International trade between different countries is an important factor in raising living standards, providing employment and enabling consumers to enjoy a greater variety of goods. International trade has occurred since the earliest civilisations began trading, but in recent years international trade has become increasingly important with a larger share of GDP devoted to exports and …
Historical US Unemployment since 1900 Sources 1890-1920 data are from Christina Romer (1986). “Spurious Volatility in Historical Unemployment Data”, The Journal of Political Economy, 94(1): 1920-1930 Robert M. Coen (1973). “Labor Force and Unemployment in the 1920’s and 1930” 1930- 1948 Bureau of Labor Statistics, Employment Thanks to User Peace Generally, the US economy was …
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A-level WJEC revision guide
Since April 2019, London has imposed a charge on diesel cars with high emissions driving into the centre of London. In October the charging area (Ultra Low emission zone ULEZ) will expand to include more of the city. The idea is to place a financial cost on those vehicles which cause air pollution. It provides …
Since the mid-1960s, the UK has seen a 40% fall in total CO2 emissions. CO2 Emissions are now below levels seen at the end of the industrial revolution. Summary of why CO2 is falling Decline in coal-powered stations. In 2012, coal generated 41 per cent of the country’s electricity. By 2019, it supplied just 2 …
Investment is expenditure on capital goods – for example, new machines, offices, new technology. Investment is a component of Aggregate Demand (AD) and also influences the capital stock and productive capacity of the economy (long-run aggregate supply) Summary – Investment levels are influenced by: Interest rates (the cost of borrowing) Economic growth (changes in demand) Confidence/expectations …
Readers Question: explain how economists define ‘full employment’? The first definition of full employment would be the situation where everyone willing to work at the going wage rate is able to get a job. This would imply that unemployment is zero because if you are not willing to work then you should not be counted …