Hi - Just a bit of data and application that may come in useful for the exam - please feel free to add to it in the comments box!

 

​Application

• South Korea microship industry - large protectionism - infant industry

• China fixes exchange rate (Yuan) in order to increase exports

• USA imposing a 35% tariff on Chinese solar panels (up from 19%) in order to protect domestic industry, which may lead into a tariff war

• EU imposes a common external tariff - protectionism 

• Malaysian FDI in Battersea Power Station 

• Thailand cut interest rates to 2% in an attempt to boost growth

• BMW produce 'Minis' in India - Avoiding the 100% tariff - Globalisation

• Toyota and Nissan FDI in the UK - Multiplier

• 6% of UK exports are cars

• South Wales overspecalisation in coal mining 

• China cuts export quotas on rare-earth metals - 35% (China has 95% of rare metals)

• Transatlantic Trade Partnership - Increasing trade between the USA and EU

 

Data

• GDP 0.8% (May 2014)

• CPI 1.6% (May 2014)

• Unemployment 6.8% (March 2014)

  • Fell 133,000 (March)

  • JSA fell 25,000 (April)

  • 16 - 24 Unemployment fell 48,000 (March)

• Exports down 4.4% within March and April

• Imports up 1.8% within March and April

• Average earnings up 1.7%

• Net migration 212,000 in Q4 2013

• Factory production (Manufacturing) up 1.5% in May 

  • Manufacturing is 10% of UKs economy

 

 

Brilliant Website for Application: http://www.scoop.it/t/econ4-the-uk-economy