Economics Section: Government & EconomyFurther Reading C.40 Keywords – Supply side, long run, quantity, quality, privatization, de-regulation Class : Y11 Lesson Topic: Government & Economy Scheme of Work: Supply Side Policies

Economics Section: Government & EconomyFurther Reading C.40 Keywords – Supply side, long run, quantity, quality, privatization, de-regulation Supply side Policies Long run policies to expand the economy. Improve quality and quantity of factors of production – Land Labour Capital Enterprise

Economics Section: Government & EconomyFurther Reading C.40 Keywords – Supply side, long run, quantity, quality, privatization, de-regulation

Economics Section: Government & EconomyFurther Reading C.40 Keywords – Supply side, long run, quantity, quality, privatization, de-regulation Planning Tools P&D Planning and Planning and Data

Economics Section: Government & EconomyFurther Reading C.40 Keywords – Supply side, long run, quantity, quality, privatization, de-regulation

Economics Section: Government & EconomyFurther Reading C.40 Keywords – Supply side, long run, quantity, quality, privatization, de-regulation KeywordDefinition CONNECTIVES

Economics Section: Government & EconomyFurther Reading C.40 Keywords – Supply side, long run, quantity, quality, privatization, de-regulation CONNECTIVES for Analysis CONNECTIVES for Application CONNECTIVES for Evaluation COMPARING Equally… As with… Like… In the same way… Similarly… Even so… Likewise… CAUSE & EFFECT Consequently…Due to… As a result…Therefore.. Because of…Because… CONCLUDING Firstly…After… Secondly…Before… Overall…I believe… Finally…I think … In conclusion…it depends… To conclude…short term… Meanwhile…Long term… CONTRASTING Although…Except… Moreover…If… However…Yet… Apart from…Unless… Despite…As long as… EMPHASISING Most importantly… Significantly… Notably… Especially… Above all… In particular… Indeed… QUALIFYING Despite…Yet… As long as…Unless… Apart from…If… Moreover…Except… However…Although… ADDING In addition…And… Too…Also… Additionally…As well as… Furthermore… ILLUSTRATING For instance…Such as… In the case of…So… For example… As revealed by… As illustrated by…

Economics Section: Government & EconomyFurther Reading C.40 Keywords – Supply side, long run, quantity, quality, privatization, de-regulation Climb the Ladder A-A* 1.To what extent 2.Do you think 3.Evaluate whether (8-10m) 10+ connectives & key words C-B 1.Explain 2.Compare 3.Analyse (5-8m) 5+ connectives & key words E-D 1.Define 2.Describe 3.Identify (2-4m) 2 + connectives & key words ATD Apply to Apply to demonstrate

Economics Section: Government & EconomyFurther Reading C.40 Keywords – Supply side, long run, quantity, quality, privatization, de-regulation Labour Market The amount of goods and services supplied can be increased if the labour is productive and efficient. Several things have been put in place to improve QUANTITY & QUALITY of labour.

Economics Section: Government & EconomyFurther Reading C.40 Keywords – Supply side, long run, quantity, quality, privatization, de-regulation Improving Flexibility Trade unions used to dictate labour for things such as working conditions and pay. Prevented labour from changing and improving. Trade Unions lost power in the 1980’s because of legislation imposed by the government

Economics Section: Government & EconomyFurther Reading C.40 Keywords – Supply side, long run, quantity, quality, privatization, de-regulation Trade Union legislation Closed shops – Employees no longer had to belong to a trade union Secret ballots – Had to be done before any strike action could take place Secondary picketing – Made illegal and so you could not support union members in other disputes Wage councils – Abolished so wages were no longer fixed

Economics Section: Government & EconomyFurther Reading C.40 Keywords – Supply side, long run, quantity, quality, privatization, de-regulation Restoring Incentives High taxes on income and profit discourage people from working hard in the following ways: – People with working spouses chose not to work – Workers take more holidays and retire earlier – Entrepreneurs less likely to take risks – Productive people move to countries with lower taxes Because of this, many countries have reduced taxes UK IN 1983 FROM 83% TO 60% TO 40% IN 1988 AND NOW 20%

Economics Section: Government & EconomyFurther Reading C.40 Keywords – Supply side, long run, quantity, quality, privatization, de-regulation Increasing the quality of labour Better education and training will lead to a better workforce Provide better training courses In UK more people stay in education or training More people attend university Move vocational courses NVQ’s AS Levels to encourage a wider choice of subjects Apprenticeships now common

Economics Section: Government & EconomyFurther Reading C.40 Keywords – Supply side, long run, quantity, quality, privatization, de-regulation Increase the quantity of labour Change to the role of females meaning more work More retired people chose to work EU legislation means people can work in UK from other countries Size of the EU has grown and so now more workers

Economics Section: Government & EconomyFurther Reading C.40 Keywords – Supply side, long run, quantity, quality, privatization, de-regulation Product markets Supply can be increased if products are produced more efficiently Help markets to reduce “red tape” Helps businesses to become more competitive therefore raising standards

Economics Section: Government & EconomyFurther Reading C.40 Keywords – Supply side, long run, quantity, quality, privatization, de-regulation Quality of capital - Privatisation Sell off state owned businesses Helps promote competition as they have to make profit to survive If they fail to produce goods and services they will fail Helps improve quality and prices

Economics Section: Government & EconomyFurther Reading C.40 Keywords – Supply side, long run, quantity, quality, privatization, de-regulation Examples of privatised businesses

Economics Section: Government & EconomyFurther Reading C.40 Keywords – Supply side, long run, quantity, quality, privatization, de-regulation Quantity of capital - Deregulation Removing un-necessary paperwork and licences Being able to make decisions quicker Less rules and regulations to follow

Economics Section: Government & EconomyFurther Reading C.40 Keywords – Supply side, long run, quantity, quality, privatization, de-regulation Helping small firms More firms means more supply Taxes reduced for small firms Reduction in “red tape” Tax allowances for people who invest in small businesses Free advisory services for small businesses

Economics Section: Government & EconomyFurther Reading C.40 Keywords – Supply side, long run, quantity, quality, privatization, de-regulation Capital Markets Investment in infrastructure Better transport and communication Better health care means more workers Better education Tax incentives given to businesses to encourage productivity

Economics Section: Government & EconomyFurther Reading C.40 Keywords – Supply side, long run, quantity, quality, privatization, de-regulation PLENARIES Factor of ProductionQuantityQuality LandDiscover oil.Land reform Labour Capital EnterpriseEnterprise ZonesYoung Enterprise

Economics Section: Government & EconomyFurther Reading C.40 Keywords – Supply side, long run, quantity, quality, privatization, de-regulation Climb the Ladder A-A* 1.To what extent 2.Do you think 3.Evaluate whether (8-10m) 10+ connectives & key words C-B 1.Explain 2.Compare 3.Analyse (5-8m) 5+ connectives & key words E-D 1.Define 2.Describe 3.Identify (2-4m) 2 + connectives & key words ATD Apply to Apply to demonstrate

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Economics Section: Government & EconomyFurther Reading C.40 Keywords – Supply side, long run, quantity, quality, privatization, de-regulation R Review the Learning Review the Learning

Economics Section: Government & EconomyFurther Reading C.40 Keywords – Supply side, long run, quantity, quality, privatization, de-regulation 5 minutes... GO STOP