MAEC group padlet by Vanessa Tan Kai Ting https://padlet.com/vanzyyy2000/k1x1egd5goxg country - UK en-us 2017-05-17 04:15:40 UTC 2017-07-10 15:40:35 UTC hello@padlet.com Article Chosen melodyynm https://padlet.com/vanzyyy2000/k1x1egd5goxg/wish/172355169 https://www.theguardian.com/business/2017/mar/21/rising-food-fuel-prices-hoist-uk-inflation-rate
Inflation]]> 2017-05-17 15:06:50 UTC https://padlet.com/vanzyyy2000/k1x1egd5goxg/wish/172355169 Article Chosen nekeisha626 https://padlet.com/vanzyyy2000/k1x1egd5goxg/wish/172360800 http://www.telegraph.co.uk/business/2017/03/08/budget-2017-four-charts-show-state-uk-economy/
Unemployment and GDP]]> 2017-05-17 15:23:06 UTC https://padlet.com/vanzyyy2000/k1x1egd5goxg/wish/172360800 Inflation kinston_steam https://padlet.com/vanzyyy2000/k1x1egd5goxg/wish/172365165 Economic Issues in UK:
- While inflation has been going up, leaving households worse off. Citizens were worried on the cost of living.
- The increase in global oil prices and weaker pounds makes imports to the UK more expensive.
- Needs investments in skills, infrastructure to build strong foundations for better paid jobs.
-  A number of companies, including food firms and the tech giant Apple, have announced price rises on the back of the weaker pound, which tumbled to three-decade lows after the Brexit vote.

-On rising oil prices, what category of inflation is that?
Based on rising oil prices, it is under headline inflation. This is because oil include petrol for transportation.

Under headline inflation, it includes category such as food and energy prices, for example, oil and gas.

-Is weaker pound really all bad for UK? Use this for GDP analysis.
No, the weaker pound is not all bad for UK. This is because when the value of dollar decreases for UK, people from foreign would buy products from UK due to higher purchasing power.
When more goods and service are produced due to higher demand from foreign counties, overall GDP will increase.
Therefore, it is not really a bad thing for the UK.


- What other reason accounted for the increase in food price? Not just oil prices.
"There were particularly large price rises for certain vegetables, consistent with reports of poor growing conditions in southern Europe, the ONS said."
This means that  there is a competition for growing certain crops, and hence cost of production increases.



]]> 2017-05-17 15:36:33 UTC https://padlet.com/vanzyyy2000/k1x1egd5goxg/wish/172365165 Unemployment kinston_steam https://padlet.com/vanzyyy2000/k1x1egd5goxg/wish/172370157 Unemployment:
-Due to the weakening of economic growth in year 2017, unemployment will increase from below 5pc to 5.1pc and 5.2pc in 2018 and 2019/2020 respectively.
-However employment is expected to rise to 32.5 in 2021-2022 due to the rise of GDP growth rate.'

 What type of unemployment is of concern in UK?
Structural unemployment.
What caused it?
Brexit.
Economic benefits of the European Union includes many things, one of which allows for free trade and the removal of non-tariff barriers have helped reduce costs and prices for consumers.
However, due to Brexit, companies within the European Union are more compelled to hire workers and manpower within the union, hence the recent events of Brexit, with the UK leaving the European Union would cause a rise in unemployment rates.
European Union also have removal of customs barriers so like all the documents of imports and exports don't need to be completed, reducing import and export costs, and delivery times.
Any policies helping it? 
A quick list of policies to reduce unemployment:
  1. Monetary policy – cutting interest rates to boost AD
  2. Fiscal policy – cutting taxes to boost AD
  3. Education and training to help reduce structural unemployment
  4. Geographical subsidies to help firms invest in depressed areas
  5. Lower minimum wage to reduce real wage unemployment
  6. More flexible labour markets, to make it easier to hire and fire workers.

Explore if underemployment and part time work is an issue in UK to explore if the unemployment figure is under or overstated. May or may not.
The unemployment figure will be understated as part-time workers who are working below their level of skills and qualifications can actually work at better jobs that they were already trained to do.

2. Is the outlook of UK really that rosy?
Yes
What is the current situation/ happenings in the economy. e.g. Brexit, snap elections.  Any impact? 
Impacts of Snap Elections: 
-Brexit is the impact of snap elections. The move of UK from Europe may cause some sudden, unexpected change for the worse for a little while but the effects could be a positive long-term outcome.
Short-term outcome: severe economic consequences as exporting goods from UK will be cheaper compared to the past
Long-term outcome: it will encourage UK to build a more competitive economy after being independent from seperating from Europe

Impacts of Brexit: 
-Currency declines
- Reduce US exports
- Trade agreement renegotiation 
- Slower economic growth 
- Business investment suffered

]]> 2017-05-17 15:52:19 UTC https://padlet.com/vanzyyy2000/k1x1egd5goxg/wish/172370157 References vanzyyy2000 https://padlet.com/vanzyyy2000/k1x1egd5goxg/wish/177375354 Structural unemployment: https://www.ft.com/content/a0c3fce4-d0e2-11e6-b06b-680c49b4b4c0?mhq5j=e2
Brexit:
http://econ.economicshelp.org/2007/03/benefits-of-european-union.html
Policies to improve employment:
http://www.economicshelp.org/blog/3881/economics/policies-for-reducing-unemployment/
Short-term outcome of Brexit:
http://www.newstatesman.com/politics/economy/2016/07/short-term-consequences-brexit-are-severe-financial-disaster-not-inevitable
Long-term outcome of Brexit:
http://www.independent.co.uk/voices/brexit-what-next-reasons-to-be-positive-eu-referendum-jeremy-corbyn-a7104016.html]]> 2017-06-25 15:07:26 UTC https://padlet.com/vanzyyy2000/k1x1egd5goxg/wish/177375354 GDP vanzyyy2000 https://padlet.com/vanzyyy2000/k1x1egd5goxg/wish/177380182 -The GDP of the United Kingdom is expected to increase in the year 2017, by 2% as compared to 1.8% in 2016
-However, the GDP is expected to grow more slowly the next 3 years. But GDP growth rate will rise to the usual 2% by 2021.
-The economy of the United Kingdom will have greater outlooks as the GDP of UK is growing
-Overall UK will have a positive outlook because the GDP will continue to increase over the next few years

1. Consequences of Increase in GDP
-As GDP increases, there would be more need for labour, and thus Unemployment will decrease as companies desperately search for workers.


2. What type of GDP is used?
-Real GDP is used as it is calculated using the base-year prices to ensure that the change in GDP is due to increase in production and not price.

3. How is GDP computed by the UK?
-GDP = C + G + I + Net Exports
-Computed by adding consumption of household, government spending, country's investment, and the net exports of the country.

]]> 2017-06-25 17:13:40 UTC https://padlet.com/vanzyyy2000/k1x1egd5goxg/wish/177380182