My weakness for the mock is the evaluation. I should be able to know the CRAMPS better and know real world examples. I should practice this using different articles and looking through past paper assignments. For revision, I am planning to look at past papers and review the economic book. I’m not sure of the… [Read more…]
February 23, 2011
Markets: ①market: consumers and producers come together to establish equilibrium price & quantity for good/ service. (eg. market for MP3 players) ②demand: willingness & ability to purchase quantity of good or service at a certain price over a period of time ③law of demand: when price of good/service rise and quantity decreases. (ceteris paribus) ④cetris… [Read more…]
February 10, 2011
-I think I didn’t do a good job on this test, because I didn’t think that protectionism would be on the test. I thought more harder questions would be picked, so I was studying more harder on other topics. -The detailed comments on each mistake is really helpful to go over, and I was able… [Read more…]
February 2, 2011
Definition ①GDP per capita: “the value of all final goods and services produced within a nation in a given year divided by the average (or mid-year) population for the same year.” ②Current Account Balance: ”sum of the balance of trade (exports minus imports of goods and services), net factor income (such as interest and dividends) and net transfer… [Read more…]
January 19, 2011
a) Explain the reasons why countries trade with each other Different factor endowments – some economies are rich in natural resources while others have relatively little. Trade enables economies to specialise in the export of some resources and earn revenue to pay for imports of other goods. Increased welfare – specialisation (where countries have a… [Read more…]
January 19, 2011
Causes of Australia’s Current Account Deficit Posted on December 2, 2010 by kanamaeeconblog Australia’s current-accountdeficitincreased in three months in September. In the second quarter, the shortfall on goods, services, and investment went up from $5.41 billion Australian$ to 7.83 billion Australian$ ($7.55 billion). Exports dropped from July to September and the Australian currency increased 15 percent over this period. This… [Read more…]
January 19, 2011
1) COMMENTS Response to TIMES- Re: Winners and Losers from Black Friday Week (Natsuki’s Blog) January 29, 2010 at 1:44 AM Wow, I never knew that there was a week called Black Friday in the United States. And its funny how you compared it with the Japanese culture. Maybe those fukubukuro days or the Black… [Read more…]
January 19, 2011
1) Extracted from IA #2 – S. Korea and EU sign free-trade pact Overall, this article can be evaluated using stakeholders. The major stakeholder who is influenced by this reduction in tariffs, is Korea. Consumers of Korea will be positively affected, since consumer can purchase cheaper. And producers of Korea is positively affected, since they… [Read more…]
December 10, 2010
Reasons for trade factor endowments: factors of production which a country has in order to produce goods and services. specialization: it is when a country or a nation, specializes in production of goods and services. They have a comparative advantage in production, and then trade to achieve goods and services (which are not what they… [Read more…]
April 6, 2011
0