Readers question: Why cannot politics and economics be seen in isolation? Economics is concerned with studying and influencing the economy. Politics is the theory and practice of influencing people through the exercise of power, e.g. governments, elections and political parties. In theory, economics could be non-political. An ideal economist should ignore any political bias or …
Economics is a broad subject concerned with the optimal distribution of resources in society. Within the subject, there are several different branches which focus on different aspects. Also, there are different schools of thought which generally have different views on aspects of economics. The first way to split economics is microeconomics and macroeconomics. Microeconomics – …
What is Economic development? Economic development is the process of improving economic welfare in an economy. Economic development can involve a stronger economy enabling a greater range of social services that improve a nation’s welfare. For example, an undeveloped economy will be primarily based on agriculture and very limited social services such as health care …
A look at the arguments for and against privatisation. Privatisation involves selling state-owned assets to the private sector. It is argued the private sector tends to run a business more efficiently because of the profit motive. However, critics argue private firms can exploit their monopoly power and ignore wider social costs. Privatisation is often achieved …
What is the digital economy? The digital economy refers to economic activity that uses electronic communication and digital technologies to provide goods and services. The main building blocks of the digital economy are The internet. This enables firms to offer goods for sale and enables consumers to browse for goods that they need. E-mail. Electronic …
The minimum wage for workers aged 16-18 is £4.55 (April 2020-21) For workers, aged 18-20 is currently £6.45 (April 2020-21) Readers Question: What are the minimum wage rates for 16, 17 and 18-year-olds. Should the minimum wage be increased? Should there be a minimum wage rate for children under 16? Minimum Wage Rates from April …
UK Minimum Wage The National minimum wage rate is currently £8.72 for workers over 25 (from April 2020). The minimum wage was introduced in April 1999 (at £3.60) and is the legal minimum that employers can pay. The aim of the National Minimum Wage is to help increase incomes of the low paid. It has …
Smart meters have the ability to give both consumers and firms live readings of how much gas and electricity you are consuming. It saves having manual meter readings and will increase the efficiency of energy supplies. It gives consumers a running total of how much they have spent on gas and electricity and helps to …