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**********OFFICIAL OCR ECONOMICS F582 21st MAY 2014 THREAD************ Watch

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    Wasn't last years 18 marker on exchange rates? That's got aspects of net exports so they may do something different like unemployment?? That hasn't come up for ages.


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    Hey guys, I'm a bit confused with the mark scheme for the 18 marker, and would really appreciate it if anyone could clarify for me please.

    I understand in order to get full 18 markers you need to:
    L1- define/introduction
    L2- application and knowledge
    L3-analysis/graph
    L4- Evaluate/ judgement

    but isn't level 2 and 3 the same? because cant you do the application through your graph?
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    aiming for 90+ums for this topic what are some key tips
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    (Original post by wolalala)
    Hey guys, I'm a bit confused with the mark scheme for the 18 marker, and would really appreciate it if anyone could clarify for me please.

    I understand in order to get full 18 markers you need to:
    L1- define/introduction
    L2- application and knowledge
    L3-analysis/graph
    L4- Evaluate/ judgement

    but isn't level 2 and 3 the same? because cant you do the application through your graph?
    L2 is yr ability to apply the knowledge to the case study (application)


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    (Original post by May-o2q)
    L2 is yr ability to apply the knowledge to the case study (application)


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    ohh I never knew that! aha thank you, so regardless there is always a link between the 18 marker and the case study?
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    Hey guys, I need someone's help please?

    for the question explain two other causes of an increase in consumer expenditure (6)

    how can I get full 6 marks, as each point is worth 3.

    1. High consumer confidence
    if consumer confidence is high, they will be encouraged to spend more, therefore save less.

    2.fall in interest rates
    if there is a fall in interest rates, this will reduce the cost of borrowing and increase spending as the opportunity cost to borrow is less.
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    (Original post by wolalala)
    Hey guys, I need someone's help please?

    for the question explain two other causes of an increase in consumer expenditure (6)

    how can I get full 6 marks, as each point is worth 3.

    1. High consumer confidence
    if consumer confidence is high, they will be encouraged to spend more, therefore save less.

    2.fall in interest rates
    if there is a fall in interest rates, this will reduce the cost of borrowing and increase spending as the opportunity cost to borrow is less.
    After your point 1 i would end it with 'resulting in them having a higher average propensity to consume.'

    i would also add after your second point that 'if interest rates were to fall, and people left their savings in bank accounts, then they would see a fall in the value of their savings due to inflation, and therefore this may encourage them to take out their savings and spend it somewhere which would bring in a higher income.'
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    I think the micro paper was really simple. However they may decide to make the macro paper harder in order to discriminate people.

    Also guys do you know the difference between type 1 and type 2 essay 18 markers?

    Thanks

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    (Original post by AsianBeauty)
    Do we need to know about Austerity ??
    You don't need to, but if a question came up about uk macro economic performance, it wouldn't be a bad thing to apply it as a possible evaluative point or to access level 2 easily.
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    (Original post by CharlieR)
    After your point 1 i would end it with 'resulting in them having a higher average propensity to consume.'

    i would also add after your second point that 'if interest rates were to fall, and people left their savings in bank accounts, then they would see a fall in the value of their savings due to inflation, and therefore this may encourage them to take out their savings and spend it somewhere which would bring in a higher income.'
    ohh I see, that makes it sound so much better, thank you!
    and thank you so much for replying btw
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    sounds blatantly obvious but what's better, a strong currency or a weak currency? and why?
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    (Original post by fredhovis)
    sounds blatantly obvious but what's better, a strong currency or a weak currency? and why?
    Hi, a weak currency would benefit an economy more, as our goods will be cheaper to foreigners and more price competitive thus X (exports) increase, simultaneously a weak exchange rate means our currency can buy less, so M (imports) reduce. So X > M, results in a trade surplus in net exports which is a component of aggregate demand, shifting it to the right, consequently economic growth occurs, I hope that helps Good way to remember it is:

    SPICED:

    S = Strong
    P = Pound
    I = Imports
    C = Cheaper
    E = Exports
    D = Dearer (expensive)
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    (Original post by justfly)
    Hi, a weak currency would benefit an economy more, as our goods will be cheaper to foreigners and more price competitive thus X (exports) increase, simultaneously a weak exchange rate means our currency can buy less, so M (imports) reduce. So X > M, results in a trade surplus in net exports which is a component of aggregate demand, shifting it to the right, consequently economic growth occurs, I hope that helps Good way to remember it is:

    SPICED:

    S = Strong
    P = Pound
    I = Imports
    C = Cheaper
    E = Exports
    D = Dearer (expensive)

    You could also comment that a weak currency can stimulate demand pull inflation, which can be harmful to the economy if the economy is operating close to full employment. In this situation, a strong currency would be more desirable..
    Hope that helps!
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    (Original post by justfly)
    Hi, a weak currency would benefit an economy more, as our goods will be cheaper to foreigners and more price competitive thus X (exports) increase, simultaneously a weak exchange rate means our currency can buy less, so M (imports) reduce. So X > M, results in a trade surplus in net exports which is a component of aggregate demand, shifting it to the right, consequently economic growth occurs, I hope that helps Good way to remember it is:

    SPICED:

    S = Strong
    P = Pound
    I = Imports
    C = Cheaper
    E = Exports
    D = Dearer (expensive)

    Brilliant, that helped so much. I'm guessing you watch EconPlusDal too? Great Videos, was just stuck on this one concept. Thanks!
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    (Original post by fredhovis)
    Brilliant, that helped so much. I'm guessing you watch EconPlusDal too? Great Videos, was just stuck on this one concept. Thanks!
    Np
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    (Original post by fredhovis)
    sounds blatantly obvious but what's better, a strong currency or a weak currency? and why?
    Yeah, SPICED like the person above me.

    Also strong currency means that firms can relocate elsewhere where they can pay wages 'cheaper'. This means jobs lost, tax revenue gone etc.
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    Is it me, or is this examination more open, I mean for the 18 marker, as long as you understand all the concepts of the policies, governments objectives and AD and AS the essay is a breeze, you could link virtually most things with each other! Also unlike F581, the mark schemes are more lenient, there are so many points to get on some questions, it's just the ODD one or two questions, but hopefully this exam won't have any
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    (Original post by justfly)
    Is it me, or is this examination more open, I mean for the 18 marker, as long as you understand all the concepts of the policies, governments objectives and AD and AS the essay is a breeze, you could link virtually most things with each other! Also unlike F581, the mark schemes are more lenient, there are so many points to get on some questions, it's just the ODD one or two questions, but hopefully this exam won't have any
    I know exactly what you mean, after going over all the past papers and mark schemes I think I'm just going to try and write as many points as possible for questions, especially since I always have loads of time left, that way hopefully on the 6 markers I can be assured of maxing out the marks
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    (Original post by guyb121)
    I know exactly what you mean, after going over all the past papers and mark schemes I think I'm just going to try and write as many points as possible for questions, especially since I always have loads of time left, that way hopefully on the 6 markers I can be assured of maxing out the marks
    Yeah totally agree, plus there's always those standard points like dependant on size, duration and type etc if your struggling!
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    Heard that June 2013 is a hard paper, but I couldn't find it online. Anyone here has the question paper and mark scheme? It would me a lot. thank you in advance!!


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