicians but equally participate in other ways. Traditional participation through parties and unions has declined as issues are addressed more globally and new social and environmental movements have emerged.
This document discusses several major political ideologies including liberalism, conservatism, socialism, and others. It defines ideology as "an interrelated set of ideas that in some way guides or inspires political action." Liberalism focuses on individual freedom, equality of opportunity, and a limited government role, while conservatism emphasizes tradition, gradual change, and social order. Socialism promotes collectivism, equality, and opposition to capitalism. The document also examines post-ideological politics, where clear ideological differences are less apparent and single-issue groups are more common.
During the budget session of 2024-25, the finance minister, Nirmala Sitharaman, introduced the “solar Rooftop scheme,” also known as “PM Surya Ghar Muft Bijli Yojana.” It is a subsidy offered to those who wish to put up solar panels in their homes using domestic power systems. Additionally, adopting photovoltaic technology at home allows you to lower your monthly electricity expenses. Today in this blog we will talk all about what is the PM Surya Ghar Muft Bijli Yojana. How does it work? Who is eligible for this yojana and all the other things related to this scheme?
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Prescriptive analytics BA4206 Anna University PPTFreelance
Business analysis - Prescriptive analytics Introduction to Prescriptive analytics
Prescriptive Modeling
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EU Enlargement 2011
1. Geoff Riley (tutor2u) ‐ Europe an Ever Larger February 2011
Union
An Ever Larger Union
Enlargement of the EU Single Market
A2 Economics: Global and European Context Issues (Geoff Riley, February 2011)
The Map of Europe
The EU is now the
largest integrated
economic area in
the world,
accounting for
more than 30% of
world GDP and
more than 17% of
world trade
www.tutor2u.net 1
2. Geoff Riley (tutor2u) ‐ Europe an Ever Larger February 2011
Union
Expanding the Single Market
• First Expansion
– 1973: UK, Ireland and Denmark
• Mediterranean Spirit
– 1981: Greece
– 1986: Portugal and Spain
• Entry of the Neutrals
– 1995: Austria, Finland and Sweden
• The Big Bang
– 2004: Latvia, Lithuania, Cyprus, Malta, Slovenia,
Slovakia, Estonia, Hungary, Czech Republic, Poland
– 2007: Bulgaria and Romania
Backward agrarian sectors?
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3. Geoff Riley (tutor2u) ‐ Europe an Ever Larger February 2011
Union
Or countries and cities of deep cultural
and political interest
Many new EU countries offer surprises
www.tutor2u.net 3
4. Geoff Riley (tutor2u) ‐ Europe an Ever Larger February 2011
Union
And lead the way towards a low
carbon economy
Benefits of EU Membership
Trade and Investment
• Free trade access to richer EU markets
• Attract inward capital investment
EU funding
• Structural funds for transport & environment
• Farm support (but at lower rate than ‘Old EU’)
Macroeconomic stability
• Commitment towards joining single currency
• Must be fully‐fledged market economies to join
www.tutor2u.net 4
5. Geoff Riley (tutor2u) ‐ Europe an Ever Larger February 2011
Union
How have “New Europe” nations
performed since EU entry ?
• There are many indicators we can look at:
1. Volume /balance of trade within the EU
2. Economic growth rates and cyclical volatility
3. Relative productivity levels
4. Relative per capita incomes
5. Unemployment rates
6. Consumer price inflation
7. External trade and investment balances
Slovakian Exports to the UK
2.5
Dining at the Rich Man’s Table
Exports of goods and services, annual value Euro billions
2.5
2.0 2.0
1.5 1.5
EUR (billions)
billions
1.0 1.0
0.5 0.5
0.0 0.0
99 00 01 02 03 04 05 06 07 08 09
Source: EuroStat
www.tutor2u.net 5
6. Geoff Riley (tutor2u) ‐ Europe an Ever Larger February 2011
Union
Exports of goods and services as a share of GDP
140
Exports as a share of GDP
Per cent
140
130 130
120 120
110 110
100 100
90 90
80 80
%
70 70
60 60
50 50
40 40
30 30
20 20
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09
United Kingdom Slovenia Poland
Slovak Republic Czech Republic
Source: Reuters EcoWin
Trade Balance in Goods and Services
10
Trade Balance as share of GDP
Balance of Trade as a share of GDP
10
5 5
0 0
-5 -5
-10 -10
%
-15 -15
-20 -20
-25 -25
-30 -30
00 01 02 03 04 05 06 07 08 09
Slovak Republic Czech Republic Estonia United Kingdom
Source: Reuters EcoWin
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7. Geoff Riley (tutor2u) ‐ Europe an Ever Larger February 2011
Union
Comparing Economic Growth Rates
7
Out‐Pacing the UK on Growth
Constant Prices, Gross domestic product at market prices, 2000=100, Index
7
6 6
5 5
4 4
3 3
2 2
Percent
1 1
0 0
-1 -1
-2 -2
-3 -3
-4 -4
-5 -5
04 05 06 07 08 09 10 11 12
Poland [c.o.p 1 year] Czech Republic [c.o.p 1 year] United Kingdom [c.o.p 1 year]
Source: EuroStat
Volatile Economic Cycles for the Baltic States
15
Baltic States have been volatile
Annual % change in Real Gross Domestic Product
15
Latvia
10 10
Lithuania
Estonia
5 5
0 0
Percent
-5 -5
-10 -10
-15 -15
-20 -20
04 05 06 07 08 09 10
Estonia [ar 4 quarters] Latvia [ar 4 quarters]
Lithuania [ar 4 quarters]
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8. Geoff Riley (tutor2u) ‐ Europe an Ever Larger February 2011
Union
Increased investment has supported growth
45.0
Investment ratios
Capital Investment at Constant Prices, measured as a % of GDP
45.0
40.0 40.0
35.0 35.0
30.0 30.0
%
25.0 25.0
20.0 20.0
15.0 15.0
00 01 02 03 04 05 06 07 08 09
Czech Republic Poland Bulgaria United Kingdom
Source: Reuters EcoWin
Fiat in Poland
www.tutor2u.net 8
9. Geoff Riley (tutor2u) ‐ Europe an Ever Larger February 2011
Union
New Europe – a magnet for FDI
Growing
Low markets
Labour
Low land
Highly costs prices
literate
population Low
business
taxes
Central
Success
European
of early
Location
projects
Strong FDI
www.tutor2u.net 9
10. Geoff Riley (tutor2u) ‐ Europe an Ever Larger February 2011
Union
Transport Infrastructure - Total Length of Motorways
1000 Motorways 1000
900 900
800 800
700 700
KM
600 600
500 500
400 400
300 300
200 200
00 01 02 03 04 05 06 07 08 09
Poland Hungary Slovak Republic Slovenia
Source: EuroStat
Labour Productivity per Person Employed
90
Improvements in Productivity
Index of productivity as % of the EU27 average
90
80 Slovenia
80
70 70
Czech Republic
EU27=100
60 60
Hungary
50 50
Estonia
Poland
40 40
30 30
Romania
Bulgaria
20 20
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11
Czech Republic Poland Hungary
Estonia Romania
Slovenia Bulgaria
Source: Reuters EcoWin
www.tutor2u.net 10
11. Geoff Riley (tutor2u) ‐ Europe an Ever Larger February 2011
Union
Growth and Living Standards
Rising per
Faster Higher Increased
capita
growth productivity wages
incomes
Estimated Trend Economic Growth Rates
5.5
Estimated Trend Growth
Potential GDP, percentage change per year
5.5
5.0 5.0
4.5 4.5
4.0 4.0
3.5 3.5
Percent
3.0 3.0
2.5 2.5
2.0 2.0
1.5 1.5
1.0 1.0
0.5 0.5
0.0 0.0
04 05 06 07 08 09 10 11 12
Euro Zone Poland
Czech Republic United Kingdom
Source: OECD World Economic Outlook
www.tutor2u.net 11
12. Geoff Riley (tutor2u) ‐ Europe an Ever Larger February 2011
Union
Income convergence for ten new EU members
100
Relative Per Capita Incomes
Index of GDP per head, purchasing power standard, EU=100
100
90 90
80 80
70 70
EU25=100
60 60
50 50
40 40
30 30
20 20
00 01 02 03 04 05 06 07 08 09 10
Czech Republic Estonia Latvia
Hungary Slovak Republic Romania
Poland Bulgaria
Slovenia Lithuania
Source: Reuters EcoWin
Catching Up and Overtaking!
100
Catching up and taking over
GDP per Capita, purchasing power standard, EU25average = 100
100
95 95
90 90
85 85
80 80
EU25=100
75 75
70 70
65 65
60 60
55 55
50 50
00 01 02 03 04 05 06 07 08 09 10
Czech Republic Portugal Greece Slovenia
Source: EuroStat
www.tutor2u.net 12
13. Geoff Riley (tutor2u) ‐ Europe an Ever Larger February 2011
Union
Unemployment in selected New Member States
22.0
The Picture on Jobs
Percentage of the labour force, annual average, source: Eurostat
22.0
20.0 20.0
18.0 18.0
16.0 16.0
14.0 14.0
Percent
12.0 12.0
10.0 10.0
8.0 8.0
6.0 6.0
4.0 4.0
2.0 2.0
0.0 0.0
03 04 05 06 07 08 09 10
Poland Czech Republic Hungary Slovenia
Source: Reuters EcoWin
www.tutor2u.net 13
14. Geoff Riley (tutor2u) ‐ Europe an Ever Larger February 2011
Union
Unemployment Rates
22.0
Unemployment in the EU
Unemployment - % of labour force, seasonally adjusted
22.0
20.0 A third of the Euro Zone's 20.0
15.8 million unemployed
18.0 18.0
are in Spain
16.0 16.0
14.0 14.0
Percent
12.0 12.0
10.0 10.0
8.0 8.0
6.0 6.0
4.0 4.0
2.0 2.0
0.0 0.0
05 06 07 08 09 10
UK Spain Ireland
Germany Poland
Source: Reuters EcoWin
Inflation Rates for Selected new EU States
20.0
Inflation
Annual % change in consumer prices (all items)
20.0
15.0 15.0
10.0 10.0
Percent
5.0 5.0
0.0 0.0
-5.0 -5.0
04 05 06 07 08 09 10
Hungary Czech Republic Poland Latvia Euro Zone
Source: Reuters EcoWin
www.tutor2u.net 14
15. Geoff Riley (tutor2u) ‐ Europe an Ever Larger February 2011
Union
EU Enlargement and the UK economy
Trade Labour
FDI Flows
Flows Migration
UK Exports to some new EU States
4.5
Trade
Exports of goods and services, annual data, current prices, £ billion
4.5
4.0 4.0
3.5 3.5
3.0 3.0
GBP (billions)
2.5 2.5
billions
2.0 2.0
1.5 1.5
1.0 1.0
0.5 0.5
0.0 0.0
00 01 02 03 04 05 06 07 08 09
Poland Hungary
Slovakia Czech Republic
www.tutor2u.net 15
16. Geoff Riley (tutor2u) ‐ Europe an Ever Larger February 2011
Union
UK Trade in Goods and Services with Poland
6.0
UK Trade with Poland
Annual value of trade, £ billion
6.0
5.5 5.5
5.0 5.0
4.5 4.5
4.0 4.0
GBP (billions)
billions
3.5 3.5
3.0 3.0
2.5 2.5
2.0 2.0
1.5 1.5
1.0 1.0
00 01 02 03 04 05 06 07 08 09
Imports from Poland Exports to Poland
Source: Reuters EcoWin
UK Trade in Goods and Services with Poland
6.0
UK Trade with Poland
Annual value of trade, £ billion
6.0
5.5 5.5
5.0 Poland now takes 5.0
4.5 as many exports 4.5
4.0 from the UK as 4.0
GBP (billions)
billions
3.5 China does 3.5
3.0 3.0
2.5 2.5
2.0 2.0
1.5 1.5
1.0 1.0
00 01 02 03 04 05 06 07 08 09
Imports from Poland Exports to Poland
Source: Reuters EcoWin
www.tutor2u.net 16
19. Geoff Riley (tutor2u) ‐ Europe an Ever Larger February 2011
Union
Supporters of Inward Migration
• Fresh skills and boost to innovation
– Twenty‐two of Britain's 114 Nobel laureates were born abroad
– Tesco, Marks & Spencer, Easy Jet, Google, Yahoo!, eBay, YouTube
all founded or co‐founded by immigrants or their families
• Migration is a form of trade and there are gains from trade
– If you go to France for an operation, it is classified as trade; if a
French surgeon comes here, it is migration
– Reduces labour shortages
• Remittances add to GNP of new Europe
• Net contribution to government tax revenues
• Multiplier and accelerator effects
• May contribute to higher trend growth
• Justified on grounds of freedom, justice and human rights
Opponents of unrestricted migration
• Extra welfare burden
• Downward pressure on real wages and jobs
for domestic workers
• Social pressures and tensions
• Pressure on property prices and housing rents
• Some reports question the size of the
macroeconomic benefit of migration
www.tutor2u.net 19
20. Geoff Riley (tutor2u) ‐ Europe an Ever Larger February 2011
Union
Decisions on the Euro
• Entry into the EU involves a commitment to
join the single currency at some point
• But the timing is flexible
• 5 new EU states have joined since 2004
• Slovenia, Malta, Cyprus, Slovakia and Estonia
• Some have a pegged currency against the Euro
• Others favour a floating exchange rate
Pegging to the Euro - Estonia and Latvia
Some have pegged to the Euro
Local exchange rates to the Euro, daily value
15.660 15.660
15.650 15.650
EUR/EEK
15.640 15.640
15.630 15.630
15.620 15.620
Latvian currency
0.700 0.700
0.650 0.650
EUR/LVL
0.600 0.600
0.550 0.550
0.500 0.500
00 01 02 03 04 05 06 07 08 09 10 11
Source: Reuters EcoWin
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21. Geoff Riley (tutor2u) ‐ Europe an Ever Larger February 2011
Union
Poland - Growth of Real GDP and the Exchange Rate
Top Pane: Real GDP Bottom Pane: Effective Exchange Rate Index
7
6
Poland – currency depreciation 7
6
5 5
Percent
4 4
3 3
2 2
1 1
0 0
130 130
125 125
120 120
115 115
Index
110 110
105 105
100 100
95 95
90 90
85 85
Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct
06 07 08 09 10
Poland, Real GDP, precentage change from previous period, Constant Prices
Effective Exchange Rate Index
Source: Reuters EcoWin
An ever wider Europe? Or risks of
enlargement fatigue?
• Iceland
• Croatia
• Macedonia and
Montenegro
• Bosnia and
Herzegovina
• Serbia
• Kosovo
• Turkey
• Ukraine, Georgia
or Tunisia?
www.tutor2u.net 21
22. Geoff Riley (tutor2u) ‐ Europe an Ever Larger February 2011
Union
Enlargement – A Work in Progress
• Enlargement ‐ one of EU’s greatest successes
• New Europe was vulnerable to the global and
European financial crisis
• But many countries have outperformed old Europe
since 2007 on a variety of indicators
• They have provided fresh dynamism into the EU
• Europe needs it! Since 2005, Britain's economy has
grown by 2%, the Euro Zone's by 4%, Brazil's by 25%,
India's by 47% and China's by 69%
• The political significance of enlargement cannot be
underestimated
More
resources
on the EU
from the
Tutor2u
blog
www.tutor2u.net 22