OCR F585 June 2015 The Global Economy

Original post by SMB7

Guys, why isn't there any Economics of work and Leisure threads for 2015? I'm finding micro much harder than macro :frown:

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You can make one...^_^

Reply 64

"analyse the effects of international trade"

definition: The exchange of goods and services between countries ie imports and exports.

pros:
}More resources and products
}Standard of living
}Increase competition
}Higher quality goods
}Innovation ideas
}Allocative efficiency
}Economic development
}Economies of scales
}Labour productivity and employability
}Specialisation

cons:
}External costs (transports, time)
}Currency exchange
}Promotes globalisation cons
}Specialisation risks

Sooooooooooo did I do it right? I know it's very simplistic and brief ...

Anything that I missed out???

Reply 65

SMB7

Original post by Makashima

You can make one...^_^

Dunno how to do it on a tablet

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Reply 66

Original post by SMB7

Dunno how to do it on a tablet

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Uhh there's kinda a F853 thread...

http://www.thestudentroom.co.uk/showthread.php?t=3036151

Hmmm may I ask what you;re stuck on in Work and Leisure or you want general discussion towards the paper.

Reply 67

Original post by Makashima

It's Christmas holiday, so I reckon to go back and do some Global economy revision. And I am completely lost and somewhat forgotten a lot of stuff. Immersing into the darkness with full of miserable stress LEL

Anyway one of the specification says:

show an awareness of the recent macroeconomic performance of the UK

How aware are you guys???

Uh I don't know if I am aware or not . I know what most would ie about that 2007/8 global crisis which affected the whole UK. From 1995-2008 a widening trade deficit worth of £92bn. An apparently recovery from 2014? 0.8 growth in the second quarter 2014

lack of knowledge :/ tbh I am not very awareeeeeeeeeee

I read the BBC, weekly Economist magazines which has a weekly section on UK economy (for free from my college's library) and other weird sources.

The problem isn't for me to obtain these raw data, but actually to apply them and obtain the highest possible level/mark.

Reply 68

SMB7

Original post by Makashima

Uhh there's kinda a F853 thread...

http://www.thestudentroom.co.uk/showthread.php?t=3036151

Hmmm may I ask what you;re stuck on in Work and Leisure or you want general discussion towards the paper.

Thanks.
I'd like general discussions as well as theory, because the whole of the module is strange to me😅

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Reply 69

Fade

12

Original post by chocolattelee

Oooh if anyone wanna know, i just found this so yah

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What revision guide is that? Is it tailored to the OCR spec?

Reply 70

raghib12

Just a quick question, if most of the stimulus material is based on trade and globalisation but development and sustainability is hardly mentioned, will I still need to revise it in detail, or know parts of it?

Reply 71

Original post by Fade

What revision guide is that? Is it tailored to the OCR spec?

it's by CGP, not sure the usefulness to what extent but it covers the basic knowledge and stuff etc.
It covers the whole A2 including transport, work and global.
Actually it says it's tailored to all three exam board...

(edited 9 years ago)

Reply 72

Original post by raghib12

Just a quick question, if most of the stimulus material is based on trade and globalisation but development and sustainability is hardly mentioned, will I still need to revise it in detail, or know parts of it?

2013 June mentioned quite?

3a) 20 marker
2a) 4 marker

I prefer dev and sus anywayz

Reply 73

Can we start discussing extracts?

Extract 1 - Britain enters the recovery phase of the economic cycle

Key terms:

From the whole text
i)Economic cycle
ii)National output
iii)Economic recovery
iv)Employment rate
v)Long term unemployment
vi)Potential growth rate (long term economic growth)

David Blanchflower
i)Four components of growth (investment,consumption,net trade or government expenditure) i.e the demand side of the economy
ii)Net business lending
iii)Austerity policy

Liam Halligan
i) Real wages
ii) Real GDP per head (7% below 2007 peak)
iii) Exports
iv) UK's external sector
v) National debt
vii)Exchange rates (depreciation of the sterling vs trading partners)

Any more I missed?

This extract is primarily linked to the argument of long run vs short run economic growth.

(edited 9 years ago)

Reply 74

Original post by Hody421

x.

How and what do you mean by discussing the extract, you picked a lot of main key areas so do you want to discuss in depth about them or just do the same with other extracts?

Reply 75

Original post by Makashima

How and what do you mean by discussing the extract, you picked a lot of main key areas so do you want to discuss in depth about them or just do the same with other extracts?

Yeah, discuss possible/prospective questions.

My teacher has told me to focus on the phrase 'reckless austerity policy' and about whether UK is recovering or not.

Reply 76

Original post by Hody421

Yeah, discuss possible/prospective questions.

My teacher has told me to focus on the phrase 'reckless austerity policy' and about whether UK is recovering or not.

My teacher said nothing about the austerity policy but did question to the extent if UK is actually recovering or not!

How would you answer the Qs if it's recovering or not? Yes in terms or economic growth but defo not in people life, their living standard

Possibly unemployment question?
Near the bullet points, there is a fall in employment rate...This statement is very vagueeee imo. It could link to immigration or people naturally are no willing to work or anything xD

Reply 77

Original post by Makashima

My teacher said nothing about the austerity policy but did question to the extent if UK is actually recovering or not!

How would you answer the Qs if it's recovering or not? Yes in terms or economic growth but defo not in people life, their living standard

Possibly unemployment question?
Near the bullet points, there is a fall in employment rate...This statement is very vagueeee imo. It could link to immigration or people naturally are no willing to work or anything xD

Yes, the 2 bullet points in page 4 could be a 'suggest' question which could be brain draining in the exam hall. The fall in employment rate thing is yeah, immigration I suggest. Seems to suggest a greater proportionate chagce in total labour force than a proportionate change in actual employed people. (which is linked to potential of the economy)

For the question on recovery or not, I recommend wider reading around this e.g Krugman's blog. But just from the extract I can point out:

-Yes, the economy is growing, the 'two quarter rule' of economic growth has been validated
-Yes, the economy is recovering as there is growth in all 4 sectors of the economy, well I'd say service sector is more important to look at.
-Strength of the recovery is again linked to what I said short term vs long term growth. Short term growth is where you have the 'demand side' of the economy growing, long term is where you have the potential output of the economy growing.
-There is a lack of evidence to suggest the 'rebalancing' from demand to supply side of the economy.

Reply 78

Original post by Hody421

Yes, the 2 bullet points in page 4 could be a 'suggest' question which could be brain draining in the exam hall. The fall in employment rate thing is yeah, immigration I suggest. Seems to suggest a greater proportionate chagce in total labour force than a proportionate change in actual employed people. (which is linked to potential of the economy)

For the question on recovery or not, I recommend wider reading around this e.g Krugman's blog. But just from the extract I can point out:

-Yes, the economy is growing, the 'two quarter rule' of economic growth has been validated
-Yes, the economy is recovering as there is growth in all 4 sectors of the economy, well I'd say service sector is more important to look at.
-Strength of the recovery is again linked to what I said short term vs long term growth. Short term growth is where you have the 'demand side' of the economy growing, long term is where you have the potential output of the economy growing.
-There is a lack of evidence to suggest the 'rebalancing' from demand to supply side of the economy.

Ah thank you, definitely will look at the krugman blog, need to do more reading anyway xD

Ahhh I agree with those points! That's likely to be a 10 markers...

Hmm not sure what to add because you pretty much listed the main bits

I suppose when you're referring to the short run growth or long run growth that will affect the extent of UK in a recovery or not is that, perhaps talk glimpse of government action....as they can actually suppress the demand or supply side such as an example is the reckless austerity by Osborne where he failed to balance the budget by 2015/6, it was no where near clear of the deficit!

The increase of the sectors such as those construction and agriculture could mean they're planning and building it but it can also simply fail and never finish in the end? Support reckless austerity policy

Actually austerity policy refers to the government policy right? Making sure I've not understood it incorrectly...

In term of recovery I suppose we are merely just talking economic growth, not the human, life standard D: How saddening...

Reply 79