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

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    (Original post by May-o2q)
    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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    http://sccecon.weebly.com/unit-2-past-papers.html

    best of luck for the exam
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    I wonder which country this years paper will be about......
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    Heyy, thank you so much! Good luck on your exams too!!


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    Someone please help, i just dont know how to prepare for this exam.

    What do i need to do other than understand the government targets & the policies that affect them?


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    (Original post by clara16)
    Someone please help, i just dont know how to prepare for this exam.

    What do i need to do other than understand the government targets & the policies that affect them?


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    Ensure you know exactly what affects the components of AD and HOW
    Learn key definitions
    On questions where you hve to draw a graph, make sure you comment in the effect on the BOP, output and unemployment
    Make sure you know how to measure unemployment, BOP, inflation etc.
    Make you sure you know the difficulties measuring the objectives!



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    Might be a good idea to look at pages 12-14 on the spec to cross-check to see if there are any topics which need more attention..
    http://www.ocr.org.uk/Images/67693-specification.pdf
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    (Original post by tomixox)
    Ensure you know exactly what affects the components of AD and HOW
    Learn key definitions
    On questions where you hve to draw a graph, make sure you comment in the effect on the BOP, output and unemployment
    Make sure you know how to measure unemployment, BOP, inflation etc.
    Make you sure you know the difficulties measuring the objectives!



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    Thank you thank you thank you


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    Hi everyone, is productive potential and productive capacity the same thing ? :/


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    (Original post by May-o2q)
    Hi everyone, is productive potential and productive capacity the same thing ? :/


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    Yes they are
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    What are the limitations of measuring inflation?
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    (Original post by justfly)
    What are the limitations of measuring inflation?
    _ it may not be accurate for everyone, as different group of people have different spending pattern
    _ some goods/services are rising price due to their improvement in quality, thus assessing the price change may not be valid as they are not assessing the same goods/services
    _ it does not taken into account the ability of people to alter what they buy throughout the year (usually change from expensive goods/services to cheaper one), thus it may overstate the inflation


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    Any ideas what the essay could be on this year??

    Had a brief discussion with my teacher (I'm a resit student) and he thought that it might be exchange rate. How does that match up with other people's opinions? I think it's a bit odd, given that last years essay was on that too.
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    Anyone have any sample written exams paper? I kinda stuck with how to plan my 18mark essay properly.


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    Wild guess but I think it will be on Japan's economy (Case Study). 18 Marker on balance of trades and protectionism. The Unit 1 paper was fairly alright so they might discriminate with Unit 2.
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    (Original post by bad_moose)
    Any ideas what the essay could be on this year??

    Had a brief discussion with my teacher (I'm a resit student) and he thought that it might be exchange rate. How does that match up with other people's opinions? I think it's a bit odd, given that last years essay was on that too.
    I doubt exchange rate will reappear as an essay although it could pop up in section A so make sure you are confident with it.
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    (Original post by Hitoeveryone)
    here you go mate, i've attached the MS too. Enjoy!
    F582 Unit 2 Econ OCR June 2013 Attachment 285683
    Mark Scheme 2013 JuneAttachment 285682
    Thanks the 3 people who attached it, very helpful guys :P
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    Hello guys.. i find a difficulty ti evaluate the depreciation of sterling as a policy (through quantitative easing or by decreasing the interest rate) to increase AD
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    hey guys I need some help... I was doing the 30 mark question about policies to lower the current account deficit and I wrote about the depreciation of the sterling which can be achieved either by increasing quantitative easing or my monetary policy by lowering even more the interest rate to increase AD and therefore price of exports fall and price for imports rise and consequently revenues for exports will rise and spending on imports will decrease. Can we say for evaluation that UK is a net importer country so the demand of imports might be inelastic so instead of decreasing spending on imports is likely to increase imports and the current account worsens more as it a net leakage?
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    (Original post by leftchr)
    hey guys I need some help... I was doing the 30 mark question about policies to lower the current account deficit and I wrote about the depreciation of the sterling which can be achieved either by increasing quantitative easing or my monetary policy by lowering even more the interest rate to increase AD and therefore price of exports fall and price for imports rise and consequently revenues for exports will rise and spending on imports will decrease. Can we say for evaluation that UK is a net importer country so the demand of imports might be inelastic so instead of decreasing spending on imports is likely to increase imports and the current account worsens more as it a net leakage?
    I suppose you could, but I personally wouldn't overcomplicate things like that. It's much more simpler to say on things it would depend on e.g.

    The size of the initial current account deficit
    The PED for imports/exports
    Protectionist measures implemented by other countries

    and.....if theres a question about current account deficits say that policy objectives might conflict, for example it could be much more important to increase real GDP and reduce unemployment than it is to improve the current account situation.
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    (Original post by leftchr)
    Hello guys.. i find a difficulty ti evaluate the depreciation of sterling as a policy (through quantitative easing or by decreasing the interest rate) to increase AD
    Quantitative easing is where the government buys financial assets from private sectors companies like banks, so banks will get an injection of cash, this increases the amount banks have to lend. so Interest rates fall.
    Banks have more money to lend, consumers have more money to spend.
    Therefore consumption increases, which boosts Investment, AD shifts right

    If AD shifts right, this will cause demand-pull Inflation. Inflation reduces International competitiveness, so Demand for the sterling will fall, causing the value of the sterling to fall (Depreciation)

    A fall in interest rate will increase consumption & investment due to lower costs of borrowing ect ect..... so demand-pull inflation again
    Hope that makes sense
 
 
 
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