[Economics] AS Edexcel Unit1-Discussion

NesQuiK.

Just wondering if anybody else here is going to be sittin unit1 on thursday, and how everybody is finding it?

Reply 1

uk_chip

im doing it :smile:

altho its a retake :frown:

i havent revise much :s-smilie:

just hoping its general knowledge after doing unit 1-4 and a bit of 5 and 6.. although ill need to sharpen up those pesky definitions :s-smilie:

Reply 2

jeevat

doing retake aswell and havent started revising yet. looks really easy, so hopefully common sense will help me get thru it

Reply 3

Ribulose Bisphosphate

unit 1 is easy!!! trust me get as many points as you can...coz A2 is harder!

Reply 4

plopSDCSDC

im doing it...i ent even started revisin yet :P

Reply 5

edward_wells90

Has anyone got any quick revision notes for Unit 1 and/or know a good website for revision (like mathsnet.net for maths) but for economics?

Anyone know where to get past papers from? (Its not on the edexcel website!)

Also, lets just add some notes to this thread to help us revise!

Reply 6

Wish

I'm fine with the multiple choice, just worried about part b. :frown:

Reply 7

Zen90

I'm doing this, although I got geography on monday and physics on wednesday, so I'm concentrating on those for now

Reply 8

NesQuiK.

physics on wednesday too, so will have to do economics revision night before!

Reply 9

stranger101

edward_wells90

Has anyone got any quick revision notes for Unit 1 and/or know a good website for revision (like mathsnet.net for maths) but for economics?

http://www.tutor2u.net/ is a good site for Economics.

I hate revising for Economics, especially all those stupid definitions. Plus I've got an exam on Wednesday so I have to revise for that as well. Oh well!

Reply 10

Zen90

Heres, the definition list our school has given out, its useful if anybody doesnt have a list already:

A Production Possibility Frontier shows the maximum combinations of any two goods that an economy can produce with its given level of resources.

The Opportunity Cost of an action is the value of the next best alternative that is foregone as a result of choosing that action.

A Free Market Economy is a system where resources are privately owned and allocated through the price mechanism.

A Command Economy is a system where the state allocates resources through a planning process.

A Mixed Economy is an economic system where resources are owned by both private individuals and the government and some resources are allocated through the price mechanism, whilst others are allocated through a planning process.

The Demand Curve shows the amount of a good that consumers are willing to buy at various prices.

The Supply Curve shows the amount of a good that producers are willing to sell at various prices.

Price Elasticity of Demand measures the responsiveness of quantity demanded of a good to a change in price. We calculate the price elasticity from the following formula: Price elasticity of demand = % change in quantity demanded / % change in the price

Cross Price Elasticity of Demand measures the responsiveness of the quantity demanded of one good to a change in the price of another good. We calculate the cross price elasticity from the following formula: Cross price elasticity of demand = % change in quantity demanded of good A / % change in the price of good B.

Income Elasticity of Demand measures the responsiveness of quantity demanded of a good to a change in income. We calculate the income elasticity from the following formula: Income elasticity of demand =
% change in quantity demanded / % change income

Price Elasticity of Supply measures the responsiveness of quantity supplied to a change in price. We calculate the price elasticity of supply from the following formula: Price elasticity of supply = % change in the quantity supplied / % change in the price

Consumer Surplus is the difference between the price a consumer is willing to pay for a good and the lower price they actually pay.

Producer Surplus is the difference between the price a producer is willing to supply a good for and the higher price they actually receive.

Comparative advantage exists when a country produces a good or service at a lower opportunity cost than its trading partners.

Absolute advantage exists when a country can produce more of a product per resource unit than another country.

A Positive Economic Statement is an objective statement of fact, which can be proved or disproved, and concerns how the world is.

A Normative Economic Statement is a statement containing a value judgement, which cannot be proved or disproved, and concerns how the world should be.

Reply 11

Zygroth

Woah, thanks! That's saved a lot of time working out which words I need to be able to define :P I haven't started revision yet either, Physics is before Economics :P