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Economics HL +SL > Real Life Examples > Flashcards

Real Life Examples Flashcards

1
Q

Increase in supply

A

Newly found oil deposits

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2
Q

Decrease in supply

A

Drought, reducing crop yields of cocoa plants in Ghana

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3
Q

Increase in demand

A

Successful marketing campaign for a new soft drink: changes in consumer preferences

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4
Q

Decrease in demand

A

Moral reasons: Starbucks of corruption and tax evasion reduces demand

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5
Q

Merit goods

A

Public libraries

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6
Q

Demerit goods

A

Alcohol, cigarettes, drugs

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7
Q

Substitutes

A

Coke and Pepsi

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8
Q

Complements:

A

Coffee machines and coffee pods

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9
Q

Inferior

A

Own brand groceries

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10
Q

Luxury

A

Fine wine

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11
Q

Necessity/commodity

A

Food, water, shelter, medicine/healthcare

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12
Q

Interventionist Supply side policies

A
  • Norway spends 7.6% of its budget
  • Singapore offering Jobs Support Scheme to SMEs during COVID-19
  • Supporting emerging industries: Pakistan is looking to double its IT industry in two years by setting up dedicated tech zones across the country
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13
Q

Income and wealth distribution

A
  • US, 2020: richest 0.1% own over 20% of the country’s wealth and top 1% owns over 40% of wealth
    Three richest Americans held more wealth than the bottom 50%
  • England: less than 1% owns more than half of England (about 25000 of landowners)
  • World: top 1% owns half of the world’s wealth. The bottom 50% owns less than 2% of the global wealth
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14
Q

Expansionary Fiscal Policy

A

American Recovery and Re-investment act (2009)
The US govt included a stimulus package in response to the great recession

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15
Q

Quantitative Easing

A

Abenomics (2012 - 2018)
fiscal + monetary policies
aimed at stimulating growth and ending deflation

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15
Q

Fall in taxes

A

GST Tax in India (2019)
Indian govt cut the GST on a number of goods to boost consumer demand and stimulate

16
Q

Fiscal budget cuts

A

Canadian Federal Governments Budget Cuts (1995)
- to reduce the budget deficit
- stabilising govt. finances
- PM Jean Chrétien

17
Q

Austerity

A

Austerity measures in Greece (2010 - 2018)
Reducing government spending and increasing revenue
- cuts to public sector wages and pensions
- cuts to public sector wages and pensions
- increasing taxes
- privatisation of state-owned assets
-

18
Q

Unemployment benefits

A

US providing unemployment benefits during COVID 19

-> by feb 2021, over 19 mill were receiving unemployment benefits

19
Q

Public works programs

A

China - infrastructure investment, to create jobs + stimulate economy

in response to 2008 global financial crisis, chinese government launched a massive stimulus program

creating jobs and supported economic growth

20
Q

Fiscal policy for unemployment

A

Spain - wage subsidides
direct aid to businesses during COVID 19

NOV 2021 -> unemployment reate was 14.8%

21
Q

Active labour market policies

A

Germany introduced a vocational training system, combines classroom education with on-the job trainig
esp helpful w youth

2020 german unemploymnet was 5.8% as opposed to the euro area average of 15.4%

22
Q

Monetary policy for unemployment

A

Australia -
RBA during covid 19 lowered interest rates to increase availabilty of credit

DEC 2021 - 4.2%

23
Q

Taxes on demerit goods

A

‘sin taxes’ on alcohol and tobacco products
tax revenue has been used to fund health programs

24
Q

minimum pricing for demerit goods

A

Scotalnd - targets the cheapest, strongest alchoo profucsts

2018

has been effective in reducing alcohol consumption in heavy drinkers

25
Q

demerit goods - education

A

Australia - range of health education campaigns

tobbaco + alc

changing attitudes, mass media campaigns, school-based programs, community outreach initiatives

26
Q

monopoly power - laws

A

antitrust laws in US

1890

break up monopolies in oil, telecommunications and software

27
Q

monopoly power - laws eu

A

Merger control laws

2023/2024

prevent companies from merging in a way that would create a monopoly or significantly reduce competition

esp in pharmaceuticals, telecomms, energy

28
Q

monopoly power - japan

A

price regulatioin

in industries such as electricity and gas

kepps prices in check, been credited with reducing the cost of living for conumers

29
Q

monopoly power - nationalisation

A

Bolivia

nationalised oil and gas
has given the govt, more control over industries and reduced the power of foreign companies

increasing govt. revenue

30
Q

monopoly power - competition authorities

A

SA established a competition commison w the country’s competition act in 1998/1999

preventin anti competitive behaviour

particularly in banking, telecommunicatoins, food + beverage

promoting competitino and reducing monopoly power

31
Q
A

Economics HL +SL (6 decks)

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