Scarcity, Opportunity cost, PPFs, Demand and Supply - Econ basics
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A Threat, Not a Theory

A Threat, Not a Theory | Scarcity, Opportunity cost, PPFs, Demand and Supply - Econ basics | Scoop.it
It’s simply not true that as wages go up, jobs go down. But trickle-downers need people to believe it.
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Feeling the squeeze: Florida faces worst orange harvest crisis in a century

Feeling the squeeze: Florida faces worst orange harvest crisis in a century | Scarcity, Opportunity cost, PPFs, Demand and Supply - Econ basics | Scoop.it
US officials predict this year’s harvest will be down 14% from last year as trees reel from disease and hurricanes – and orange prices surge
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Commodities slump again - here's why you should care - BBC News

Commodities slump again - here's why you should care - BBC News | Scarcity, Opportunity cost, PPFs, Demand and Supply - Econ basics | Scoop.it
Nervous investors send commodity prices plunging again, but here are the three reasons behind what this means for global economic growth.
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Is the price of fish and chips set to soar? - Telegraph

Is the price of fish and chips set to soar? - Telegraph | Scarcity, Opportunity cost, PPFs, Demand and Supply - Econ basics | Scoop.it
The cost of Norwegian cod has increased by 25 per cent year on year, but will
it affect your fish and chips?
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How often does a banknote change hands? | tutor2u

How often does a banknote change hands? | tutor2u | Scarcity, Opportunity cost, PPFs, Demand and Supply - Econ basics | Scoop.it
I really like this super analysis from the Guardian's data bloggers, based on research from OnStride Financial, in which they use the Quantity Theory of Mo
Mr Christopher's insight:

More to support the functions of money section of the new spec Theme One (1.1.5)

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The UK is the most unequal country in the EU

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The UK’s GINI index rating is 0.404, making it fractionally more unequal than even the US.

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Kuwait Sees Oil Market Drowning in Supply as U.A.E. Cites Shale

Kuwait’s oil minister said the nation’s decision to back an unchanged OPEC production limit last week was to ensure the group preserves market share amid a global glut. Expanding output from U.S. shale supplies helped cause that excess, his United Arab Emirates counterpart said.
Mr Christopher's insight:

More on the demand and supply factors involved in the 35% drop in a barrel of Brent.

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Introduction to Linear Demand Equations

Introduction to Linear Demand Equations | Scarcity, Opportunity cost, PPFs, Demand and Supply - Econ basics | Scoop.it
A simple equation can be used to express the relationship between the price of a good and the demand among that good's consumers. This lesson will examine the different variables included in the typical equation for demand, expressed as Qd = a - bP. We will use a simple equation for demand to plot a demand schedule and a demand curve for pizzas. Once you've watched this video, see if you can complete the following Khan Academy excercises: Graphing points Graphing points 2 In-class activity: Use the linear demand function for cappuccinos, Qd = 500 - 25P to answer the questions that follow: Create a demand schedule for cappuccinos with the prices of $0, $1, $3, $5, $7 and $9 Create a demand curve for cappuccinos, plotting the points from your demand schedule. Assume the price of latte machiatos, a close substitute for cappuccinos, decreases, and causes the a variable in the demand function to fall to 300. Create a new demand schedule, with the adjusted …
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Some students have asked how to actually calculate linear demand curves - well here's a great beyond the syllabus video for you to watch!

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Giant robot trucks rise in Australia

Giant robot trucks rise in Australia | Scarcity, Opportunity cost, PPFs, Demand and Supply - Econ basics | Scoop.it
Click presenter Spencer Kelly investigates the robots taking on the jobs Australians no longer wish to do.
Mr Christopher's insight:

Consider the impact on firms PPFs, PES and factors of production.

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What Bourbon Producers Can Teach the Oil Industry - NYTimes.com

What Bourbon Producers Can Teach the Oil Industry - NYTimes.com | Scarcity, Opportunity cost, PPFs, Demand and Supply - Econ basics | Scoop.it
Mr Christopher's insight:

What would the supply curve for oil and bourbon look like?

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The Motley Fool: Print Article

The Motley Fool: Print Article | Scarcity, Opportunity cost, PPFs, Demand and Supply - Econ basics | Scoop.it
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Lots of demand and supply, interrelationships between markets evidence to be found here

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World Cup fever boosts Nike profit

World Cup fever boosts Nike profit | Scarcity, Opportunity cost, PPFs, Demand and Supply - Econ basics | Scoop.it
The US sportswear firm Nike sees a 23% jump in quarterly profit thanks in part to football fever from this year's World Cup.
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Ideal weather brings bumper English apple harvest

Ideal weather brings bumper English apple harvest | Scarcity, Opportunity cost, PPFs, Demand and Supply - Econ basics | Scoop.it
Sunshine and rain has resulted in one of the best crops in living memory – but growers still face losses due to glut of apples and supermarket price wars
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Impact on market prices? Producer/consumer surplus?

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Doomsayers Keep Getting It Wrong on Higher Minimum Wages

Doomsayers Keep Getting It Wrong on Higher Minimum Wages | Scarcity, Opportunity cost, PPFs, Demand and Supply - Econ basics | Scoop.it
In Seattle, unemployment has fallen and business has boomed since the city raised its pay floor.
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Pig farmers struggle with falling prices, World Business Report - BBC World Service

Pig farmers struggle with falling prices, World Business Report - BBC World Service | Scarcity, Opportunity cost, PPFs, Demand and Supply - Econ basics | Scoop.it
With pork prices at an eight year low, many farmers are going out of business.
Mr Christopher's insight:

Listen and illustrate the pork market using D & S analysis

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Nissan Qashqai Built at Sunderland

See the Nissan Qashqai Assembly Line
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This incredible video shows the building of the Qashqai from start to finish.

It covers issues such as labour productivity, quality control and adding value.

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The future of cash - Quarterly Bulletin article - YouTube

Despite some reports that cash is in the final stages of its life, the demand for cash continues to grow. This video filmed in the Bank of England’s cash vau...
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What is Money?

Money - what it's all about

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Econ Theme One 1.1.5 states "The functions of money (as a medium of exchange, a measure of value, a store of value, a method of deferred payment)".

Fantastic "one-stop shop" for resources to guide you in your understanding of what money is.

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How Rent Controls Work In Other Countries

How Rent Controls Work In Other Countries | Scarcity, Opportunity cost, PPFs, Demand and Supply - Econ basics | Scoop.it
Would it work here?
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Minimum prices and government failure/intervention

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How the sun sees you - YouTube

We showed people what they looked like in ultraviolet, & wondered aloud if they wanted to put on some damn sunscreen already. https://twitter.com/thomaslever...
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INFORMATION FAILURE - One such example market failure is the information failure relating to sunscreen. In a sense this is a true information failure as our normal human vision can't perceive the potential damage that the sun could do to our skin. But viewing our skin under UV light lets us "see as the sun sees". The following video from photographer Thomas Leveritt wasn't actually designed to highlight the benefits of sunscreen but the fact that it has been viewed over 14 million times shows that the message goes well beyond his original proposal of simply seeing how faces look under UV light.

 

A question to then pose is whether or not the government should intervene in the market for sunscreen. Not many students tend to think it should be provided for free but a subsidy is often mentioned as a possibility. The other main idea usually given is for the government to pay for sunscreen promotion to overcome some of the information failure. Of course, all of the options have costs and benefits and make for interesting discussion! And perhaps, just perhaps, it will encourage someone to be a more thoughtful as they head out for a day at the beach!

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Episode 584: What The Lebron?

Episode 584: What The Lebron? | Scarcity, Opportunity cost, PPFs, Demand and Supply - Econ basics | Scoop.it
Some guys have figured out how to sell Nike sneakers for a better price than Nike. And that's fine with the company.
Mr Christopher's insight:

Lots of Micro here: scarcity, excess demand, informal (secondary) markets, behavioural economics etc...

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Sorry OPEC—oil will likely test $50 in 2015

Sorry OPEC—oil will likely test $50 in 2015 | Scarcity, Opportunity cost, PPFs, Demand and Supply - Econ basics | Scoop.it
Increasing amounts of crude oil are hitting the global market, left, right, and center. That may take oil as low as $50 in the coming months.
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Gulf stability and the oil supply scenario

Gulf stability and the oil supply scenario | Scarcity, Opportunity cost, PPFs, Demand and Supply - Econ basics | Scoop.it
Given that oil has been central to West Asian affairs, it is not surprising that oil-related developments should be examined in terms of their economic and political implications in the fraught environment that prevails in the region
Mr Christopher's insight:

Combination of both demand and supply factors affecting price of oil. Can you identify them?

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Why gasoline is suddenly $3 a gallon — and could go lower

Why gasoline is suddenly $3 a gallon — and could go lower | Scarcity, Opportunity cost, PPFs, Demand and Supply - Econ basics | Scoop.it
Why gasoline is suddenly $3 a gallon -- and could go lower
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Oil Drops To Two-Year Low Amid Rising Output

Oil Drops To Two-Year Low Amid Rising Output | Scarcity, Opportunity cost, PPFs, Demand and Supply - Econ basics | Scoop.it
Fracking in the US, a big boost in job numbers and rising global output help the continued push downward on crude prices.
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