Economics Section: Government & Economy Further Reading C.40

Keywords – Supply side, long run, quantity, quality, privatization, de-regulation

• Class : Y11

• Lesson Topic: Government & Economy

• Scheme of Work: Supply Side Policies

Economics Section: Government & Economy Further Reading C.40

Keywords – Supply side, long run, quantity, quality, privatization, de-regulation

Supply side Policies

• Long run policies to expand the economy.

• Improve quality and quantity of factors of production – • Land • Labour• Capital • Enterprise

Economics Section: Government & Economy Further Reading C.40

Keywords – Supply side, long run, quantity, quality, privatization, de-regulation

Economics Section: Government & Economy Further Reading C.40

Keywords – Supply side, long run, quantity, quality, privatization, de-regulation

Planning ToolsP&DPlanning and

Data

Economics Section: Government & Economy Further Reading C.40

Keywords – Supply side, long run, quantity, quality, privatization, de-regulation

Define and describe the terms of supply side policies[Grade E-D]

Examine and Analyse the concepts of supply side policies

[Grade C-B]

Evaluate the pros and cons & Justify your views on supply side policies

[Grade A-A*]

Personalise your learning. . .

Economics Section: Government & Economy Further Reading C.40

Keywords – Supply side, long run, quantity, quality, privatization, de-regulation

Keyword Definition

CONNECTIVES

Economics Section: Government & Economy Further Reading C.40

Keywords – Supply side, long run, quantity, quality, privatization, de-regulation

CONNECTIVES for AnalysisCONNECTIVES for ApplicationCONNECTIVES for Evaluation

COMPARINGEqually…As with…Like…In the same way…Similarly…Even so…Likewise…CAUSE & EFFECT

Consequently… Due to…As a result… Therefore..Because of… Because…

CONCLUDINGFirstly… After…Secondly… Before…Overall… I believe…Finally… I think …In conclusion… it depends…To conclude… short term…Meanwhile… Long term…

CONTRASTINGAlthough… Except…Moreover… If…However… Yet…Apart from… Unless…Despite… As long as…

EMPHASISINGMost importantly…Significantly…Notably…Especially…Above all…In particular…Indeed…

QUALIFYINGDespite… Yet…As long as… Unless…Apart from… If…Moreover… Except…However… Although…

ADDINGIn addition… And…Too… Also…Additionally… As well as…Furthermore…

ILLUSTRATINGFor instance… Such as…In the case of… So…For example…As revealed by…As illustrated by…

Economics Section: Government & Economy Further Reading C.40

Keywords – Supply side, long run, quantity, quality, privatization, de-regulation

Climb the LadderA-A*

1. To what extent 2. Do you think3. Evaluate whether (8-10m) 10+ connectives & key words

C-B

1. Explain 2. Compare3. Analyse (5-8m) 5+ connectives & key words

E-D

1. Define 2. Describe3. Identify (2-4m) 2 + connectives & key words

ATDApply to

demonstrate

Economics Section: Government & Economy Further Reading C.40

Keywords – Supply side, long run, quantity, quality, privatization, de-regulation

Labour Market• The amount of goods and services supplied can be increased if

the labour is productive and efficient.• Several things have been put in place to improve QUANTITY &

QUALITY of labour.

Economics Section: Government & Economy Further Reading C.40

Keywords – Supply side, long run, quantity, quality, privatization, de-regulation

Improving Flexibility• Trade unions used to dictate labour for things such as working

conditions and pay.• Prevented labour from changing and improving.• Trade Unions lost power in the 1980’s because of legislation

imposed by the government

Economics Section: Government & Economy Further Reading C.40

Keywords – Supply side, long run, quantity, quality, privatization, de-regulation

Trade Union legislation• Closed shops – Employees no longer had to belong to a trade

union• Secret ballots – Had to be done before any strike action could

take place• Secondary picketing – Made illegal and so you could not

support union members in other disputes• Wage councils – Abolished so wages were no longer fixed

Economics Section: Government & Economy Further Reading C.40

Keywords – Supply side, long run, quantity, quality, privatization, de-regulation

Restoring Incentives• High taxes on income and profit discourage people from

working hard in the following ways:– People with working spouses chose not to work– Workers take more holidays and retire earlier– Entrepreneurs less likely to take risks– Productive people move to countries with lower taxesBecause of this, many countries have reduced taxes

UK IN 1983 FROM 83% TO 60% TO 40% IN 1988 AND NOW 20%

Economics Section: Government & Economy Further Reading C.40

Keywords – Supply side, long run, quantity, quality, privatization, de-regulation

Increasing the quality of labour• Better education and training will lead to a better workforce• Provide better training courses• In UK more people stay in education or training• More people attend university• Move vocational courses NVQ’s• AS Levels to encourage a wider choice of subjects• Apprenticeships now common

Economics Section: Government & Economy Further Reading C.40

Keywords – Supply side, long run, quantity, quality, privatization, de-regulation

Increase the quantity of labour• Change to the role of females meaning more work• More retired people chose to work• EU legislation means people can work in UK from other

countries• Size of the EU has grown and so now more workers

Economics Section: Government & Economy Further Reading C.40

Keywords – Supply side, long run, quantity, quality, privatization, de-regulation

Product markets• Supply can be increased if products are produced more

efficiently• Help markets to reduce “red tape”• Helps businesses to become more competitive therefore

raising standards

Economics Section: Government & Economy Further Reading C.40

Keywords – Supply side, long run, quantity, quality, privatization, de-regulation

Quality of capital - Privatisation• Sell off state owned businesses• Helps promote competition as they have to make profit to

survive• If they fail to produce goods and services they will fail• Helps improve quality and prices

Economics Section: Government & Economy Further Reading C.40

Keywords – Supply side, long run, quantity, quality, privatization, de-regulation

Examples of privatised businesses

Economics Section: Government & Economy Further Reading C.40

Keywords – Supply side, long run, quantity, quality, privatization, de-regulation

Quantity of capital - Deregulation• Removing un-necessary paperwork and licences• Being able to make decisions quicker• Less rules and regulations to follow

Economics Section: Government & Economy Further Reading C.40

Keywords – Supply side, long run, quantity, quality, privatization, de-regulation

Helping small firms• More firms means more supply• Taxes reduced for small firms• Reduction in “red tape”• Tax allowances for people who invest in small businesses• Free advisory services for small businesses

Economics Section: Government & Economy Further Reading C.40

Keywords – Supply side, long run, quantity, quality, privatization, de-regulation

Capital Markets• Investment in infrastructure• Better transport and communication• Better health care means more workers• Better education• Tax incentives given to businesses to encourage productivity

Economics Section: Government & Economy Further Reading C.40

Keywords – Supply side, long run, quantity, quality, privatization, de-regulation

PLENARIES Factor of Production Quantity Quality

Land Discover oil. Land reform

Labour

Capital

Enterprise Enterprise Zones Young Enterprise

Economics Section: Government & Economy Further Reading C.40

Keywords – Supply side, long run, quantity, quality, privatization, de-regulation

Climb the LadderA-A*

1. To what extent 2. Do you think3. Evaluate whether (8-10m) 10+ connectives & key words

C-B

1. Explain 2. Compare3. Analyse (5-8m) 5+ connectives & key words

E-D

1. Define 2. Describe3. Identify (2-4m) 2 + connectives & key words

ATDApply to

demonstrate

Economics Section: Government & Economy Further Reading C.40

Keywords – Supply side, long run, quantity, quality, privatization, de-regulation

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Economics Section: Government & Economy Further Reading C.40

Keywords – Supply side, long run, quantity, quality, privatization, de-regulation

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Economics Section: Government & Economy Further Reading C.40

Keywords – Supply side, long run, quantity, quality, privatization, de-regulation

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Economics Section: Government & Economy Further Reading C.40

Keywords – Supply side, long run, quantity, quality, privatization, de-regulation

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Economics Section: Government & Economy Further Reading C.40

Keywords – Supply side, long run, quantity, quality, privatization, de-regulation

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