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    (Original post by The Dark Side)
    What?? On the contrary there is a productivity gap between the UK and Europe/USA.
    Sorry, I meant lower. Sozzies!
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    Hi there, I've been going through the markscheme... and there's some points that I do not have notes or have only half sufficent notes for

    1/ (International Exchange) understand the importance of trade between developed economies, relative to world trade as a whole.
    2/ Explain the global efforts to reduce tariff barriers.. e.g. the impact of the CAP on world trade in commodities
    3/ The UK's changing international competitive situation - Make an appraisal of the competitiveness of British industry in both home and overseas markets. Explain the UK's export performance and import penetration
    4/ Explain the effects of changes in exchange rates on the level of economic activity in different countries.
    5/ Examine adverse impacts on the world level of economic activity, eg higher oil prices
    6/ evaluate the relative merits of direct and indirect taxation and examine the effects of changes in fiscal policy for different groups in the UK
    7/ Explain and evaluate the implications of differences between countries in their public finances
    8/ Understand the causes and consequences of trends in the numbers out of work and the rate of increase in the price level within the EU

    I have only half notes for the above.... so would be really grateful if anyone could pick a point or two and elaborate, and turn it into a sort-of revision process cheeeers
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    For the tariff barriers, to understand why people want them abolished, it is important to understand why they are there. The main arguments are:

    -Infant Industry argument: That a new industry in a country is very vulnerable to global competition, and may not be able to survive, so it needs protection.

    -Geriatric Industry argument: That a declining industry needs a 'buffer' period where it can lay off workers at a rate it can handle - rather than shutting down causing high unemployment in a short space of time.

    -Protection against 'dumping': Dumping occurs when a country A sells off goods to another country B below the country B's cost of production; thus kicking domestic firms out of the market.

    There are more (strategic, for example), but for this question, those will do.
    The reason why people want to reduce tariff barriers are fourfold:

    1.) They are ineffective in the long run. You cannot protect a severly uncompetetive industry for a long span of time.
    2.) They promote inefficieny in domestic firms that are protected.
    3.) They distort world prices for a good/service - the demand for goods from a nation with a comparative advantage in the manafacture of a good is lower than it should be.
    4.) They can be harmful for the third-world. For example, the CAP - the surplus produce has been dumped in African nations before, which may provide locals with cheap produce for a short span of time, but it forces local farmers off the market, thus reducing the country's chance of growth in the long run.

    Hope that helps =] , will answer some more in a while.
    In the meantime, does anyone have any good general supply side evaluation points?
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    (Original post by chidona)
    In the meantime, does anyone have any good general supply side evaluation points?
    Usually long term solutions, such as investment in education.
    Or they will be ineffective if AD is not sufficient.
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    I know papers are written like 12 months in advance, but do you reckon theres any chance of the Credit Crunch coming up? They might take exception to it considering its a pretty big issue at the moment?
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    (Original post by Zinck)
    I know papers are written like 12 months in advance, but do you reckon theres any chance of the Credit Crunch coming up? They might take exception to it considering its a pretty big issue at the moment?
    They'll probably use it next year as part of global shocks.

    (Original post by Androgyness)
    1/ (International Exchange) understand the importance of trade between developed economies, relative to world trade as a whole.
    Most of the money is being transferred Developed->Developed. There's hardly any trade accounted for by developing.
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    surely theres a fine chance of a credit crunch question, i heard they can still change the questions if they want..(not now but some time before the exam).. i personally believe a non renewable resources question will appear though
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    im in quite a frenzy atm...

    im really struggling on what to revise...

    i mean is their a certain essay question topic which will come up so i can just possibly bank on that !!!

    can anyone help ??
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    gah Cesc. alrite i personally think they could ask on non renewable resources this year... and common topics that tend to come up are balance of payments/trading blocs/globalisation+competitiveness.

    Revise those 3 chunky parts thoroughly first... then you should be okay hopefully!
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    (Original post by newlife)

    Remember they always ask similar questions every year on each topic guys, so if you memorise top points you'l get top marks =D
    I know this is probably a stupid question.....but can you describe how they're similar so i can know what top points to memorise....or better yet any suggestions on top points...
    I'm not being lazy....i just always find it difficult to start off...and if i can find a link between different questions and a technique and basic points to use in each question then that would help sooooo much!!!

    Will rep highly to anyone that helps!
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    an example of similar questions being asked:
    Example 1:

    - To what extent does an increase in the size of trading blocs conflict with the role of WTO (June 2007)

    - Trading Blocs are the most significant factor contributing to globalisation. To what extent do you agre (June 06)

    Example 2:

    - Evaluate the likely implications of a significant reduction in trade barriers for the global economy (June 04)

    - Evaluate the likely implications of an increase in protectionism on a country's economy (June 05)

    prepare model answers for past paper questions and you'l find you can use the same evaluation and similar explanation points, for example:

    increased protectionism distorts comparative advantage and reduces economic welfare as a whole (for june 05)

    increased liberalisation complies with the law of comparative advantage and maximises welfare as a whole (for june 04)

    similar questions, just opposite ends of the spectrum really. know the topic inside out for the repeatitive questions and you'l fly through..

    another example for June 07 and 06:

    when you learn about trading blocs you'l know that they tend to create trade diversion as well as trade creation, so you can say they do and do not comply with the WTO, from different perspectives... now this point can be similarly used in 06, they contribute to globalisation since there is liberalisted trade with member countries which allows for free movement of labour, capital, etc... but because they close themselves off from non member countries to an extent, you can say it may inhibit the process of globalisation..

    its hard to explain how similar points can be manipulated for each question... but i hope you see what i mean when you get the hang of answering past paper questions!
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    (Original post by meep...exams :S)
    I know this is probably a stupid question.....but can you describe how they're similar so i can know what top points to memorise....or better yet any suggestions on top points...
    I'm not being lazy....i just always find it difficult to start off...and if i can find a link between different questions and a technique and basic points to use in each question then that would help sooooo much!!!

    Will rep highly to anyone that helps!
    I find it difficult to start too. There are some standard questions or rather those which tend to repeat themselves every other year or so e.g. Why does the UK have lower unemployment than France and Germany? But unfortunately there are no "standard" questions.

    What you can do is go the first page, find the link to the specification and print it out. Tick as you go. Start with Balance of payments, nice an easy. Progress to the UK's deteriorating BoP due to loss of price and non-price competition since manufacturing has been declining. Any questions you need to ask, you come to TSR and ask. We will answer (with a certain time lag of course. )

    Now get off TSR and start!
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    I'll regret this...

    I have comprehensive notes on unit 6, PM me with your email address and I can send them to you. They have proved popular with other TSR members.
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    Thanks to both newlife and The Dark Side......your both absolute stars and reps are on their way !!!

    Lovage x

    Dw Dark Side, i'm going off now, right after i've copied all this down
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    Thanks Dan IW.....you have actually already sent them to me and they're amazing....very generous!

    I feel a tad selfish, using all you guys help...and i offer anyone help in Economics, Psychology and Maths but its prob a bit patronising seeing as you guys know way more than me anyway....
    The best i can do is rep loads...doesn't really seem enough....

    But thanks!! xx
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    Dan IW can I have your notes as well? I thought it would be appropriate to ask first rather than just sending you my email straight away from PM.
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    P.S. also repping Sports Racer for starting this beautiful thread

    As you can tell only just started using TSR and didn't realise how good it it
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    (Original post by meep...exams :S)
    Thanks Dan IW.....you have actually already sent them to me and they're amazing....very generous!

    I feel a tad selfish, using all you guys help...and i offer anyone help in Economics, Psychology and Maths but its prob a bit patronising seeing as you guys know way more than me anyway....
    The best i can do is rep loads...doesn't really seem enough....

    But thanks!! xx
    You are welcome.
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    Just PM me, I'm happy to send them to anyone, anything that spreads the wonderful knowledge of economics is good in my books

    I will only send them out in batches, so generally at the end of each day, it's too much hassle sending them out to each individual person.
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    lol yes indeed i am also loving the love

    Globalisation quickie q:

    whats the difference between a driver of globalisation and factors which contribute to it?

    am i right to assume that factors are transport cost reductions, growth in communication and technology, etc.. and drivers are MNCs and Trading Blocs..?

    Or, is it it true that there is no real difference we need to be aware of?
 
 
 

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