Competitiveness

• Evaluate policies to improve the UK's competitiveness (Paper 3)

  • K - unit wage costs, relative export prices
  • A - pharmaceuticals, precious metals
  • A - improve infrastructure, supply-side and demand-side policies, subsidies, deregulation, removal of tax
  • E - time lag, externalities, depends on relative inflation, opportunity cost, elasticities
• Economic Growth and Development

  K - Definition/ impact of deregulation, infrastructure, subsidies

  A - increase in efficiency, productivity, choice, tax revenue, national happiness, quality of life,

  E - Time lags, opportunity cost, PES/PED, sustainability, equality