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F582 - OCR 18th January 2012

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Income redistribution... is used to try make the gap between the poor and the rich smaller... it is an important objective that governments try to correct and currently the coalition government is doing completely the opposite due to our austerity measures... they are taxing a lot and spending less therefore the rich get richer and the poor get poorer. so when economic growth occurs, the benefits of it is not equally shared out which is why income redistribution is very important.

Reply 81

Christie_

How to say income redistribution?

Economic stability? Are you sure, i think its in Unit4

Reply 82

94george94

Original post by uxa595

Candidates should be able to:

define:
– economic growth,
– unemployment,
– inflation,
– the balance of payments,

– income redistribution,
– economic stability;

Any ideas?

Economic stability - Stable GDP growth, low inflation and low unemployment.
Income redistribution - Redistribution of total income between households?

Reply 83

uxa595

Original post by Christie_

How to say income redistribution?

Economic stability? Are you sure, i think its in Unit4

Look at the spec. Says candidates should be able to define that stuff. :/

Reply 84

Christie_

So how about income redistribution?

Reply 85

pandapoo_x

Original post by uxa595

Look at the spec. Says candidates should be able to define that stuff. :/

Well you definitely need to know Governments Objectives
Steady economic growth
Low unemployment
Satisfactory balance of payments
Low and stable inflation
and no trade deficits

All of the factors above contribute to economic stability which is why the government aims to achieve their objectives

Reply 86

Azza919

Original post by Christie_

How to say income redistribution?

Economic stability? Are you sure, i think its in Unit4

Economic stability is to do with the lack of fluctuations, the big periods of boom and bust. :smile:

it's in the textbook

Reply 87

uxa595

Original post by 94george94

Economic stability - Stable GDP growth, low inflation and low unemployment.
Income redistribution - Redistribution of total income between households?

I would have said:
Keeping real growth as close to trend growth as possible
And the same as you.

It's just i wanted a book definition for those 2 but there isn't one.

Reply 88

clareeyy

I'm resitting this exam, can anyone tell me what is likely to come up as i haven't actually been re-taught it by my teacher because i'm doing A2

Reply 89

Theturnbull9

Hi guys,

I'm doing the OCR unit 2 resit tomorrow as well! So first and foremost good luck to everyone taking it!.

I have narrowed down the last question (18 marker) to what I think it will be on..

Any of the government policies - Fiscal, Monetary and Supply-side (Supply-side being the one I think will come up the most).

Balance of payments? Maybe..

Cost push inflation - I remember demand pull inflation came up in Jan 2011.. But cost push hasn't come up yet.. Another biggy..

I think it will be something like this (I will be totally wrong).. How do supply-side policies reduce inflation? (18 marks)..

Anyway, lets see what happens.. Again I wish everyone luck!

Oli

Reply 90

GOLFWANG

How did everyone find it?

I wasn't expecting inflation as the topic for the last question, but i thing i did ok...

Reply 91

Ysobella

I thought is was harder than last year. What benefits did you put for inflation? And what diagrams did you use? The output question I ended up just guessing numbers until Igot it right. I think I got $5130bn.

Reply 92

uxa595

All good except for the why does targettong inflation lower inflation?

Reply 93

94george94

Thought it was exam was OK.

But WTF how does setting an inflation target effect inflation rate?

Reply 94

94george94

Original post by Ysobella

What is your logic?

Reply 95

Ysobella

Original post by uxa595

All good except for the why does targettong inflation lower inflation?

I put it gives government something to work towards. Don't think that's right though.

Reply 96

Ysobella

Original post by 94george94

What is your logic?

Were we supposed to get a number? I really didn't have a clue but Brazil had 40% of total gdp so 5130 divided by 100 x 40 made the number Brazil had.

Reply 97

uxa595

Original post by Ysobella

I put it gives government something to work towards. Don't think that's right though.

I put that plus potential neg multiplier futher lowering inf

Reply 98

Jtn Star

How about the three definitions? Aggregate supply is pretty straight-forward. I defined economic stability as the real GDP of an economy does not fluctuate over a period of time. For expansionary monetary policy, I defined it as a policy designed to increase aggregate demand by lowering the exchange rate, increasing the money suppy and lowering the rate of interest. This definition is worth three marks, so I expect quite an explicit definition.

Reply 99

fiona23

Original post by uxa595

I put that plus potential neg multiplier futher lowering inf

In the book, it says how if people believe that the MPC has the ability to achieve the inflation target, then it makes people act in a way that does not result in inflation to increase further.

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F582 - OCR 18th January 2012

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