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#ASMIC
Unit 1 Economics AS Level
Curated by Phil Hensman
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COP21: Climate change deal's winners and losers - BBC News

COP21: Climate change deal's winners and losers - BBC News | #ASMIC | Scoop.it
Matt McGrath takes a look at some of the winners and losers in the climate deal.
Phil Hensman's insight:

Evaluation of impacts on different groups

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UK manufacturing will continue to suffer in 2016, warns BCC

UK manufacturing will continue to suffer in 2016, warns BCC | #ASMIC | Scoop.it
British Chambers of Commerce says sector ‘close to stagnation’ after domestic and export sales fall to below pre-recession levels
Phil Hensman's insight:

The effects of globalisation on the UK

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Phil Hensman's curator insight, January 7, 3:41 AM

Effects of Globalisation on the UK economy

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Train fares in Britain to rise by average of 1.1%

Train fares in Britain to rise by average of 1.1% | #ASMIC | Scoop.it
Campaigners say passengers will be ‘amazed’ at fare rises due to poor running of services in parts of the country
Phil Hensman's insight:

Regulation of price inelastic fares, but not price elastic.... Great evaluation of intervention

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Street lamps tackle dengue by luring mosquitoes with fake human scent | Carla Kweifio-Okai

Street lamps tackle dengue by luring mosquitoes with fake human scent | Carla Kweifio-Okai | #ASMIC | Scoop.it
LED light designed at University of Malaya is powered by solar and wind, and can work even in flooded areas
Phil Hensman's insight:

Positive Externalities in Production: Who is the third party, not involved in consumption or production, who is benefiting?

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Paw Patrol: no job is too big for parents on the trail of this Christmas must-have toy

Paw Patrol: no job is too big for parents on the trail of this Christmas must-have toy | #ASMIC | Scoop.it
It is the surprise sell-out gift for 2015, driving shoppers to either spend big abroad or disappoint their kids come 25 December
Phil Hensman's insight:

Excess Demand

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Ban Junk Food Ads And Tax Sugary Drinks - MPs

Ban Junk Food Ads And Tax Sugary Drinks - MPs | #ASMIC | Scoop.it
A tougher approach is needed to tackle the "wholly unacceptable" childhood obesity problem, the Commons health committee says.
Phil Hensman's insight:

Externalities, regulation, taxation, demerit goods

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Italy: Town pays people to cycle to work - BBC News

Italy: Town pays people to cycle to work - BBC News | #ASMIC | Scoop.it
Italian town is offering hundreds of euros per year to people who get on their bikes.
Phil Hensman's insight:

Promoting merit goods, discouraging demerit goods

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Dan Martin's curator insight, November 22, 2015 3:24 PM

Might be useful in the next couple of weeks I think!

K's curator insight, November 26, 2015 2:52 PM
A positive externality in the consumption of bicycles and bicycle related products in this Italian town, following the council paying people to cycle to work, is that there will be less air pollution meaning less global warming and respiratory problems from pollution for people living there.
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From football to steel, we don’t have to be slaves to the market | Will Hutton

From football to steel, we don’t have to be slaves to the market | Will Hutton | #ASMIC | Scoop.it
There is no need for the laws of supply and demand to destroy our industries
Phil Hensman's insight:

Market System, Rationing, Signalling, Incentives

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Lego factories hit brick wall as Christmas worries build

Lego factories hit brick wall as Christmas worries build | #ASMIC | Scoop.it
‘We will not be able to deliver all customers’ orders in the remainder of the year,’ says toy company spokesman, after ‘extraordinary’ surge in demand
Phil Hensman's insight:

Excess demand, inelastic PES 

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K's curator insight, November 13, 2015 4:09 AM
The market should be using more resources than it is currently as their current productive capacity means they cannot meet demand. Lego should follow a policy of increasing their productive capacity by building new factories in a shorter space of time, as the new factories being built will not be ready until after next Christmas.
Mr Jones's curator insight, November 15, 2015 12:21 PM

This is not a good news story as far as anyone planning to buy Lego this Christmas. It's certainly true that in the short term markets may not be able to respond to quick changes in circumstances.  In this case the problem seems to lie within the Lego business itself and it's difficult to think that any government action could make much of a difference.

Jane Li's curator insight, November 18, 2015 5:33 PM
Since there's a huge demand for Lego toys, and especially during Christmas, the Lego company can't really let every consumer satisfied. This means that the demand of toys is much larger than the supply of toys. In order to maximise the welfare of the company, in my point of view, the company should I add more economic resources in. For example, the company can buy more equipment which will help them produce more toys per period of time. Or, the company can also build more factories over the world to increase the quantity of supply.
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Record Rents As Property Shortage Deepens

Record Rents As Property Shortage Deepens | #ASMIC | Scoop.it
As the Government moves to try and boost building, tenants are forking out an average of £816 per month in England and Wales.
Phil Hensman's insight:

Increasing prices

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Dan Martin's curator insight, October 26, 2015 4:18 PM

Inelastic supply and rising demand = ...............

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Manchester raids see more than a million cigarettes seized - BBC News

Manchester raids see more than a million cigarettes seized - BBC News | #ASMIC | Scoop.it
More than a million cigarettes and 74 litres of alcohol are seized in a two-day crack down on suspected illegal trading in Greater Manchester.
Phil Hensman's insight:

Government Failure, problems of heavy taxation, evaluation

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Two clean energy firms go bust within hours 'because of Tory U-turn on energy policy'

Two clean energy firms go bust within hours 'because of Tory U-turn on energy policy' | #ASMIC | Scoop.it
Two of the UK’s leading clean energy companies have gone into administration on the same day, blaming the Government's U-turn on energy policy. Nearly 1,000 staff were laid off in Leicester yesterday as home insulation and solar panel provider, Mark Group, fell into administration. Within hours Climate Energy, which describes itself as “the UK’s largest provider of energy efficiency solutions” had also closed down, announcing the news on their website.
Phil Hensman's insight:

Withdrawal of subsidies

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The 5p plastic bag charge: All you need to know - BBC News

The 5p plastic bag charge: All you need to know - BBC News | #ASMIC | Scoop.it
On 5 October supermarkets in England will start charging 5p for using plastic bags. Here's a breakdown of everything you need to know about the price hike.
Phil Hensman's insight:

Externalities, Internalising the externality, consumption

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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 | #ASMIC | 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
Phil Hensman's insight:

Tackling information failure with demerit goods

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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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5p charge on supermarket bags has immediate effect on cleaning up city environment

5p charge on supermarket bags has immediate effect on cleaning up city environment | #ASMIC | Scoop.it
The 5p charge on supermarket plastic bags has had an immediate effect on cleaning up the city's environment.

Before the charge was introduced in early October thousands of bags a year had to be...
Phil Hensman's insight:

Negative externalities in consumption virtually wiped out, with minimal cost

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'Selfish' Litterbugs To Face New £150 Penalty

'Selfish' Litterbugs To Face New £150 Penalty | #ASMIC | Scoop.it
Fines for offenders who drop rubbish are set to double, as the public is urged to challenge those found littering.
Phil Hensman's insight:

Third party costs, negative externalities in consumption

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Milan Bans Private Cars To Tackle Smog Problem

Milan Bans Private Cars To Tackle Smog Problem | #ASMIC | Scoop.it
Pollution levels in a number of Italian cities are refusing to drop because of a lack of rain and low winds in recent days.
Phil Hensman's insight:

NEP, NEC - How to deal with pollution

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#EveryLineCounts campaign: Cocaine users urged to consider impact - BBC News

#EveryLineCounts campaign: Cocaine users urged to consider impact - BBC News | #ASMIC | Scoop.it
A UK campaign to highlight the harm caused by the production and distribution of cocaine is launched by the National Crime Agency.
Phil Hensman's insight:

Overconsumed due to information failure on the true costs to society, here is that information, will it work?

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Mapped: Where is air pollution killing the most people?

Mapped: Where is air pollution killing the most people? | #ASMIC | Scoop.it
Air pollution breaches EU safety limits in several parts of the country - but where is it causing the most deaths?
Phil Hensman's insight:

Negative externalities in production

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K's curator insight, November 26, 2015 2:50 PM
Production (and consumption of petrol etc as fuel for cars) is resulting in air pollution which has negative externalities such as killing people in big cities across the UK, especially in England.
Jane Li's comment, December 22, 2015 5:45 AM
Negative externalities in production
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Processed Meats Do Cause Cancer - WHO, World Business Report - BBC World Service

Processed Meats Do Cause Cancer - WHO, World Business Report - BBC World Service | #ASMIC | Scoop.it
We consider the impact this health warning might have on the global meat industry.
Phil Hensman's insight:

Effects on demand

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Restaurant chains criticised over children's menus and soda refills

Restaurant chains criticised over children's menus and soda refills | #ASMIC | Scoop.it
Soil Association says menus dominated by chips, burgers and fizzy drinks that can be topped up make it almost impossible to choose healthy food
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Natasha's curator insight, November 15, 2015 9:43 AM
At present, the restaurant market is using more economic resources by offering free refills of fizzy drinks, by not offering free refills less resources can be used. The benefit that can be gained by this is that there will be a reduction in tooth decay as fizzy drinks contain a lot of sugar. If there are no free refills parents are less likely to pay for any more drinks. The restaurants should alter the resources being used to produce unhealthy foods to produce more healthy food options. If they reduce the supply of unhealthy foods, it means child obesity will be less prevalent than it is at present. The government should enforce a sugar tax on fizzy drinks and also tax unhealthy foods. This should reduce demand on these goods as tax added will increase the price of the goods and less people are willing to pay more. This should not only help with the obesity problem but also tooth decay problem in this country.
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Amazon poised to open massive distribution hub in Leicestershire | Leicester Mercury

Amazon poised to open massive distribution hub in Leicestershire | Leicester Mercury | #ASMIC | Scoop.it
A massive distribution centre is planned for Leicestershire in a move that will create at least 2,000 jobs. Sources say the £100 million project is for Amazon, the world's largest online...
Phil Hensman's insight:

External Economies of Scale, specialisation

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Cannabis legalisation worth millions - government report - BBC News

Cannabis legalisation worth millions - government report - BBC News | #ASMIC | Scoop.it
Legalising cannabis could generate hundreds of millions of pounds a year in tax and cut costs for the police and prisons, a government study finds.
Phil Hensman's insight:

Externalities, regulation, legislation, taxation.

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Thousands apply to buy Liverpool homes for just £1 - BBC News

Thousands apply to buy Liverpool homes for just £1 - BBC News | #ASMIC | Scoop.it
A flurry of applications is received by Liverpool city council, which is selling boarded-up homes for £1
Phil Hensman's insight:

Excess demand

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Car smoking ban comes into force - BBC News

Car smoking ban comes into force - BBC News | #ASMIC | Scoop.it
A law banning smoking in vehicles where children are present comes into force in England and Wales, but police say they will be taking a non-confrontational approach.
Phil Hensman's insight:

Negative externalities in consumption, legislation

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K's curator insight, November 13, 2015 4:14 AM
Economic resources should be reallocated away from cigarette production as the new ban will result in a decrease (although probably a small one) in cigarette demand. Reallocation of resources towards the an increase in supply of e-cigarettes, which are not affected, would be a sensible policy, and governments may decide to subsidise e-cigarettes, or tax normal cigarettes more strongly to encourage this ban to be successful.