Costs and Benefits of Economic Growth

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Why Study Economics?
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Famous Economic graduates.!
Ok maybe not the best role models!
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celebrity Economic graduates.!
MA Economics, Cambridge
BA Economics, MBA
OK so I watched it this year!
BA European Studies
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Current Economic issues

• Do you watch the news and take an interest in
  current affairs?
• Here are some areas that you would consider
  over the course

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Economics of pricing The coffee paradox
A widening gap between producer and consumer
price
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Regulating Markets
Should the UK gambling industry be deregulated?
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Climate change what can Economics contribute to
the debate?
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Externalities of volatile weather

• European heat-wave 2003
• Estimated 30,000 extra deaths
• 13.5bn direct costs
• European floods 2002
• Estimated 37 deaths
• 16bn direct costs
• UK floods, autumn 2000
• Insurance pay-out 1bn
• UK Hot summer of 1995
• Agriculture, water, retail, insurance losses
  1bn

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Can we always measure the value of output?
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Impact of improved standards of living
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Should we offer subsidies for all of this?
Subsidies represent payments by the government to
suppliers that have the effect of reducing their
costs and encouraging them to increase output
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Economic growth
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Productivity what is it?
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Global business ethical products
The Coffee farmer
The Global corporation
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Should the UK now join the Euro?
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Tescos Dominance - Good for Consumers in the
long run?
Tesco has 30 of the UK market is this monopoly
power beneficial or damaging to our welfare?
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Has it worked?
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Why has the iPod been so successful?
What determines the market price?How has the
iPod changed the economics of the music industry?
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The success of ebaY
Auctions are transforming the way that markets
workWhat lies behind the success of ebaY?
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Will there be a housing crash?
What are the threats to the housing market?
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Debt an economic iceberg
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Who benefits from globalisation?
Why have some countries become richer under
globalisation and others much poorer?
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Fast growing economies!

• Impact of BRIC on global economy

• BRIC
• Brazil
• Russia
• India
• China

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• What will the economic impact of a growing China
  have on our future?

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How can we stop pollution and save the planet?
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There are really three goods reasons to consider
doing Economics A-level

• Reason 1 - Its an interesting challenge you
  will consider a wide range of current affair
  issues.
• Reason 2 - It goes well with virtually any other
  combination of A-levels
• Economics involves you in using both writing and
  mathematical skills it can be taken with a wide
  variety of other A-levels - it doesnt tie you to
  either an Arts or Science bias.
• Reason 3 - It keeps you career options open The
  skills developed are much valued by employers and
  Economics is useful in a surprisingly wide
  variety of careers.

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Sample some economics!
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Economics Skills

• Data skills - students will be expected to
  manipulate data in a variety of forms and to
  interpret their results
• Numerical skills of analysing data, to interpret
  graphs and tables, identify trends and to be able
  to relate data to economic theory.
• Presenting arguments and making judgments and
  justified recommendations on the basis of the
  available evidence. This requires a clear mind
  and an ability to think and analyse logically and
  to write good English.
• Planning work, taking into account the demands of
  the task and the time available to complete it.
• Independent learners, to be able to collect and
  use the information from many sources, including
  textbooks, quality newspapers, student journals,
  the world wide web and their own experiences.

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Is Economics for Me?

• Universities and employers regard economics as a
  'numerate' discipline. It has the reputation of
  being a demanding subject, and therefore a
  qualification in it is a valuable asset. A-level
  economics crosses the arts/science divide. (Those
  who think they may want to read economics at
  university are well advised to combine it with
  maths at A-level.)
• Students typically go on to study Economics,
  Management, Law or other business related
  courses. Also students often study courses
  combined with a wide variety of other subjects
  such as History, Maths or a language because of
  the strong logical base that the subject
  provides. Would-be engineers should be aware that
  a number of degree courses in engineering include
  an economics component. Accountants take
  economics exams as part of their professional
  qualification.