Edexcel Economics Unit 4 Global Economy Discussion Thread (10.June.2014)

Eurozone won't come up if you ask me. They try to maintain some element of recent news in the exam. The question now is about leaving the EU rather than about joining the Eurozone so that's far more likely I would imagine.

can u explain me how inheritence will cause inequality?? and a evaluation for it???

Do we need to make a case study about a specific undder developed country to mention
or will that be given in the exam ? Also do we need to know about smal details such as the marginal tax rate
in the Uk for example

Thank you .Could anyone post relevant case studies that they are going to use?

How the **** do you revise for this? I've just been using some the revision guide as well as trying to revise essays. But the first section seems hard since they could ask lots of things about current affairs :\. What's everyone elses method?

I don't know what this has to do with the original post but sure

I would say Imagine two people with equal productivity doing the same job and earning the same amount of money. But one of them has inherited a house so they have more wealth. As we know wealth can generate income. So this person can then rent out the house and has an extra source of income compared to his colleague. As a result the income gap between rich and poor increases. And then if I have time I might go on to say income generates more wealth when stored so it creates a vicious cycle but I usually don't have time

And then for evaluation I would say that estates worth more than 300,000 pounds are taxed at 40% (If I remember correctly). So the impact won't be as significant as initially thought. Also the tax can be used to pay benefits to the poor reducing the income gap

Hi

Can someone please help me with what the effects of trading blocs are on the global economy ? I don't understand this topic well and any help especially evaluations would be helpful.

thanks

Free trade between the country increases
Economics integration
Specialisation - Avantage of comparative and absolute advantage
Trade creation
FDIs Increases
Movement of capital and labour between countries as well sharing of technology and knowledge between countries' increases
Evaluation:
trade diversion: Countries outside of trading blocs are avoided from Exporting their products to member countries
Trade distortion
Retaliation by other countries' would lead to reduce trade between countries

How long should I write for the 15mark in the data response? I tend to write it in detail, which makes it look like a 20mark answer and it definitely cost me time. help needed thx!!!


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If you're short on time give two points in detail and two evaluation points in detail. Approach it as a mini essay. And remember that unless the question specifically asks you too refer to the extract you can use examples from your own knowledge for application marks. Also, remember that if you are very short for time you will get a few knowledge marks for giving short bullet points

My teacher made us give presentations comparing a less developed african country to the uk three times. I chose Cameroon, what's really important is that you can compare it to a more advanced country, preferably numerically.