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Edexcel AS Economics (New Spec) Unit 2 - 23rd May 2016

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Reply 300

harryleavey

Original post by AsmaaMahamud97

Are you a teacher in disguise? 👀

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Ha ha nope, I'm definitely 17 and doing the exam tomorrow

Reply 301

AsmaaMahamud97

Original post by harryleavey

Ha ha nope, I'm definitely 17 and doing the exam tomorrow

Alrighty, good luck!

And good luck everyone else.
I need to get some serious shut-eye.

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Reply 302

rosemondtan

Hey can someone just quickly remind me what the key difference between SRAS and LRAS is?

Reply 303

rosemondtan

Thanks! So it can shift due to change in costs of production, but the single curve alone assumes that costs of production are constant?
@harryleavey

Reply 304

harryleavey

Original post by rosemondtan

Thanks! So it can shift due to change in costs of production, but the single curve alone assumes that costs of production are constant?
@harryleavey

Yes
SRAS: shifts if production costs (supply side shocks) change.
Yes, the single curve assumes costs of production are fixed.

In the LR, Factor inputs are fixed. AS can only increase if increase in investment, labour size, productivity...

Reply 305

Bigbosshead

What is the best structure to analyse a data question?

i.e. what does the data show about the economic growth…

Reply 306

harryleavey

Good Luck everyone! Getting off this now :smile:

Reply 307

hesitantalien

Can someone explain animal spirits? I'm really confused about it

Reply 308

aspiringmedic99

Original post by BDTOWNSEND

Only one see attached i made it for myself so no mark scheme but in same style as exam tommorow and new spec stuff in it

Thanks !! I think just practising qus will hopefully help

Reply 309

brickbybrick

How does the lras being inelastic cause inflation?

Reply 310

Hot&SpicyChicken

Original post by hesitantalien

Can someone explain animal spirits? I'm really confused about it

Its basically rational decision making.

Reply 311

nicoledsk

Hi guys, i'd recommend everyone learns types of unemployment as it's looked over and edexcel might be nasty again and incorporate it into a 15 mark or something.

These are 3 key 20 marks questions that i think have similar structures to most questions so if you think you can answer these then you should be fine for tomorrow!

1. Evaluate the effectiveness of monetary policy as a means of achieving price stability in the UK economy.

2.Evaluate the extent to which there is a conflict between high inflation and the 3 other main economic objectives of the government.

3. Evaluate the effects of tighter fiscal policy on macroeconomic equilibrium and the balance of payments current account.

these are all 4 marks AO1, 4 marks AO2, 6 marks AO3, 6 marks AO4

GOOD LUCK!!

Reply 312

nicoledsk

can someone please confirm for me whether we trade unions in regards to supply side policy is in the spec as it's been discussed quite a lot on here?

Reply 313

olrosengarten

guys omg what does everyone know about the great depression and stuff? i didn't realise we had to learn it explicitly!i understand which demand-side policies would need to be put in place to 'correct' a recession or depression, but details from the great depression and recession I don't know! i'm screwed!

Reply 314

Diastal

[QUOTE=Hot&SpicyChicken;65061169]Its basically rational decision making.

Isn't it the complete opposite? As animal spirits refers to the decision made to invest based off of gut instinct

Reply 315

harryleavey

Original post by nicoledsk

can someone please confirm for me whether we trade unions in regards to supply side policy is in the spec as it's been discussed quite a lot on here?

Not explicitly on the spec. But none of the supply did policies are.
I explained the effect of reducing trade unions a few pages back

Reply 316

Diastal

[QUOTE=olrosengarten;65061557]guys omg what does everyone know about the great depression and stuff? i didn't realise we had to learn it explicitly!i understand which demand-side policies would need to be put in place to 'correct' a recession or depression, but details from the great depression and recession I don't know! i'm screwed!

I don't really think you need to have much knowledge about the Great Depression. And don't worry if you don't know much about it, I doubt they would ask you a question on it anyway. Although you can refer to it when evaluating or something, but you can also have other evaluation points so don't worry about it.