Monthly Archives: February 2011

China’s ranking as world’s No.2 economy built on population (via Serina’s Economics Blog)

I agree with what you’re saying in this blog, and it’s really interesting to know this because China’s population is so much more bigger than Japan’s which helps them to improve their economy faster. However, I still think that they … Continue reading

Posted in Economics, Section 3 | Leave a comment

Article: China moves to world’s No.2 economy as Japan’s GDP shrinks

Recently, Japan’s GDP rate has been decreasing and in 2010 China ranked up to No.2 while Japan dropped down to No.3, after keeping its position at No.2 for 42 years. Japan’s nominal GDP was ¬•429.223 trillion ($US5.474 trillion), and they … Continue reading

Posted in Economics, Section 3 | 2 Comments

Using an appropriate diagram, explain how positive externalities are a type of market failure

Question: Using an appropriate diagram, explain how positive externalities are a type of market failure. Definitions: Positive externality –¬†spillover effects on outsiders (people not involved in the production of consumption of the good/service) that are advantageous to them and for … Continue reading

Posted in Economics, Section 2 | 1 Comment

Reflection: Theory of the Firm Summative

After doing our Section 2 Theory of the Firm summative assessment, I learned the importance of explaining every detail and definition to achieve a full mark. In my formative, I completely misunderstood what we needed to do as I did … Continue reading

Posted in Economics, Section 2 | Leave a comment