Econ4 AQA 11th June 2013

has anyone got like a document or is there a website which covers all the topics in one big thing?
like revision notes under each topic which can come up; exchange rates, international trade, etc.

When would you use the phillips curve in an essay? x

You'd use it if the questions asks you to outline any trade offs between macroeconomic objectives or when evaluating high levels of employment/ low levels of inflation

I'm hoping for one of those generic questions on the EU about the potential economic consequences to the UK if certain countries joined/ left the EU. The other section A question can be on unemployment or something like that. The section B questions can be on inflation, supply side policies and exchange rates. It'd be the best paper ever if it questioned these topics and not crap like globalisation (which I still don't know how to define after asking my teacher like 10 times) and the balance of payments..

Your could include to what extent the multiplier or accelerator effect will occur (I use these two concepts in every essay as you can use them whenever there is an increase in AD). For example, if UK consumer have a high income elasticity to import, when their disposable incomes go up, instead of buying UK goods and creating more jobs through the multiplier effect, they will import, resulting in a withdrawal from the circular flow of income.
With the accelerator effect, you could argue that even if there is a rise in AD and it looks like it will be sustained, firm may still not invest in capital if their confidence is low.

Hope this helps, you can use these two examples in pretty much every essay so they are worth learning!

I dont think i would be too keen on a question like that- what would you write for the potential economic consequences to the UK if certain countries joined/left the EU? thanks

This sounds really useful? could you expand on this please as i don't completely understand? thanks very much

Are you familiar with the Multiplier effect? It is basically when AD increases, more workers are needed so that they can produce the extra output so that demand meets supply. Thus these newly employed worker have a higher disposable income, which they may spend, increasing AD further, and the cycle begins again. However, employment only rises if consumers spend their money on UK goods. UK consumers tend to import a lot, so the multiplier effect may only be slight as we spend our disposable income on imports. Spending on imports is considered a withdrawal from the circular flow of income i.e. money goes OUT of the UK. The likelihood of a consumer to import rather than spend on domestic products can either be called 'propensity to import' or 'Income elasticity of demand for imports' - i.e when incomes rise, importing rises even more.

Is this more clear?

what are the pros and cons of UK leaving EU

I'm sorry to say that if you don't already know the basic pros and cons, and haven't checked the thread to see that someone posted a document outlining them, then starting your revision now is hardly going to be of any benefit.

Pros -
Improvement to labour Flexibility
Removes common external tariff making goods cheaper (less imported inflation)
More incentive to become competitive and still trade with EU
More control over fiscal policy/ability to employ protectionist polices to some extent (Still illegal under WTO rule)
More attractive to TNCs = more FDI because it's cheaper, especially firms like TATA in India
Better trade links with rest of world

Cons -
Balance of Payments may suffer because CET keeps out cheap imports from asian economies so without it we may not do as well, but we could implement our own policies of protection, but this could breed retaliation (the banana wars is a good example)
May lead to exploitation by TNCs
Loss of some firms from EU countries based in the UK as it becomes too expensive for them to produce here

fml I regret choosing context 2

fml I regret choosing context 2