Cross Price Elasticity of Demand (XED)

Useful Tutor2u summary here: •https://www.tutor2u.net/economics/reference/cross-price-elasticity-of-demand

A2: Optimal Currency Areas - end of the Euro, Pound and US Dollar?

With Catalonia, Spain and the EU in the news perhaps time to dust off  useful article about optimal currency zones?

Interesting article by Keynesian economist Paul Krugman on why the Euro may or may not have created problems for its member states; or why the USA might break up. Worth using the article to think about our own currency union - the pound. Do we have an optimal currency area in the UK or will Scotland leave the Pound?

http://krugman.blogs.nytimes.com/2012/06/24/revenge-of-the-optimum-currency-area/

The creation of the Euro-zone will create an optimal currency zone: http://www.bbc.co.uk/news/business-13893034

Year 13 Perfect Competition

Some useful Tutor2u videos to get your head around perfect competition in the short run and long run. It is important that you familiarise yourself with the conditions behind perfect competition and the notion of normal and abnormal profit. Try to relate perfect competition to existing markets.

https://www.youtube.com/watch?v=CC3ck5B-L-s  = Short run

https://www.youtube.com/watch?v=OLaqDnx5tws = Long run

Ebay is cited as an example of a market close to perfect competition, but how close is it? Read this excellent article by Tejvan Pettinger to get you exam prepared and consider EBay's competitors.

http://www.economicshelp.org/blog/2379/economics/ebay-and-perfect-competition/

Paj as always has a lovely short video explaining Perfect Competition here:

https://www.youtube.com/watch?v=7lhX78vlHSY

Exam Tip - always try to show the two diagrams market (industry) and firm alongside each other.

Growth

AS Level Resources
Is the UK 5th or 9th in the world: https://fullfact.org/economy/uk-worlds-5th-or-9th-largest-economy/
Tutor2u revision material http://www.tutor2u.net/economics/revision-notes/as-macro-national-income.html
GDP at constant prices http://stats.oecd.org/glossary/detail.asp?ID=1164
Study Chapter 22 p106 and Ch31 p152 (Anderton 6e)
Nominal ranking GDP  http://en.wikipedia.org/wiki/List_of_countries_by_GDP_(nominal)
World rankings GDP Per capita  http://en.wikipedia.org/wiki/List_of_countries_by_GDP_(nominal)_per_capita

Understanding Index numbers - http://www.tutor2u.net/economics/revision-notes/as-macro-using-index-numbers.html


Alternative measures:
HDI world ranking http://en.wikipedia.org/wiki/Human_Development_Index
Economics of Happiness http://www.youtube.com/watch?v=SYEvFRQchyw
http://www.economicshelp.org/essays/economics-growth-happiness.html
http://www.economist.com/blogs/feastandfamine/2012/04/happiness
Happiness Activity https://www.tutor2u.net/economics/blog/world-happiness-index-2017-an-interactive-activity

Comparative Advantage Theory

Accurately defined - http://www.economicshelp.org/blog/glossary/comparative-advantage/
Explained in 60 seconds - https://www.youtube.com/watch?v=U12yZXBmQmY
Video explaining https://www.youtube.com/watch?v=Vvfzaq72wd0
A useful numerical example and criticisms - http://www.economicsonline.co.uk/Global_economics/Comparative_advantage.html
World's biggest MNCs https://www.weforum.org/agenda/2017/01/worlds-biggest-corporate-giants/
Trade quiz: http://news.bbc.co.uk/1/hi/business/3201185.stm
Trade negotiator: http://news.bbc.co.uk/1/hi/business/6183887.stm
TPP: http://www.bbc.co.uk/news/business-32498715
China: http://www.bbc.co.uk/news/business-36877573
Trade Patterns: http://www.economicsonline.co.uk/Global_economics/The_pattern_of_trade.html
UK Trade Patterns https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/32114/10-803-uk-trade-performance-growth-patterns.pdf
Globalisation under attack http://www.bbc.co.uk/news/business-37554634
Globalisation's elephant: http://www.bbc.co.uk/news/business-37542494

this Summer learn your Economists...

Good post on the Tutor2u blog regarding learning about your Economists. It is not essential for the exams but provides a useful foundation to understanding the assumptions behind the theories you learn. Also - click on there revision workshops, worth booking for yourself!

https://www.tutor2u.net/economics/blog/which-economists-do-a-level-students-need-to-know-about-some-year-12-summer-homework?utm_medium=email&utm_campaign=Economics%20daily%20digest%20Wed%2019th%20July%202017&utm_content=Economics%20daily%20digest%20Wed%2019th%20July%202017+CID_86d008c8cea34acf79745bb2f980161c&utm_source=CampMonitor&utm_term=Which%20Economists%20do%20A%20Level%20students%20need%20to%20know%20about%20Which%20Economists%20do%20A%20Level%20students%20need%20to%20know%20about%20The%20specifications%20discuss%20the%20need%20for%20students%20to%20use%20the%20theories%20of%20significant%20economists%20but%20arent%20prescriptive%20about%20which

Summer Reading

One of my favourite eonomists Martin Wolf selects some best reads for 2017: https://www.ft.com/content/5cf6a4b8-579b-11e7-9fed-c19e2700005f?mhq5j=e3

Also still useful is Tutor2u's  Summer 2015 Oxbridge Economics Reading and Videos: https://www.tutor2u.net/economics/blog/summer-2015-oxbridge-economics-reading-and-videos