[tarek1]

(Original post by clown100)
hope not mate haha just made my notes but ill ask my teacher again on wednesday to clarify this. How were ur unit 1 and 2 results from AS?

I got two A's which was really happy with. But im an external student now, so i've basically learnt everything myself. Im sure that doesn't fill you with much confidence with my explanation, but i'm pretty sure thats right, almost 100% sure. But do check with your teacher, and let me know if it was wrong.

What did you get?

[clown100]

Nope mate its fine last year i didnt have a teacher for 1 year he left 2 months into school and my school didnt hire a new one really so learnt as myself got U last year then this year got an amazing teacher and got 2As, 90 ums plus in both so chuffed. Will check with teacher and get back to you for sure mate!

[tarek1]

Yeah, but I think with economics, sometimes you just need a teacher to talk to about different scenarios, and what if questions. Its different to like maths, where the answer is either right or wrong, in econ you have to be able to argue and challenge different theories and scenarios, which i found difficult a the start.

[clown100]

yeah very true but if u know theory very well and know the structure then usually you will always be fine unless both data responses are very dodgy!

[megan.cl]

(Original post by tarek1)
Im struggling to understand the demand and supply of labour. If someone was well qualified and skilled then why is their supply curve inelastic. And why is demand inelastic. Surely if wage rates were to fall, then supply would be elastic due to the level of skills they have, so they wont accept a low wage rate.

Can someone pleasee explain??!!

I thought this was unit 3? Please dont tell me i have to learn it for Unit 4 aswell!?

[tarek1]

(Original post by megan.cl)
I thought this was unit 3? Please dont tell me i have to learn it for Unit 4 aswell!?

Sorry it is unit 3, i thought this was a A2 mac thread, and didn't realise it was specific to unit 4.

[megan.cl]

(Original post by tarek1)
Sorry it is unit 3, i thought this was a A2 mac thread, and didn't realise it was specific to unit 4.

Aha it's ok, i got worried i'd have to learn all that aswell, as for your question check if your library has the aqa economics text book, ours does and it explains it really well.

[rss.914]

anyone know the consequences of fluctuations in the exchange rate of currency on macroeconomic objectives???

[tarek1]

(Original post by rss.914)
anyone know the consequences of fluctuations in the exchange rate of currency on macroeconomic objectives???

Increases uncertainty for businesses involved with exports. This can reduce growth, and investment and ultimately lead to a fall or slower export growth.

A fall in the exchange rate can cause higher export demand, and lead to demand pull inflation. This can also lead to better employment opportunities in exporting companies.

Rise in the exchange rate = poorer business performance involved with exports and can lead to unemployment.

Stable exchange rate is in itself a Mac objective, so policies used to deal with this may have side effects i.e. interest rates, and the effect this would have on investment.

Evaluation:

- Depends on the time that a currency rises/ falls in value.
- How significant the change is.
- Policies used to deal with it i.e. foreign reserves used to buy or sell.
- Why the fluctuations occurred i.e. Euro falling due to fears with greece debt and leaving the euro.

[rss.914]

(Original post by tarek1)
Increases uncertainty for businesses involved with exports. This can reduce growth, and investment and ultimately lead to a fall or slower export growth.

A fall in the exchange rate can cause higher export demand, and lead to demand pull inflation. This can also lead to better employment opportunities in exporting companies.

Rise in the exchange rate = poorer business performance involved with exports and can lead to unemployment.

Stable exchange rate is in itself a Mac objective, so policies used to deal with this may have side effects i.e. interest rates, and the effect this would have on investment.

Evaluation:

- Depends on the time that a currency rises/ falls in value.
- How significant the change is.
- Policies used to deal with it i.e. foreign reserves used to buy or sell.
- Why the fluctuations occurred i.e. Euro falling due to fears with greece debt and leaving the euro.

thanks.... how does it lead to uncertainty if fluctuations are small

[tarek1]

(Original post by rss.914)
thanks.... how does it lead to uncertainty if fluctuations are small

Well it may not lead to uncertainty if the fluctuations are small, thats why you would evaluate it in that way.

i.e. Fluctuations in the exchange rate may cause uncertainty among businesses involved with international trade, (make sure you analyse the effects on the economy)..... However, this would depend in the extent to which the exchange rate fluctuates. Currencies fluctuate on a daily basis on the foreign exchange markets, due to speculative pressure, therefore, small fluctuations may not lead to a significant change in business and consumer confidence.

[tarek1]

Correct me if anyone thinks i'm wrong

[ninegrandstudent]

(Original post by Seanm1994)
The main thing my teacher stresses is evaluation and how we should have a lot of pre-prepared evaluation instead of trying to come up with it on the spot. Of course for some questions this doesn't apply but for some questions, such as benefits of joining the EU, pre-prepared evaluation can reduce time wasting and is just generally beneficial. Also he says to try and include real-world examples where applicable instead of just relying solely on economics theory/analysis.

I still have a lot left to revise but I am fairly confident. Currently on a high A from AS and really want an A* but who knows. I'm much more confident on some topics than others so I guess it just depends what comes up on the day.

Do you have any examples of this 'pre-prepared' evaluation - I'm not sure exactly what kind of things you mean?

Is there a thread for ECON3?

[megan.cl]

(Original post by ninegrandstudent)
Do you have any examples of this 'pre-prepared' evaluation - I'm not sure exactly what kind of things you mean?

Is there a thread for ECON3?

http://www.thestudentroom.co.uk/show...ight=economics aqa unit 3 aq june

That (if the links worked) should be unit 3

[1L8A7D9]

I think I'm pretty sound on this exam, it's just ECON3 I'm proper struggling with. Like literally know nothing and the exams in 2 weeks. Does anybody know if there is a there is a thread like this one for unit 3? cheers

[tarek1]

(Original post by 1L8A7D9)
I think I'm pretty sound on this exam, it's just ECON3 I'm proper struggling with. Like literally know nothing and the exams in 2 weeks. Does anybody know if there is a there is a thread like this one for unit 3? cheers

Look above at the unit 3 link, I've just posted a long list of questions, that if you know the answers to, you will be sorted for the exam. They cover all the chapters of Unit 3, and cover everything you need to know.

[ilovecatsforlife]

Could anyone put up a list of relevant graphs needed for Unit 4 AQA? - so LRAS/SRAS instead of AS. Let's say 10 key graphs so we don't get too overboard?

[heyama00]

(Original post by ilovecatsforlife)
What topics do you think will come up. And I personally think something either on the euro in the european context or something to do with exchange rates which will enable candidates to share their knowledge of the euro crisis will come up.

But could someone be more specific?

I really want protectionism/budget deficit (PSNCR) to come up. Anyone know the chances? I know it came up a fair bit at the start of the syllabus, but not for the last 3 papers I think? :/ Predictions people?

I would prob say something like policy question about QE to help economic growth or unemployment will come. Section A normally has EU context and World context anyway.

Hows revision anyway guys?

[tarek1]

(Original post by ilovecatsforlife)
Could anyone put up a list of relevant graphs needed for Unit 4 AQA? - so LRAS/SRAS instead of AS. Let's say 10 key graphs so we don't get too overboard?

Lorenz curve.
J-curve and inverse j curve.
Phillips curve and long run phillips curve.
AD/AS curve.
PPB curve.
Economic cycle.
The fiscal stance.
The laffer curve.

Thats about it I think.

[clown100]

(Original post by tarek1)
I got two A's which was really happy with. But im an external student now, so i've basically learnt everything myself. Im sure that doesn't fill you with much confidence with my explanation, but i'm pretty sure thats right, almost 100% sure. But do check with your teacher, and let me know if it was wrong.

What did you get?

Hi mate ur explanation was spot on for trade deflection, where we went wrong is that the producers has to pay the tariff as you must remember from unit 1 that a tax is ALWAYS placed on a producer. For this reason the producer would trade deflect.