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2020 AS ECONOMICS Paper 2 The National Economy in a Global Context Insert
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ASECONOMICS
Paper 2 The National Economy in a Global Context
Insert
DO NOT WRITE ANY ANSWERS IN THIS INSERT. YOU MUST ANSWER THE
QUESTIONS IN THE ANSWER BOOKLET PROVIDED.
CONTEXT 1: THE UK RETAIL INDUSTRY
• Questions 21here
Add text to 26
• Extract A: UK retail sales, percentage change on same month a year
earlier, January 2016–January 2019
• Extract B: The changing retail industry
• Extract C: Aggregate demand and economic activity
CONTEXT 2: CONFLICTING ECONOMIC OBJECTIVES
Questions 27 to 32
• Extract D: UK car production for export and home markets,
percentage change on same month a year earlier,
January 2016–January 2019
• Extract E: UK manufacturing and the objectives of macroeconomic
policy
• Extract F: Conflicting objectives…or not?
IB/M/Jun20/7135/2/E11 7135/2
, 2
Context 1 Total for this context: 50 marks
THE UK RETAIL INDUSTRY
Extract A: UK retail sales, percentage change on same month a year earlier,
January 2016–January 2019
Note: All retail sales include internet sales but exclude automotive fuels.
Source: Retail sales: February 2019, Office for National Statistics
Extract B: The changing retail industry
The retail industry continues to grow, yet there is clear evidence that the pattern of consumer 1
spending is changing. In November 2013, when Black Friday* was first introduced to the UK,
the average weekly value of all retail sales in the UK was £6 806.7 million, including internet
sales of £827 million. However, by November 2018, internet sales accounted for 21.5% of all
retail sales, with a value of £1 819.6 million. 5
Clearly, high street retailers face difficult trading conditions. Falling demand and rising costs,
due to rises in business rates, an increasing minimum wage and a falling exchange rate, have
meant that some are unable to survive. According to the accountancy firm PWC, 2692 stores
run by retailers with multiple outlets closed in the first half of 2018. Taking into account pubs,
restaurants and other shops, a further 4042 premises became empty, increasing spare capacity 10
in the economy.
Inevitably, job losses will follow. The Office for National Statistics (ONS) said there were 93 000
fewer retail jobs in the three months to the end of September 2018 compared to a year earlier.
In 2017, the British Retail Consortium warned there could be up to 900 000 fewer jobs over the
next decade, which is a huge concern given the industry is the biggest employer in the private 15
sector.
IB/M/Jun20/7135/2
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