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UK Recession Increase in Consumer Demand for Value Products - Dissertation Example

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This paper “UK Recession – Increase in Consumer Demand for Value Products” aims at understanding the changes that have been facing in the country due to the recession. The major focus of this report is on consumer behavior and also the increase in consumer demand for value products…
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UK Recession Increase in Consumer Demand for Value Products
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Download file to see previous pages It is also essential to understand that during a period of recession, aspects of the economy like employment, industrial production, real income and also wholesale and retail sales will be affected and will show a drop. In simpler terms, the recession normally occurs when the level of ‘real national output’, shows a decline over two consecutive quarters. This causes the contraction and is seen in the total volume of production in the economy (Knoop, 2004). It is also important to understand that recession can be caused due to a sudden change in the domestic markets or even with an external shock from the external markets. A disturbance within the domestic markets or even the tightening up of the central bank could lead to the start of recession within the country.  The economies world over have been trying to develop after the major crash in 1970.  According to the deputy governor of the Bank of England, the world economy has a ‘long way to go’. According to Professor Bean’s bleak assessment, the United Kingdom has seen an undisturbed and unbroken expansion for over sixteen years. This, however, has now led the country to an end in economic growth. Professor predicts the country to see a full recession by the end of 2008. The Economy of the United Kingdom is the fifth largest in the world on the basis of the exchange rates and the sixth largest on the purchasing power parity (PPP). Also, the United Kingdom is one of the most globalized countries in the world. The Capital of the United Kingdom - London is the major financial center of the world. It is noted that the British economy has seen a chronic weak growth. According to the International Monetary Fund in 2007, the GDP per capita of the country is the ninth highest (Kirkup, 2008). The Government of the United Kingdom along with the support of the Bank of England have been trying to ensure that the countries economy improves. Over the years the economy of the United Kingdom has seen large variations in the economic conditions. The economy of the entire world has seen an enormous dip in 1970 with the oil shock in 1973. The Economic systems worldwide have seen an economic strain caused due to the prices of oil being increased which influenced the Bretton Woods System of international economic stabilization and the effects made by contraceptive pills on the social dynamics (Daley, 2008).
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