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    (Original post by Pato1)
    Can someone quickly tell me the positives and negatives of the LFS and Claimant count as a measure of unemployment?
    From the textbook:
    LFS:
    1. The LFS measure is thought to capture more of those who are unemployed. Some people can be actively seeking work but not be entitled to claim unemployment-related benefits; these people would not appear in the claimant count but would appear in the LFS measure.
    2. The LFS measure is also widely used by most countries, meaning it is very suitable for international comparisons.
    3. However, it is more expensive to collect than the claimant count.
    4. There is also a risk that it may be subject to sampling errors.
    Claimant count:
    1. The claimant count measure is relatively cheap and relatively quick to compile.
    2. It is available earlier than the LFS-based unemployment data.
    3. Although fraudsters are thought to be outnumbered by those genuinely seeking work, some people claiming benefits may be doing so on false pretences.
    4. Also, it is not suitable for international comparisons, unlike the LFS measure, because the categories of people entitled to benefits varies over time and between countries.

    (Original post by SilverHorsey)
    Anyone know what supply side policies are?!
    The textbook definition is "policies designed to increase aggregate supply by improving the efficiency of labour and product markets", but essentially they are government policies which try to stimulate economic growth through shifting AS by increasing the productive capacity of the economy.
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    (Original post by Slenderman)
    CC
    + easy to obtain, just no. of people claming Jsa
    + updated monthly so its current
    - can be manipulated by the govt. E.g. increase sch leaving age to 19 to look like unemp is falling
    - excludes those looking for work but cannot claim jsa

    LFS
    + Thought to be more accurate
    + Internationally agreed measure
    - The sample may be unrepresentitive to the population
    - Expensive to collect data
    - Less up to date
    The LFS measure of unemployment is also updated every month, so it's not actually less up to date. However, I suppose the fact that it's updated in the middle of the month does mean that the claimant count is often more useful for firms who plan at the start of each month.
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    Also can someone answer why setting an inflation target is good for reducing inflation?
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    Anyone know the difference between the labour force and economically active? Are they just the same thing (people in employment or unemployment)?
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    (Original post by Pato1)
    Also can someone answer why setting an inflation target is good for reducing inflation?
    Read your economics book, it's all in there


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    (Original post by Pato1)
    Also can someone answer why setting an inflation target is good for reducing inflation?
    it gives firms and consumers confidence that inflation is in control of the volatility of inflation, if they believe that they can keep inflation stable they are less likely to carry out actions that may lead to inflation e.g buying products early if they believe inflation will rise in the future or ask for higher wage adjusted to RPI increasing cost push inflation. This maintains consumer confidence and firms optimism that no sudden changes will occur.
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    (Original post by Pato1)
    Also can someone answer why setting an inflation target is good for reducing inflation?
    It's page 150 in the textbook, but because it's because a lot of inflation is caused by people's expectations: if they expect inflation to occur, they will demand higher wages and increase spending, causing the wage-price spiral and increasing AD, both of which cause inflation. It is worth noting that setting an inflation target is only really effective if people have confidence in the government/central bank's ability to control it.

    (Original post by SilverHorsey)
    Anyone know the difference between the labour force and economically active? Are they just the same thing (people in employment or unemployment)?
    Yeah, they're the same, because the labour force is essentially just the total population minus those who are economically inactive. Both mean the total number of people who are either employed or unemployed.
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    Thanks a lot P Conomics!
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    (Original post by SilverHorsey)
    Thanks a lot P Conomics!
    You're welcome.
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    (Original post by SilverHorsey)
    Anyone know what supply side policies are?!
    Policies designed to increase competition and reduce barriers
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    (Original post by uzochi97x)
    Policies designed to increase competition and reduce barriers
    I don't think supply-side policies necessarily have to increase competition, since for example improving the education system doesn't achieve such an effect.
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    When the government are talking about the deficit are they referring to the CA Deficit or Budget deficit?
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    (Original post by Pato1)
    When the government are talking about the deficit are they referring to the CA Deficit or Budget deficit?
    It depends on the context but generally 'deficit' refers to the budget deficit.
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    (Original post by Pato1)
    When the government are talking about the deficit are they referring to the CA Deficit or Budget deficit?
    budget
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    My friend's dad is an economics teacher he taught Economics for like 20 years. Most of the time his predictions are correct. This time he predicted the 18 marker is likely to be on interest rate, and it's effect on the economic performances.
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    (Original post by Arlenambxx)
    Protectionism is A2, they can't put that on an AS paper


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    Protectionism is included in the f582 syllabus; methods of and free trade vs protectionism
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    Yh it's in the syllabus

    (Original post by tenro)
    Protectionism is included in the f582 syllabus; methods of and free trade vs protectionism
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    (Original post by Arlenambxx)
    Protectionism is A2, they can't put that on an AS paper


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    Its in the AS textbook, I've revised it loads
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    (Original post by AFG-Gamer)
    My friend's dad is an economics teacher he taught Economics for like 20 years. Most of the time his predictions are correct. This time he predicted the 18 marker is likely to be on interest rate, and it's effect on the economic performances.
    Would be a very easy essay
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    (Original post by Sophieem28)
    Its in the AS textbook, I've revised it loads
    Chill out, if it's in the paper It'll be a 4 mark question hahahaha


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