1. Income and wealth
Is efficiency, specialisation and trade benefitting everyone?
If not who gains who loses?

2. Indices of real GDP per head – which counties are a long way below or above us? How far?

3. Why might some countries have higher GDP per head?
Smaller populations might be quite productive so…
Some countries have good natural resources so…
Some might have started their industrial development earlier..
Skills and talents might concentrate in…
What else might we need to know?
Some might be low but growing fast so…
Does the average indicate how every one is doing?
Is GDP all we are interested in? – Happiness, quality of life

4. How is it changing?

5. Why is there inequality of income and wealth?
Skills and talents
Qualifications
Discrimination
Inheritance
Regressive tax

6. The Gini coefficient measures inequality
Conclusions and comments – whose tax system is having a big impact?

7. Historical perspective – comments conclusions?

8. Global picture The key facts from the report are:
• The UK's figure was just under 0.35 before the financial crisis, higher than the OECD average of • This is lower than the US, Mexico and Chile, which had the highest level of inequality in 2008 at a coefficient of almost 0.5. • Slovenia was the most equal: with a coefficient of just over 0.2 • Top 1 percent of earners increased their share of income from 7.1% in 1970 to 14.3% in Prior to the recession, the top 0.1 percent of earners accounted for 5% of pre-tax income, while income tax for higher earners declined from 60% in the 1980s to 50%
The annual average income in the UK of the top 10% in 2008 was just under £55,000, about 12 times higher than that of the bottom 10%, who had an average income of £4,700.
In very few countries is this position improving, but many of them are countries in severe economic straits: Greece, Spain and Ireland, for instance.

9. What is the impact of income and wealth inequality?
Conflict
Unequal access to opportunity
Social unrest
Inefficient use of resources
Lower growth through MPC falling
More incentive to try
Natural justice?

10. In light of the figures you have collected, evaluate the statement that economic growth and business efficiency has led to rising living standard for all. 25mks
Research data on poverty and growth- who gains and who loses from economic growth and efficiency?
Write the essay
Define growth and efficiency
Arguments for growth and efficiency helping living standards
Arguments against – does everyone benefit?
Conclusion – is it true? - LR/SR, other factors, equality, efficiency, priority

11. In light of the figures you have collected, evaluate the statement that economic growth and business efficiency has led to rising living standard for all. 25mks
Research data on poverty and growth- who gains and who loses from economic growth and efficiency?
Write the essay
Define growth and efficiency
Arguments for growth and efficiency helping living standards
Arguments against – does everyone benefit?
Conclusion – is it true? - LR/SR, other factors, equality, efficiency, priority

12. The end of Micro! 1 2 3 4 5 6 Demand Supply Elasticity of demand
Elasticity of supply
Cross price elasticity
Income elasticity
Producer surplus
Consumer surplus
Taxation
Subsidy
Specialisation and division of labour
Absolute advantage
comparative advantage
Productivity
Land
Labour
Capital
Enterprise
Mixed economy
Planned economy
Free market economy
Essential services
Merit goods
Demerit goods
Price
Substitutes
complements
Normal goods
Inferior goods
Poverty
Economic growth
benefits
Inequality between rich and poor
Productive efficiency
Allocative efficiency
Government failure