AQA Economics Unit 4 11th June 2013

Yesssss! It seems a lot of people have done the other one though.. how did you find it?

it that we should write about the benefits from growth of MENA?I wrote export opportunity and labour captial to uk and so on,waht do u think?because someone told me about this question is more about benefits both for uk and MENA,but i only wrrote one side,i am sososo worried!

Can someone who did context 1 check what I wrote :/. Worried I did it wrong

I talked about the standard points. increased growth for uk, potentially better and worse B.O.P, potentially higher and lower inflation, potentially higher and lower unemployment :P

Then linked it all to the text. inward investment into the UK, b.o.p. could get worse if certain uk industries displaced, but uk mostly tertiary so might not have a huge impact. higher inflation through increased AD through export rises and increased investment to uk, but if there is economic growth then firms are more likely to invest in MENA potentially unlocking more resources hence increasing supply and deflationary pressures. but inflation could also rise due to unrest shrinking supply. Talked about how mature economies such as the UK are better off due to stuff like diversity within their natural resource outlets (i.e. they have the north sea oil field so potentially self-sufficient in the future). unemployment likely to fall overall from the higher growth but could have bouts of structural unemployment.

said that there are potential issues, but maybe due to geographical proximity plus the fact that productivity in MENA countries is low, could lead to the effects being limited?

Ye that's sounds alright. I put most of that. Went on to say that an indebted UK consumer and government means internal recovery is unrealistic and that export growth would be highly beneficial. But then said how we do little trade currently with emerging economies so, MENA growth may be insignificant. Also talked about the damage MENA countries via economic growth could do to the environment and the affect on UK consumer welfare this could entail. Then concluded by saying there could be a potential worry if their reliance on oil money falls as a result of their increasing economic power, and thus they are able to charge whatever proce they want for it - holding all the cards in effect.

Didn't mention BOP though...wish I had :/

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Don't be worried about it, I think there were quite a few different ways of approaching it. If you go to the previous page you can see a break down of how I answered it and one of how somebody else answered it differently. Hope this helps!

point 1: exports,increased AD
2:tourism will increase in uk
3:labour capital and resource shift LRAS (migration)
4:FDI in MENA bring revenve improve financial accout
5:globalistion leads to world recovey
and a lot of evulation~~~~is that enough ?i think i did not explain well but evulate a lot~~

point 1: exports,increased AD
2:tourism will increase in uk
3:labour capital and resource shift LRAS (migration)
4:FDI in MENA bring revenve improve financial accout
5:globalistion leads to world recovey
and a lot of evulation~~~~is that enough ?i think i did not explain well but evulate a lot~~

should get you a fair way to level 5

Did you talk about their vast natural resources and how them increasing in economic significance would lead to increased dependency upon the natural resources and thus for example, any unrest could hike oil prices?

This exam was so good compared to Micro! The inflation and interest rate question was amazing and there was no weird context questions on water = good exam

Anyone else get 2.43m in Context 1 for the 5 marker?

Oh God, I couldn't see much there to use if I'm honest. I quoted stuff like UK inflation decreasing, tight fiscal policy, not all EU members were in recession etc. But, maybe its just me lol. It takes me a little longer to notice these things when I read through. You're quicker on your feet.

How do you think it went overall?

I did that too, don't worry though! I think it went okay, need an 80/100 in this one so just got my fingers really crossed! x

Can you tell us briefly what you wrote about

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I did that too, don't worry though! I think it went okay, need an 80/100 in this one so just got my fingers really crossed! x

My whole essay wasn't on leaving the EU, however, I think I mentioned it really quickly in my conclusion that they should keep strong trade links and that they shouldn't think of leaving (just in case the question did mean that, even though I was like 90% it didn't)
Hopefully, that doesn't make the examiner think I was talking about leaving the EU the whole way through O_o

Could of been worse and totally answered the question wrong like I did advantages and disadvantages on UK being part of EU and its affects on economic growth !

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