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AQA Economics Unit 4 11th June 2013

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Reply 120

ineedtorevise127

what does it mean to rebalance the economy?

Reply 121

Economics247

Hi guys thought this is really good rebalancing the economy http://www.cbi.org.uk/media/1231301/cbi_rebalancing_the_economy_report_301211.pdf

Reply 122

Ecomax

Original post by qr95

Do you have revision notes?

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Well have done the same thing as i did for econ 3, all the past questions in one file
Also have a generic plan for 25 mark, exam tips from my econ teacher and i've taken all the notes off revisionguru and broke them down a bit

Reply 123

Homeboy Hotel

Original post by ineedtorevise127

what does it mean to rebalance the economy?

Move an economy away from debt fuelled consumption and imports, and move the economy to be more dynamic by exporting high value added products/improving labour market participation/capital investment etc

Reply 124

havana-affair

Anyone got any good notes on globalisation/free trade?
Are the arguments for globalisation the same as the arguments for free trade? i see a LOT of overlaps
It just seems like i'm remembering bullet points at this rate..

(edited 10 years ago)

Reply 125

SimpleTom

Original post by kelbel1

hahaha, that's very nice of you if you're talking about me! :biggrin:

but I don't understand why!

Because you are helping people with their economic questions!

However please stop of the grade boundaries will be too high! :P

I saw your grade, they are obscene! I need three A's unfortunately to get into UNI, our school did a 2 year course so I have done both AS' this May so have no idea how I have done - I think I may have got around 165 UMS overall for Unit 1+2 because I messed up the MC! Unit 3 was quite hard, may have scraped an A for that so I need a solid A for this!

Why negs, its called sarcasm?

Any tips for revising from scratch today? Our teachers are useless so I have pretty much had to teach myself in the days before the exam, however whats the best best way that really works for you in Unit4?

:smile:

(edited 10 years ago)

Reply 126

gasgang

Original post by Kieran?

Topics (somewhat) likely to come up according to my teacher:

Evaluation of Role of City (financial sector) or should we rebalance economy towards manufacturing?

is this on the specification?

Reply 127

qr95

On this paper what topic areas are definitely coming up like in econ3 in was: Labour markets, theory of a firm, and a government intervention one.

Reply 128

qr95

On this paper what topic areas are definitely coming up like in econ3 in was: Labour markets, theory of a firm, and a government intervention one. Also I have not been taught anything about rebalancing the economy :frown:

Reply 129

ineedtorevise127

what are some good evaluation points to use to reach the highest possible marks?

Reply 130

Kieran?

Original post by gasgang

is this on the specification?

Somewhat. "An understanding of the importance of the City of London to the trade in financial services should be conveyed to students." is under the Balance of Payments section. Even if it doesn't come up explicitly it's still good to know as a source of evaluation.

Here's some notes on the role of the City and some pros and cons of it (the cons can be used for arguments in favour of rebalancing if that comes up in some form or another)

The main idea of rebalancing the economy is that we should move away from a consumption led culture and focus more on saving which will then finance future investment. The argument is that focusing too much on consumption can be detrimental during times of economic downturn (that's the reason why we're suffering in recession whilst Germany is soaring ahead - Germany save and invest a lot.) Not only that but some argue that we need to move away from the financial sector towards manufacturing which will boost employment and increase exports

(edited 10 years ago)

'the City'.docx186.9KB

Reply 131

bestfriends33

Hi,
Could someone please explain quantitative easing to me... I know this occurs when they want to increase the money supply. But why does the bank of England do this by spending on buying government bonds? How does this help? Does this mean the bank is giving money to the government to spend? Thanks!

(edited 10 years ago)

Reply 132

lidiya

Hey guys!

Just did this plan on Q.3 JAN11... what do you think??

Using the data and your economic knowledge assess the consequences for the UK economy of China’s continued economic growth during a global recession.

Definition: economic growth (the rise in the productive potential of an economy shifting the LRAS to the right). Global recession is the slowdown in the economic activity for more than 2 successive quarters experiences by the whole world.

China is one of the fastest growing economies in the world recently experiencing 9.9% of economic growth. This can therefore lead to a lot of advantages for the UK and the rest of the world.

As pointed out in the extract we can see that China has a potential to invest heavily in other countries so as the UK known as (FDI) allowing the development of a low unemployment rates and potentially pursuing the need for a long-term economic growth in the UK. (Diagram LRAS shifting to the right).This will therefore lead to a rise in the demand for the UK currency therefore leading to appreciation and a potential danger of a loss of competitive advantage over our exports as they now become more expensive leading to a potential deficit on the current account. This in fact will reduce our export-led multiplier and will lead to a fall in potential economic growth. Having said this the fact that China are thinking about protectionist policies (tariffs, quotas) (Diagram) will worsen our current account position and will lead to more deficit. Short run vs Long-run here as the J-curve states that in the short term everything will be fine but in the long-term the UK economy will suffer.

Inflation will worsen too as the raw materials in China will rise in price leading to cost-push inflation leading to higher cost of our exports and so on.
Overall: it depends on the extent to which the UK is willing to welcome FDI, In the short term China will aid the whole world and the UK because of the trade, IMF aid, but in the long term the protectionist policies, deficits on current account, and the inflation from the raw materials from China may not lead to very beneficial outcomes.

Reply 133

kelbel1

Original post by SimpleTom

Because you are helping people with their economic questions!

However please stop of the grade boundaries will be too high! :P

I saw your grade, they are obscene! I need three A's unfortunately to get into UNI, our school did a 2 year course so I have done both AS' this May so have no idea how I have done - I think I may have got around 165 UMS overall for Unit 1+2 because I messed up the MC! Unit 3 was quite hard, may have scraped an A for that so I need a solid A for this!

Any tips for revising from scratch today? Our teachers are useless so I have pretty much had to teach myself in the days before the exam, however whats the best best way that really works for you in Unit4?

:smile:

Haha, thanks! It helps me to answer questions, and clarifies my understanding, so it do it a lot for my own benefit aswell! Wow, your school sounds hardcore, I've got my fingers crossed for you! My revision today is going over what people on this thread have discussed they think will come up, and going over past paper questions planning them and checking on the mark schemes. It's proven practice papers are one of the best ways to revise, so don't keep going over and over and over and over content, you need to start exam practice this close to the exam. I would absolutely recommend past papers, if you have no idea what to write, a quick look at your notes should refresh your memory on that chapter. Have a quick read over the chapter, write some revision cards and then have another look at the question - guarantee you will have something to write now :smile:

Reply 134

kelbel1

Original post by ineedtorevise127

what are some good evaluation points to use to reach the highest possible marks?

See my earlier post on this and conversation with another member, hope it helps :smile:

Reply 135

charlie7wright

Original post by kelbel1

Haha, thanks! It helps me to answer questions, and clarifies my understanding, so it do it a lot for my own benefit aswell!

This is the exact reason I help people too haha. If I'm explaining something to somebody I need to be 100% sure in my understanding so I can explain it well so it's quite helpful for my revision. :tongue:

So if anybody has anything they aren't 100% confident on I will do my best to help if you need it :smile:

Reply 136

qr95

Has anyone got any revision notes iv literally got none I can use tutor2u but it's going to take ages there's too much detail

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Reply 137

Awilson94

what is the best way to revise? Would you say its just by doing past papers?

Reply 138

charlie7wright

Original post by qr95

Has anyone got any revision notes iv literally got none I can use tutor2u but it's going to take ages there's too much detail

Posted from TSR Mobile

Do you not have textbooks, class notes and past papers?

Reply 139

charlie7wright

Original post by Awilson94

what is the best way to revise? Would you say its just by doing past papers?

I would say go through the specification and find what you are least confident on, revise it thoroughly and then attempt a question on it either with or without notes. Either way after that it should be engrained into your memory :tongue:

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AQA Economics Unit 4 11th June 2013

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