Year+12+Economics

The purpose of the wiki is to build up a set of revision notes and links to useful materials for studying economics. Some basic rules will apply to the wiki:

//After every contribution you must earn yourself credit by putting your initials in brackets, like so (GBR). If you make several contributions across the wiki you should credit yourself several times.// //You are free to edit other students contributions, however, you must maintain their original credit. For example (GBR, JE)//

//You are welcome to use other sources of information, however if you quote verbatim you must use “quotation marks” and you must acknowledge your sources by giving a web address or author and publication. If you are only paraphrasing you don’t need to use quotes, but you still need to credit the author or website. Failure to do this will result in your work being removed for plagiarism.//

It is possible to add multimedia such as photos and videos and I encourage you to do so. Likewise real data, when possible, should also be introduced.

**__Section 1 Introduction to Economics__**
//What was the economic growth rate of your country between 2007 and 2008? Was this above or below the average for the last 5 years? Any possible reasons?//

United Kingdom The sudden change in demand of the UK's exports had a large effect on the GDP, especially in 2006.
 * GDP - real growth rate**
 * ~ Year ||~ GDP - real growth rate ||~ Rank ||~ Percent Change ||~ Date of Information ||
 * 2003 || 1.60 % || 146 ||  || 2002 est. ||
 * 2004 || 2.20 % || 138 || 37.50 % || 2003 est. ||
 * 2005 || 3.20 % || 130 || 45.45 % || 2004 est. ||
 * 2006 || 1.90 % || 176 || -40.63 % || 2005 est. ||
 * 2007 || 2.80 % || 165 || 47.37 % || 2006 est. ||
 * 2008 || 3.10 % || 160 || 10.71 % || 2007 est. ||

**__Singapore__** In 2008, Singapore's economy grew by 1.2%, which was much slower than the 7.7% in 2007.

Reasons: - manufacture sector shrunk by 4.1 - decline in export demand for electronics, precision and chemical - manufacture, wholesale & retail trade, transport and storage, information and communication and financial services slowed down - construction sector, grew 17.9%in 2008, compared to the 20.3 in 2007 - decline in fund mangement and stock broking activies due to economic crisis, as people as lost faith in investments

Singapore’s GDP Growth Rate Five Years Ago: The average decreased since 2007 till this year. Sadly, our economy is shrunk and is still shrinking L. (JLE) Site: [] Tables: []
 * ** Year ** || ** Mar ** || ** Jun ** || ** Sep ** || ** Dec ** || ** Average ** ||
 * 2009 || -9.50 || -3.50 || || || -6.50 ||
 * 2008 || 6.70 || 2.50 || 0.00 || -4.20 || 1.25 ||
 * 2007 || 7.60 || 8.60 || 9.50 || 5.50 || 7.80 ||
 * 2006 || 10.40 || 8.20 || 7.40 || 7.00 || 8.25 ||
 * 2005 || 3.70 || 6.10 || 8.20 || 8.30 || 6.58 ||
 * 2004 || 3.40 || 12.30 || 7.40 || 6.90 || 7.50 ||

Korea
 * ~ Year [[image:http://ko.wikipedia.org/skins-1.5/common/images/sort_none.gif caption="↓" link="http://ko.wikipedia.org/wiki/%EB%8C%80%ED%95%9C%EB%AF%BC%EA%B5%AD%EC%9D%98_%EA%B2%BD%EC%A0%9C%EC%84%B1%EC%9E%A5%EB%A5%A0#"]] ||~ GDP(100million$) [[image:http://ko.wikipedia.org/skins-1.5/common/images/sort_none.gif caption="↓" link="http://ko.wikipedia.org/wiki/%EB%8C%80%ED%95%9C%EB%AF%BC%EA%B5%AD%EC%9D%98_%EA%B2%BD%EC%A0%9C%EC%84%B1%EC%9E%A5%EB%A5%A0#"]] ||~ (GNI)(100million$) [[image:http://ko.wikipedia.org/skins-1.5/common/images/sort_none.gif caption="↓" link="http://ko.wikipedia.org/wiki/%EB%8C%80%ED%95%9C%EB%AF%BC%EA%B5%AD%EC%9D%98_%EA%B2%BD%EC%A0%9C%EC%84%B1%EC%9E%A5%EB%A5%A0#"]] ||~ GNI per person($) [[image:http://ko.wikipedia.org/skins-1.5/common/images/sort_none.gif caption="↓" link="http://ko.wikipedia.org/wiki/%EB%8C%80%ED%95%9C%EB%AF%BC%EA%B5%AD%EC%9D%98_%EA%B2%BD%EC%A0%9C%EC%84%B1%EC%9E%A5%EB%A5%A0#"]] ||~ economic growth [[image:http://ko.wikipedia.org/skins-1.5/common/images/sort_none.gif caption="↓" link="http://ko.wikipedia.org/wiki/%EB%8C%80%ED%95%9C%EB%AF%BC%EA%B5%AD%EC%9D%98_%EA%B2%BD%EC%A0%9C%EC%84%B1%EC%9E%A5%EB%A5%A0#"]] ||~ Government [[image:http://ko.wikipedia.org/skins-1.5/common/images/sort_none.gif caption="↓" link="http://ko.wikipedia.org/wiki/%EB%8C%80%ED%95%9C%EB%AF%BC%EA%B5%AD%EC%9D%98_%EA%B2%BD%EC%A0%9C%EC%84%B1%EC%9E%A5%EB%A5%A0#"]] ||
 * 1997 || 5,164 || 5,136 || 11,176 || 4.7% || 14th (president) ||
 * 1998 || 3,461 || 3,404 || 7,355 || -6.9% || 15th ||
 * 1999 || 4,452 || 4,400 || 9,438 || 9.5% || " ||
 * 2000 || 5,118 || 5,096 || 10,841 || 8.5% || " ||
 * 2001 || 4,820 || 4,811 || 10,159 || 3.8% || " ||
 * 2002 || 5,164 || 5,475 || 11,497 || 7% || " ||
 * 2003 || 5,469 || 6,086 || 12,717 || 3.1% || 16th ||
 * 2004 || 6,080 || 6,824 || 14,206 || 4.7% || " ||
 * 2005 || 7,913 || 7,901 || 16,413 || 4.2% || " ||
 * 2006 || 8,875 || 8,887 || 18,401 || 5.1% || " ||
 * 2007 || 9,699 || 9,713 || 20,045 || 5% || " ||
 * 2008 || - || - || - || 2.5% || 17th ||

China's GDP (2007-2008) is 11.4%. It has been above average. Why? China is a major power house. The world is finially feeling the wrath of China. (JL) []
 * ** 2002 ** ||  || 12,033.3 || 9,398 || 9.1 ||
 * ** 2003 ** ||  || 13,582.3 || 10,542 || 10.0 ||
 * ** 2004 ** ||  || 15,987.8 || 12,336 || 10.1 ||
 * ** 2005 ** ||  || 18,386.8 || 14,040 || 9.9 ||
 * ** 2006 ** ||  || 21,087.1 || 16,084 || 11.1 ||
 * ** 2007 ** ||  || 24,661.9 ||   || 11.4 ||
 * ~ Year ||~ GDP - real growth rate ||~ Rank ||~ Percent Change ||~ Date of Information ||
 * 2003 || 6.20 % || 19 ||  || 2002 est. ||
 * 2004 || 3.10 % || 106 || -50.00 % || 2003 est. ||
 * 2005 || 4.60 % || 93 || 48.39 % || 2004 est. ||
 * 2006 || 4.00 % || 123 || -13.04 % || 2005 est. ||
 * 2007 || 4.80 % || 108 || 20.00 % || 2006 est. ||
 * 2008 || 5.00 % || 113 || 4.17 % || 2007 est. ||

A: The economic growth rate of Korea has been around the average. Meaning that the growth was relatively stable. I think could be possible because the country itself still has a potentiallity of growth.

**__Section 2.1 Markets__**
//Add content here...//

Section 2.2 Elasticities

//Add content here...//

Section 2.3 Theory of the Firm

//Add content here...//

Section 2.4 Market failure

//Add content here...//

Section 3.1 Measuring National Income

//Add content here...//

Section 3.3 Macroeconomic models

//Add content here...//

Section 3.4 Demand side and supply side policies

//Add content here...//

Section 3.5 Unemployment and Inflation

//Add content here...//

Section 3.6 Distribution of Income__

//Add content here...//