OFFICIAL OCR ECONOMICS F582 21st MAY 2014 THREAD**

Can someone please tell me the difference between net exports and current account?

I've literally had all my exams last week so I've only had today to learn everything for the exam tomorrow and I think I've covered the basics, but does anyone have any revision resources they could send me because I'm worried I haven't gone over everything!!!

Reply 142

Brave reader

1

Original post by tomixox

Yeah it is verrrrrrrrrry wrong haha!

I am pretty sure he is right. a budget deficit arises when government spending exceeds tax revenue!.

Reply 143

guyb121

5

Original post by BOYBETERKNOW

Can someone please tell me the difference between net exports and current account?

Net Exports: Exports - Imports (Trade in Goods & Services)

Current Account: Trade in Goods (Net Exports); Trade in Services; Current Transfers and Current Income

Reply 144

dayals

Original post by studentwiz

How would you work out this one

ImageUploadedByStudent Room1400616563.769762.jpg

ImageUploadedByStudent Room1400616572.879142.jpg

Posted from TSR Mobile

It says that Dubai wants to double its workforce to 1.7m by 2015. This means that the current workforce is 1.7/2 = 0.85m. Now it tells you that the population size is 1.6m so its 0.85/1.6 x 100 = 53% :smile:

Reply 145

brenkongroup

1

Original post by Brave reader

I am pretty sure he is right. a budget deficit arises when government spending exceeds tax revenue!.

Budget deficit - Government Spending is more than taxation revenue

Trade Deficit - More imports than exports

Current Account deficit - More money is leaving the economy than entering it.

Reply 146

wolalala

how do you calculate gdp please?

Reply 147

Hitoeveryone

Original post by wolalala

what points would you include for that question ?

and ohh how comes those countries?

you can talk about few things like:

•

Increase education and training>increase productivity> reduces cost of production> reduces firms prices> Price competitive> demand for exports will increase. Evaluation could be time lag, no guarantee it will increase productivity, opportunity cost,

•

Privatisation and deregulation> Enables firms to be more efficient and cut costs in order to make more profits> reduces cost of P> Price competitive> increase exports.

•

Reduce exchange rates through low interest rates > makes exports cheaper and imports expensive> increases demand for exports> better trade balance. Evaluation:Depends on PED of X and M, may increase consumer expenditure some of which may be on imports

Japan has been on news a lot recently and they have lots of problems regarding BoP and unemployment, ageing population so on, so i guess the examiners have a wider range of questions to choose from if they go with Japan.

As for India it's a growing economy with high export lead growth, income is not distributed evenly, high poverty. So again another guess.

We'll see tomorrow :smile:

Reply 148

fluctuationsman

Original post by Hitoeveryone

I'm predicting BoP or Unemployment to come up this year. They might say something like 'discuss how supply side policies can improve an economy's trade balance' just guessing like i did for unit 1 which turned out to be exactly like i predicted :tongue:

For the case study i think they might use Japan or India :/

this is exactly what my teacher predicted and she's the chief examiner for F582 haha

Reply 149

RazorBlade3000

1

Original post by maisiemorris

I've literally had all my exams last week so I've only had today to learn everything for the exam tomorrow and I think I've covered the basics, but does anyone have any revision resources they could send me because I'm worried I haven't gone over everything!!!

Go tutor2u or econplusdal on utube :smile:

Reply 150

lionelmessi19

3

What could the 18 marker be on?
Like for Micro, we were pretty sure it would be on market failure.. So what could it be for macro?
Good luck everyone! :smile:

Reply 151

studentwiz

3

what are some of the key definitions to learn for this unit?

Reply 152

Brave reader

1

Original post by brenkongroup

Budget deficit - Government Spending is more than taxation revenue

Trade Deficit - More imports than exports

Current Account deficit - More money is leaving the economy than entering it.

true. so i was right about budget deficit.

Reply 153

maisiemorris

Original post by RazorBlade3000

Go tutor2u or econplusdal on utube :smile:

Thank you econplusdal is really helping for last minute revision!

Reply 154

mohknows

What do you need to know on cpi and rpi?
What questions are likely to on up on this?

Reply 155

brenkongroup

1

Original post by Brave reader

true. so i was right about budget deficit.

Yes sir you were - A's all round i say :biggrin:

Reply 156

RazorBlade3000

1

Original post by mohknows

What do you need to know on cpi and rpi?
What questions are likely to on up on this?

It it won't ask you directly about CPI and rpi, never seen it in a past paper.

Reply 157

chelseafan

21

Retaking. Got a B last time, hoping for an A at least.

Reply 158

wolalala

Original post by Hitoeveryone

you can talk about few things like:

•

Increase education and training>increase productivity> reduces cost of production> reduces firms prices> Price competitive> demand for exports will increase. Evaluation could be time lag, no guarantee it will increase productivity, opportunity cost,

•

Privatisation and deregulation> Enables firms to be more efficient and cut costs in order to make more profits> reduces cost of P> Price competitive> increase exports.

•

Reduce exchange rates through low interest rates > makes exports cheaper and imports expensive> increases demand for exports> better trade balance. Evaluation:Depends on PED of X and M, may increase consumer expenditure some of which may be on imports

Japan has been on news a lot recently and they have lots of problems regarding BoP and unemployment, ageing population so on, so i guess the examiners have a wider range of questions to choose from if they go with Japan.

As for India it's a growing economy with high export lead growth, income is not distributed evenly, high poverty. So again another guess.

We'll see tomorrow :smile:

ohh I see, okay, thank you!! :smile:

Reply 159

RazorBlade3000

1

Original post by studentwiz

what are some of the key definitions to learn for this unit?