Category Archives: Teaching visuals

Foreign Aid – where does it come from?

Below is an informative clip from The Economist on foreign aid. Useful for A2 students looking at developing economies and foreign aid.

Rich countries are giving away more in aid than at any other time on record. In 2016 more than $140bn was distributed around the world. According to the latest breakdown in 2015 America gave the most money away – nearly $31bn to at least 40 countries and organisations such as the world bank. This included $770m to Pakistan and $250m to Mexico. This may sound generous but the United States has the largest economy in the world. American foreign aid spending in 2015 was only 0.17% of the gross national income. Far less than other rich countries. Sweden and Norway are the biggest givers, donating over 1% of their gross national income to foreign aid. The biggest receivers of aid in 2015 were Afghanistan, India, Vietnam, Ethiopia and Indonesia. Afghanistan received $3.8bn and India $3.1bn. Despite being the second biggest economy in the world, China received $1.5bn in development aid in 2015. This included around $750m from Germany and $67m from Britain. The total amount of foreign aid is at an all time high – up 9% in 2016. This is largely down to the generosity of six countries who meet or exceed the United Nations foreign aid target, donating more than 0.7% of gross national income.

Observatory of Economic Complexity (OEC) – great graphics on global trade

I picked up the OEC site from Michael Cameron’s blog ‘Sex, Drugs and Economics’. The Observatory of Economic Complexity is a tool that allows users to quickly compose a visual narrative about countries and the products they exchange. It was Alexander Simoes’ Master Thesis in Media Arts and Sciences at the MIT Media Lab. The project was conducted at The MIT Media Lab Macro Connections group. Alex’s Advisor was César A. Hidalgo, principal investigator of Macro Connections. Since its creation in 2010, the development of The Observatory of Economic Complexity has been supported by The MIT Media Lab consortia for undirected research.

The graphics on each country and products are superb and include:

  • Exports
  • Imports
  • Trade Balance
  • Destinations

It also includes Economic Complexity Index which measures the knowledge intensity of an economy by considering the knowledge intensity of the products it exports. Below are some images on New Zealand trade.

New Zealand Exports – 2015

NZ Exports 2015.png

New Zealand Imports – 2015

NZ Imports 2015

Using whiteboards to teach externalities

In my teaching I am very keen on using whiteboards so that students can get used to drawing graphs and also writing essay plans. It makes it very easy for me to go around the classroom to check on their accuracy and I have to say that the students enjoy the whiteboards even if it does lead to a little doodling. The boards are just over A3 size and are perfect to draw some of the more complex graphs in NCEA and CIE economics. Below are some externality graphs by A2 student Jonathan Ta.

Externalities.jpeg

Economics website for IGCSE AS A2 and IB courses

Want to learn or need assistance with Economics? Are you studying or teaching A Level Economics, Advanced Placement, or International Baccalaureate (IB)?

Help is at hand, elearnEconomics assists individuals studying Economics. This site covers a wide range of courses and individuals have the ability to customise their course or do extension work. It’s simple, easy to use and very cost effective.

eLearnEconomics is a comprehensive online economics learning resource. It is for both students AND teachers. Students study the concepts of each topic with the key notes, then review those concepts with the audio/video and flash card sections and finally test themselves in the written answer and multi-choice sections. The multi-choice section records student scores enabling them to track their progress and build their confidence leading into exams.

Teachers have the ability to monitor students progess within the teachers’ administration section. Students can be arranged into class groups and full reports generated to quickly identify problem areas. These high quality PDF reports can also be presented at parent/teacher evenings. Click the link below to access the site.

elearneconomics

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A2 Worksheets – Perfect and Imperfect Labour Market

Currently covering Labour Markets with my A2 level classes and put together an exercise which tests them on calculating MCL, MRPL etc and also showing why MCL = MRPL is the number of workers a firm should employ. There is an exercise for both Perfect and Imperfect Labour markets – see ‘Word’ document. The excel document is a model answer showing the data in a table and a graphical format. Hope it is of use.

Imperfect Competition in the Labour Market
ACL MCL of Labour

Great economics revision videos from Tutor2u

Here is a great set of revision videos by Geoff Riley of Tutor2u. They cover a range of macro and micro topics for AS and A2 Level economics. Most of them are around 8 minutes long and he uses the powerpoint slides very effectively so you get his oral contribution plus the key points on the presentation slides. Well worth a look and you are bound to find them very useful as exams approach. Below is the video on the Circular Flow.

 

 

 

Inflation – Hungary 1941 – House and Jelly Bean

Here is a very useful video on Inflation from The School of Life. It discusses the causes of inflation and why it is seen as big problem in countries. They use the example of Hungary in 1941 and explain how inflation erodes the purchasing power of the income of citizens – a good example of a house and a jelly bean. Mention of Keynesian and Monetarist schools of thought – useful for IGCSE courses and above

HT: Grant McKibbin

Skyscraper completion = Economic Downturn

Barclays Capital have produced an interesting indicator in that its Skyscraper Index shows the relationship between construction of the next world’s tallest building and an imminent financial crisis.

Over the past 140 years it is interesting to see the economic environment post skyscraper completion. The Great Depression was matched by 3 record breaking New York skyscrapers. With the completion of the World Trade Center skyscrappers in 1973/4 saw the looming spectre of stagflation (high unemployment and high inflation) in both the US and UK economies. This condition was further compounded by the breakdown of the Bretton Woods Agreement.

The Petronas building in KL was followed by the Asian currency crisis and the Taipei 101 coincided with the early 2000’s recession and the end of the technology bubble. The Burj Khalifa was completed in 2010 which was amidst the current financial crisis. Its increase in height over the previous highest skyscraper is indicative of the extent of the current economic crisis.


Source: Barclays Bank – Equity Research

Here is an image from the Barclays Capital publication which might be useful for the classroom environment. Just click on the image.