A2 OCR Economics F583 2016
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Original post by Pato1
Strong feeling EU directives might come up
you know it!! especially with the exam being ON THE DAY of the EU referendum!
it might talk about the common agricultural policy, european central bank etc too
Original post by laws8oy
you know it!! especially with the exam being ON THE DAY of the EU referendum!
But exams are written two years earlier, so in 2014 for this year's exams.
But there could be an eight marker on the directives, not because it's the referendum, but because sometime questions they've had on essays previously pop us as 6 or 8 markers (of course you wouldn't need to explain them as much, probably only upto bottom level three standard)
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also guys expect a couple of 2 mark definition questions cos theyve not asked any at all in the last 2 years! just a tip
Original post by Lostrider
But exams are written two years earlier, so in 2014 for this year's exams.
But there could be an eight marker on the directives, not because it's the referendum, but because sometime questions they've had on essays previously pop us as 6 or 8 markers (of course you wouldn't need to explain them as much, probably only upto bottom level three standard)
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But there could be an eight marker on the directives, not because it's the referendum, but because sometime questions they've had on essays previously pop us as 6 or 8 markers (of course you wouldn't need to explain them as much, probably only upto bottom level three standard)
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tbh i doubt an eu question will come up in the mandatory part of the paper
Original post by kamez
i dont know much about that actually, how much do you need for A* on both papers? what were the previous grade boundaries?
to get an A for the past three years has been
2015
F583- 46
F585- 45
2014
F583- 42
F585-42
2013
F583-44
F585-44
usually there is a four or five mark difference between each boundary.
In my mind the best way to look at these is to see the actual 80%, ie. 48/60 as an A. Because the grade boundaries change every year. Last year I told myself if I got 42 in f581 then I would have gotten an A, little did I know that I got exactly that and it turned out to be just into a B :/
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Original post by Lostrider
to get an A for the past three years has been
2015
F583- 46
F585- 45
2014
F583- 42
F585-42
2013
F583-44
F585-44
usually there is a four or five mark difference between each boundary, so you can work out what you would need to get an A*
In my mind the best way to look at these is to see the actual 80%, ie. 48/60 as an A. Because the grade boundaries change every year. Last year I told myself if I got 42 in f581 then I would have gotten an A, little did I know that I got exactly that and it turned out to be just into a B :/
Posted from TSR Mobile
2015
F583- 46
F585- 45
2014
F583- 42
F585-42
2013
F583-44
F585-44
usually there is a four or five mark difference between each boundary, so you can work out what you would need to get an A*
In my mind the best way to look at these is to see the actual 80%, ie. 48/60 as an A. Because the grade boundaries change every year. Last year I told myself if I got 42 in f581 then I would have gotten an A, little did I know that I got exactly that and it turned out to be just into a B :/
Posted from TSR Mobile
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Original post by SilverHorsey
tbh i doubt an eu question will come up in the mandatory part of the paper
Why not? What do you reckon it will be on? Or is there no pont in guessing?
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Original post by Lostrider
because its such a small part of the module really
not much point in guessing, all we can deduce is that it wont be on nmw as that was what it was on in 2015, and despite ocrs many criticisms they never repeat an 8 marker year after year so we neednt revise an 8 on that
having said that, i do feel as though some of the essay qs will be on perfect competition, the elasticity of demand for labour, economies of scale (with diminishing), and objectives of firms, transfer earnings + eco rent
Original post by Rk2k14
Do you people use first person when talking about judgements in the essay?
You can do, but I personally don't think it sound 'professional'.
You could instead say ' the evidence suggests'. Remember your conclusion is a weighing up of what you have talked about in the essay, so writing in first person is not necessary
But having said that hey can't take marks aways from you if you say 'I think that' because this isn't an English paper or something
EDIT: just realised that this probably offers no help lol
To answer your question, no I don't use first person in my judgements
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(edited 7 years ago)
Original post by SilverHorsey
because its such a small part of the module really
not much point in guessing, all we can deduce is that it wont be on nmw as that was what it was on in 2015, and despite ocrs many criticisms they never repeat an 8 marker year after year so we neednt revise an 8 on that
having said that, i do feel as though some of the essay qs will be on perfect competition, the elasticity of demand for labour, economies of scale (with diminishing), and objectives of firms, transfer earnings + eco rent
not much point in guessing, all we can deduce is that it wont be on nmw as that was what it was on in 2015, and despite ocrs many criticisms they never repeat an 8 marker year after year so we neednt revise an 8 on that
having said that, i do feel as though some of the essay qs will be on perfect competition, the elasticity of demand for labour, economies of scale (with diminishing), and objectives of firms, transfer earnings + eco rent
I really hope it's on elasticity of demand for labour, that is such a straight forward topic!
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Original post by Lostrider
to get an A for the past three years has been
2015
F583- 46
F585- 45
2014
F583- 42
F585-42
2013
F583-44
F585-44
usually there is a four or five mark difference between each boundary.
In my mind the best way to look at these is to see the actual 80%, ie. 48/60 as an A. Because the grade boundaries change every year. Last year I told myself if I got 42 in f581 then I would have gotten an A, little did I know that I got exactly that and it turned out to be just into a B :/
Posted from TSR Mobile
2015
F583- 46
F585- 45
2014
F583- 42
F585-42
2013
F583-44
F585-44
usually there is a four or five mark difference between each boundary.
In my mind the best way to look at these is to see the actual 80%, ie. 48/60 as an A. Because the grade boundaries change every year. Last year I told myself if I got 42 in f581 then I would have gotten an A, little did I know that I got exactly that and it turned out to be just into a B :/
Posted from TSR Mobile
so A* is 52+, damn that is lower than i thought haha, ok i got hope. thanks!
Using a leisure market of your choice, discuss theextent to which it may be considered to be an oligopoly.
An oligopoly market is one dominated by a few firms whohave a significantly high concentration ratio i.e. a highproportion of the total market share lies in the hands of justa handful of firms. In the case of Premiership football the topfour teams that regularly appear to dominate the league,Manchester United, Liverpool, Arsenal and Chelsea maywell be considered to fit this description. Between them theycertainly have a significant share of the total revenueearned in the UK market, and each of them regularly appearin the top 10 money earning clubs in the world. They eachprovide a product that is in many senses generic, yet is soheavily branded it clearly provides evidence that significantnon-price competition exists between the businesses. Thisis probably more important in the worldwide market forPremier League merchandise, replica shirts etc, than athome where partisan allegiances might play a moresignificant part. Barriers to entry into this top echelon mayalso be said to exist as continued success in the top divisionof the English league yields handsome financial rewards.
These payments represent a significant proportion of themoney television stations around the world pay to theFootball Association who manages the league. This allowsthese top teams to buy the services of the best players,denying them to other teams, and consequentlyperpetuating their dominance. Year on year these top fourthen qualify for the equally lucrative European championsleague, which becomes increasingly inaccessible to the restof the clubs in the league and once again the barriers toentry grow. Surely the case for considering Premiershipfootball as an oligopoly market has solid foundations. Thetop 4 are the biggest earners repeatedly and the mostsuccessful on the field.On the other hand there are 16 other teams in the divisionwho could grow their businesses through success on andoff the field. Also each year due to promotion and relegation3 new teams join the league and 3 exit; consequently thereis the potential for change to occur especially over a numberof years. The rise and fall of Wimbledon FC being anexaggerated example of the potential to break throughperceived barriers. Certainly there is no convincingevidence that any of the top 4 clubs are making abnormalprofits as the Chelsea FC final accounts of the last couple ofseasons will testify. The apparent willingness of clubs toimmediately re-invest funds into playing staff purchase andsalaries is testament to the rejection of the idea that profitmaximisation is the main goal of these top clubs. Thirdly, inrecent times, there is evidence that price competition isbeginning to enter the market, with discount tickets on offerat an increasing number of Premiership grounds. Admittedlythese are less apparent at the homes of the top 4 teams buteven there signs are that to attract support to matchesagainst less popular opposition, lower ticket prices are onoffer.To conclude we have conflicting evidence as to the extent towhich Premiership football has become an oligopoly market.
In theory with sporting success any team could rise up theleague and challenge the top 4 clubs. The changingeconomic climate of the present time may even lend itselfmore favourably to such an occurrence. However, the hardevidence would appear to support the view that the marketis increasingly dominated by the top 4 clubs. Only oncesince the 1992/93 season has the league been won by ateam outside the top 4 clubs, indeed since the 2000/2001season only once has a team from outside finished in thetop three places, Newcastle in the 02/03 season. This surelyillustrates the increasing stranglehold this oligopoly hasgained on the market. They have secured financialdominance and won support on the world stage due to thehighly successful marketing of the league. Abnormal profitsare not necessarily in evidence, but that could just be due tothe curious nature of the product and the apparentreluctance of the owners of these clubs to follow theirnatural entrepreneurial instincts when it comes tomaximising profits. In football the top 4 are getting richerand more dominant in terms of success at the game, if notin terms of profitability, due to their reluctance to take cost ofproduction seriously.
a marking scheme answer for a few years ago so i doubt this will come up but as people predicted it, i decided to share!
An oligopoly market is one dominated by a few firms whohave a significantly high concentration ratio i.e. a highproportion of the total market share lies in the hands of justa handful of firms. In the case of Premiership football the topfour teams that regularly appear to dominate the league,Manchester United, Liverpool, Arsenal and Chelsea maywell be considered to fit this description. Between them theycertainly have a significant share of the total revenueearned in the UK market, and each of them regularly appearin the top 10 money earning clubs in the world. They eachprovide a product that is in many senses generic, yet is soheavily branded it clearly provides evidence that significantnon-price competition exists between the businesses. Thisis probably more important in the worldwide market forPremier League merchandise, replica shirts etc, than athome where partisan allegiances might play a moresignificant part. Barriers to entry into this top echelon mayalso be said to exist as continued success in the top divisionof the English league yields handsome financial rewards.
These payments represent a significant proportion of themoney television stations around the world pay to theFootball Association who manages the league. This allowsthese top teams to buy the services of the best players,denying them to other teams, and consequentlyperpetuating their dominance. Year on year these top fourthen qualify for the equally lucrative European championsleague, which becomes increasingly inaccessible to the restof the clubs in the league and once again the barriers toentry grow. Surely the case for considering Premiershipfootball as an oligopoly market has solid foundations. Thetop 4 are the biggest earners repeatedly and the mostsuccessful on the field.On the other hand there are 16 other teams in the divisionwho could grow their businesses through success on andoff the field. Also each year due to promotion and relegation3 new teams join the league and 3 exit; consequently thereis the potential for change to occur especially over a numberof years. The rise and fall of Wimbledon FC being anexaggerated example of the potential to break throughperceived barriers. Certainly there is no convincingevidence that any of the top 4 clubs are making abnormalprofits as the Chelsea FC final accounts of the last couple ofseasons will testify. The apparent willingness of clubs toimmediately re-invest funds into playing staff purchase andsalaries is testament to the rejection of the idea that profitmaximisation is the main goal of these top clubs. Thirdly, inrecent times, there is evidence that price competition isbeginning to enter the market, with discount tickets on offerat an increasing number of Premiership grounds. Admittedlythese are less apparent at the homes of the top 4 teams buteven there signs are that to attract support to matchesagainst less popular opposition, lower ticket prices are onoffer.To conclude we have conflicting evidence as to the extent towhich Premiership football has become an oligopoly market.
In theory with sporting success any team could rise up theleague and challenge the top 4 clubs. The changingeconomic climate of the present time may even lend itselfmore favourably to such an occurrence. However, the hardevidence would appear to support the view that the marketis increasingly dominated by the top 4 clubs. Only oncesince the 1992/93 season has the league been won by ateam outside the top 4 clubs, indeed since the 2000/2001season only once has a team from outside finished in thetop three places, Newcastle in the 02/03 season. This surelyillustrates the increasing stranglehold this oligopoly hasgained on the market. They have secured financialdominance and won support on the world stage due to thehighly successful marketing of the league. Abnormal profitsare not necessarily in evidence, but that could just be due tothe curious nature of the product and the apparentreluctance of the owners of these clubs to follow theirnatural entrepreneurial instincts when it comes tomaximising profits. In football the top 4 are getting richerand more dominant in terms of success at the game, if notin terms of profitability, due to their reluctance to take cost ofproduction seriously.
a marking scheme answer for a few years ago so i doubt this will come up but as people predicted it, i decided to share!
Original post by Lostrider
I really hope it's on elasticity of demand for labour, that is such a straight forward topic!
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could you please talk me through it? it is literally blagging my head so much and if (when) it comes up tomorrow in some form ima be kicking myself for not understanding it
Original post by SilverHorsey
could you please talk me through it? it is literally blagging my head so much and if (when) it comes up tomorrow in some form ima be kicking myself for not understanding it
elasticitiy of demand for labour, first of all define it which is just sensitivity or responsiveness of the % change in quantity of labour demanded to a % change in wage rate. thats just L1.
next you would wanna give examples of what makes demand for labour elastic or inelastic. if you pay close attention to marking schemes, they say that you must understand what demand for labour actually means and by that they mean that demand for labour is based on the demand for GOOD that they produce. if the goods that they produce isnt worth a lot or doesnt generate enough revenue such as hairdressers, waitresses etc. then the firm cannot afford to give so much money in the form of wages to workers in such professions. therefore the demand is pretty elastic as they can be substituted by other workers. there are far too many waitresses who can do the job so a firm might fire some or rather make them redundant. although this incurs further costs but it's better to do that than work with an employee who is not productive...
the question is why can you hire so many waitresses rather than lets say surgeons? because skills and qualifications required are pretty low and therefore anyone can be one soon enough as opposed to a surgeon which requires extensive skill, high risk and years of training that not everyone can do. therefore surgeons are inelastic. think of inelastic as something you need and no matter what, you will stick to them! so for example, the demand or value of your family would be inelastic! food such as bread is inelastic! you need it otherwise you die.... you need doctors but you dont need a waitress that much for survival.
what are the other factors of elasticity of demand for labour? well of course it is time. with time, you can start a new family and move on. similarly, given further time, education and technology can improve and therefore you will have more and more surgeons in the economy and therefore they will become elastic rather than inelastic so this means time is an important factor. remember the definitions of short run which is the time period where one factor of production usually capital is in fixed supply and long run where you can alter all the factors of production.
the easier it is for you to substitute someone and the lower the skills required, the demand for labour is usally elastic. this also applies for old and the young but you can argue both ways for this. you can say the young tend to be more productive and efficient whereas elderly are less efficient. however, elderly may have higher expertise, knowledge and experience which the young dont. the key is to understand elasticity in basic terms and then you will surprised how you write 20 marks worth on this! hope i helped!
Original post by kamez
elasticitiy of demand for labour, first of all define it which is just sensitivity or responsiveness of the % change in quantity of labour demanded to a % change in wage rate. thats just L1.
next you would wanna give examples of what makes demand for labour elastic or inelastic. if you pay close attention to marking schemes, they say that you must understand what demand for labour actually means and by that they mean that demand for labour is based on the demand for GOOD that they produce. if the goods that they produce isnt worth a lot or doesnt generate enough revenue such as hairdressers, waitresses etc. then the firm cannot afford to give so much money in the form of wages to workers in such professions. therefore the demand is pretty elastic as they can be substituted by other workers. there are far too many waitresses who can do the job so a firm might fire some or rather make them redundant. although this incurs further costs but it's better to do that than work with an employee who is not productive...
the question is why can you hire so many waitresses rather than lets say surgeons? because skills and qualifications required are pretty low and therefore anyone can be one soon enough as opposed to a surgeon which requires extensive skill, high risk and years of training that not everyone can do. therefore surgeons are inelastic. think of inelastic as something you need and no matter what, you will stick to them! so for example, the demand or value of your family would be inelastic! food such as bread is inelastic! you need it otherwise you die.... you need doctors but you dont need a waitress that much for survival.
what are the other factors of elasticity of demand for labour? well of course it is time. with time, you can start a new family and move on. similarly, given further time, education and technology can improve and therefore you will have more and more surgeons in the economy and therefore they will become elastic rather than inelastic so this means time is an important factor. remember the definitions of short run which is the time period where one factor of production usually capital is in fixed supply and long run where you can alter all the factors of production.
the easier it is for you to substitute someone and the lower the skills required, the demand for labour is usally elastic. this also applies for old and the young but you can argue both ways for this. you can say the young tend to be more productive and efficient whereas elderly are less efficient. however, elderly may have higher expertise, knowledge and experience which the young dont. the key is to understand elasticity in basic terms and then you will surprised how you write 20 marks worth on this! hope i helped!
next you would wanna give examples of what makes demand for labour elastic or inelastic. if you pay close attention to marking schemes, they say that you must understand what demand for labour actually means and by that they mean that demand for labour is based on the demand for GOOD that they produce. if the goods that they produce isnt worth a lot or doesnt generate enough revenue such as hairdressers, waitresses etc. then the firm cannot afford to give so much money in the form of wages to workers in such professions. therefore the demand is pretty elastic as they can be substituted by other workers. there are far too many waitresses who can do the job so a firm might fire some or rather make them redundant. although this incurs further costs but it's better to do that than work with an employee who is not productive...
the question is why can you hire so many waitresses rather than lets say surgeons? because skills and qualifications required are pretty low and therefore anyone can be one soon enough as opposed to a surgeon which requires extensive skill, high risk and years of training that not everyone can do. therefore surgeons are inelastic. think of inelastic as something you need and no matter what, you will stick to them! so for example, the demand or value of your family would be inelastic! food such as bread is inelastic! you need it otherwise you die.... you need doctors but you dont need a waitress that much for survival.
what are the other factors of elasticity of demand for labour? well of course it is time. with time, you can start a new family and move on. similarly, given further time, education and technology can improve and therefore you will have more and more surgeons in the economy and therefore they will become elastic rather than inelastic so this means time is an important factor. remember the definitions of short run which is the time period where one factor of production usually capital is in fixed supply and long run where you can alter all the factors of production.
the easier it is for you to substitute someone and the lower the skills required, the demand for labour is usally elastic. this also applies for old and the young but you can argue both ways for this. you can say the young tend to be more productive and efficient whereas elderly are less efficient. however, elderly may have higher expertise, knowledge and experience which the young dont. the key is to understand elasticity in basic terms and then you will surprised how you write 20 marks worth on this! hope i helped!
omg thank you so much! this has helped a ton and more! was what you were speaking of in para 2 a derived demand for labour? also is there a diagram we need for this at all or would we be okay without?
Original post by SilverHorsey
omg thank you so much! this has helped a ton and more! was what you were speaking of in para 2 a derived demand for labour? also is there a diagram we need for this at all or would we be okay without?
yes derived demand for labour means demanding labour based on the goods that they produce or are capable of producing. derived demand itself means demand for one item depending on demand for another item. and you may construct a graph, however, its not necessary. i only construct graphs when it is crucial, such as in the case of an increase in NMW causing unemployment but it being rectified due to an increase in demand or MRP or monopsonist or bilateral monopoly etc. if the question is related to a fall or increase in wage rates considering the elasticity or inelasticity, then you may wanna construct two graphs to show where more unemployment is caused if wages increase, it would be if the demand for labour is elastic
Original post by kamez
yes derived demand for labour means demanding labour based on the goods that they produce or are capable of producing. derived demand itself means demand for one item depending on demand for another item. and you may construct a graph, however, its not necessary. i only construct graphs when it is crucial, such as in the case of an increase in NMW causing unemployment but it being rectified due to an increase in demand or MRP or monopsonist or bilateral monopoly etc. if the question is related to a fall or increase in wage rates considering the elasticity or inelasticity, then you may wanna construct two graphs to show where more unemployment is caused if wages increase, it would be if the demand for labour is elastic
thanks a lot again!#
so just to sum up, the only time id need to draw graphs are for changes in the NMW (then use increase in demand graph/mrp/monopsonist/bilateral monopoly graphs) and then also for wage rate changes (2 graphs: unemployment increase, and elasticity graph)?
if so, think ill start revising now i know what to do
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