OCR F585 June 2015 The Global Economy

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Identify and explain factors that are likely to contribute to a sustainable economic recovery.

Sustainable economic growth refers that the increase in real GDP of an economy will not affect the future generation ability to meet their own needs. Labour is one of the component of factor of production, an increase in productivity due to more training or better education etc means more output per worker hence a higher MRP per worker and a lower unit labour cost. This can increase the output produced ie GDP due to an increase in aggregate supply which is a long term economic growth, this is sustainable as it increase the potential ability to produce goods of an economy.

Hmmm am I on the right line or nah? :s-smilie:

I suppose you should mention things that do with AS as AD can fluctuate easilyyyyyyyyyy

Reply 181

PurpleMash

It's easy to predict that the essay question will be on the last sentence in the introduction about globalisation. Can anyone give additional ideas as to what the question might really be? Do you guys think it will only ask about 'developing economies' (as stated in the intro) or both developed and developing in general?

Thanks guys!

(edited 9 years ago)

Reply 182

clara16

Does anyone have some practice essay questions? 10 or 20 markers.

Reply 183

Makashima

Extract 3

A big feeling that trade creation/diversion will take placeeeeeeeeee

um....what do you think

Reply 184

Nchomuzinda

If England's cost of producing product X further increases above producing the next best alternative product Y, and it is greater than Americas cost of producing product X compared to product Y. The opportunity cost of not producing Y (the next best alternative) for England increases. Therefore as England's opportunity cost has increased relative to America, England has a decreased comparative advantage. I think?

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Reply 185

Nchomuzinda

I recommend everyone gets the APT booklet it's really thorough and suggests possible questions and the content you should know to answer them

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Reply 186

Makashima

I've seen tutor2u one in form of PowerPoint. Oh gosh 200+ slides. It was very informative maybe too much that it makes me sleepy...so I prefer APT just read and read

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Reply 187

_Fergo

Original post by Makashima

I've seen tutor2u one in form of PowerPoint. Oh gosh 200+ slides. It was very informative maybe too much that it makes me sleepy...so I prefer APT just read and read

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I'm not even going to bother with tutor2u. So much unnecessary detail presented rather badly. APT is definitely better!

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Reply 188

A1teacher

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Stop breaching copyright !

Reply 189

studentwiz

How is everyone revising for this exam?

Reply 190

Makashima

Original post by studentwiz

How is everyone revising for this exam?

meh not a lot because our class still doing work and leisure up to easter, but the teacher said we will go back over everything thoroughly after easter till the exam so like having 2 weeks+?

Reply 191

PurpleMash

Actually, I don't think it's worth having the tutor2u toolkit - it will increase stress, and a lot of my friends received A* and A grades without even having the tutor2u kit.

Reply 192

lam12

Original post by PurpleMash

Actually, I don't think it's worth having the tutor2u toolkit - it will increase stress, and a lot of my friends received A* and A grades without even having the tutor2u kit.

Did they just use the APT toolkit?

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Reply 193

PurpleMash

Original post by studentwiz

How is everyone revising for this exam?

Class notes, OCR Economics textbook (which goes through every bullet point in the OCR specification for the exam) and definitely the APT.
Make sure you learn definitions for economics terms that you see in the stimulus material, including the introduction.

Reply 194

Brave reader

Original post by PurpleMash

can you please send me the apt toolkit please.many thanks.

Reply 195

PurpleMash

Original post by lam12

Did they just use the APT toolkit?

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Yeah they only ever used class notes, the OCR Economics textbook and the APT.

Reply 196

PurpleMash

What does it mean when it says 'EU intra-regional trade accounted for 71% of exports of EU member states in 2011' in Extract 3 of the stimulus material?
Anyone? :confused:

Reply 197

CambEcon2015

Original post by PurpleMash

What does it mean when it says 'EU intra-regional trade accounted for 71% of exports of EU member states in 2011' in Extract 3 of the stimulus material?
Anyone? :confused:

Pretty sure it means 71% of eu exports went to other eu countries 😊

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Reply 198

PurpleMash

Original post by NinjaPandaa

Pretty sure it means 71% of eu exports went to other eu countries ��

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Yeah that makes sense now, thanks a lot! :biggrin:

Reply 199

ollieui

My teacher is 99% sure the question will be "Discuss the extent to which globalisation will benefit developing economies"

What do you guys think about that?

Also I'm finding it really hard to revise for economics, I just feel there's so much content and I'm not sure what I'm actually supposed to know, which makes it hard to go through the text book and make notes. Also my handwriting is terrible which makes notes unappealing and hard to revise from.. any suggestions?