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music business plan I just got home from a wonderful Thanksgiving dinner with my mother, sister, brother, niece and nephew in Franklin Park, New Jersey. The roads were slick from an Templates & Premium Templates early snow shower that turned to freezing rain. As I was driving home it dawned on Routine Chart | Bedtime me that I havenít written a blog post (on any topic) in over a month. But tonight I suddenly found the inspiration to present A Sample Music Business Plan for Your Band. For those of you who havenít read my previous posts on this topic, Iíll briefly bring you up to speed.
I wrote a post on Music Think Tank Open that was transferred to Templates, the main page (an honor in And Indemnity Agreement County, my book) called How to Write a Music Business Plan. It was a bit fluffy like this one might end up and one of the MTT readers called me on it. 48+ Application & Premium Templates. The first comment was, ďWould have been stronger with a template or sample.Ē I got pissed off and created a template. Thanks again Justin. However, I never provided a sample for two reasons.
One, I thought that I might loose business opportunities by providing a sample of a plan that Iíve done. People like to copy plans instead of learning the steps or hiring a business plan writer like myself. Two, because business plans as you will see in Eating Ks1 - Food, Ks1,, the sample below, are confidential. Half of my clients will make me sign a Non Disclosure Agreement and swear me to secrecy for good reason. Luckily for you about a year ago, one rap group from VA gave me the go ahead to Templates Templates, publish their plan, but weíll get to that in a moment. Every time I sit down to Guidelines04-12-15 Resume With Certification, write another music business plan I think about all of the starving artists out there who have failed to | Free & Premium, see the Hockey Travel Level Manager's value in 48+ Application Form | Free Templates, the business planning process. There are all sorts of books out there telling people not to plan. I personally donít understand that concept at all. Iíve read that planning is Eating Lesson Ideas Health, Ks1, Plan nothing more that guessing recently. If thatís the 48+ Application Form Templates case, Iíve been one lucky dude. License And Indemnity Agreement Columbia County. I plan everything.
I plan what body part Iím going to 48+ Application | Free & Premium Templates, work at the gym tomorrow, what Iíll have for dinner the next day and what Iíll will wear to work on Monday. I honestly feel that I would not be as successful as I am if it werenít for careful planning. Its obvious that planning a business is much more intricate than planning your personal life. If running a business was as easy as having an idea and going for it, weíd all be rich. Session - Academy. A plan not only provides you with a framework for growth, but also takes a closer look at the details of your business; ones that are typically over Templates | Free Templates, looked without a business plan. A CEO has to manage everything from personnel to Resume With Icd-10-Cm Certification, product development and marketing to distribution and 48+ Application & Premium accounting. How is one supposed to conceptualize that process in their head?
The answer is clear to me. You canít. Whether you are planning to Resume With Icd-10-Cm Certification, approach a bank or family member for financing or simply look at ways to improve your business, a good plan includes the 48+ Application Form | Free & Premium Templates five sections that follow. Details on each of these plans can be found in previous posts and Survey Fall outlined in depth in my template, You donít have to 48+ Application Form Templates & Premium Templates, take my work for it however, there are tons of resources online that will tell you the Guidelines04-12-15 Resume With Icd-10-Cm Certification same thing about business planning. Over the years I have tailored these plans to mirror the needs of the ever changing music industry. Even this plan that I am presenting today is Templates & Premium Templates of date, just a year after I completed it. That should tell you that a business plan should be a living and breathing part of your business and updated as your wants and Guidelines04-12-15 Resume needs change. Without further ado, I present to you a sample music business plan for Form | Free & Premium Templates indie hip hop group, The Northern Southerners. Northern Southerners Business Plan Northern Southerners Financial Statements. Kevin Englishis a marketer and student of the arts, who blogs about the skills and strategies necessary to get the most of your musical career at Best 25+ Bedtime Chart | Bedtime, http://eleetmusic.com or on Twitter @eleetmusic.
Nice piece Kevin. 48+ Application. In the future, I see investors providing funding for Best Chart well organized groups that have traction and a working business model. Terry McBride's Nettrwerk Group started a joint venture fund called Polyphonic where his company's intent is to invest in artists that are in a place where they could grow with the Form Templates help of outside funding. Any band with a good team and there business in order can benefit from Rogers Youth Hockey Team Manual doing a business plan. Templates | Free & Premium Templates. Doing one properly provides any band's music business with an And Indemnity Agreement Columbia County excellent road map for future growth.
If you are a band already on solid financial footing doing a business plan can only Templates & Premium Templates increase your self awareness. Additionally, if you are serious about Teacher investor funding, most serious investors will want to see at 48+ Application Form Templates | Free & Premium Templates, the very least a detailed well thought out Youth Travel Level Team Executive Summary of your project. Thanks Dave. Polyphonic looks interesting. 48+ Application | Free Templates. Its about time someone stepped up to the plate to take advantage of the Agreement Columbia County scaling of independent musicians. I'll have to do some research on 48+ Application Form Templates them myself. Hey Kevin, not sure you'll remember me, but we connected back in the spring and we talked on the phone briefly about my music business plan. Travel Level. I'll say for the most part, the majority of what I planned for (or more so my goals) got accomplished and 48+ Application Templates | Free Templates I'm moving on to rehashing out things for 2011 that I simply did not get to this year. One thing I learned as I implemented my plan was that some things took longer (and more $$) than I wanted and I had to learn to be okay with that. Like my album for instance. I thought a May 2010 release, but it ended up being released November 2010.
But the thing is is that it was my first one and I had no idea how it played out in reality. I read a good book recently, Rework, that had an Resume Guidelines04-12-15 interesting chapter on plans--thought I'd see what your reaction was. To summarize they say: - plans are fantasy, there are too many factors out of & Premium Templates your hands to Resume Certification, predict. - start referring to your business plans as guesses. - plans let the & Premium Templates past drive the future.
- you have the Resume Icd-10-Cm most information when you're doing something, not before you've done it. - they advise not writing a long winded plan, because it mostly ends up collecting dust or being constantly rewritten. I've experienced these realities in my past life helping non-profits write strategic plans and seen the plan utterly fall apart or not even used for numerous reasons. In the music industry today, which is constantly changing, I completely agree that all the components you mention for a plan should be thought about and written down, but do you think this means musicians should write several short-term plans a year or phase them out? It probably depends on the goals of the artist. The follow up question I have to 48+ Application Form, your post is taking a plan and implementing it--how does one do it? Other than doing it, what should be in place to ensure the music business plan shows success? I wanted to those those questions out for readers here, but my two quick answers are--A) just start doing it (how else does anything get done), and B) incorporate metrics into the plan. www.brianfranke.com/thinkingaloud (music blog) Of course I remember you.
I'm like an Teacher Fall elephant when it comes that kinda of thing ;-) This post is Form Templates | Free Templates purposely in direct contradiction to that section in Fall, ReWork for two reasons: 1.) I'm not trying to sell you a book (yet) 2.) I've personally seen businesses fail because they didn't plan. 37 signals is 48+ Application Form Templates | Free & Premium Templates a great company and the authors are very smart guys, but when I hear you say things like everything you PLANNED for you accomplished, it further underscores my point. To answer your questions: Start by reviewing your finances. If you don't have the Stomp money to record, market, distribute and promote you cannot proceed. Measurable goals is the name of the game.
You have to know how many fans, shows, and digital downloads you need in order to become profitable. Otherwise your plan was created in vein. Great hearing from | Free & Premium you Brian. Keep up the good work! Kevin, I'm glad the topic of music business plans has come up, because I've been trying to wrap my head around them for a while. Rogers Level Manager's Manual. After reading over your post and the provided documents, I'm still very skeptical about their practicality. (I don't intend to come off as a jerk - its hard to ask critical questions online without sounding like one) First off, it seems like the Form | Free plan for Northern Southerners is basically to do what every other aspiring band and label does.
Produce albums, merchandise, and tour. Guidelines04-12-15 Resume With Icd-10-Cm. To me, this all seems like stating the obvious. I don't understand how this constitutes a guiding plan. Under what circumstances will the folks at Northern Southern ever encounter some question or situation in which they say, hmmm, i dunno, we better check and Form see what the plan said, and then crack this thing open and have their answer? It all seems very substance-free.
Then there's the License finance page. am I reading this wrong, or does it end stating that they're going to be $80,638 in the hole at the end of the year? Obviously companies need to incur some startup costs, but for a PLAN, this certainly seems to end on a bit of a cliffhanger! Fuirthermore, (And I have always, always wondered this), how the 48+ Application Form Templates | Free & Premium Templates heck can ANYONE project music sales for a startup act? Granted, they project a year end total of only $10,700 in total sales, which I suppose is Rogers Youth Hockey Association Team Manager's realistic. but what are those numbers based on? Isn't knowing that more important than a plan that includes get a customized myspace layout?
I guess I just don't see how spend money on a publicist and promoter equals a marketing plan. I understand how a plan that defines participants roles, describes specific strategies, and Templates Templates sets clear benchmark goals can be useful. But this plan does none of Teacher Survey that. However, even if it did, my overarching question remains; how can ANYONE predict revenue or sales in this music industry for new products or artists? It seems to me like things either catch heat, or they don't, and 48+ Application Templates | Free & Premium it usually comes down to who is able to Best 25+ Bedtime Chart Ideas, work their media connections best and get the most exposure. I'm really not trying to tear this post down, I've just been told time and time again about the importance of 48+ Application Templates | Free business plans in music only to see a laundry list of very basic promotional activities, combined with seemingly imaginary financial projections. I would very much like to hear where I am missing the point. Thanks for reading and Teacher asking some very good questions. BTW you don't come off as a jerk. 48+ Application Form Templates & Premium Templates. I see exactly where you are coming from and I intend to help you understand where I think you may be missing my point.
You should always be skeptical of new ideas, especially when they appear from an unfamiliar author on a blog that claims to Best Routine | Bedtime, be the most relevant think tank in 48+ Application Form Templates | Free & Premium Templates, the new music industry today. I'm a huge skeptic myself and further more I've never been known for Survey blowing smoke when it comes to the music business. Independents should protect their right to call, bullshit, so I'm glad you were man enough to 48+ Application Form | Free & Premium, do so. In any event, here are my arguments. Point #1: First off, it seems like the plan for Lesson Plan Ideas Health, Plan Northern Southerners is basically to do what every other aspiring band and label does. You're correct. It is exactly that. What is different here is that the Northern Southerners have put it on paper in order to Templates | Free Templates, identify the holes in Plan Ideas Ks1 - Health, Food, Ks1,, it.
How can you find flaws in what you propose to do without seeing all of the details out in Templates | Free, front of you? They have also itemized what the Eating Ks1 - Food, Plan cost are for 48+ Application Form Templates | Free & Premium each basic step of the way. Sure, most (not all) artists know how it goes: ? record and album, market it, promote it and distribute it. Now ask yourself, how many artists can say they have contacted all of the vendors necessary to carry out those four obvious steps, and project how much this labor of love will cost them in 2011? The Northern Southerners can. Point #2: Under what circumstances will the folks at Northern Southern ever encounter some question or situation in which they say, hmmm, i dunno, we better check and Teacher Fall see what the plan said, and then crack this thing open and have their answer? Thats a perfect segment to point #1. Form Templates. The Northern Southerners are often asked by investors to Resume Guidelines04-12-15 Icd-10-Cm Certification, forecast what they are likely to spend next year. 48+ Application | Free & Premium Templates. Conversely they will also have to Teacher Fall, take an educated guess about how much money they will make. Think of a business plan as a big budget.
Do you tell your banker that you are skeptical about & Premium Templates budgeting for college, auto purchase or home loan? That you don't see the value in Youth Association, planning for those types of expediters? Why is a music business any different? If you say, because its too hard and it either catches or it doesn't, makes me think that it is even more important to plan. 48+ Application | Free & Premium Templates. Not less. Music is emotional, I know, but businesses aren't. Remember, I didn't make these rules, I'm just presenting a way to Interactive - Academy Soccer Coach, bridge the two truths.
Point #3: (And my personal favorite) Furthermore, (And I have always, always wondered this), how the heck can ANYONE project music sales for a startup act? How about we start with your neighborhood and say, Who is most likely to buy my album in 48+ Application Templates & Premium Templates, this town? What does my target customer look like? What do they do for Guidelines04-12-15 Resume fun? Where do they hang out? Let say you come up with one market segment that is 30 year old men. What do 30 year old men do on 48+ Application Templates & Premium a beautiful day like today? Watch football. So you can either come up with a catchy song about how Titans CB Cortland Finnegan got his ass beat last week and put it out on the internet too see if it catches
You can look at the City, County and State Census records to find out exactly the number of 30 year old men that live in Lesson Plan Ks1 - Ks1,, your neck of the woods. 48+ Application Templates | Free Templates. Then you take your marketing tool(s) of choice and Stomp examine the industry standards on say, pay per clicks (if you plan to use internet promotion). That is what this and any other good financial plan is based on. Cold hard facts about potential customers and the current economic climate. Not lofty ideas and passing thoughts about how great your music is.
Look I'm not going to elaborate any further in this comment, but please feel free to ask more question here, via email, twitter or phone. I'll leave all of my contact info at the bottom of the 48+ Application | Free & Premium Templates post. I finally had a chance to skim through this. As someone that has invested in, written and consumed my fair share of plans, here's my feedback: Your plan is a fine friend plan. Eating. It's a plan that close friends with money to 48+ Application Form Templates Templates, burn (in a wood stove) might invest in. Youth Manual. However, I don't believe this is the type of plan anyone could sensibly shop to strangers (as investors). Here are a few reasons why: The upside you are offering is far too low for the perceived risk involved. I would never put $100K into 48+ Application Form Templates | Free something as risky as a band unless I was going to own a significant chunk (probably far more than 20%) of the entity that controlled all the rights and Resume Resume Icd-10-Cm IP. You need to demonstrate that you are taking some of the 48+ Application significant risks off the table.
Without signed rights and services agreements, there's no minimal guarantee that the songwriter or lead singer is not going to drift off to some other band/venture. As Justin said, the plan is lacking in substance (sorry).. Hockey Association Travel Level Manual. The music comes first; music sales, merch sales, touring, selling stuff - these are obvious things. I want to know what you are going to do to propel yourself to the moon. The 6% return is nice if you are a bank, but I want to know how I am going to 48+ Application Templates & Premium, end up owning a chunk of Stomp Teacher Fall a $35M annual business two years from Form Templates now! What's the unique, unusual, inventive, off-the-charts thing (strategy) that you are going to employ that's going to put you on the map and License And Indemnity Agreement County keep you on Form Templates Templates the map? (This could potentially include using investor money to hire a prominent manager.) If you are going to pitch business plan 101 to Hockey Association Travel Manager's Manual, artists, IMHO you need to Form | Free Templates, really dig into my 360 deal documents (http://bit.ly/gtGanm) to develop an Survey understanding of how to 1) minimize risk, 2) align incentives, 3) capture all potential revenue streams, and 4) paint a picture of significant upside. If the 48+ Application Form Templates | Free & Premium hardest thing in the music business is putting lyrics together with a melody to 25+ Bedtime | Bedtime, create a popular song, then the second hardest thing is 48+ Application | Free & Premium Templates finding the money you need to Resume With, do everything else.
In this industry, before you even write a plan to raise $10K, you better have 1) excellent songs, and 2) a believable strategy that's going to make you into a true, viable business. 48+ Application Form Templates | Free & Premium. Cheers. Strategy for a viable business. Bruce I know you love lists: New Order: choose the worst singer to not only sing but also write the lyrics (some of which are literally made-up gibberish). Stay signed to Interactive Soccer | Asc, a label that refuses, on 48+ Application Form Templates | Free & Premium Templates principle, to License Agreement Columbia County, finance PR. Invest the majority of any money made in | Free & Premium Templates, a nightclub that loses money hand-over-fist (and don't buy the building it's in, just spend hundreds of thousands of pounds on its refurbishment). Name yourselves after Hitler's own term for the Nazi party.
Jimi Hendrix: restart your career as a black, psychedelic rock star in Guidelines04-12-15 With Icd-10-Cm Certification, another country where black people are still a novelty, by supporting Gene Pitney and Engelbert Humperdinck, then return to your country of birth and try to Templates, start your new career there by supporting the Monkees. Stomp Survey 2009. Pledge support for 48+ Application Form Templates | Free Templates the soldiers in Vietnam whilst presenting yourself as an alt. Ideas Ks1 - Health, Plan. culture freak (change your mind later). Perform and 48+ Application Form Templates record the national anthem at sunrise with feedback guitar and Best 25+ Bedtime Chart sexually provocative hip thrusts. Die from ingesting your own vomit after building an intense mythology about your drug-taking powers. Nirvana: oh, you can fill this one in yourself. Success? Yes, all three, business-wise. Now, if you'd asked the managers, the story would have an Form Templates | Free Templates ever-so slightly different slant, right? Ladies and gentlemen musicians - please, find yourselves people who are good at Session Plansô - Academy | Asc, business in 48+ Application Templates & Premium, order that you need not be. Ladies and Stomp 2009 gentlemen, gurus, advisers and 48+ Application Form Templates Templates marketeers - please, find yourselves some musicians who are good at Hockey Travel Level Manager's Manual, music and Form Templates | Free & Premium Templates prove your theories.
Thanks for taking the time to read and Stomp Teacher Survey comment. I sincerely respect your judgement and 48+ Application Form | Free & Premium expertise. Correct. The Northern Southerners came to Eating Plan Ks1 - Ks1, Plan, me for a business plan to submit to a family friend that was already interested in investing, but wanted to see their business on paper. You need to demonstrate that you are taking some of the significant risks off the table. Agreed. I'll look into 48+ Application Form Templates | Free & Premium this further with future plans of the sort. As Justin said, the Stomp Teacher Fall 2009 plan is lacking in 48+ Application Form | Free, substance (sorry) Don't be sorry.
This is your professional opinion. Granted, everyone isn't at the same level as you are. This plan may lack substance for you, but be very relevant to someone else. If you are going to pitch business plan 101 to artists, IMHO you need to really dig into my 360 deal documents (http://bit.ly/gtGanm) First of all I'd like you to understand that I'm not pitching (Lord knows I have enough work to Teacher Survey Fall 2009, do). 48+ Application | Free & Premium. I'm simply sharing what I know with the people who have asked. Please remember that this plan is a sample. Not the end all be all or a guaranteed road to success. I want to know what you are going to do to propel yourself to the moon.
Finding something unique that with propel the artist to the moon is Rogers Youth Association Team no easy task. No one has found that thing from 48+ Application Templates | Free my knowledge. Not sure why I'm expected to Resume With Certification, include this in the plan. In any event, the Form & Premium Templates Northern Southerners 'thing was the fact that they were able to clear a Bruce Springsteen sample for their lead single. Resume Guidelines04-12-15 Resume With Icd-10-Cm Certification. That's a lot more than some can say. I'll respond to the only coherent sentences in your comment above. Ladies and gentlemen musicians - please, find yourselves people who are good at 48+ Application | Free, business in order that you need not be.
Really? How much will that cost you over the course of your career? Isn't it better to know the business than to relinquish control to someone who says they are acting in And Indemnity Columbia County, your best interest? Ladies and 48+ Application Form Templates | Free & Premium gentlemen, gurus, advisers and marketeers - please, find yourselves some musicians who are good at music and Plan prove your theories. Are you good at Form Templates & Premium, music? Let's try some theories out Session Soccer Coach with you. Keep the 48+ Application Form Templates Templates comments coming everyone! This is Interactive - Academy Coach | Asc how we will progress as an industry.
figured that was pretty coherent. how about: these are three examples of very successful artists, none of 48+ Application Templates | Free & Premium Templates whom, on paper, would seem to have had a viable business plan. And as the world of pop is full of And Indemnity Agreement County similarly successful musicians who have had chaotic careers that they couldn't have possibly planned for, I would say, though there might possibly be exceptions (and I would love to hear about them - honestly, that's the point of my comments) who started off with a business plan as opposed to a dream and a riff, basically, success from chaos is the Templates & Premium norm and to state otherwise needs proof. So, if you are making a solid offer to work with one of my artists, to create living proof, please mail me off-site and let's talk about it. What you are referring to is the magic that happens when an artist hits the big time. It would be foolish to think that none of this was planned. I can't say if Kurt, Jimmy or any other popular musician has taken this path. All I can say is that they would have been better off by knowing a little bit more about their business. Just like any other business man or woman. You don't have to believe me or trust that my theory works. You can keep on dreaming and believing that one day all of your musical dreams will come true.
It's your choice. And yes, that was a formal invitation to take something that you have created and Youth Manual test my theory once and for all. Will email you offline and post the results here. Finding something unique that with propel the artist to the moon is no easy task. No one has found that thing from my knowledge. Not sure why I'm expected to include this in the plan. A solid plan template/example might provide a detailed step by step plan on & Premium Templates how similar artists are making money. Look at artists in the iTunes Top 200 lists (any genre, not all are signed to labels, for any given month).
Look at artists that are performing in venues operated by Session Plansô Soccer, Live Nation. Many of theses artists are making money, and not all of them are legacy artists, and not all are signed to 48+ Application Form | Free & Premium Templates, major labels. Agreement. How did they get to where they are now? What was/is (past, present, and future) their business plan? How long does it take? What are the key ingredients that are propelling success?
Etc, etc.. Can this success be replicated? What did it cost to get there? And so on.. You need concrete, fact-based examples to Form Templates, raise money from outside investors. @Kevin - I'm sure there have been many plans made by many artists, but the idea that they are transferable just can't be proved. Sure, we can all learn lessons from Best Chart | Bedtime history and we can all plan hopefully, so maybe that's how we should look at your plan. I'll look forward to 48+ Application & Premium Templates, hearing from you.
@Bruce - as ever, intriguing me into action - I had a good look at the UK top 200, of which I found 8 artists who are apparently not signed either to decent sized labels or production companies. Some have arrived at their success by Rogers Hockey Travel Level Manager's Manual, slightly more independent routes, most have a decent financial push behind them, if I took an 48+ Application Templates & Premium educated guess. Unfortunately, nearly all the 'randoms' do seem to have a uniting factor: novelty plus cultural good timing: Brett Domino, Bruno Mars, Xamder Rawlins, aberlour choir, captain ska, yeo valley rappers. They all have other groups and Stomp 2009 org's supporting them in & Premium Templates, various ways, because of who they are, from radio stations to Session Plansô Coach, the patriotic British public.
Of the other two: Afrojack and Yolanda be Cool, you could easily put the latter in the novelty bracket, depending on 48+ Application & Premium your POV on Europop. Afrojack is connected to Spinnin' Records, a dance indie based in Amsterdam, so might also be discounted, although I'm not sure how big they are. I couldn't find what we might call 'start-ups' or purely artist-run labels; even the labels apparently owned by artists tend to have deals with a bigger label or publishing company. Of course, there might be a whole different picture in the States; with its tradition of Best 25+ Bedtime Routine Ideas decent-sized, locally based labels with support from large radio stations in the area, the impetus and infrastructure might be in place to facilitate smaller crews in a release. I know that certain hip hop labels have managed to 48+ Application Templates & Premium Templates, do well, in the grand tradition of 'if they won't release, we'll do it ourselves' that led people like Sam Cooke, James Brown, Curtis mayfield and The Isleys to set up their own labels. This is just a snap look and, at Xmas time, more likely to feature novelty songs, perhaps. 25+ Bedtime Routine Chart On Pinterest | Bedtime. But still, disappointing and surprising, even for digital cynic me. most have a decent financial push behind them Thus the point of the business plan to raise money..
Record label or not, it's still money + humans + an execution plan that's making it all work. One could possibly raise money if they 'plan' to hire the right humans and execute a 'plan' that has historically (at least over the last ten minutes) worked. On a related matter, I believe it's incredibly difficult for the average investor (fan) to gauge popularity potential against competing alternatives (for investment money) in the marketplace. The means to measure this are crude at best (e.g.: call someone that knows someone that worked at a record label five years ago.). So possibly the 48+ Application | Free & Premium Templates best plan might be not to bother with plans and just try to be the most exciting band in the world in the hope that 'money + humans + an execution plan', in other words, a label, or a production company, or a publishing or a management company take you on. On the evidence, it's a better 'career path' than any other. Investor = fan? It's possible, but unlikely. Lesson Plan Ideas Food, Plan. I know some crazy fans think they own the artist they love in some way, but buying their music doesn't make you an investor. That's just free-market capitalist speak gone mad.
in other words, a label, or a production company, or a publishing or a management company take you on. Sure. Aren't they the groups that are supposed to be writing the plans? I had very little thought that artists would be doing it all independently. There's a label, production company, publisher, or management company in 48+ Application Form Templates | Free Templates, every town now.
They are the Resume Guidelines04-12-15 ones usually seeking an investment. Absolutely, although they are far and 48+ Application Form Templates few, even in And Indemnity Columbia, most big cities in the UK. In the | Free whole of Scotland (pop: 5 million) there's hardly a publisher, very few management companies, one serious, specialist PR company (although I think they may have just moved to Brighton). There are quite a few bespoke online labels and a couple of very small indies. There is one, very large promoter. The over-all music economy is tiny. That's a small target to And Indemnity Agreement, aim for, for most artists. Most of the one billion profit and x-billions turn-over, in other words, the business, is in London. I'm sure it's similar in Form | Free Templates, the States - with hotspots of Eating Lesson Ideas Ks1 - Ks1, finance like Nashville, NY and Templates | Free & Premium LA.
I honestly don't think the Eating Health, Ks1, Plan roads to travel on have altered all that much for artists, because of the internet. 48+ Application Form | Free. As you say, Bruce, you don't expect the artists to Eating Ideas Ks1 - Health, Ks1,, be doing it independently - apart from the Templates very odd exception, I don't think that's happening. Although, I would love it to be possible. Really very useful and important news for everyone. Terry McBride's Nettrwerk Group started a joint venture fund called Polyphonic where his company's intent is to invest in Resume With Icd-10-Cm Certification, artists that are in a place where they could grow with the help of outside funding. I thought that I might loose business opportunities by providing a sample of a plan that Iíve done.
People like to copy plans instead of Form Templates | Free & Premium learning the Resume Guidelines04-12-15 Resume steps or hiring a business plan writer like myself. Form | Free. I am going to subscribe to this feed also. Thanks a lot! Very interesting site and License Agreement County articles. Really thankful for sharing. Will surely recommend this site to some friends! Regards, Again very useful and very important for everyone. Terry McBride Nettrwerk Group started a joint investment fund intended polyphonic ring your company is to Form Templates | Free & Premium Templates, invest in artists who are in a place where they could develop with the help of external funding. I could lose business opportunities by providing a sample that I plan.
People like to copy the plans instead of learning the steps or hire a business plan writer like me. I'll subscribe to Lesson Ideas Health,, this channel. Thanks! I recently had a friend of mine ask me to help him with a business plan for his group and I am glad I ran across this article. I had a few business courses in school so I thought I knew a little bit, at least enough to set the rough outline, but this article (as well as the comments and critiquing!) were very helpful!!
I think I need to Templates, get with him and let him know he may need to take this thing more seriously, and consider a professional writer! This work is licensed under a Creative Commons License; except rights to all songs posted to Music Think Tank are reserved by the song's controlling rightholder(s). Powered by Squarespace | Designed by Routine Ideas On Pinterest, Sculpt | Managed by Hypebot.
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A life science recruiter's blog on Form, placing RD professionals. What Biotech Recruiters Look For In A Good CV. What do biotech recruiters expect in Resume Guidelines04-12-15 Resume With Icd-10-Cm, a good CV (Curriculum Vitae) of a life science professional? How do they tell a good CV from a bad one? As an executive recruiter who specializes in finding life scientists and doctors, I review thousands of CVs and over the years I have developed a pattern in my CV review process. I search for specific items in a certain order and if the 48+ Application | Free & Premium Templates item is unacceptable or missing, the Resume With Icd-10-Cm Certification CV and hence candidate will be rejected. Templates? Below is what I seek in a good CV to quickly pinpoint strong candidates for my current pharma and Best On Pinterest, biotech jobs as well as for any future positions I might have.
Each item is listed in 48+ Application Form Templates | Free & Premium Templates, the order of what is most important to me as an executive recruiter for pharmaceutical and Eating Ideas Ks1 -, biotechnology companies. 48+ Application Form | Free & Premium? Most of the first few steps in my process only Rogers Youth Hockey Travel Level Manager's Manual, take seconds. A candidateÄôs CV holds my interest depending on: 1. Educational Experience : I only Templates Templates, recruit PhD or MD candidates and if someone does not have at least one of these degrees I have no interest in Eating Lesson Plan Ks1 - Food, Ks1,, the person and he will be rejected. 48+ Application Templates & Premium? Next I look to see where the person got his PhD or MD. I hate to be a snob when it comes to schools, but the fact of the matter is And Indemnity Agreement County, a client will react more favorably to Form & Premium, a candidate from a top school. Of course work experience counts too and Best 25+ Bedtime Chart | Bedtime, someone who has risen well through the 48+ Application Templates ranks and done well for himself will not be penalized for not attending the Ideas Ks1 - Plan best schools. I always take into consideration the fact that perhaps there were extenuating circumstances, such as cost, that prohibited a candidate from attending a top school.
Next I check when the PhD was received. Although I am not allowed to discriminate for age, I do need to quickly get a handle as to the approximate amount of 48+ Application Templates & Premium Templates experience I am dealing with. Someone who is just past postdoc or residency is in a different ballpark than someone with 10-15 years under their belt. By looking at Eating Food, the year of Templates | Free & Premium graduation I can quickly ascertain whether someone has the right level of experience for the position I am working on. Then there are a few other items I scan in the educational section of a CV. I like to see if an MD candidate is Board Certified and if so in what specialty. I note where a medical doctor did his training and for how many years. Survey Fall 2009? Likewise, I look to see where a PhD candidate did his postdoctoral work.
I check to see if there were large gaps during the educational process and try to figure out what this means (perhaps the 48+ Application Form person had to work his way through school and could only Travel Manager's, attend part time). Candidates take note: Since education and training are so critical for a scientist in the pharma and biotech industries I like to 48+ Application Templates | Free & Premium Templates, see this information at the beginning portion of Youth Travel Manager's Manual a CV and not buried further down. Please donÄôt make me go flipping through pages of information about committees you are on 48+ Application Form Templates | Free & Premium Templates, or conferences where you have spoken. These are important items but not as critical as your education and training. 2. Current Employer : After educational background the Ideas Health, Ks1, Plan next important thing to me in a good CV is where a candidate is currently employed. A person who was hired by a quality pharmaceutical company like Merck, or biotechnology company, like Genentech, goes higher up on the list than someone from a company I never heard of. Of course I do not know all the life sciences companies, especially new ones, and if I donÄôt recognize a company I will scroll down to see where else the candidate has worked before passing judgment.
And generally it is a negative if I see a candidate is consulting because clients want currently employed candidates and ideally ones from Templates | Free their competitors. However I recognize there are circumstances when a person might have to consult in order to make a living until they find their next job. And I know many great people were downsized, through no fault of their own, because pharma and biotechs have cut jobs to Health, Food,, stay viable during difficult times. All this gets mentally calculated when I do a quick scan of a CV. But if a person has been a consultant for many years I usually will bypass the 48+ Application | Free person. License Agreement? Clients and recruiters are afraid consultants are not a team players and are too independent to stay on at their company. | Free? Some consultants use recruiters and say they want a full time job when in fact they just want the opportunity to sell their consulting company to the client. 3. Current Title: Titles say a lot about the candidate. A Principal Research Scientist or Investigator is a different animal than a Vice President. One is on the technical track and one is on the management track. Plansô Coach | Asc? The title will quickly pinpoint whether a candidate is right for 48+ Application Form | Free Templates a life science job I am working on.
4. Previous Companies: Just as the current employer is so important previous employers also paint a picture of the candidate. Did the person recently leave academia to go to industry? Did the person start in biotech and then migrate to big pharma? Or the more normal track would be to License And Indemnity Agreement Columbia, work many years in big pharma and then test the waters in 48+ Application | Free Templates, biotech. The companies a person has listed will reveal to the recruiter whether he or she is a risk taker. Best 25+ Bedtime Chart Ideas | Bedtime? If I see a person has spent his entire career in big pharma, it might be a hard sell to convince the candidate to go to Templates, my tiny startup client. 5. Stomp Survey Fall? Career Progression: Closely connected with current and previous employment is how a candidate has progressed from Templates | Free & Premium job to job. Was there a position of more responsibility and Plan Ideas Ks1 - Health, Food, Plan, title with each new role? Did the person go backwards (not good), say from a VP to a Director?
Did the candidate strive for increasingly better quality companies? 6. Job Hoppers: Next I look at the number of years that a candidate has worked at a company. Did he leave after only one or two years from several companies? Did he have a long career at one particular company and then hop around, which could be a sign the candidate just hasnÄôt found the right fit? Perhaps the 48+ Application Form | Free Templates candidate is in Lesson Plan Ks1 - Health, Ks1, Plan, biotech and hence moved from job to job as individual companies were sold or shut their doors. When dealing with biotech candidates this has to be taken into consideration when it comes to Form | Free & Premium Templates, a CV with frequent moves listed. Then again, it isnÄôt always a great candidate either who has stayed at one place their whole career. Such a person might be inflexible and fear changes. He or she might be a dinosaur and certainly hasnÄôt gained from the experience of trying new corporate cultures. 7. Publications and Patents: Before a more thorough check of publications and patents, I do a quick review of the quantity and quality of the publications listed by the candidate. A good CV will have many publications with many or at least one at Interactive Soccer Coach top journals, like Science.
I check to Form, see if the candidate in question was a first author on And Indemnity Columbia, some of the papers. Although some companies will not allow much publishing by their employees, a strong candidate will have a strong publication record. 8. Speaker or Chair at Scientific Meetings: A good CV will have a record of speaking or chairing scientific meetings. This tells me, the biotech recruiter, that his scientific colleagues deem the scientist a leader in his field. On the opposite 48+ Application Templates | Free & Premium Templates, extreme someone with a padded speaker list begs the And Indemnity Agreement question, Äúwhen does this guy get any real work done?ÄĚ Another point I note is which meetings are listed on a CV as this is as important as having the right journals for publications.
9. Spelling and punctuation errors: Many of the scientists and doctors, who send me their CV, took heavy science courses in college and were not English majors. So an eloquently written CV is not to 48+ Application Templates, be expected. Mistakes can occur since so many scientific words end up underlined in red by Survey, spell checkers allowing a common misspelled word to be overlooked. And really in this day and age of 48+ Application Form spell checkers and autocorrect, who hasnÄôt had the wrong spelling for a word included in written work? (I for one often type ÄúfroÄĚ instead of ÄúforÄĚ and my computer does not pick this up. Sorry readers if you spot this in my posts.) However, blatant and consistent errors should not happen and the candidates should always have another person, preferably someone who writes English well, proof read the CV. 10. Keywords and Descriptive Text: I know keywords are important so recruitment software can spot qualifications etc., but at the higher level I recruit for, I donÄôt like to see a lot of keywords or skills listed. Session Soccer | Asc? By the time someone has worked the number of years I need for my positions, most necessary keywords are embedded just in the natural flow of 48+ Application Form Templates writing about the Survey Fall various roles the candidate has accomplished. Instead, I like descriptive sentences telling me exactly what a person did at each job. Remember a two page short CV is 48+ Application Form | Free, not expected of scientists when they have such technical positions to And Indemnity Agreement County, describe. And donÄôt dumb down your CV but also donÄôt assume all readers will understand your technical lingo.
Again it pays to 48+ Application Templates, have a non- scientist proof read the CV to be sure it is readable by a lay person as well as to the scientific hiring manager. Another interesting post titled, #8220;What Recruiters look At During The 6 Seconds They Spend on Your Resume#8221; by Interactive Plansô - Academy Soccer | Asc, Vivian Giang came to my attention after I wrote this post. But it has some very good advice. For one, it mentions what recruiters look for & Premium most and these are exactly what I mentioned above: #8220;In the short time that they spend with your resume, the Stomp Teacher Fall study showed recruiters will look at your name, current title and 48+ Application Templates & Premium Templates, company, current position start and end dates, previous title and company, previous position start and Lesson Ideas Ks1 - Ks1, Plan, end dates, and education.#8221; The post also states that you should create a CV with a #8220;clear visual hierarchy#8221; as these get greater attention from recruiters. Templates? As someone who only recruits scientists, I know how to Best 25+ Bedtime Routine Ideas On Pinterest, spot the Äúreal dealÄĚ quickly while reviewing a CV. The above points should help candidates who want to write a good CV that will catch the eye of pharma or biotech recruiters. 01/22/14 Recruiters spend about 6 seconds reviewing a resume or CV. Form | Free? But as a life science recruiter, I spend a few more seconds. I also check out the quantity and quality of scientific publications. Remember the number of publications isn#8217;t as important if they are not in top tier science journals like Science. Best 25+ Bedtime Routine On Pinterest? The Differences Working for Biotech vs.
Pharma Review. The other day I was interviewed by author Mark Terry. 48+ Application Form Templates? Recruiting for 3 Life Science Jobs. Clark Executive Search is searching for a Director, Translational Medicine. The Importance of Thank You Notes.
Thank you notes are an - Academy | Asc important key to. Form Templates? Review: #8220;Vault Career Guide to Pharmaceuticals and Best 25+ Bedtime Chart On Pinterest | Bedtime, Biotech#8221; The ÄúVault Career Guide to Pharmaceuticals and BiotechÄĚ.
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economics aqa essays 1010 N HANCOCK ST, PHILADELPHIA, PA 19123, USA. Copyright 2017 ghostwritingessays.com. Economics Aqa - Ghost Writing Essays. This Answers book provides answers for the questions asked in the workbook. They are intended as a guide to give teachers and students feedback. The candidate responses supplied here for 48+ Application Form Templates | Free & Premium, the longer essay-style questions are intended to give some idea about how the exam questions might be answered.
The examiner commentaries (underlined text) have been added to give you some sense of Session Plansô - Academy, what is rewarded in the exam and which areas can be developed. Again, these are not the only ways to answer such questions but they can be treated as one way of approaching questions of these types. Topic 1 The firm: objectives, costs and revenues 1Both private and public companies are privately owned capitalist business enterprises. Form | Free & Premium! The difference stems from their ownership. Private companies are owned by Eating Plan Health, Food, private shareholders who can choose the buyer of their shares. Public company shares are listed on the stock market, which means that they have to comply with the rules of the stock market and any member of the public can buy shares in the company. An excess of sales receipts over the spending of a business during a period of time, which can be calculated using the formula: profit = revenue Ė costs. 3At any level of 48+ Application Form Templates | Free & Premium Templates, output, revenue is calculated by multiplying output by the price at which each unit of Teacher Survey, output is sold. In perfect competition, because it is always possible to increase sales revenue by selling more units of 48+ Application | Free Templates, output, the revenue-maximising level of output does not exist. In other market structures, including monopoly and oligopoly, marginal revenue falls as more units of the good are sold.
Revenue maximisation occurs at the level f output at which marginal revenue is zero (MR = 0). By contrast, in Interactive Plansô - Academy | Asc, all market structures, including perfect competition, profit maximisation occurs at the level of output at which marginal revenue equals marginal cost (MR = MC). 4An entrepreneur decides on questions such as how, what, where, how much and when to Form | Free Templates, produce. Lesson Health, Plan! Entrepreneurs decide how to 48+ Application Templates Templates, employ the factors of production, and they bear the businessís financial risks. In small businesses, the entrepreneur is often the founder of the firm, building the business by investing his/her own time and money. The entrepreneur directly manages the Best 25+ Bedtime Routine Chart Ideas On Pinterest | Bedtime, business and takes the important decisions about its direction and strategy.
5The management could control information and take decisions without the shareholders being able to influence the decision or even being aware of an issue. 6The key difference between the 48+ Application Form Templates & Premium Templates, short run and the long run relates to whether factors of production are fixed or variable. In the short run, at 25+ Bedtime Chart | Bedtime least one factor of production (usually assumed to be capital) is fixed. Labour is assumed to be variable. In the long run, all factors of production are variable and none is fixed. This question is the obverse of question 6. 48+ Application Form | Free! A fixed factor of production is one that cannot be increased in the short run, normally land and capital. A variable factor of production, normally labour, can be increased in the short run. 8The law of diminishing returns sets in when units of And Indemnity, a variable factor of production, such as labour, are added to fixed factors of production. Eventually the extra output (marginal returns) produced by the marginal worker falls to be less than the marginal product of the previous worker added to the labour force. (i)The firm increases the scale of production and experiences a more than proportionate increase in output. (ii)The firm increases the scale of & Premium, production and experiences a proportionate increase in output. Interactive Session Plansô | Asc! (iii)The firm increases the 48+ Application Form | Free & Premium Templates, scale of production and experiences a less than proportionate increase in output. 10 [pic] 11Average variable costs are total variable costs divided by the size of output. Average total costs are total costs divided by the size of output.
A firmís average total costs can also be calculated by adding its average fixed costs to its average variable costs. 2Technical economies of scale occur when a firmís production methods benefit significantly from increasing to Lesson Plan Health, Food, Ks1, Plan, a larger scale. 48+ Application | Free! The productivity increases experienced by a firm in traditional economic theory stem from the larger scale of production allowing for Best On Pinterest | Bedtime, a greater division of labour and improved specialisation. Hence the firm experiences a technical improvement in 48+ Application & Premium, production and more than proportionate output gains. An example is provided by Henry Fordís adoption of assembly-line production in his car factories in Resume With, the early years of the 20th century. A bulk-buying economy of scale occurs when a firm gets a discount as a result of buying raw materials or capital goods in bulk. For example, a school may be able to buy 100 computers at ? 300 each, whereas a single computer would be priced at ? 600. 13(i) If a firm in Form & Premium, a perfectly competitive market sets its price above P1, the ruling market price, it will not sell any of its products. Interactive Session! This is because its products are identical to Form Templates | Free & Premium Templates, those of Rogers Youth Association Travel Team Manager's, its competitors, and buyers who possess perfect market information and will buy from the 48+ Application Form Templates & Premium Templates, cheaper rival firms selling at the ruling market price. ii) If the firm sets its price below P1 it will sell all of its output, but it will not be maximising profit.
There is And Indemnity Agreement no sense in doing this, given that an infinite number of customers are willing to buy the good at the higher price of P1. Templates! 14You can understand this question by referring back to the answer to question 3. As long as marginal revenue is positive (at all levels of output below Q1), the monopoly can increase sales revenue by producing and selling more. But when marginal revenue is Stomp Teacher Fall 2009 negative (at all levels of 48+ Application, output above Q1), the monopoly can increase sales revenue by producing and selling less. Exam-style answers (essay) 01The laws of diminishing returns and Routine Chart On Pinterest | Bedtime returns to scale are both parts of production theory. (The law of diminishing returns is also known as the law of diminishing marginal productivity. ) Production theory explains the 48+ Application Form | Free, relationship between inputs into Resume With Icd-10-Cm Certification, the production process and the output of goods or services that results. The inputs are the services of the factors of production that the firm employs. The basic nature of production is shown in the diagram below. [pic] Production theory divides into short-run production theory and long-run production theory. The law of diminishing returns is a short-run economic law, whereas returns to scale occur in the long run. The law of diminishing returns has the status of an economic Ďlawí, because in 48+ Application Templates Templates, the short run at least one of the factors of production (usually assumed to be capital) is held fixed. This means that the only way a firm can increase output in the short run is by adding more variable factors, e. g. labour, to fixed capital. Eventually, as labour is added to fixed capital, an extra worker (the marginal worker) gets in the way of the already existing labour force and the additional output attributable to the marginal worker begins to fall.
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And as soon as MC rises through the average variable cost (AVC) curve (and later the average total cost (ATC) curve), the two average cost curves begin to rise. This means that the AVC and the ATC curves are U-shaped. [pic] Just as short-run cost curves are derived from the short-run law of diminishing returns, so long-run cost curves result from the nature of returns to License And Indemnity Columbia County, scale. When a firm changes the scale of all the factors of production in the economic long run, it is usual to assume that to start with it benefits from Form Templates | Free & Premium Templates, increasing returns to scale but that eventually decreasing returns to scale set in. Given this assumption, the firmís long-run average cost (LRAC) curve is U-shaped, as shown in the diagram below. However, other assumptions about the impact of returns to scale on long-run production would lead to different possible shapes of the LRAC curve. [pic] The mark scheme for the first part of an essay question is Ďissue basedí. The mark scheme sets out all the issues deemed to Hockey Association Travel Manual, be relevant to the question and indicates the maximum marks that can be awarded for each issue. When added up, the total available mark is usually higher than 15 (the maximum mark for 48+ Application Form, the first part of an essay question). Rogers Hockey Travel Team Manual! When an answer scores more than 15 marks, the actual mark awarded is constrained to the maximum of Form, 15. This is the case with this answer. All four parts of the question are addressed accurately, earning well over 15 marks. The maximum mark of 15 is awarded.
02Large firms are sometimes and perhaps often better than small firms, but they are not always better. The main reason why large firms can be better than small firms stems from the fact that in many industries, e. . mass car production, firms benefit from increasing returns to scale as the size or scale of the firm increases. As the final diagram in the answer to question 01 indicates, increasing returns to Teacher Fall 2009, scale translate into 48+ Application Form & Premium, economies of scale when measured in terms of long-run average costs of production. Economies of scale are defined as falling long-run average costs of production, whereas diseconomies of scale are rising long-run average costs of production. Increasing returns to scale mean that as plant size increases, a firm can combine its inputs in a technically more efficient way. As a result average costs of Survey Fall, production fall.
This means that large firms, particularly in manufacturing, can benefit from technical economies of scale. Many types of plant or machinery are indivisible, in the sense that there is a certain minimum size below which they cannot operate efficiently. A firm requiring only a small level of output must therefore choose between installing plant or machinery that it will be unable to use continuously, or using a different but less efficient method to produce the smaller level of output required. Large firms can also benefit from Form | Free & Premium Templates, volume economies of scale. With many types of capital equipment (for example, metal smelters, transport containers, storage tanks and warehouses), costs increase less rapidly than capacity. When a storage tank or boiler is doubled in dimension, its storage capacity actually increases eightfold.
Since heat loss depends on the area of the containerís walls (which will only Youth Hockey Travel Team Manager's Manual have increased fourfold) and 48+ Application | Free Templates not upon volume, a large smelter or boiler is technically more efficient than a small one. Volume economies are thus important in And Indemnity Agreement Columbia, industries such as transport, storage and warehousing, as well as in metal and chemical industries, where an Form Templates, increase in the scale of plant provides scope for the conservation of Guidelines04-12-15 With Icd-10-Cm Certification, heat and energy. When there are substantial economies of 48+ Application | Free Templates, scale available to a firm, its LRAC curve will look like the one in Resume Guidelines04-12-15 Resume With Certification, diagram (a) of the following: [pic] When firms can benefit from substantial economies of 48+ Application Form Templates | Free & Premium, scale (and economies of large-scale production), this will benefit firms. The gain in productive efficiency achieved from a large scale of operation means that profits will be larger for large firms than for small firms. However, the opposite Survey Fall 2009 will be true if diseconomies of Form Templates Templates, scale set in early on as a firm increases its size. Economies of small-scale production (as depicted in diagram (b)) show that small firms producing at Rogers Youth Hockey Level Team Manual Q1 are more productively efficient than large firms. This is likely to be the situation in personal service industries such as building customised furniture for clients. A range of other issues are also relevant to this question. Firms may grow large in order to exploit the monopoly power that large size often gives to firms. The firms may benefit from monopoly profit, but their consumers suffer from unnecessarily high prices, restricted choice and general consumer exploitation.
The large profit and market power that large firms often enjoy may be used to finance innovation and the benefits of dynamic efficiency which, if passed on to consumers, means that they also benefit. On the other hand, this might not happen; large firms may simply enjoy an easy life, content with a degree of X-inefficiency (unnecessary costs of production). In conclusion, the answer to 48+ Application Form & Premium, the question depends on the assumptions made about whether economies of scale are possible, the motives of firms, and the extent to which they can exploit monopoly power to Best 25+ Bedtime Routine On Pinterest | Bedtime, the detriment of consumers. It is useful to divide large firms with monopoly power into those that are fully unified and technically integrated firms and those that are not. A fully unified or technically integrated firm is one that grows because it organises production in a productively efficient way in order to reduce average costs and increase profits. If monopoly power results, it is almost by accident. & Premium! Providing it Ďbehaves itselfí when large size gives it monopoly power, the firm, consumers and the public interest all benefit.
By contrast, if a firm grows (usually by takeover rather than through organic growth), its main motive may be to exploit consumers. Clearly such firms are not Ďbestí. The mark scheme for the second part of an Best Routine Chart On Pinterest, essay question is Ďlevel of skill basedí. Having read the whole answer, the examiner places the answer in one of five levels. These are: ē Level 1 ó very weak Level 2 ó weak with some understanding ē Level 3 ó reasonable including some correct analysis but very limited evaluation ē Level 4 ó good analysis but limited evaluation or reasonable analysis and reasonable evaluation ē Level 5 ó good analysis and good evaluation This answer has been awarded a mark at the top of level 4 in the AQA mark scheme. The levels descriptors in the mark scheme are used for the second parts of all essay questions (and also all part 03 and 48+ Application Templates | Free 06 context data response questions at A2).
The level 4 descriptor is: A2 |AO1 Knowledge and |AO2 Application of theories,|AO3 Analysis of economic |AO4 Evaluation of economic | |Levels mark scheme |understanding of theories, |concepts and terminology |problems and issues |arguments and evidence, | | |concepts and terminology | | |making informed judgements | |Level 4 |Good throughout the answer |Good application to issues |Relevant and precise with a |Limited but showing some | |17Ė21 marks |with few errors and |Where appropriate, good use |clear and Chart | Bedtime logical chain of |appreciation of 48+ Application Templates | Free, alternative | |(mid-point 19) |weaknesses |of data to support answer |reasoning |points of view | | | | |There is good awareness of | | |Good analysis but limited | | |the interrelatedness of | | |evaluation | |Some good application to |economic issues | | | | |issues |Largely relevant and well |Reasonable, showing an License Columbia, | |or |Good throughout much of the |Where appropriate, some good|organised with reasonable |appreciation of alternative | |Reasonable analysis and |answer with few errors and 48+ Application & Premium |use of data to Routine Chart, support |logic and coherence |points of view | |reasonable evaluation |weaknesses |answer |There is 48+ Application Form Templates | Free Templates some awareness of Eating Plan Ideas Ks1 - Health, Ks1,, | | | | | |the interrelatedness of | | | | | |economic issues | | The answer displays both good analysis and good evaluation, but does not quite reach level 5. Although analysis of Form Templates, economies and diseconomies of scale is excellent, the analysis on monopoly is too thin, based on Resume Guidelines04-12-15 Resume Icd-10-Cm Certification assertion rather than rigorous development and Form | Free Templates application of economic theory. Hence the answer is placed at the top of level 4 rather than level 5. Topic 2 Competitive markets 1It is impossible for human beings to Fall 2009, possess perfect information about 48+ Application Templates | Free Templates, what is happening in a market. With the possible exceptions of currency and share markets, it is unrealistic to Teacher Survey, assume that all goods and services are identical, uniform or homogeneous. 2Motorists can research similar car models in trade magazines and on the internet to get a picture of the price of 48+ Application Templates | Free, cars depending on age, mileage, condition and availability. 3Whenever marginal revenue exceeds marginal cost (MR gt; MC), selling an Eating Ideas Health, Plan, extra unit of output always increases total profit. The extra unit adds more to revenue than it does to 48+ Application | Free & Premium, costs. But whenever marginal revenue is less than marginal cost (MR lt; MC), selling an extra unit of output always reduces total profit. The extra unit adds more to costs than it does to revenue. Resume With Icd-10-Cm! It follows that only when marginal revenue equals marginal costs (MR = MC) are profits maximised.
Normal profit is the level of 48+ Application Form | Free & Premium, profit made by a firm that provides just sufficient incentive to stay in the market. As a profit level, it is not high enough to Resume Resume Certification, attract new firms into the industry to compete with existing firms, or low enough to force firms out of the market. Supernormal profit is Form & Premium excess profit over and above normal profit. If there are no significant barriers to market entry, supernormal profit will attract new firms to Resume Guidelines04-12-15 Resume With Icd-10-Cm, enter the market and compete for customers. 48+ Application! This should drive prices down until surviving firms make normal profit only. 5When the price of a good is greater than the marginal cost of Lesson Ideas, production, the result is allocative inefficiency because the price charged by firms will be greater than the cost of making the last unit. This indicates that the firm is over-charging consumers. Hence not enough of the | Free & Premium, good is demanded and societyís scarce resources are not properly allocated between competing uses. Certification! Allocative inefficiency occurs when P gt; MC or P lt; MC.
For any given employment of resources and any initial distribution of income and wealth among the population, total consumer welfare can increase if resources are re-allocated from Form Templates | Free, markets where P lt; MC into those where P gt; MC, until allocative efficiency is achieved when P = MC in all markets. 6Price competition occurs when firms seek to Interactive Plansô | Asc, reduce costs and gain customers by offering products at 48+ Application Form & Premium Templates the lowest possible price. By offering the good at a low price they hope to create an incentive for Eating Lesson Plan Ideas Ks1 - Health, Food,, the consumer to buy the product. Quality competition is when a firm seeks to sell a product to | Free & Premium Templates, consumers on the grounds that it is superior quality when compared to rival products. Resume Icd-10-Cm! In this case the firmís product may be more expensive than rival goods but the firmís business strategy aims to attract consumers by 48+ Application Form Templates & Premium offering better quality, whether this be in design, materials, service and/or build quality. Eating Lesson! 7The internet breaks down geographical frontiers, which enables buyers and sellers to engage in national and international markets. This has made some markets bigger and helped fulfil the assumption that there are a large number of Form | Free Templates, buyers and sellers.
Internet search engines and Eating Lesson Food, Ks1, comparisons have allowed both business and consumers to move closer to the perfect information assumption. Consumers can more easily compare prices and this has helped to increase competition, although human decision making is & Premium still bounded by limited time and constraints on Routine On Pinterest the level of detail that comparison websites provide. Exam-style answers (essay) 01Perfect competition is a market that meets all the six conditions that define the market structure. These are: (i) a very large number of Form Templates Templates, buyers and sellers; (ii) each with perfect market information; (iii) each able to buy or sell as much as it wishes at the ruling market price determined in he market as a whole; (iv) individual buyers and sellers unable to 25+ Bedtime Routine Ideas On Pinterest | Bedtime, influence the ruling market price through their own actions; (v) a uniform or identical product; and (vi) an absence of barriers to entry into 48+ Application Form Templates & Premium Templates, and exit from the Plan Ks1, Plan, market in the long run, i. e. complete freedom of | Free & Premium Templates, entry and exit. Teacher Fall! A barrier to entry prevents new firms from entering a market. Taken together, these conditions tell us that a perfectly competitive firm, whose AR and MR curves are depicted in 48+ Application Form Templates | Free & Premium, panel (a) of the diagram below, faces a perfectly elastic demand curve for its product. Session Plansô - Academy Coach | Asc! The demand curve facing the firm is located at the ruling market price, P1, which itself is determined through the interaction of market demand and market supply in the market as a whole, which is illustrated in panel (b) of the diagram. [pic] The assumption that a perfectly competitive firm can sell whatever quantity it wishes at | Free Templates the ruling market price P1, but that it cannot influence the ruling market price by Interactive Session Plansô - Academy its own action, means that the firm is a passive price-taker.
Condition (iii) of the conditions of perfect competition tells us that a perfectly competitive firm can sell as much as it wishes at the marketís ruling price. But, given that it can sell as much as it desires at the marketís ruling price, how much will it actually wish to produce and sell? Providing we assume that each firmís business objective is solely to maximise profit, the answer is shown in 48+ Application | Free & Premium, panel (a) of the next diagram: [pic] Panel (a) in the diagram above adds the perfectly competitive firmís average total cost (ATC) curve and License And Indemnity Columbia County its marginal cost (MC) curve to the revenue curves shown in the earlier diagram. Point A in panel (a) (at which MR = MC) locates the profit-maximising level of output Q1. At this level of output, total sales revenue is shown by the area OQ1AP1. Total cost is Form Templates & Premium Templates shown by the area OQ1BC1. License And Indemnity Agreement County! Supernormal profits (measured by 48+ Application Form Templates | Free Templates subtracting the total cost rectangle from the total revenue rectangle) are shown by the shaded area C1BAP1. Guidelines04-12-15 Resume With Icd-10-Cm! Referring back again to the list of the conditions of perfect competition, we can see that although firms cannot enter or leave the market in the short run, they can do so in Form | Free, the long run (condition (vi)). Suppose that in the short run, firms make supernormal profit.
In this situation, the ruling market price signals to firms outside the market that an incentive exists for new firms to enter the market. The next diagram shows what might then happen: [pic] Initially, too many new firms enter the market, causing the supply curve to shift to the right to License And Indemnity Agreement Columbia County, S2 in panel (b) of the diagram. This causes the price line to fall to P2, which lies below each firmís ATC curve. When this happens, firms make a loss (or subnormal profit). But just as supernormal profit creates the incentive for new firms to 48+ Application Templates, enter the market, subnormal profit provides the incentive for marginal firms to leave the market. In panel (b) the market supply curve shifts to the left and the market price rises. Eventually, long-run equilibrium occurs when firms make normal profit only. For the market as a whole, this is shown at output Q/// and price P3.
This answer is similar to the answer written for the Topic 1 exam-style essay question in that it includes more than enough coverage of issues to Best 25+ Bedtime Routine Chart On Pinterest | Bedtime, earn all the available 15 marks. The candidate starts the answer with a list of the conditions of perfect competition. Weak answers frequently go no further than this. However this answer uses the 48+ Application Form | Free & Premium Templates, conditions as prompts for Agreement, developing the analysis required of a good answer to this question. Further good points are devoting more or less equal space to both the whole market and to one firm within the market, and to the use of relevant and accurate diagrams to illustrate the Templates | Free Templates, analysis. License And Indemnity Agreement County! The maximum 15 marks are awarded. 02In economics the word Ďefficiencyí has several meanings. For example: Technical efficiency.
A production process is technically efficient if it maximises the output produced from the available inputs or factors of production. 48+ Application | Free & Premium! Productive efficiency or cost efficiency. Stomp Teacher Survey Fall! To achieve productive efficiency, a firm must use the techniques and factors of production that are available, at 48+ Application Templates lowest possible cost per unit of Resume Icd-10-Cm Certification, output. In the short run, the lowest point on the relevant short-run average total cost curve locates the most productively efficient level of output for the particular scale of operation. X-efficiency. This occurs when a firm has eliminated all unnecessary costs of production, which means that it must be producing on and not above its average cost curve. Allocative efficiency.
This occurs when it is impossible to improve overall economic welfare by reallocating resources between industries or markets (assuming an initial Ďfairnessí in the distribution of income and wealth among the population). Templates | Free Templates! For resource allocation in the whole economy to be allocatively efficient, price must equal marginal cost (P = MC) in each and every market in the economy. Dynamic efficiency. All the forms of efficiency mentioned above are examples of static efficiency, i. e. efficiency measured at a particular point in time. By contrast, dynamic efficiency measures improvements in technical and productive efficiency that occur over time. Improvements in dynamic efficiency result from the introduction of better methods of producing existing products (including firmsí ability to benefit to a greater extent from economies of scale), and also from developing and marketing completely new products.
The diagram below shows that a perfectly competitive firm achieves both productive and allocative efficiency in the long run, but only under the assumption that there are no economies of Plansô Coach, scale. The firm is productively efficient because it produces the optimum output at the lowest point on the ATC curve, and it is allocatively efficient because P = MC. In long run or true equilibrium, a perfectly competitive firm must also be X-efficient. The reason is simple. | Free! If the firm is X-inefficient, producing at a level of unit costs above its ATC curve, in the long run the - Academy, firm could not make normal profits. In a perfectly competitive market, to survive and make normal profits, a firm has to eliminate organisational slack or X-inefficiency. [pic] The first sentence in the previous paragraph asserted that perfect competition is efficient provided there are no economies of scale.
Consider now a situation, shown in the final diagram below, in which the market is too small to allow a large number of firms each to achieve all the economies of scale that are possible. [pic] For a firm to benefit from economies of scale to the full, and hence to be productively efficient in the long run as well as in the short run, its short-run cost curve would have to be positioned at SRATCN, or indeed further to the right than this. The problem is that the market is too small to allow both full economies of scale and the large number of firms required for 48+ Application Form | Free Templates, perfect competition to be achieved. Long-run productive efficiency requires a monopoly market structure (natural monopoly). By contrast, perfect competition requires each of a very large number of firms to be producing on a short-run average cost curve such as SRATC1. On such a curve, the perfectly competitive firm is indeed productively efficient in the sense that it achieves short-run productive efficiency, but it is producing way below the level of output that is productively efficient in the long run when scale economies are benefited from to the full. In conclusion, a perfectly competitive firm can be efficient when judged against the criteria of productive, X, and allocative efficiency, but only in the short run. Unlike a monopoly, a perfectly competitive firm cannot achieve long-run productive efficiency through the pursuit of economies of scale. Finally there is another argument, so far not considered, which may mean that perfectly competitive firms fail to Interactive Session - Academy Soccer Coach | Asc, produce the allocatively efficient level of output. True allocative efficiency requires that the price charged for a good by a firm should equal the marginal social cost of production and not the marginal private cost incurred by Templates the firm, i. e. P = MSC and not P = MPC.
This means that when externalities, negative or positive, are generated in the course of production, a perfectly competitive firm will not produce an allocatively efficient level of output. Nor will the whole market. This is clearly a level 5 answer which earns full marks. The level descriptors for level 5 are: A2 |AO1 Knowledge and |AO2 Application of theories,|AO3 Analysis of Resume With Icd-10-Cm Certification, economic |AO4 Evaluation of economic | |Levels mark scheme |understanding of theories, |concepts and terminology |problems and issues |arguments and evidence, | | |concepts and terminology | | |making informed judgements | |Level 5 |Good throughout the answer |Good application to issues |Relevant and precise with a |Good with a clear final | |22Ė25 marks |with few errors and |Where appropriate, good use |clear and logical chain of |judgement | |(mid-point 24) |weaknesses |of data to support answer |reasoning | | | | | |There is good awareness of Templates | Free & Premium Templates, | | |Good analysis and good | | |the interrelatedness of | | |evaluation | | |economic issues | | The question focuses solely on efficiency criteria and not on welfare criteria, namely the consumer surplus members of Eating Lesson Ideas Health, Ks1, Plan, households enjoy in perfectly competitive markets. Pleasingly, the answer starts with relevant definitions but while a couple of marks are available for definitions, this list is really too long. 48+ Application Templates & Premium! Note that the Session Plansô, concept of X-efficiency is not in the Unit 3 specification, though good answers frequently make use of the concept. Topic 3 Concentrated markets Water companies such as Thames Water are pure monopolies in the supply of tap water since their customers have no other companies from which they can buy tap water. 48+ Application Form Templates! The supermarket industry is oligopolistic because over 90% of Columbia County, market share is controlled by four large firms. 2The John Lewis Partnership is Form | Free & Premium a firm that has grown primarily through organic growth.
Halifax Bank of Scotland (HBOS), which is now owned by the Lloyds Banking Group, is a firm that primarily grew through takeover and merger. 3British Gas and Eating Plan Food, Thames Water. Form Templates! Natural monopoly occurs when there is only room in License Agreement Columbia, the market for one firm benefiting to | Free & Premium, the full from economies of scale. In the past, utility industries such as water, gas, electricity and the telephone industries were regarded as natural monopolies. Because of the License And Indemnity Columbia, nature of 48+ Application Templates | Free, their product, utility industries experience a particular marketing problem. The industries produce a service that is delivered through a distribution network or grid of pipes and cables into millions of Interactive Session Plansô Soccer Coach | Asc, separate businesses and homes. Competition in the provision of distribution grids is extremely wasteful, since it requires the 48+ Application | Free Templates, duplication of fixed capacity, therefore causing each supplier to incur unnecessarily high fixed costs.
Until quite recently, utility industries were generally monopolies. High barriers to entry prevent new firms from entering the market and Stomp Survey Fall 2009 competing for profits with the Templates Templates, monopoly. Barriers to entry will often take the form of Survey, high sunk costs, i. e. billions of pounds of capital investment which enable the firm to operate at the bottom of the 48+ Application Templates | Free & Premium Templates, long-run average cost (LRAC) curve. Monopoly firms can also be protected by legal restrictions imposed by the government. For many decades, but no longer today, the Royal Mail enjoyed a privileged position in the delivery of mail.
Patent and copyright law protects intellectual property rights. 5A cartel or price ring is an informal agreement between firms in a market to keep prices artificially high. This allows firms to exert monopoly power through collusion and make supernormal profits by overcharging consumers. This allows poorly managed and inefficient firms to continue to make profits and deprives consumers of the lower prices that could be offered by more efficient firms that have more innovative production methods and Chart Ideas are less wasteful. Under UK, EU and US law, cartels are often illegal and can be punished with large fines and, in the USA, by imprisonment of company directors. Cartels can, however, provide benefits to the public.
If a cartel can protect firms from the pressures of competition and allow firms to invest in research and development to invent new products, it can be extremely beneficial to the public. Large pharmaceutical companies, for example, have argued that pricing agreements have allowed them to raise finance to invest in expensive scientific research and drug development which they could not do if they were constantly fighting aggressive price wars with rivals. 6Cartels are usually illegal because their behaviour results in higher prices for Form Templates Templates, consumers and they allow members of the cartel to operate inefficiently. In the case of the cement industry cartel broken up by the European Union competition authorities, firms were able to charge customers artificially high prices for Chart On Pinterest | Bedtime, cement, which pushed up the 48+ Application Form Templates | Free Templates, costs of production for Stomp Teacher Survey Fall 2009, the construction and building industry. This meant that government contractors had to spend more of their taxpayersí money to purchase cement for investment projects such as school buildings, hospitals and roads. Private sector companies also had to pass on higher prices to businesses and households, which depleted levels of household disposable income and reduced householdsí ability to spend on other goods and services. Most cartel members benefited significantly from the supernormal profits they made. Templates | Free & Premium! Managers and Lesson Plan Ideas Ks1 - Health, Food, the owners of the businesses would have benefited, but not the general public. 48+ Application Form Templates & Premium Templates! Furthermore, the supernormal profit did not encourage managers to look for efficiency savings, invent new products or innovate new production methods. As a result, prices remained high as consumers paid too much for products. These market distortions resulted in consumers facing wrong prices signals, which in turn led to a misallocation of scarce resources.
7In the original Ďprisonerís dilemmaí, two prisoners are jointly charged with a serious crime such as armed robbery and are held in isolation from each other. The prosecutor, hoping to have his task simplified, knows that a confession from one will convict the other, but he also knows that the available evidence is insufficient to ensure a conviction. If both prisoners plead not guilty, they are likely to go free. Hoping to ensure two guilty pleas, the prosecutor visits each prisoner in his cell and offers a deal. The prosecutor informs each prisoner that he will receive one of two possible outcomes, depending on how he pleads: (i) if both prisoners plead guilty, each will go to prison for one year; and (ii) if one prisoner pleads guilty and the other not guilty, the prisoner pleading guilty will be freed and receive a reward ó if he gives evidence to convict the Columbia County, other prisoner ó whilst the other prisoner gets a five-year jail sentence.
Each prisoner faces the dilemma that if he pleads not guilty but the other prisoner pleads guilty and shops him, he will get the Form Templates | Free Templates, worse possible outcome, namely being banged up for five years. Shuddering at License And Indemnity Agreement County this possibility, both prisoners plead guilty and get the second best outcome: one year in jail. However, the best outcome for each prisoner, namely going free and possibly earning a reward, is not achieved. The prisonerís dilemma scenario can be used to model the behaviour of competitive duopolists, for example those in the arms industry. Templates | Free & Premium Templates! A British and Stomp Teacher Survey a French company are competing to 48+ Application Form | Free & Premium Templates, secure an arms deal to sell a billion poundsí worth of weapons to Iraq. By paying bribes of $100 million to 25+ Bedtime | Bedtime, government ministers in Iraq, the British company believes it will get the whole deal. However, earning ? 1 billion depends on the actions of the French company, the only other likely supplier of the arms. If both companies bribe Iraqi ministers, the deal is likely to be shared between the two suppliers. The British companyís profits will then be much less than if it alone pays bribes and 48+ Application | Free Templates gets all the business. The chief executive officer of the British company thinks it a pity to pay out $100 million, but if they did not and the French company did, the French would get all the business and the UK company would make zero profit. In the With, absence of collusion, there are two strategies available to each firm: (a)Pay the Form Templates, bribe, while the other firm does not bribe.
Outcome: (i)for the firm paying the bribe: a net income of $900 million (ii)for the Best 25+ Bedtime Routine Chart On Pinterest, firm refusing to bribe: nothing (b)Both pay the bribe. Form Templates | Free! Outcome: The sale is shared: each firm nets $400 million. To avoid losing all the business and making zero profit, both rivals decide to pay the bribe. Rogers Youth Association Travel Manager's! In this scenario, paying the bribe is each firmís dominant strategy, i. e. the strategy to Form Templates | Free & Premium Templates, be pursued whatever rival firms do. Paying the Columbia, bribe makes the British company better off, whatever the French do, and vice versa. Form | Free Templates! 8When natural barriers to market entry are low or non-existent, incumbent firms (i. e. firms already in the market) may set low prices, known as limit prices, to deter new firms from Eating Lesson Ideas Ks1 - Ks1,, entering the market. Incumbent firms do this because they fear increased competition and loss of market power. With limit pricing, firms already in the market sacrifice short-run profit maximisation in order to Form Templates & Premium Templates, maximise long-run profits, achieved through deterring the entry of new firms. Stomp Teacher Fall! By contrast, predatory pricing occurs when a firm cuts the price of its product to a loss-making level in order to force a rival firm out of business. This strategy is normally used by large firms that can subsidise losses using profits from another part of Form Templates | Free & Premium, their business empire to force smaller rivals out of the market. 9Firms undertake price discrimination in Interactive Session | Asc, order to maximise profits.
This arises when different customers have different elasticities of demand at different prices. If one customer has a highly inelastic demand and another an elastic demand, the Form | Free Templates, firm will be able to sell them the same product but at Interactive Session - Academy different prices. 48+ Application Form Templates Templates! Train companies will typically price discriminate by charging different fares to different customers and Interactive Plansô Coach also varying the price of a ticket at different times of the day to send price signals and create incentives and disincentives to Templates & Premium Templates, travel. Price discrimination occurs when firms charge different prices to Association Level Team Manager's Manual, different customers based on differences in Templates | Free & Premium Templates, the customersí ability and willingness to pay. Interactive Session - Academy Coach! Those customers who are prepared to 48+ Application Form Templates & Premium, pay more are charged a higher price than those who are only willing to pay a lower price. Price discrimination allows firms to increase profit by Interactive Session - Academy Coach | Asc taking consumer surplus away from consumers and converting it into extra monopoly profit or supernormal profit. Providing the increase in sales revenue resulting from 48+ Application Templates & Premium Templates, price discrimination is Survey Fall 2009 greater than the extra costs incurred when charging different prices to different customers, it is in firmsí interest to indulge in this form of pricing.
10The gamerís consumer surplus is ? 0, being the difference between the 48+ Application Form | Free & Premium, maximum price he was prepared to Interactive - Academy | Asc, pay and the actual price he paid. The store ownerís producer surplus is 48+ Application Templates Templates ? 2, being the Best 25+ Bedtime Routine, difference between the lowest price he was prepared to accept and the actual price paid. 11Expensive capital equipment and sunk costs, and Templates patent and copyright laws. 12A patent is the legal protection given to an inventor or producer which grants exclusive rights to a product for Hockey Association Travel Team Manager's, up to 20 years. Form Templates | Free Templates! This legal protection allows firms to make supernormal profits because they are effectively monopoly producers. Patent protection creates a strong incentive for firms to invent new products and create new technologies or pharmaceutical products which significantly improve social welfare.
Thus patent protection drives dynamic efficiency. Invention and new product design frequently require high levels of Interactive - Academy Soccer Coach, research and development which burden firms with significant sunk costs and risk bankruptcy if the new product fails. Hence the incentive of making supernormal profits over a 20-year period encourages firms to invent, seek dynamic efficiencies and take risks. Exam-style answers (data response) Competition and monopoly in the EU airline industry 01Air France enjoys a domestic market share of 80%, whereas the domestic market share of Templates | Free Templates, Flybe is Lesson Plan Ideas Health, Food, Plan just under 30%. There is thus a difference of just over 50% between the domestic market shares of the two airlines. A significant feature of the data is that only one airline, SAS, leads the domestic market in more than one country. SASís market share in Norway is about 43% while its market share in Sweden is about 37%. The first part of the Form & Premium, context data response question in ECON 3 and in ECON4 will usually be in License And Indemnity County, two parts. The first part requires a calculation (often a percentage calculation). 48+ Application Form Templates & Premium Templates! The second part asks for identification of one other significant point of comparison, or in Resume Guidelines04-12-15 Icd-10-Cm, this question where there is only one data series in Extract A, one other significant feature of the data.
Some future exam papers may revert to asking for Form Templates Templates, two significant points of comparison (or features), without a preliminary calculation. For this question, the answer picks up 3 marks for the calculation and Rogers Youth Hockey Level Team Manual 3 marks for identifying a significant feature in the data, constrained to the maximum mark of 5 available for the question. 02The term Ďmonopoly powerí does not mean quite the same thing as monopoly. Whereas pure monopoly occurs when there is only one firm in the market, monopoly power exists even when pure monopoly does not. The term applies to a situation in which firms within the market possess the power to reduce output, raise the Templates & Premium, price, and make supernormal profit. By using strategies such as product design, brand imaging, persuasive advertising and protecting themselves through patents, firms can exercise a degree of monopoly power even when there are many firms in the market. Although Air France is not a pure monopoly in Interactive - Academy Coach | Asc, the French market, it may be a monopoly for flights between particular airports. In any case, even when not a pure monopoly, Air France possesses a large amount of monopoly power which it may choose to 48+ Application Form & Premium, exercise.
As the diagram below shows, on routes where its monopoly power is complete, it may hike up the price it charges to P2, compared to a competitive market price of P1. It does this by restricting the number of flights to F2, compared to F1, which would be the number of Best Ideas, flights if the market were perfectly competitive. & Premium! [pic] In the latter case, market equilibrium would be determined at point A on the diagram. But when Air France acts as a pure monopoly, point B (where MR = MC) determines the level of output, with Air France then able to charge a price of P2. Air France could also use its monopoly power in other ways. The airline could indulge in Rogers Hockey Level, price discrimination, charging higher prices to customers who are prepared to pay more for a flight. Alternatively, and presumably requiring the support of the French government, Air France might charge limit prices or even predatory prices. A limit price is a price set deliberately low to discourage competitor airlines from 48+ Application & Premium Templates, entering the market.
A predatory price is set even lower, below average costs, with the intention of driving rival airlines that have dared to enter the market, out of the market. However, perhaps the main way Air France might exercise its monopoly power is by gaining control of Teacher Survey 2009, landing and 48+ Application Form Templates & Premium take-off slots at French airports, to make it uneconomic or impossible for rivals to use the airports. As with the first part of context data response question, in ECON 3 and in ECON4 the second part of the question divides into two parts. Lesson Ideas Food, Plan! The first part (worth 4 marks) asks candidates to explain the meaning of an Form Templates, economic term (in this case Ďmonopoly powerí). Best 25+ Bedtime Routine Ideas! The follow-on part (worth 6 marks) tests the more demanding skill of economic analysis. An answer is constrained to a maximum of 6 marks if only the 48+ Application | Free & Premium, explanation or analysis is attempted. This answer is more than sufficient to earn all 10 marks. In fact, the candidate is in danger of spending too much time on an 02 question, which would leave too little time to develop an answer to the last part of the question. 03A cartel is Resume Resume Icd-10-Cm Certification a collusive agreement by Form Templates firms, usually to fix prices. Sometimes output may also be fixed.
In the diagram below, five firms jointly agree to Soccer | Asc, charge a price to Form Templates & Premium Templates, keep firm E, which is the least efficient firm, in the market. In a competitive market, firm E would have to reduce costs or go out of business. 25+ Bedtime Routine Chart Ideas! Cartel agreements therefore enable inefficient firms to stay in business, while other more efficient members of the Templates & Premium, price ring enjoy supernormal or monopoly profit. By protecting the Stomp Fall, inefficient and enabling firms to enjoy an 48+ Application Form Templates, easy life protected from competition, cartels display the disadvantages of License And Indemnity Agreement Columbia County, monopoly (high prices and restriction of choice) without the benefits that monopoly can sometimes bring, namely economies of scale and improvements in Templates & Premium, dynamic efficiency. Although cartels can achieve a better outcome for all firms concerned, they are not likely to be good for the consumer.
For this reason, cartel agreements are usually illegal and judged by governments as being anti-competitive and against the public interest. Nevertheless, some forms of cooperation or collusion between oligopolistic firms may be justifiable and in the public interest. These include joint product development and cooperation to improve health and safety within the Lesson Plan Ideas Ks1 - Health, Food, Ks1, Plan, industry, or to Form & Premium Templates, ensure that product and labour standards are maintained. Interactive Session Plansô | Asc! Such examples of industry collaboration are normally deemed to be good, in Form Templates | Free & Premium Templates, contrast to price collusion, which is regarded as bad. Guidelines04-12-15 Icd-10-Cm Certification! [pic] Currently, within the European Union, cartels are usually deemed to be illegal, both by national competition authorities such as the Competition Commission in the UK, and by EU competition policy. In both national and EU competition policy, a cartel agreement is treated as an anti-competitive trading restrictive practice, collectively undertaken by the member firms of the cartel. Within the Form Templates | Free Templates, UK, the Office of Fair Trading (OFT) can refer collective restrictive agreements and practices to a court of law, the Stomp Survey 2009, Restrictive Practice Court (RPC). 48+ Application Form | Free & Premium Templates! Arguably, policy towards collective restrictive practices is Youth Hockey Travel Level Manager's more effective than other aspects of competition policy because a court enforces the policy. A firm that ignores an 48+ Application Form | Free Templates, RPC ruling may be found guilty of contempt and fined. Nevertheless, the Resume Guidelines04-12-15 Resume Icd-10-Cm Certification, punishments that the RPC can hand out are quite weak ó usually a fine of 48+ Application & Premium, just a few thousand pounds.
Restrictive trading practice policy would be much more effective if fines of millions rather than thousands of pounds were imposed, and if the authorities were given more power to detect secretive collusive agreements. European Union competition policy, including policy aimed at cartels, is based on the principle of Rogers Youth Hockey Association Travel Level Team Manager's Manual, subsidiarity. This principle means that EU policy is activated only Form Templates when firms operating within the EU adversely affect or distort trade between EU member states. Thus a cartel agreement between a number of (probably small) UK companies, operating solely within the UK and not competing with firms from other EU countries, would not attract the attention of the EU Competition Commissioner, who is in charge of EU competition policy. In practice, EU and Eating Lesson Ideas Food, Plan national competition authorities complement each other and should not be regarded as alternatives. It is also the case that the EU Competition Commissioner imposes heavier fines and 48+ Application Form Templates | Free Templates more draconian punishments on firms found to be operating anti-competitive cartel agreements, than do strictly national competition authorities. This is evidenced by the case study in Extract C in the question. The case study reported that the EU fined 11 national airlines about ą800 million for fixing the price of air cargo between 1999 and 2006. British Airways was fined ą104 million, Air France-KLM ą340 million and Cargolux Airlines ą79.
9 million. The case study also draws attention to the fact that because cartel agreements are usually hidden, they are often exposed by Best 25+ Bedtime Routine Chart On Pinterest a dissatisfied member of the cartel Ďblowing the whistleí on other cartel members. Whistle blowers usually get off scot-free (to incentivise whistle blowing in other, as yet unexposed, cartels). Meanwhile, the other cartel members are heavily punished. Form Templates | Free & Premium! In conclusion, therefore, I take issue with the word Ďsolelyí in the question. National and EU policy should reinforce each other and be treated as complements, rather than as substitute policy options. Perhaps a little harshly, this answer is placed at the top of level 4 (17Ė21 marks) rather than in level 5. Eating Lesson Food, Plan! The evaluation is certainly good enough for level 5. Form | Free & Premium! However, the analysis is on the thin side. To ensure a level 5 mark, the candidate could have included theory (for example the theory of joint profit maximisation) to analyse how price rings can allow all the colluding firms to enjoy monopoly profit. Often the final part of a data-response question or an essay question contains a word such as must, always, inevitably, or in this case solely. Good candidates (such as this one) pick up on these words, arguing (in this case) that EU and UK competition authorities should complement each other and not be seen as alternatives to each other. This is good evaluation.
Topic 4 The labour market 1When households increase demand for goods and services, firms respond by employing more labour to increase production. Workers are demanded, not for Stomp Fall, the utility or pleasure their employment gives to Form Templates, employers, but because their labour is necessary for profits to be made when the goods or services that workers help to produce are sold. Interactive - Academy Coach! Perfect competition in | Free Templates, the labour market is both similar to, and different from, perfect competition in the goods market. Rogers Youth Travel Level Manual! In both markets, the ruling market price is set in Form | Free & Premium Templates, the market as a whole through the interaction of all the Hockey Association Level Manager's Manual, economic agents operating in the market. However, in a labour market, the ruling market price is in fact the ruling market wage, paid by 48+ Application Templates firms and Interactive Plansô Soccer | Asc received by workers. This difference illustrates role reversal in the two sets of markets. Households, which are the 48+ Application | Free, source of demand in the goods market, are the source of supply of labour in Guidelines04-12-15 Resume With Icd-10-Cm Certification, the labour market. Similarly, firms, which are the source of 48+ Application Form | Free Templates, supply in the goods market, are the source of Stomp Teacher 2009, demand (a derived demand) in the labour market.
As a result of role reversal, the 48+ Application Templates | Free & Premium, ruling market price facing each firm in License And Indemnity Columbia County, the goods market is its perfectly elastic demand curve for labour, and also the AR and MR curve facing each firm. By contrast, the ruling market wage facing each employer in the labour market is a perfectly elastic supply curve of 48+ Application | Free & Premium Templates, labour, and also the average cost of Resume Resume Certification, labour (ACL) curve and the marginal cost of labour (MCL) curve facing each employer. 3Transport for London (TFL) bargains collectively with ASLEF, the train driversí union, and with RMT, the National Union of Form Templates Templates, Rail, Maritime and Plan Ideas Health, Plan Transport Workers. The energy company EDF also bargains collectively with its workersí unions. In 1999, the national minimum wage (NMW) came into force in 48+ Application Templates & Premium, the UK at a rate of Eating Lesson Plan Ideas Health, Plan, ? 3. 60 an hour for workers aged 22 and over. The current rates (from 1 October 2012) are: ? 6. Templates | Free Templates! 19, the main rate for workers aged 21 and over; ? 4. 98, the 18Ė20 rate; ? 3. 68, the 16Ė17 rate for Youth Hockey Travel Team Manager's, workers above school leaving age but under 18; ? 2. 65, the apprentice rate, for apprentices under 19 or 19 or over and in the first year of their apprenticeship. 5(i)Income is an 48+ Application & Premium, economic flow; it is the And Indemnity Columbia, payments received by an individual or household in a given time period. Wealth is an economic stock; it is the Form Templates Templates, accumulated assets, property and savings owned by | Asc an individual or household over time. & Premium! ii)Welfare benefits are payments transferred to an individual or household by the government via the Routine Ideas On Pinterest | Bedtime, taxation and 48+ Application Templates & Premium Templates social security system, without labour or a factor service being supplied. Earned income is payments received by an individual or household in exchange for Best 25+ Bedtime Routine Chart Ideas | Bedtime, labour or interest on saving or the rent of an asset. Exam-style answers (essay) 01Income is a flow while wealth is a stock.
Personal wealth is the stock, or historical accumulation, of 48+ Application, everything people own, which has value. By contrast, income is the flow of money received hourly, weekly, monthly or annually, some of Stomp Survey Fall 2009, which (the part saved) can add to or enlarge personal wealth. This is one of the links between income and wealth. A second link operates in the opposite 48+ Application Form Templates | Free & Premium direction: the wealthier people are, the Association Level Manager's Manual, more investment income they are likely to Form & Premium Templates, earn, which adds to their total income. Indeed, the rich benefit from a virtuous circle: wealth increases income, which allows the Chart On Pinterest, wealthy to save, and saving adds to 48+ Application Form Templates | Free & Premium, wealth, and so on. By contrast, many of the poor suffer a vicious circle: low income means the poor have to borrow, borrowing adds to personal debt, income is then spent on debt repayment, consumption falls, and any wealth the poor possess disappears. As in other countries, income and Teacher Survey wealth have always been unequally distributed in the UK. Even when economic growth creates full employment, the incomes of the rich tend to increase faster than those of the poor. Three of the main causes of inequalities in the distribution of income and wealth in the UK are old age, unemployment, and the low wages of many of those in work.
Old age causes income inequality (and also poverty) largely because many old people rely on the state pension and lack a private pension. Before the early 1980s, the state pension rose each year in line with average earnings. This meant that pensioners, albeit from a lower base, shared in 48+ Application Form | Free Templates, the increase in Resume With Icd-10-Cm, national prosperity delivered by economic growth and 48+ Application Templates & Premium Templates higher real earnings. However, since the early 1980s, the state pension rose first in line with the retail prices index (RPI) (and latterly in line with the Resume Guidelines04-12-15 With, consumer prices index (CPI)), rather than with average earnings. This has kept the real value or purchasing power of the state pension at or near its early-1980s level, while the Form Templates Templates, real earnings of those in Rogers Youth Travel Level Team Manual, work have continued to rise. Form Templates | Free! Pensioners reliant solely on the state for a source of income have especially suffered.
The state pension is now regarded very much as a Ďpoverty incomeí. Even though the state pension is index-linked to the CPI, its real value has fallen because the cost of living of the elderly rises by more than any increase in the CPI. Unemployment benefits are also now linked to Resume Icd-10-Cm, the CPI and, for similar reasons as apply to & Premium, the state pension, have fallen behind average earnings. Until quite recently, even if unemployment remained the same, increases in the incomes of the unemployed generally fell below increases in Stomp Survey 2009, the incomes of those in work. However, since 2008, unemployment has risen rapidly and stands above two and Form Templates a half million. This means that more people suffer from low incomes (just as people living longer adds to the number of 25+ Bedtime Chart On Pinterest | Bedtime, pensioners on low incomes). (Before moving on to explain how low wages increase income inequalities, it should be stated that recent events have partially offset the conclusions drawn in the previous paragraphs. Since 2009, the wages and salaries of much of the UK population in work have hardly changed at all, but the state pension and unemployment benefits have risen by rather more, albeit from a lower starting point. At the same time, because of a series of crises in private pension provision, many people approaching retirement age who had been looking forward to receiving substantial private pensions are now expecting much lower private pensions. ) Moving on to low pay as a cause of 48+ Application Form Templates, widening income differentials, an important factor has been the disappearance of middle-ranking jobs in the private sector. An example is in engineering, where skilled jobs have simply disappeared. Many of these jobs have moved overseas, leaving a vacuum in the British labour market.
There is now a worrying gap between low-skilled, low-paid jobs (so called McJobs) at the bottom of the pile, and highly-paid jobs in industries such as investment banking where the 25+ Bedtime Chart, rate of pay has risen astronomically in recent years, in 48+ Application Templates | Free Templates, both real and nominal terms. This answer scores 14 out of the 15 marks available. It earns the Youth Association Travel Team Manual, two marks available for definitions. (Because definitions pick up marks, it is always a good idea to provide two relevant definitions in the answer to the first part of an essay question, or to | Free, the second part of a context data-response question). The candidate lists and then explains three causes of income inequality. The effects of old age and unemployment are explained well. The final explanation of the effect of low wages is sound but a little thin.
It would have benefited from graphical analysis, showing for example that the widening difference between high and low wages is partially caused by different demand and supply conditions in different labour markets: [pic] 2A tax is Agreement progressive if, as income rises, a greater proportion of income is paid in tax. 48+ Application Form Templates | Free & Premium Templates! A transfer is the payment of income by the state to Stomp Teacher, a benefit recipient, without the person involved providing any labour in exchange for the income received. It is of course possible for the government to use progressive taxation to narrow the gap between pre-tax and Templates | Free post-tax income, without redistributing income. Rogers Hockey Travel Level Manual! The tax revenue could for example be spent on tanks and guns. 48+ Application Form | Free & Premium! It is also possible for the tax revenue raised from progressive taxation to be given back to the better-off, for example through subsidies given to already-rich farmers or by giving gentrification grants to people on high incomes to spend on improving their houses. However, usually when we think of progressive taxation and Survey transfers, the implicit assumption is that the rich are taxed more than the poor and that much of the tax revenue is transferred and 48+ Application & Premium given as welfare benefits to the poor. There is no doubt that progressive taxation and transfers provide an obvious way to reduce inequalities in the distribution of income and wealth. Before 1979, UK governments of all political complexions used progressive taxation and Resume Guidelines04-12-15 Resume Icd-10-Cm a policy of transfers of 48+ Application & Premium, income to Interactive Plansô - Academy Coach, the less well-off, in a deliberate attempt ó with some success ó to reduce inequalities in the distribution of income. However, there is a major problem involved if only progressive taxation and transfers are used with this aim in mind.
The reason for 48+ Application & Premium Templates, this relates to the conflict between two of the principles or canons of taxation: equity and efficiency. Equity means that a tax system should be fair, although, of course, there may be different and possibly conflicting interpretations of what is Interactive Session - Academy Soccer Coach | Asc fair or equitable. 48+ Application Templates! Specifically, a particular tax should be based on the taxpayerís ability to pay. This principle is Resume Icd-10-Cm one of the justifications of progressive taxation, since the rich have a greater ability to pay than the Templates | Free & Premium Templates, poor. Resume Resume Icd-10-Cm Certification! Efficiency means that a tax should achieve its intended aim or aims with minimum undesired distortion or side-effects. Arguably, the high income-tax rates that are necessary to make the tax system progressive have an adverse effect on personal incentives. In particular, they may reduce the incentives to work harder, to be entrepreneurial and to 48+ Application Templates | Free & Premium Templates, take financial risks.
Free-market and License County supply-side economists believe these disincentive effects lead to Form | Free Templates, a significant slowing down of the economyís rate of growth. The economy ends up being more equal, but poorer overall when compared with competitor countries. Supply-side economists believe that greater incentives for work and enterprise are necessary in order to increase the UKís growth rate. For free-market economists and politicians, progressive taxation and transfers to the poor mean that people have less incentive to Best 25+ Bedtime Chart On Pinterest, work harder and to 48+ Application Form, engage in entrepreneurial risk. Moreover, the ease with which the poor can claim welfare benefits and the level at which they are available creates a situation in which the poor rationally choose unemployment and state benefits in preference to - Academy Soccer Coach | Asc, low wages and work. In this so-called dependency culture, the unwaged are effectively Ďmarried to the stateí, but some of the poor, obviously not enjoying this marriage, drift into antisocial behaviour, attacking bus shelters and other public property, as well as privately owned property.
Meanwhile, at Form | Free Templates the top of the Guidelines04-12-15 With, income pyramid, the & Premium, high marginal rates of taxation, which form a large part of progressive taxation, are a disincentive to the better-off. They stop working, or work abroad, and many hours are wasted in designing and applying complicated systems of tax avoidance ó a paradise for accountants. Tax evasion (the failure to pay legally due taxes) also proliferates, both at the top and bottom of the income pyramid. Illegal tax evasion leads to the growth of the Chart On Pinterest | Bedtime, so-called black economy and to activities such as smuggling. Supply-side economists believe that tax and benefit cuts, which are the opposite of progressive taxation and transfers, alter the labour/leisure choice in favour of Form, supplying labour, particularly for benefit claimants who lack the skills necessary for high-paid jobs. They also believe that to make everyone eventually better-off, the poor must first be made worse off. Increased inequality is necessary to facilitate economic growth from which all would eventually benefit. Through a Ďtrickle downí effect, the poor would end up better off in absolute terms, but because inequalities had widened, they would still be relatively worse off compared with the rich.
Needless to Resume With, say, by no means all economists agree with this extremely pro-free market analysis. However, virtually all agree that progressive taxation and transfers should not solely be used to 48+ Application Form Templates Templates, narrow income differentials. Apart from the pro-free market view just summarised, some economists believe that other forms of intervention in the free market are necessary. One of these is the 2009, national minimum wage, which in recent years has marginally raised low pay rates. They also argue that governments should extend the provision of merit goods such as free state education and healthcare, in order to improve the 48+ Application Templates & Premium, social wage of lower-income groups. The social wage is that part of a workerís standard of living received as goods and services provided at zero price or as Ďincome in Interactive - Academy Soccer | Asc, kindí by the state, being financed collectively out of taxation. However, such interventionist policies incur a significant opportunity cost. They lead to high taxation, with the disincentive effect this brings about, and they may also lead to 48+ Application Templates | Free Templates, adverse unintended consequences and to other aspects of government failure. It is important to read the question carefully.
This question does not ask for a discussion of whether the distribution of income should be made more equal. Unfortunately, the answer deflects a little too much in this direction. Nevertheless, it is still valid to argue that progressive taxation and transfers should not solely be used to reduce inequalities, because of the disadvantages and unintended consequences of these two fiscal policy instruments. The answer scores 19 out of a possible 25 and has been placed at mid-level 4. To achieve level 5, there should have been more focus on the actual set question and more discussion and analysis of policies such as a national minimum wage, for example discussing whether such policies should be better viewed as alternatives or complementary to progressive taxation and Youth Travel Level Team Manual transfers. No marks are awarded for definitions in answers to 48+ Application Form | Free & Premium Templates, the final parts of essay and context data-response questions. Nevertheless, it is Resume With Icd-10-Cm still a good idea to define key concepts at the beginning of the answer as this acts as a good launching pad for | Free Templates, developing the subsequent analysis and evaluation. Topic 5 Government intervention in the market A public good has three characteristics: it is non-excludable, non-diminishable (non-rival) and non-rejectable. These characteristics mean that (if it is a pure public good ó see answer to question 2) it cannot be provided by Eating Lesson Ks1 - Health, Food, Ks1, Plan the market mechanism. A merit good is provided by the market mechanism and it has the characteristics of a private good. It is excludable, diminishable (rival) and rejectable. A merit good, however, is often undervalued by 48+ Application Templates | Free Templates households and Best 25+ Bedtime Routine Chart thus under-consumed when provided at a market price by the free market.
There are two reasons for 48+ Application Templates | Free & Premium, this. First, consumers do not value the positive externalities that result from Interactive | Asc, consumption which benefit other people. Second, consumers typically suffer from an 48+ Application Form & Premium, information problem which causes them to ignore or undervalue the benefits of consumption which will be enjoyed in Stomp Survey Fall, the future. 2Public goods can be divided into pure public goods and non-pure public goods. National defence and police are examples of pure public goods ó defined as public goods for which it is impossible to exclude Ďfree-ridersí. However, most public goods (street lighting, roads, television and radio programmes and also lighthouses) are really non-pure public goods (also known as quasi-public goods). 48+ Application Form Templates! Methods can be devised for Best 25+ Bedtime Routine | Bedtime, converting the goods into private goods by excluding Ďfree-ridersí (for example, electronic pricing of Form Templates & Premium Templates, road use). Non-pure public goods can be provided by markets, but the second property of non-rivalry or non-diminishability means there is a case for Rogers Hockey Association Team, providing all public goods free in order to encourage as much consumption as possible.
For public goods, the optimal level of consumption occurs when they are available free of charge. 3For a merit good, the long-term private benefit of consumption exceeds the short-term private benefit of consumption. However, when deciding how much to consume, individuals take account of short-term costs and benefits, but ignore or undervalue the long-term private cost and benefit. | Free & Premium! Preventative dentistry provides a good example. License Columbia County! Many people ignore the long-term benefit of dental check-ups, and decide, because of the short-term unpleasantness of the experience, not to consume the service. Unfortunately, these people can nd up later in life with rotten teeth or gum disease, saying: ĎIf only I had visited the dentist more often when I was youngerí. Likewise, school children who undervalue the long-term private benefit of Templates | Free & Premium Templates, education say later in life: ĎIf only I had worked harder at school, I would now have a better, more enjoyable job with more pay. í 4Property rights in a market-based economy stem from the Rogers Youth Hockey Travel Level Manager's, notion that an individual owns land or a good and can exclude other members of society from Form Templates | Free & Premium, entering the land or using the good, unless they are willing to pay for the privilege. 5Regulatory capture is the notion that a firm can exert undue influence over a government agency charged with regulating the market in which it operates. This can take the form of excessive hospitality, persistent lobbying, aggressive pressure backed up with litigation and, in the extreme, bribery.
This results in the regulator becoming either too friendly or too scared of the firm to fairly regulate its conduct in the marketplace; hence the term Ďregulatory captureí. 6A cartel is generally illegal because it is an anti-competitive trading restrictive practice which protects inefficient firms, raises costs and Eating Lesson Plan Ideas Ks1 - Food, Ks1, Plan discourages improvements in dynamic efficiency. As a result of the principle of subsidiarity, UK and EU competition authorities work together. EU policy over-arches UK policy when an EU-wide dimension is involved in relation to monopolies, mergers and trading restrictive practices. If the issue is strictly national, relating only to the UK, the EU leaves policy implementation to Form | Free & Premium Templates, the UK competition authorities. Best Routine Chart! See also the answer to 48+ Application Form & Premium, Topic 3 essay question 03 on pages 15Ė16 of these answers. 7In 2008 and 2009 many banks in many countries, including the UK, were close to collapse. Some banks did collapse, such as Lehman Brothers in the USA. Banks faced the danger of possible collapse as a result of an unexpected fall in the value of their assets, stemming from the credit crunch and Youth Hockey Association Level Team Manual the sub-prime mortgage problem, which particularly affected US banks. The assets owned by the banks were now much less than their liabilities.
Banks make money by lending out much greater sums than they receive as deposits from customers. Providing customers with deposits in a bank believe that their deposits are safe and can be paid back on demand, the bank is almost completely safe, with a minimal chance of it collapsing. However, in 2008 and 2009, customers began to withdraw their deposits from banks, leading to a fear of a run on the banks, followed by possible bank collapse. With many industries, government ministers nowadays take the view that failing businesses should be allowed to collapse. However, this is not generally their view with regard to banks. Politicians fear a domino effect in which the collapse of one bank leads to 48+ Application | Free, a string of collapses in other banks. This fear, let alone actual collapse, can have a devastating effect on confidence in the economy, which may in turn lead to Resume With Icd-10-Cm, a collapse in aggregate demand and the creation of 48+ Application Form | Free, recessionary conditions.
Government ministers also realise the crucial role of banks in providing liquidity to both households and Rogers Youth Level Manager's Manual firms. When the banking system froze in 2007Ė08, firms found they were unable to borrow from banks. As a result, the cash supply to perfectly well-run firms dried up and some of them went out of business. 48+ Application | Free! All this helps to explain why the British government bought up a majority shareholding in the Northern Rock bank, RBS and HBOS, to enable these banks to continue trading. It was hoped that state ownership would secure the supply of loans both to business customers and to mortgagees, though this hope was only Fall 2009 partially met. At the time of 48+ Application Templates | Free, effective nationalisation, the UK government stated that the nationalised banks would be returned to the private sector as soon as possible. Part of the Northern Rock bank ó the so-called Ďgood bankí but not the Ďbad bankí element which is still state-owned ó has been returned to Stomp Survey Fall, the private sector, rebranded as a part of Virgin Money. 8As the answer to 48+ Application | Free Templates, question 7 mentions, part of the Northern Rock bank (which had been nationalised in 2008) was privatised in 2011. Many years earlier, British Telecommunications (BT), previously a nationalised firm since it was hived off from the Session Soccer Coach | Asc, Royal Mail, was privatised when the business was converted into a public limited company (PLC) whose shares were sold to the general public in three tranches, in 1984, 1991 and 1993.
An example of deregulation was a change in the law to allow building societies to compete with banks when granting loans to customers. 9In terms of income, equality means that everyone receives exactly the same income. Equity relates to whether the distribution of income between different people is fair or just. Equality is thus a positive concept, since peopleís incomes can be measured to see if they are exactly equal. Equity, by | Free & Premium Templates contrast, is normative since it depends on peopleís value judgements as to what is fair or just. 0In the poverty trap, also known as the earnings trap, low-waged people who pay income tax and national insurance contributions (NICs) to the government and who lose welfare benefits, become trapped in relative poverty when their wages rise. The unemployment trap is closely related to the poverty trap, since both affect the poor and result from the nature of the tax and benefit systems. Fall 2009! But people caught in the unemployment trap are out of work ó at least in terms of officially declared employment.
The unemployment trap contains un-waged social security claimants who Ďchooseí unemployment because they are better off out of work, living on benefits, than in low-paid jobs paying income tax and NICs and losing some or all of 48+ Application Form Templates, their right to claim means-tested benefits. 1Fuel poverty is defined as existing among households who spend more than 10% of their income on fuel. In July 2011, the UK government reported that more than a fifth of all households in the UK were affected by fuel poverty in 2009. Higher fuel bills meant the number of homes affected rose by one million, or 22%, to 25+ Bedtime Routine Chart Ideas On Pinterest | Bedtime, 5. 5 million, according to the Department of 48+ Application Form Templates & Premium Templates, Energy and Stomp Fall 2009 Climate Change. Exam-style answers (data response) The impact of Templates | Free, climate change on the UK economy 01Asian countries emitted 0. Youth Hockey Association Manager's! 9 billion tonnes of 48+ Application Form Templates & Premium Templates, carbon pollutants in 1990. This is forecast to rise to 5. 1 billion tonnes in 2050, an increase of Interactive Coach, 4. Templates! 2 billion tonnes. This is Teacher Survey Fall a forecast increase of 467%. One significant feature of the data is that, after 2010, the carbon emissions of emerging market countries is expected to 48+ Application Templates, continue to Rogers Level, rise, whereas the rate of 48+ Application Form | Free, increase of the emissions of richer advanced countries (OECD countries) is expected to slow down (flatten), though not to fall. Guidelines04-12-15 With Icd-10-Cm Certification! After 2010, the | Free, carbon emissions of Interactive Session - Academy Soccer Coach | Asc, non-Asian emerging market countries are expected to rise from about 1 billion tonnes to about 2. 7 billion tonnes.
OECD emissions are expected to rise from about 3. 5 billion tonnes to about 3. 7 billion tonnes over the same period. Although this is an excellent answer, earning all 5 of the available marks, it is 48+ Application | Free Templates worth reminding you of circumstances in Agreement Columbia County, which candidates drop marks unnecessarily when answering this type of question. First, candidates often fail to read the 48+ Application Templates Templates, data carefully and Interactive Session Coach end up quoting numbers that are too far different from those in the Extract. 48+ Application | Free & Premium! Second, even when the numbers quoted are accurate, candidates fail to include units of measurement (billion tonnes for both parts of this question, and a % sign for Resume Guidelines04-12-15 Resume With, the % change in the first part of the answer). Third, in the answer to the second part of the Form | Free, question, it is vital to select a significant feature of the data rather than an Eating Lesson Plan Food,, insignificant feature. 02A public good, such as national defence, possesses the twin characteristics of non-excludability and non-rivalry. Non-excludability means that if the good is provided to one person it is provided to all.
It is impossible to 48+ Application Templates, exclude free-riders, i. e. eople who get the benefits without paying for the public good. Non-rivalry means that when one person benefits from the good, it does not reduce the Teacher Fall 2009, quantity of the good available for other people. Form | Free Templates! The gases and pollutants that are emitted into the atmosphere and Interactive Session Plansô - Academy | Asc lead to global warming are both externalities and a form of public Ďbadí. (A public Ďbadí is the opposite Form Templates | Free & Premium Templates of a public good. People are generally prepared to Survey Fall 2009, pay for 48+ Application & Premium, the removal of a Ďbadí, to avoid the Resume Guidelines04-12-15 With, unpleasantness otherwise experienced. But in the case of public Ďbadsí, such as rubbish or garbage, payment can be avoided by dumping the Ďbadí in a public place, or on someone elseís property. Because of this, polluting gases are also externalities discharged in the course of production and consumption, for example by power stations and motorists. Form Templates Templates! The unwilling victims of Resume With Icd-10-Cm, global warming cannot opt out of being adversely affected by the pollutants and they cannot charge a price which the polluter must pay for the emissions discharged into the atmosphere. Taxation and regulation can in principle reduce that rate at which global warming is taking place. However, as Extract B explains, the emission of global-warming gases is different from the emission of many other negative externalities, for example traffic congestion. In the 48+ Application | Free, first place, the emission is Interactive Plansô - Academy | Asc international.
No one country acting on its own can prevent other countries from continuing to emit gases. In the second place, the problem is historical. The atmosphere is continuing to warm up as a result of emissions which have occurred in the past, indeed since the beginning of the industrial revolution about two centuries ago. 48+ Application Form Templates & Premium Templates! It may be impossible to stop continuing global warming simply by ending any further gas emissions, because pollutants already in Fall, the atmosphere will continue to contribute to global warming. | Free & Premium! And with the Session Plansô Soccer, rapid growth of the worldís population, it is probably impossible to keep emissions at their current level, let alone to reduce or to stop them.
This is a well-balanced answer, easily earning maximum marks ó 4 marks for the snappy explanation of the meaning of a public good and 6 marks for the subsequent analysis of the issue posed by the question. It is important to remember that only the final parts of context data-response questions and 48+ Application Templates | Free Templates essay questions test the skill of evaluation. Evaluation is Survey Fall not required in the answers to earlier sections of the questions, including this part. Do not be misled by the word whether, which you may think implies that answers should include some evaluation. This is not the Form | Free & Premium, case. Interactive Plansô Coach! 03Extract C lists a number of benefits and costs that the UK economy may experience in 48+ Application Form Templates & Premium Templates, future years as a result of continuing climate change. The first of these is flash flooding. This will exclusively have adverse effects, for example the destruction of And Indemnity Columbia, property, agricultural land, crops and Form Templates & Premium animals, and the loss of human life.
The second is a decrease in heating bills. If this occurs it will benefit every UK household, though as Extract C states, the benefits are likely to be offset by Rogers Association Travel Level Manager's the increased use of energy to 48+ Application Form, provide the power for air-conditioning systems which will grow in use if the climate becomes stiflingly hot in summer. Teacher Survey Fall! The extract goes on 48+ Application Form Templates | Free & Premium Templates to mention that Ďwith fossil fuels becoming scarcer, the need to find more environmentally friendly methods of producing energy, such as solar, wind and water power, or geothermal energy, will become ever more pressingí. It is possible to take issue with this prediction, on Eating Lesson Plan Food, Ks1, the ground that it is now out of date. In one important way, fossil fuels are not becoming scarcer. Vast quantities of shale gas lie beneath the earthís crust and the technology now exists to extract and Form use this quite recently discovered source of fossil fuel. Methane extracted from shale gas may soon be used in Chart Ideas, place of the diminishing conventional supplies of natural gas. Shale gas can be extracted at an economic cost, and Templates | Free Templates it will be used for home-heating, to replace petrol and diesel fuel, and for the provision of electricity. But is this a benefit or a cost?
It is certainly a benefit in that it will enable economic growth to continue and standards of living to rise throughout the world. But it must always be remembered that shale gas is a fossil fuel. Its use will allow global warming to continue, perhaps at an even faster rate than currently or in the past, with all the possible adverse effects on economies and on human life that have been predicted. Its growing use may also help to bankrupt renewable energy industries, particularly wind energy. And Indemnity Agreement Columbia! If this is so, shale gas will bring to a stop, or at 48+ Application | Free least slow down, attempts to reduce dependency on fossil fuels. Air temperature rising by 5įC may spell disaster for human-kind and life as we know it on planet earth. Extract C mentions a number of other ways in which climate change may have an impact on the UK economy. These include the decline of ski resorts in Scotland, the growth of Hockey Team, hotel resorts in the south of the Form | Free & Premium, UK, and the effects on Resume clothing sales, everyday food purchases, the construction industry, the types of Form, crops grown in the UK, agricultural methods of production, and on how water is used and stored. However, in my view, all of these are relatively innocuous and are changes to which efficient markets, backed up by sensible government policy, can adapt. In conclusion, at the risk of being extremely pessimistic, I wish to return to the argument made in the previous paragraph.
Again in my view, the costs which the Resume With Certification, UK economy (and indeed most other world economies) may experience in future years as a result of Form | Free, continuing climate change are likely to be far greater, at least in the long run, than any likely benefits. Global warming will almost certainly increase air temperatures to a level at which human life as we have known it cannot continue. Stomp Teacher Survey Fall 2009! It may shift ocean currents in 48+ Application, the North Atlantic so as to make the UK climate significantly colder, despite warming elsewhere in the world. Water shortages, if not occurring in the UK, may lead to attempted mass migration of Eating Lesson Ideas Health, Ks1,, people from 48+ Application Form | Free & Premium, poor to rich countries and to wars which destroy economic activity as countries fight over water and other resources and fight against inward migration of people trying to escape growing poverty and seeking a better life for themselves. The UK is likely to suffer directly or indirectly from all these results of climate change. This answer scores 16 out of 25 marks and is placed at the top of level 3 (10Ė16 marks). Although the candidate evaluates throughout the answer, and also in a concluding paragraph, the Best 25+ Bedtime, force of the evaluation is weakened because evaluation is not preceded by strong enough analysis.
The analysis should have focused on diagrams showing the Templates & Premium, negative and positive externalities produced by global warming. The candidate draws on the prompts in the Extracts, but fails to Eating Plan Ks1 - Health, Food, Ks1,, analyse the implications of the prompts sufficiently. The answer veers on the side of being too superficial. Nevertheless, it is Form | Free sufficiently sound to merit the top of level 3 and Lesson Plan Health, Plan could possibly creep into the bottom of Form & Premium Templates, level 4. The grade descriptor for level 3 is: A2 |AO1 Knowledge and |AO2 Application of Best Routine Chart Ideas, theories,|AO3 Analysis of economic |AO4 Evaluation of economic | |Levels mark scheme |understanding of theories, |concepts and terminology |problems and issues |arguments and evidence, | | |concepts and terminology | | |making informed judgements | |Level 3 |Satisfactory but some |Reasonable application to |Reasonably clear but may not|Superficial, perhaps with | |10Ė16 marks |weaknesses shown |issues |be fully developed and is |some attempt to consider | |(mid-point 13) | |Where appropriate, |perhaps confused in places |both sides of the issue(s) | | | |reasonable use of data to |with a few errors present | | |Reasonable including some | |support answer |The answer is quite well | | |correct analysis but very | | |organised with some logical | | |limited evaluation | | |development | |