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Economics 2.3.3

Economics- Edexcel 2.3.3

QuestionAnswer
LRAS long run aggregate supply
long run aggregate supply represents the maximum possible output when all the factors of production are fully and efficiently employed, independent of price level
main factors causing shifts in LRAS change in quantity and quality of an economy’s factors of production
examples of changes in quantity and quality of an economy’s factors of production higher productivity of labour & capital/growing population & increased labour market participation/innovation & enterprise/capital investment/stock of natural
changes in nation’s potential GDP brought by changes labour supply, stock of capital inputs(from gross capital investment), quality or efficiency of inputs/advances in tech, improvements in institutions
outward shift of LRAS increase in potential output and employment, signifying real economic growth
what is the ability of an economy to produce goods and services to meet demand based on in the long run? state technology and the availability and quality of factor inputs
factor inputs factors of production
productivity measures the efficiency of the production process(how much output of goods and services we get from a given quantity of inputs)
productivity is measured by output per worker employed/output per person hour/value added from each extra factor input employed
productivity gap the difference between one county's productivity levels, as measured by output per workers or output per hour worked, in comparison with the country's main export competitors
benefits of net inward migration fresh skills/higher labour productivity/increase size active labour supply(shifts LRAS)/innovation/positive multiplier effects if add to government tax revenues/reduce skilled-labour shortages/remittances add to GNI of home nations/tax revenues
risks of net inward migration welfare costs/possible displacement of domestic workers/social tensions/rising demand for housing forcing up property prices/poverty risk & exploitation
effects of labour migration depend on type of people and their skills/ease that they settle in/if rise in labour migration stimulates economy/level of innovation/long term or temporary
fiscal effects of inward migration increased pressure on government spending but a rise in tax revenues
effect on consumption from inward migration increase in population size, rising demand for public services, higher house prices and rising rent
effect on labour market from inward migration increase in the active labour supply can lower unit labour costs for a host country
effect on competitiveness from inward migration human capital generate ideas and products, start businesses(possible exporters), knowledge spillovers
competition policy aims promote competition between firms and improve efficiency of products
4 main aspects of UK competition policy antitrust and cartels/market liberalisation/state aid control/merger control
competition policy: antitrust and cartels involves eliminating illegal agreements that restrict competition and any abuse of market power, e.g. price fixing
competition policy: market liberalisation involves introducing competition or contestability in sectors that have been dominated by large monopolistic firms, done through deregulation, privatisation, breaking up of markets
competition policy: state aid control involves analysing role of state in supporting industries so they don’t overly distort competition
competition policy: merger control involves investigating mergers between firms to ensure they don’t end up with monopoly power
recent advances in technology that impacted LRAS 3D printing/cloud based AI/blockchain tech/quantum computing/custom vaccines/nuclear fission/wearable technologies/drones
possible advantages of automation improve product quality/shorter working weeks for labour/rising productivity/safer working conditions with fewer accidents/lower operating costs for businesses(open more and no sick days)
possible disadvantages of automation job loss/initial large capital expenditure by businesses/reduced flexibility/risk of hacking
human capital skills, experience, aptitude and attitudes of human input into the production process
positive externalities exist when the benefit to society is greater than the benefit to an individual
specific skills skills that are specialist and focused on one job
tertiary education education beyond secondary education to college or university
vocational education also called career or technical education, education that provides practical skills
brain drain a slang term that indicates a substantial emigration or migration of individuals
key changes to UK’s demography migration/number of single person households/number of births/life expectancy/ageing population/people in higher socio-economic class live longer than those in the lowest
Created by: jessharris
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