Economic Environment Essay

1217 words - 5 pages

1. How would each of the following affect the British production possibility curve, and/or the country's position in/on it? (i) An increase in immigration An increase in immigration will mean that there will be an increase in the number of people who will require food and clothing. However there is a limit to the amount of production that can be achieved. The government can either increase the amount of food produced and decrease the amount of clothing, or it can increase the amount of clothing produced and decrease the amount of food.British Production Possibility Curves Increase in food produced Increase in clothing produced (ii) A major war Typical of most wars is the loss of labour. This means that there is a decrease in a factor of production, which would force the production possibility curve to shift left. This would mean that there would be a decrease in the maximum limit of food and clothing that can be produced.Production Possibility Curve A decrease in unemployment Assuming that a decrease in unemployment is a result of unemployed people finding work; A decrease in unemployment would mean that there is an increase in labour and would also mean that the economy is becoming more efficient. This would mean an increase in the maximum level of production for food and clothing due to an increase in a factor of production. On a possibility curve this would mean a shift to the right.British Production Possibility Curve (iii) Discovery of new oilfield The discovery of a new oilfield would mean an increase in raw materials available in the factors of production. This would mean that the maximum level of production of food and clothing would increase. On the production possibility curve, this would mean a shift to the right.British Production Possibility Curve 2. Use demand and supply curves to demonstrate how one might cure traffic congestion on Cardiff.One way to cure traffic congestion is to assign congestion charges. By doing this people will not be as willing to risk taking their vehicles out on the road and risk facing a congestion charge. This would shift the demand curve to the left, from D1 to D2: Another way to cure traffic congestion would be to impose higher taxes on car sales. This would mean that fewer people would buy cars and therefore mean fewer cars using up road space. This would again shift the demand curve to the left, from D1 to D2.One other way to reduce congestion would be to improve the roads layout. This would create more space for cars to travel on and therefore would mean less congestion. This would shift the supply curve to the right, from S1 to S2.3. Use Demand and supply to analyse what might happen in each of the following situations; (i) The effect on the market for coffee after a severe frost in coffee producing areas of Brazil.After the severe frost the effect on the market would be that...

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