Edexcel Economics Unit 4: 20th June 2012
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Original post by stefl14
Well I've basically fully neglected development (load of rubbish if you ask me) and I'm aiming for full UMS. You could probably just do development if you wanted and you'd be fine although there seems to be more of the macro stuff so that's better to learn.
Oh good. I'm not the only one who avoids development.
Why don't people like development? evaluation is so much easier..and it's easier to revise.
Ok well I still haven't sorted my issue with the number of ums marks I need .... Can someone help me please . Unit 1=84 ums. unit 2=73 ums .unit 3=88ums = 245 ums in total so far . An a grade is 320 ums so how many ums marks do I need ? Is it 75/120 as the past two months I've been thinking I need 96/120.... Also what is that in terms of raw mark ? Help please
Original post by Akiraryuu
Oh good. I'm not the only one who avoids development.
I absolutely detest development too!
Original post by Tsunami2011
Why don't people like development? evaluation is so much easier..and it's easier to revise.
Same, but i think its the whole case study thing.
Original post by Tsunami2011
Why don't people like development? evaluation is so much easier..and it's easier to revise.
I think development is kinda like a hit and miss thing. It's either you like it or you don't. Kinda like Jurisprudence actually
Original post by xdancermaryx
can someone please help me... if a essay question were to come up as an example...'examine the likely economic effects of a fall in the value of the sterling' what points and evaluation would people make? if it was a 30 mark question, i know 4 points and 3 evaluation but i'm struggling to expand my analysis and find relevant evaluation. Also do you think the question is likely to ask for effects of a fall or rise in value of currency?...
Firstly, I would explain what it would do the price of imports and exports - imports would become more expensive, exports would become cheaper.
It could shrink the deficit, as less would be imported and more would be exported.
Also, it id dependent on the extent of the decrease in the pound. If it decreased by 0.25%, then there may be a limited impact on the deficit, as consumers would continue to buy imports due to UK consumers having a high MPM. This means that the the level of imports may not change, and the value of imports would have increase, so the deficit could increase.
Increase employment, as output is increasing due to more goods being exported.
Increase economic growth, has the UK would become more competitive as the price of their goods would have fallen, so more goods would be exported, as it is an injection into the economy, AD would increase, so economic growth would increase. Also there would be the multiplier effect.
May not become more competitive if a lot of raw materials are imported. If a lot of raw materials are imported, then the cost of imports would have increase, increasing costs of production, and potentially prices.
Decrease in government revenue, as less imports are bought, so less revenue from tariffs.
However, this is unlikely to be a major issue as the UK is a member of the EU and WTO, so there would be very little trade barriers. This means the impact on government revenue from tariffs would be insignificant. Also, the government receive a rise in government revenue due to the rise in employment, potentially causing a rise in income tax
I hope that makes sense, just quote if you want me to clarify something - I wouldn't be surprised if some of the sentences don't make sense!
Hye can someone please help me,
So for example in a 30 marker question like june 2010 methods of development
And I talked about increased savings ratio(Harrod Domar model)
I then evaluated by pointing out each of the "gaps in harrod domar model"(So basically why one stage would not translate into another) how problems could be fixed and the potential problems of that as well, liklihood of success. So now the evaluation was a page and a bit and like on the markscheme a lot of my points were there and the teacher said my other points made sense
Now my question is that for a 30 marker its"typically 4 points with 3 evaluation" so does all that evaluating count as one point as its evaluation of a single method of development? or as it covered more than 3 evaluation points I could potentially get 2 or 3 of my evaluation points marks from one point
Also mark scheme says typically 4 points with 3 EV so does that mean you could write less points but in detail and get the same amount of marks?
So for example in a 30 marker question like june 2010 methods of development
And I talked about increased savings ratio(Harrod Domar model)
I then evaluated by pointing out each of the "gaps in harrod domar model"(So basically why one stage would not translate into another) how problems could be fixed and the potential problems of that as well, liklihood of success. So now the evaluation was a page and a bit and like on the markscheme a lot of my points were there and the teacher said my other points made sense
Now my question is that for a 30 marker its"typically 4 points with 3 evaluation" so does all that evaluating count as one point as its evaluation of a single method of development? or as it covered more than 3 evaluation points I could potentially get 2 or 3 of my evaluation points marks from one point
Also mark scheme says typically 4 points with 3 EV so does that mean you could write less points but in detail and get the same amount of marks?
Original post by Charlesworth
Firstly, I would explain what it would do the price of imports and exports - imports would become more expensive, exports would become cheaper.
It could shrink the deficit, as less would be imported and more would be exported.
Also, it id dependent on the extent of the decrease in the pound. If it decreased by 0.25%, then there may be a limited impact on the deficit, as consumers would continue to buy imports due to UK consumers having a high MPM. This means that the the level of imports may not change, and the value of imports would have increase, so the deficit could increase.
Increase employment, as output is increasing due to more goods being exported.
Increase economic growth, has the UK would become more competitive as the price of their goods would have fallen, so more goods would be exported, as it is an injection into the economy, AD would increase, so economic growth would increase. Also there would be the multiplier effect.
May not become more competitive if a lot of raw materials are imported. If a lot of raw materials are imported, then the cost of imports would have increase, increasing costs of production, and potentially prices.
Decrease in government revenue, as less imports are bought, so less revenue from tariffs.
However, this is unlikely to be a major issue as the UK is a member of the EU and WTO, so there would be very little trade barriers. This means the impact on government revenue from tariffs would be insignificant. Also, the government receive a rise in government revenue due to the rise in employment, potentially causing a rise in income tax
I hope that makes sense, just quote if you want me to clarify something - I wouldn't be surprised if some of the sentences don't make sense!
It could shrink the deficit, as less would be imported and more would be exported.
Also, it id dependent on the extent of the decrease in the pound. If it decreased by 0.25%, then there may be a limited impact on the deficit, as consumers would continue to buy imports due to UK consumers having a high MPM. This means that the the level of imports may not change, and the value of imports would have increase, so the deficit could increase.
Increase employment, as output is increasing due to more goods being exported.
Increase economic growth, has the UK would become more competitive as the price of their goods would have fallen, so more goods would be exported, as it is an injection into the economy, AD would increase, so economic growth would increase. Also there would be the multiplier effect.
May not become more competitive if a lot of raw materials are imported. If a lot of raw materials are imported, then the cost of imports would have increase, increasing costs of production, and potentially prices.
Decrease in government revenue, as less imports are bought, so less revenue from tariffs.
However, this is unlikely to be a major issue as the UK is a member of the EU and WTO, so there would be very little trade barriers. This means the impact on government revenue from tariffs would be insignificant. Also, the government receive a rise in government revenue due to the rise in employment, potentially causing a rise in income tax
I hope that makes sense, just quote if you want me to clarify something - I wouldn't be surprised if some of the sentences don't make sense!
Hye I am so sorry to butt in but would the J curve(for short run long run effects) and the marshall learner condition count as EV points..
Also for your point on increased employment due to increased exports Im trying to come up with EV but struggling would stuff like
depends on what type of product is exported most( so if its capital intensive reduced effects on employment),
also how exporters might have a wait and see attitude before they employ more people
as well as the fact that our main trading partner europe is suffering major debt crisis so reduced demand so exports may not pick up and so employment might also not pick up,
Also depends on the flexibility of labour
Now would these be valid evaluation points? as sometimes my teacher says my evaluation points are not strong enough so that is why Im always nervous about it..
Original post by stefl14
Ahh too bad. Nah not coming college until exam. Revisions OK but I waste too much time lol.
Anyway now for the question. When you shift an AS curve to the right it is because firms are willing to supply more at a given price level. You could equally say it shifts down because firms are willing to charge less for a given quantity. Both of these factors arise because production is more profitable when AS shifts. However, the elastic portion cannot shift down in most cases as there is a level below which prices will not fall, despite the fact that there is significant spare capacity in a recession. For example the national minimum wage means that even if there was mass immigration leading to an increase in aggregate supply costs for firms (and hence the prices they charge) could not fall below a certain level even if there was mass unemployment and so increased immigration would lead to no increase in output. There are loads of assumptions I'm making here therefore it probably wouldn't shift just right in real circumstances. However the exam board can't possible expect us to be this technical and on most diagrams I've seen it just shifts right so don't worry about it.
Anyway now for the question. When you shift an AS curve to the right it is because firms are willing to supply more at a given price level. You could equally say it shifts down because firms are willing to charge less for a given quantity. Both of these factors arise because production is more profitable when AS shifts. However, the elastic portion cannot shift down in most cases as there is a level below which prices will not fall, despite the fact that there is significant spare capacity in a recession. For example the national minimum wage means that even if there was mass immigration leading to an increase in aggregate supply costs for firms (and hence the prices they charge) could not fall below a certain level even if there was mass unemployment and so increased immigration would lead to no increase in output. There are loads of assumptions I'm making here therefore it probably wouldn't shift just right in real circumstances. However the exam board can't possible expect us to be this technical and on most diagrams I've seen it just shifts right so don't worry about it.
Ahh, makes sense I’m just going to stick with the rightwards shift. Thanks
Could you give me an answer about all the EU stuff people are predicting since you seem to know all the non-development stuff so well? Since I’m starting to worry as I haven’t really been reading much about it, hence my failure at interview. How likely is it to come up? And what will it come up as? Also is there anything quick I need to/can read? I don’t want to know everything on the spec then mess up because of this one thing!
Thanks a lot.
Original post by xdancermaryx
I absolutely detest development too!
Can we avoid it altogether, then I won't bother revising it lol.
http://www.bbc.co.uk/news/uk-16082752
found this article really helpful on the eurozone crisis and the UK economy
found this article really helpful on the eurozone crisis and the UK economy
Original post by Yash13
Can we avoid it altogether, then I won't bother revising it lol.
Just don't revise it. You simply don't need to know it to get full marks!
Original post by sunnybacon
I would separate them out like you prefer, does the mark scheme not have a point for each topic like innovation, investment etc?
The mark scheme for June 2010 3a (Examine the factors which might have caused a decrease in the international competitiveness of the UK's goods and services) lists a decline in productivity as one factor. I guess in a 20 marker you might put it as one point cos you can talk about inflation and exchange rates (for instance) for the other two points. But productivity is such a big factor in it; in a 30 marker I think I'd definitely split it up into what causes low productivity.
Original post by stefl14
Just don't revise it. You simply don't need to know it to get full marks!
Awesome. Cheers. Good luck!
Original post by bhavikrajani
Ahh, makes sense I’m just going to stick with the rightwards shift. Thanks
Could you give me an answer about all the EU stuff people are predicting since you seem to know all the non-development stuff so well? Since I’m starting to worry as I haven’t really been reading much about it, hence my failure at interview. How likely is it to come up? And what will it come up as? Also is there anything quick I need to/can read? I don’t want to know everything on the spec then mess up because of this one thing!
Thanks a lot.
Could you give me an answer about all the EU stuff people are predicting since you seem to know all the non-development stuff so well? Since I’m starting to worry as I haven’t really been reading much about it, hence my failure at interview. How likely is it to come up? And what will it come up as? Also is there anything quick I need to/can read? I don’t want to know everything on the spec then mess up because of this one thing!
Thanks a lot.
Well I've not read much around this area myself but you don't need to be a genius on it it's just good to have some points to expand your analysis. For example:
-The crisis has meant that pound has risen in value against the euro in the previous year. The pound could fall against the US dollar because the UK economy is more exposed to the crisis than the US due to both debts and exports. Despite the recovery of the pound, it is still weak relative to the euro relative to its value prior to the global financial crisis.
- Chinese growth rates have been significantly reduced by the eurozone crisis since the eurozone is its main export market
- If Greece do leave the Euro, banks and other financial institutions that hold Greek government bonds will not get paid back. Imperfect information means that banks do not know the exposure of other banks to Greek debt and so they will not know the size of their losses if Greece leaves the Euro - this will lead to a fall in inter-bank lending and therefore a further freezing of credit. Creditors will not be paid back by private debtors either because Greece will have to adopt a new currency which will fall in value dramatically, meaning the value of debts in euros will increase to levels at which it cannot be repaid so that a large proportion of the debt will be written off. On top of all of this, uncertainty surrounding the euro could mean that lending to governments in other countries would fall, thus making the interest they have to charge on their bonds increase to unsustainable rates. This could lead to the default of many countries and the inevitable breakup of the euro. A breakup of the euro could cause
-Labour markets and wage rates are not flexible enough in the eurozone for countries to cope with assymetric shocks. This means some countries have an overvalued currency (Greece, Portugal, Spain) and some have an undervalued currency - labour markets and labour costs are not flexible so there has been massive unemployment due to the common currency.
- These are just a few points. There is much more but you don't need to know that much for the purpose of this exam tbh.
Original post by usamakhanlodhi
Hye I am so sorry to butt in but would the J curve(for short run long run effects) and the marshall learner condition count as EV points..
Also for your point on increased employment due to increased exports Im trying to come up with EV but struggling would stuff like
depends on what type of product is exported most( so if its capital intensive reduced effects on employment),
also how exporters might have a wait and see attitude before they employ more people
as well as the fact that our main trading partner europe is suffering major debt crisis so reduced demand so exports may not pick up and so employment might also not pick up,
Also depends on the flexibility of labour
Now would these be valid evaluation points? as sometimes my teacher says my evaluation points are not strong enough so that is why Im always nervous about it..
Also for your point on increased employment due to increased exports Im trying to come up with EV but struggling would stuff like
depends on what type of product is exported most( so if its capital intensive reduced effects on employment),
also how exporters might have a wait and see attitude before they employ more people
as well as the fact that our main trading partner europe is suffering major debt crisis so reduced demand so exports may not pick up and so employment might also not pick up,
Also depends on the flexibility of labour
Now would these be valid evaluation points? as sometimes my teacher says my evaluation points are not strong enough so that is why Im always nervous about it..
You can evaluate by saving that their could be unemployment as UK firms tend to import their raw materials which leads to cost push inflation and therefore it could lead to the wage price spiral as uk firms would try to protect profit margins and pass on the increase in costs to consumers. Other than that if you use the J curve and the Marshall learner condition you would get full marks for evaluation. Remember you only need 3 points for you evaluation. Therefore Inflation, J curve and the Marshall Learner will give you full marks.
Original post by XxAmxX
So people think that itd be okay to learn all of these and nothing else...
-Globalisation
-Economic growth
-Global Competitiveness
-Uk finances (Balance of Payments/current account/exchange rates)
-Trade
-Globalisation
-Economic growth
-Global Competitiveness
-Uk finances (Balance of Payments/current account/exchange rates)
-Trade
Yes that is exactly what I am doing except I am also learning taxation, but I am not bothering with development, my teacher said I can leave out development and focus on the rest.
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