Hey there! Sign in to join this conversationNew here? Join for free
    Offline

    0
    ReputationRep:
    did anyone else finish quite early?
    Offline

    0
    ReputationRep:
    (Original post by jonses)
    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!
    Offline

    1
    ReputationRep:
    For the effects of inflation question in Section B could you have written anticipatory buying and shoe leather costs (to individuals) and then menu costs and with inflation if its cost push unemployment increases- so gov spending on unemployment related benefits increases?
    Offline

    0
    ReputationRep:
    (Original post by yoonjeonglim)
    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!
    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!
    Offline

    1
    ReputationRep:
    Most people did the EU context then.. I did the inflation and interest rate one.
    Offline

    1
    ReputationRep:
    (Original post by Axion)
    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?

    (Original post by blade63)
    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 :/

    Posted from TSR Mobile
    -- Could you not have talked about CA deficit; pros and cons of that.. and then said that free trade could increase (drawing the free trade diagram), giving K consumers more choice so increased standard of living. Also say that exports increase and so UK firms may need to make redundancies so unemployment increases- bad... ?
    Offline

    0
    ReputationRep:
    (Original post by jonses)
    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~~
    Offline

    0
    ReputationRep:
    Was running out of time so had to skip the 12 marker smh. So annoyed! The paper was there for the taking!


    Posted from TSR Mobile
    Offline

    3
    ReputationRep:
    (Original post by yoonjeonglim)
    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?
    Offline

    0
    ReputationRep:
    (Original post by yoonjeonglim)
    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~~

    All of the points sound like they could be applicable. I think that as long as you've evaluated consistently and made relevant points throughout, made good use of the data etc you should be fine, good luck!
    Offline

    0
    ReputationRep:
    (Original post by Axion)
    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?
    oh!!!my god!i forget! i just talked about it will increase AD! i think i mainly focus on whether uk can use non-price competion~but that fine ~~~i think i did will in question 10~i think it is same~~haha~~
    but for Q2 2 factor of living standards i wrote HDI and PPP~~~is HDI one factor or 3 factors~~~i am sososo confused
    Offline

    0
    ReputationRep:
    (Original post by Aranel)
    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?
    Yep, I did. What did you write for the living standards question? I spoke about economic growth and distribution of income, not sure if they were right.
    Offline

    0
    ReputationRep:
    (Original post by Parkway Drive)
    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
    Offline

    20
    ReputationRep:
    (Original post by kelbel1)
    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

    Posted from TSR Mobile
    Offline

    0
    ReputationRep:
    (Original post by qr95)
    Can you tell us briefly what you wrote about

    Posted from TSR Mobile
    I really honestly can't remember what I wrote! I was literally in pilot mode, moved from one question to the next making sure I was on time haha! I just know I did the unemployment context and the essay question on whether EU growth is good for the UK! Sorry, i'm useless to give advice on this! For the 25 marker on Question 1, my conclusion was all about the BRICS to boost exports, talking abit about rebalancing the economy away from consumption and government spending etc. That BRICS might not necessarily want the services we export but might in the future. Comparative advantage. My introduction was heavily weighted around what the EU is up to at the moment i.e. Spain unemployment at 27.2%, not very good growth, the ECB recently reducing the interest rate to 0.5% to encourage growth and the movement of a few of the EU countries slightly away from these heavy austerity measures etc. That's all I can remember, I hope the fact I can't remember doesn't mean I've done very s**t!!
    Offline

    0
    ReputationRep:
    (Original post by kelbel1)
    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
    Does that mean you already have 80 in Unit 3??
    Offline

    0
    ReputationRep:
    I'm reaaaally struggling to remember a word I wrote lol.
    I had an exam clash with Biology so I had to be isolated till 1pm when I did that exam so I couldn't get the questions from other people so my brain is sort of in biology mode at the minute.

    1. For the EU context I got +75 BN.
    The next question was pretty straight forward.
    2. Two reasons I used was increased oil price which would lead to increased business production costs, they produce less and may choose to shed labour (unemployment). I did the AS shift diagram to show the creation of a deflationary gap (unemployment). The next reason I did was falling house prices. Homeowners feel less wealthy and choose to save money rather than spend should their situation change. This reduced AD (inwards shift creating another deflationary gap)
    3. The EU one we've done to death in class. Head of economics at my college had predicted it would come up and we'd done it to death with loads of data etc. I'm hoping for a 23-24 out of 25 here *pleaz* lol.

    I did the Essay 1 (inflation) can't remember a thing I wrote though, think it went pretty smoothly, didn't my conclusion at the end so obviously had a lot to say. Key in these exams I think is to get 100% on the 5, 10 and 15 markers. That way you can afford to drop probably about 6 marks in each eval question and hover at the A* boundary. Hopefully I've done alright lol
    Offline

    0
    ReputationRep:
    (Original post by Parkway Drive)
    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
    Ha, I'm sure it will be fine. Although you may have been better off mentioning it within your essay and then coming back to the main points during your conclusion.
    Offline

    20
    ReputationRep:
    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 !

    Posted from TSR Mobile
    Offline

    0
    ReputationRep:
    (Original post by qr95)
    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 !

    Posted from TSR Mobile
    Honestly don't be so pessimistic! They can't negatively mark you so anything you did put down will be looked at and any relevant information you put down/analysed will be marked positively.
 
 
 
  • See more of what you like on The Student Room

    You can personalise what you see on TSR. Tell us a little about yourself to get started.

  • Poll
    What's your favourite Christmas sweets?
  • See more of what you like on The Student Room

    You can personalise what you see on TSR. Tell us a little about yourself to get started.

  • The Student Room, Get Revising and Marked by Teachers are trading names of The Student Room Group Ltd.

    Register Number: 04666380 (England and Wales), VAT No. 806 8067 22 Registered Office: International House, Queens Road, Brighton, BN1 3XE

    Quick reply
    Reputation gems: You get these gems as you gain rep from other members for making good contributions and giving helpful advice.