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ECO 202 Principles of Microeconomics

   

Added on  2020-05-11

18 Pages3783 Words146 Views
EconomicsPolitical Science
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ECONOMICS ASSIGNMENT 1Assignment 3Student’s NameCourse IDUniversityDate
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ECONOMICS ASSIGNMENT 2Executive SummaryThe event of the United Kingdom leaving the European Union has led to an economic turmoil that will have a long-term effect on trade patterns, living standards, and economic growthoutlook of the UK economy. In this particular study, economists view and reports has been shown to declare that Brexit has damaged the UK’s living standard in short to medium term as fall in investors’ confidence has affected the flow of money in the economy. Additionally, a shortage in the supply of skilled labours has been faced in the UK labour market during and afterthe vote of Brexit. Furthermore, the event of Brexit has negatively impacted the value of GDP resulting in a fall in the Gross Domestic Product. Finally, it is expected that the economy will face a downfall in the growth rate due to fall in business investment and restriction in international trade with other European Union nations.
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ECONOMICS ASSIGNMENT 3Table of ContentsIntroduction......................................................................................................................................4Role of BREXIT on living standards...............................................................................................4Expected changes in trade patterns..................................................................................................5Expected changes in UK’s obligations towards European Union...................................................6Impact on labour market..................................................................................................................7Impact on exchange rate..................................................................................................................9Growth prospects of the UK economy..........................................................................................11Conclusion.....................................................................................................................................14References......................................................................................................................................15
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ECONOMICS ASSIGNMENT 4IntroductionThe referendum of the majority of the United Kingdom electorate to leave the European Union has come on June 23, 2016. Evidently, the event of probable leaving out of the UK from the European Union is termed as Brexit. By invoking “Article 50 of the Treaty on the European Union” on March 29, 2017, the British Government and the United Kingdom have initiated the course of leaving the EU by the first quarter of 2019 (Chang, 2017). In the meanwhile, the topic of discussion in this particular report is the widespread and rapid economic damage and consequences of Brexit on the UK economy. By considering the view of Noble laureate economist, Paul Krugman, the reported study has been developed to analyse Brexit has made an impact on the standard of living in the United Kingdom (Chu, 2017). According to Krugman, leaving the European Union will ultimately not help the UK’s exports as well as the growth prospects of the UK at all. In the report, based on the comments of Krugman, the expected changes in trade patterns, UK’s obligation towards the EU, and growth prospects of the British economy have been analysed due to Brexit. Furthermore, the impact of the referendum of Brexit on the labour market and exchange rate in the UK has been discussed as well.Role of BREXIT on living standardsThe economic consequences of Brexit have been predicted by the most number of economists. Precisely, the UK standard of living will be largely damaged from Brexit. Accordingto the modern economists, there are high uncertainties that may affect the living standard of the UK population (Bowler, 2017). After a year of Brexit, the consequences can be noticed affecting the economic outlook of Britain. After a year of the Treasury forecast, economists verdict that leaving the European Union has hit economic growth of the United Kingdom hard. According to
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