Opening Activity A: Short presentation of graphs by authors

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Presentation transcript:

Opening Activity A: Short presentation of graphs by authors B: Working through in the groups below compare your graphs - find similarities / differences in the timing of major events shown on your graphs across markets. (ie Comparing Unemployment (“UE”) and Short Term Interest Rates (“STIR”) -> did rising UE precede/follow lower STIR, any ideas why?) – please get a paper copy Learning Objective: Have an appreciation and understanding of recent UK economic history

The UK economy - performance and policies Comparison Groups Session Group A Group B Group C 1 GDP GDP Growth Rate Gov.Debt to GDP Interest Rate Oil Price Unemployment Population GBP/USD GBP/EUR Balance of Trade 2 Gov. Debt to GDP Balance of Trade Unemployment 3 The UK economy - performance and policies

Start of Topic: Economic Growth Economic Growth is the first section (2.1.1) part of “Measures of Economic Performance” The UK economy - performance and policies

Why Study Economic Growth? Background (Macro)Economics impacts the welfare of billions, the environment and social stability. https://www.theguardian.com/society/2015/nov/12/austerity-a-factor-in-rising-suicide-rate-among-uk-men-study The measurement of Economic Growth is a key economic statistic The UK economy - performance and policies

Activity – please start! In anticipation of looking at Economic Growth please read the general definitions for: GDP (Gross Domestic Product) GNP (Gross National Product) GNI (Gross National Income) …in the Edexcel “Getting started” guide p31 2.1.1(a) to (c) book marked last lesson Macroeconomics: Theme 2 - The UK Economy - performance and policies

Key Measures of Economic Performance & Growth Value of (UK) Economic Activity between 2 dates Gross Domestic Product (GDP) Gross National Product (GNP) Gross National Income (GNI) GROWTH: Change in above measures So how do we track Economic Activity in an economy? -> Quick exercise then Circular flow of Income The UK economy - performance and policies

Exercise: Value vs Growth The UK’s GDP is ~$3 trillion and India’s GDP about $2 trillion. If the UK growth in GDP is 2% and India’s is 10%, who will have the larger GDP in 6 years? Growth Rate UK India 2% 10% Year $ 3.00 $ 2.00 1 $ 3.06 $ 2.20 =3*(1+0.02) =2*(1+0.1) Year 1 done for you….there is a shortcut if you know the compounding formula  The UK economy - performance and policies

The UK economy - performance and policies UK vs India GDP Growth If these growth rates materialise, the size of India’s economy will overtake the UK’s in 6 years. Compound Growth (also used for Compound Interest): UK = $3.0 x (1+0.02)6 The UK economy - performance and policies