year 12 AQA economics
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Oil Consumption and GDP [infographic]

Oil Consumption and GDP [infographic] | year 12 AQA economics | Scoop.it
This Infographic displays oil consumptions and gross domestic product, by year and country.

It summarizes and offers a comparison of annual oil consumption and gross domestic product per capita (in dollars) for USA, China, France, Gernany, India, Japan and Russia...


Via Lauren Moss, MChong, Clara Dunphy
Mr Jones's insight:

Excellent spot by Clara. Oil provides a great link for us between the Econ1 and Econ2 parts of the course

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DOSID's comment, February 26, 2013 4:04 AM
very informative. thank you
Electric Car's comment, February 26, 2013 4:17 AM
No problem :)
Clara Dunphy's curator insight, January 30, 2014 2:44 PM

China is still main consumer of oil

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Intervention in Markets - Will the legal highs ban work? | Economics | tutor2u

Intervention in Markets - Will the legal highs ban work? | Economics | tutor2u | year 12 AQA economics | Scoop.it
A ban on the sale of legal highs has come into force in England. But will be ban be effective? Or does it risk creating even greater harm.
Mr Jones's insight:
Clear example of the difficulties faced by governments when considering appropriate use for markets
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7m Americans At Risk From Man-Made Earthquakes

7m Americans At Risk From Man-Made Earthquakes | year 12 AQA economics | Scoop.it
A USGS report says Oklahoma, Kansas, Texas, Colorado, New Mexico and Arkansas have the highest chance of quake damage in 2016.

Via Phil Hensman
Mr Jones's insight:
Negative externalities in production
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Phil Hensman's curator insight, March 30, 5:15 AM
Negative Externalities in Production
Bruce Fellowes's curator insight, March 30, 7:05 AM
Negative Externalities in Production - Fracking being the main cause
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Can a city function without Public Goods? | Economics | tutor2u

Can a city function without Public Goods? | Economics | tutor2u | year 12 AQA economics | Scoop.it
What happens when a city is managed almost completely by
private corporations?
Mr Jones's insight:
Going beyond the requirements of AS but worth pondering. Do cities need local government to provide public goods or can private companies be encouraged to make them available without any government funding?
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Steel crisis: UK willing to take 25% stake in rescue deal - BBC News

Steel crisis: UK willing to take 25% stake in rescue deal - BBC News | year 12 AQA economics | Scoop.it
The government says it is willing to take a stake of up to 25% in any rescue of Tata Steel's UK arm as part of a financial package worth hundreds of millions of pounds.
Mr Jones's insight:
Perfect timing for y12 students as this story comes on the day we considered state production as one form of government intervention to deal with market failure. The Prime Minister (for political reasons) may be reluctant to call this 'nationalisation' but 25% ownership/stake is a hefty commitment. One of the issues leading to their decision is the negative local multiplier impact that would follow close and the difficulty for former workers with skills specific to steel finding jobs in other areas (labour immobility)
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Mr Jones's curator insight, April 21, 12:30 PM
Perfect timing for y12 students as this story comes on the day we considered state production as one form of government intervention to deal with market failure. The Prime Minister (for political reasons) may be reluctant to call this 'nationalisation' but 25% ownership/stake is a hefty commitment. One of the issues leading to their decision is the negative local multiplier impact that would follow close and the difficulty for former workers with skills specific to steel finding jobs in other areas (labour immobility)
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Battle for Market Share in Cloud Platform Services | Economics | tutor2u

It would be easy to assume that the internet behemoth Google would stand head and shoulders above others in providing cloud platform services. In fact Amazon We
Mr Jones's insight:
Monopoly power in terms of internet based services? Amazon is currently the biggest provider of 'cloud based' services worldwide but this article comments on massive investment plans by Google looking to catch up. 
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Tesco 'fictional farms' may be misleading - BBC News

Tesco 'fictional farms' may be misleading - BBC News | year 12 AQA economics | Scoop.it
Tesco's rebranding of fresh produce with labels from "fictional farms" has been criticised as misleading by Britain's farmers.
Mr Jones's insight:
Competitive markets can be shown to generate economic efficiency but only if buyers make choices that reflect an accurate valuation of the products they acquire. Not surprising perhaps that supermarkets might want to create a wholesome image in terms of where they source their products from.  Might this potentially misleading information amount to a market failure? What do you think?
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Budget 2016 summary: Key points at-a-glance - BBC News

Budget 2016 summary: Key points at-a-glance - BBC News | year 12 AQA economics | Scoop.it
An at-a-glance summary of the key points of George Osborne's 2016 Budget.
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How Changes in Global Demand and Supply Explain Falling Oil Prices | Business | tutor2u

How Changes in Global Demand and Supply Explain Falling Oil Prices | Business | tutor2u | year 12 AQA economics | Scoop.it
Every business student should have noticed an important business news story - the significant fall in global oil prices. A key question to understand is: why ha
Mr Jones's insight:

Nice video looking at demand and supply factors in the world oil market and how they contribute to price instability.  Whatever the cause, remember how price instability creates uncertainty which may discourage businesses from important investment decisions.

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New York City brings in salt warnings on menus to tackle heart disease

New York City brings in salt warnings on menus to tackle heart disease | year 12 AQA economics | Scoop.it
Chain restaurants in NYC will be forced to show customers which dishes contain more than one teaspoon of salt in the city’s latest public health drive

Via Phil Hensman, Mr Jones
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Phil Hensman's curator insight, January 7, 3:47 AM

Tackling information failure with demerit goods

Graham Watson's curator insight, January 7, 4:19 AM

Courtesy of Phil Hensman - thank you, sir - more on the provision of better quality information potentially reducing the negative externalities associated with poor eating habits. If you improve information, in theory, efficiency increases.

 

But what's the opportunity cost? And is there any evidence that consumers lack information in this regard? In which case, is government failure likely?

Mr Jones's curator insight, January 13, 7:16 AM

Tax or inprove public information?  Always an issue when considering any food story that may have external costs associated.

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Small scale solar energy subsidies set to end - BBC News

Small scale solar energy subsidies set to end - BBC News | year 12 AQA economics | Scoop.it
Subsidies for many new solar farms are to end under plans being published by the government.
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COP21 Live: Updates on Paris climate summit - BBC News

COP21 Live: Updates on Paris climate summit - BBC News | year 12 AQA economics | Scoop.it
Mr Jones's insight:

A good starting point when trying to explore the progress made at the climate change conference in Paris (Dec 15)

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COP 21: Philippines wrestles with climate dilemma - BBC News

COP 21: Philippines wrestles with climate dilemma - BBC News | year 12 AQA economics | Scoop.it
The Philippines, which is vulnerable to climate change, has confirmed controversial plans for more coal-fired power stations.
Mr Jones's insight:

Great external cost story showing climate change problems suffered in the Philippines

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Demerit Goods: Processed meats do cause cancer

Demerit Goods: Processed meats do cause cancer | year 12 AQA economics | Scoop.it

“ Processed meats - such as bacon and ham - do cause cancer, according to the World Health Organization.”


Via Matt Smith, Mr Jones, Esme
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Esme's curator insight, November 16, 2015 4:14 AM
The market for the meat will be using less resources as the cancer scare will discourage people to buy the meat therefore leading to a decrease in demand of the meat, meaning less resources will be used for thus market. As they are encouraging people not to eat as much meet this will decrease the demand for it, meaning there should be a less resources being put in for this market as otherwise there would be more supply than demand Government policy suggest they should subsidise the meat with more Rich foods such as fibre fruit and vegetables to enrich their bodies and decrease the risk of cancer.
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Plastic bag maker goes bust 'due to 5p charge' - BBC News

Plastic bag maker goes bust 'due to 5p charge' - BBC News | year 12 AQA economics | Scoop.it
The introduction of a 5p charge for plastic bags in England is blamed for a Lancashire packaging firm going into administration.

Via Phil Hensman
Mr Jones's insight:
Encouraging recycling through a plastic bag charge leads to manufacturer going out of business
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Phil Hensman's curator insight, March 2, 3:07 AM
Unintended consequences of government policies.... If you reduce the production of goods with negative externalities, people are put out of work
Bruce Fellowes's curator insight, March 2, 3:31 AM
Unintended consequences of government policies.... If you reduce the production of goods with negative externalities, people are put out of work
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Countries' Safe Alcohol Guidelines Confusing

Countries' Safe Alcohol Guidelines Confusing | year 12 AQA economics | Scoop.it
The World Health Organisation says a standard drink contains 10g of alcohol - but many countries have their own version.

Via Phil Hensman
Mr Jones's insight:
The importance of good information in the context of a demerit good
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Phil Hensman's curator insight, April 13, 2:24 AM
Demerit goods over consumed due to information failure, but is the correct information available?
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Rise in fly tipping blamed on Leicestershire County Council decision to cut tip opening hours

Rise in fly tipping blamed on Leicestershire County Council decision to cut tip opening hours | year 12 AQA economics | Scoop.it
County Hall has been blamed for an increase of fly tipping in rural areas.

Figures show illicit dumping has soared across the 230 square miles of Harborough district.

Sinc

Via Phil Hensman
Mr Jones's insight:
An interesting illustration of the unintended consequence of a government decision to reduce the opening hours at their refuse tipping sites. If one council can effectively pass 'their' rubbish on to other councils (because their citizens fly-tipped elsewhere) then this outcome might not have bothered them too much!
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Phil Hensman's curator insight, April 25, 2:48 AM
Government Failure
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Water Fountains in Schools - More Powerful than a Sugar Tax? | Economics | tutor2u

Water Fountains in Schools - More Powerful than a Sugar Tax? | Economics | tutor2u | year 12 AQA economics | Scoop.it
Could the provision of powerful water fountains in schools and colleges be a more effective and fairer nudge to encourage students to drink more water and avoid
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Does taxing people's rubbish work? | Economics | tutor2u

Does taxing people's rubbish work? | Economics | tutor2u | year 12 AQA economics | Scoop.it
People might dislike taxes on their rubbish at first – but such taxes do encourage recycling and eventually become popular. That is the main finding of research
Mr Jones's insight:
Application of external cost and taxation to an area not yet considered in class
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Alcohol limits cut to reduce health risks - BBC News

Alcohol limits cut to reduce health risks - BBC News | year 12 AQA economics | Scoop.it
The first full guidelines issued on alcohol for 20 years cut recommended drinking limits and say that any amount of alcohol carries a risk to your health.

Via Matt Smith
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A brief guide to the public finances - Office for Budget Responsibility

A brief guide to the public finances - Office for Budget Responsibility | year 12 AQA economics | Scoop.it
THE independent Office for Budget Responsibility was established in 2010 to monitor the public sector’s finances. Twice a year – alongside each Budget and Autumn Statement – we produce detailed forecasts for the coming five years, assessing the likely impact of policy decisions and expected developments in the economy. We then use these forecasts to assess the Government’s performance against the fiscal targets that it has set itself for the management of the public finances.
Mr Jones's insight:
Definitions and supporting numbers for key public sector variables based on Budget 2016
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Mr Jones's curator insight, March 16, 11:00 AM
Definitions and supporting numbers for key public sector variables based on Budget 2016
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Sugar tax: could a price increase solve Britain's obesity crisis?

Long awaited report calls for a tax on sugary drinks and foods, but David Cameron remains opposed

Via Dan Martin
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Dan Martin's curator insight, November 22, 2015 3:39 PM

Interesting background to our work on sugar tax

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UK announces cut in solar subsidies - BBC News

UK announces cut in solar subsidies - BBC News | year 12 AQA economics | Scoop.it
The UK government says subsidies for small scale solar electricity panels on homes are to be cut, although by less than expected.
Mr Jones's insight:

Interesting that towards the end of the week in which nearly 200 countries agreed to reduce their carbon emissions the UK confirmed its decision to drastically cut the subsidy available to one source of 'clean' energy, solar farms. In fact this new decision was that the previously announced subsidy reduction would now be smaller than previously planned. Is this the best approach as far a climate change is concerned; will a smaller subsidy bring about the desired outcomes?

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Tesco plastic bag use 'down 80% since 5p charge' - BBC News

Tesco plastic bag use 'down 80% since 5p charge' - BBC News | year 12 AQA economics | Scoop.it
The number of plastic carrier bags taken home by Tesco shoppers in England has dropped by 80% since the 5p charge was introduced, data suggests.

Via Phil Hensman
Mr Jones's insight:

Not enough data to calculate estimate for price elasticity of demand but evidence suggesting a fairly 'elastic' response by Tesco shoppers to the introduction of a 5p charge on plastic carrier bags.

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Phil Hensman's curator insight, December 5, 2015 2:34 AM

Minimum Pricing impact

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COP21: Paris conference could be climate turning point, says Obama - BBC News

COP21: Paris conference could be climate turning point, says Obama - BBC News | year 12 AQA economics | Scoop.it
“ US President Barack Obama says the key UN climate conference in Paris could be a "turning point" in global efforts to limit future temperature rises.”
Mr Jones's insight:

Paris conference on climate change opens with all major world leaders in attendance jointly arguing for the case for action. However, it's still not going to be easy. Even if everyone agreed on the extent of damage caused by 'man made' global warming (and they don't), the politics of coming to agreement in ways that don't damage national interest is challengingly complex. Any deal will come through the work of national negotiators; the presence and general agreement of the leaders should mean that some sort of agreement is possible. Whether that agreement is wide ranging enough to make a significant impact remains to be seen

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Shoppers in England last to face 5p plastic bag charge - BBC News

Shoppers in England last to face 5p plastic bag charge - BBC News | year 12 AQA economics | Scoop.it
Many shoppers in England will have to pay 5p for plastic carrier bags from Monday, as the new charge becomes law for supermarkets and large shops.

Via BEEconomics
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