Hey there! Sign in to join this conversationNew here? Join for free
x Turn on thread page Beta

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

Announcements
    Offline

    14
    ReputationRep:
    (Original post by Farringtonn)
    What was the problem last year? This scares me


    Posted from TSR Mobile

    Shortage of experienced examiners for economics.
    Offline

    15
    ReputationRep:
    (Original post by Farringtonn)
    How did people answer the 'what is meant by international competitiveness'


    Posted from TSR Mobile
    Define international competitiveness. State how international competitiveness was measured i.e. global competitive index since that's what the figure was on. A few factors affecting global competitive index (unit labour costs, macroeconomic stability etc...), quoted two countries from the figure which I compared and constrasted.

    Posted from TSR Mobile
    Offline

    8
    ReputationRep:
    (Original post by combes)
    Yeah I did exactly the same, thought an ADAS was too obvious
    Thank god, hope you did as well as you wanted. Fingers crossed the examiners will be in a good mood when marking the papers!
    Offline

    13
    ReputationRep:
    (Original post by shankpink)
    That inequality question was messing me up . that 10 mark relativ poverty and gini coefficient is it ok to include kuznut curve?
    You had to realise that although there were more people out of relative poverty, the income rises of the rich were proportionally more than the income rises of the poor hence the rising Gini coefficient. But yeah, the Kuznets curve should give you marks
    Offline

    16
    ReputationRep:
    (Original post by peter qwert)
    do you remember what question 1 a was? thanks
    I think it was on the lines of France, UK and Greece have had lower budget deficits from 2009 to 2013. Give reasons as to why the budget deficit has lowered in a country of your choice.
    Offline

    0
    ReputationRep:
    what did people write for 3b? I found it alright but it was not easy to come up with four points just on savings gap
    Offline

    0
    ReputationRep:
    (Original post by Dilzo999)
    I think it was on the lines of France, UK and Greece have had lower budget deficits from 2009 to 2013. Give reasons as to why the budget deficit has lowered in a country of your choice.
    Is mentioning two countries a bad thing?
    Offline

    0
    ReputationRep:
    (Original post by Boy_wonder_95)
    That's good, Q3 and Q5 for you too? I think the majority would've done that combo.

    Posted from TSR Mobile
    At my centre yes. Was it at yours too?
    Offline

    1
    ReputationRep:
    (Original post by Dilzo999)
    For Q1 part a I thought I read it as current account deficit and started doing a plan for that and then about 5mins later went back and saw budget deficit and was like oh ****.


    Aww that sucks, majority of the marks are given on analysis so you could still get around 23/24 marks if your analysis was good. Also rememeber that for 90 ums last year the marks was 79/100 and the paper this year people have been saying was quite a bit harder than last year so expect that to fall. Also as you've said unit 3 can make that even lower so all is not lost.
    Haha that exact same thing happened to me, i started planning for current account deficit and then switched aswell!
    • Thread Starter
    Offline

    1
    ReputationRep:
    (Original post by Lily peony)
    what did people write for 3b? I found it alright but it was not easy to come up with four points just on savings gap
    I think you had to use 4 factors, one being savings gap, the rest being other factors such as primary product dependancy, debt, lack of infrastructure for example. And then evaluate each, also saying which ws most significant.
    Offline

    0
    ReputationRep:
    Hey guys, I found it a mixed paper, and that appears to be the general consensus, with some awkward questions with difficult formats that could end up in lower grade boundaries (fingers crossed)
    Anyway I did question 3 and 4.

    3A
    I didn't like this question at all, I separated growth and development by saying development is a composite index idea (made up of varying factors) I just said how it would effect development, and how countries have developed without growth? I then mentioned that it was almost impossible to develop without econ growth because GDP is part of development? I finished with mentioning the difficulty in explicitly defining 'economic development' All in all it was horrid.

    3B
    This was okay. Savings gap-define-draw the diagram and then just say whether you thought it was significant or not and then just go wild on constraints, I put
    Foreign exchange gap
    PPD
    Civil wars/corruption/poor governance
    Human/Capital inadequacies
    Maybe another but I can't remember? (Infrastructure maybe)
    I then did prioritization of factors

    4A
    Use the graphs, say what you would define 'economic performance' is. Use the values and compare to the rest of G7

    4B
    The other tricky question on the paper, it was really unclear what they wanted here, especially for 8 marks.
    I just drew the Lorenz curve, defined the gini coefficient and that was pretty much it really.

    4C
    This was similar to the last one, say why income inequality may have been reduced
    -doubled income
    -4% growth
    -population not declining anymore
    The gini coefficient was going up because although income inequality was falling, the amount of income that was owned by the richest was increasing (i hope you guys realised this) and then you can say that growth is driven by the richest so they reap the most benefits resulting in the gini coefficient going up.

    4D
    This was pretty much PPD again.-define
    Restricting economy meaning Russia can't fall back on other sectors
    The oil will eventually run out (data reference)
    Income inelsaticity of primary products (however saying that oil will always be needed as evaluation)
    The volatile price of primary products (see figure 3)-however evaluation saying that oil will always be needed causing it to go up in value
    Difficulty in planning incomes so hard to invest (same point as above I think)
    Then evaluated by saying some countries have developed with PPD (Botswana-diamonds) and that if a country has a comparitive advantage in the good then it should produce it

    4E
    This question looked hard at first but it was almost exclusively comprehension
    outline the benefits from the text-and maybe the fact that the WTO now has Russia's back in trade disputes
    -I think the benefits were increased consumption (eval with AD shifting and the size of increased consumption)
    -More FDI-eval with costs and benefits of FDI
    -more income from exports (tax revenue up for the government)

    Costs were....
    -Lower tariff revenue (didn't have time to draw the diagram)
    -Reduced subsidies meaning domestic industries may loose out
    -Harsher economic climate compared to china maybe?

    I hoped that helped people, I'm really hoping for an A* in this and I'm praying to all the old gods and the new
    Offline

    0
    ReputationRep:
    I did question 1. A) I didn't particularly relate it to the UK or a specific country. I talked about an increase in corporation tax revenue, decrease in spending on unemployment benefits and Osborne's austerity cuts. Does not relating mean I won't get marks? My points were all theoretical not real-world...

    B) I focused on the fact that it was an increase in income tax on high earners. So I talked about people moving abroad, decrease in disposable income etc. Did anyone else specifically relate it to high earners or did I do it wrong??
    Offline

    0
    ReputationRep:
    Hey I did question 1 and 5, paper completely threw me so I just kinda stressed out throughout the whole of it which wasn't great
    really praying for low grade boundaries, what do you think it'll be for an A?
    Offline

    1
    ReputationRep:
    Did anyone else do questions 1 and 4?

    Q1a) there wasn't much for eval, i just prioritised and could you say that government borrowing had fallen and more of the national debt had been paid off, thereby reducing the budget deficit?

    For q4, i'm really not sure about (b) and (c)

    for (b) i know that it was all KAA but i don't know if i got all the marks? it just said describe the increase in income inequality so i x-refd the data and drew a lorenz curve shifting out.

    (c) was pretty horrible, could you say that absolute poverty may have increased (the poorest) thereby allowing relative poverty to rise but with an overall increase in inequality? Could you then say for eval that relative poverty is subjective, difficult to define, and more data is needed?

    and for (d) was this basically primary product dependency pros/cons but related to economic effects?
    Offline

    1
    ReputationRep:
    (Original post by sheik96)
    I did question 1. A) I didn't particularly relate it to the UK or a specific country. I talked about an increase in corporation tax revenue, decrease in spending on unemployment benefits and Osborne's austerity cuts. Does not relating mean I won't get marks? My points were all theoretical not real-world...

    B) I focused on the fact that it was an increase in income tax on high earners. So I talked about people moving abroad, decrease in disposable income etc. Did anyone else specifically relate it to high earners or did I do it wrong??
    No that was the whole point in (b) you're right. a great eval point - yes it's only affecting a small minority of people. It was pretty much the same q as June 2010 1(b)
    Offline

    0
    ReputationRep:
    does anyone remember the wording for 3a?? i think i answered it how is economic growth dependent on economic development when i can see from everyone elses comments that it was the other way around
    Offline

    0
    ReputationRep:
    (Original post by Starbarian)
    Hey guys, I found it a mixed paper, and that appears to be the general consensus, with some awkward questions with difficult formats that could end up in lower grade boundaries (fingers crossed)
    Anyway I did question 3 and 4.

    3A
    I didn't like this question at all, I separated growth and development by saying development is a composite index idea (made up of varying factors) I just said how it would effect development, and how countries have developed without growth? I then mentioned that it was almost impossible to develop without econ growth because GDP is part of development? I finished with mentioning the difficulty in explicitly defining 'economic development' All in all it was horrid.

    3B
    This was okay. Savings gap-define-draw the diagram and then just say whether you thought it was significant or not and then just go wild on constraints, I put
    Foreign exchange gap
    PPD
    Civil wars/corruption/poor governance
    Human/Capital inadequacies
    Maybe another but I can't remember? (Infrastructure maybe)
    I then did prioritization of factors

    4A
    Use the graphs, say what you would define 'economic performance' is. Use the values and compare to the rest of G7

    4B
    The other tricky question on the paper, it was really unclear what they wanted here, especially for 8 marks.
    I just drew the Lorenz curve, defined the gini coefficient and that was pretty much it really.

    4C
    This was similar to the last one, say why income inequality may have been reduced
    -doubled income
    -4% growth
    -population not declining anymore
    The gini coefficient was going up because although income inequality was falling, the amount of income that was owned by the richest was increasing (i hope you guys realised this) and then you can say that growth is driven by the richest so they reap the most benefits resulting in the gini coefficient going up.

    4D
    This was pretty much PPD again.-define
    Restricting economy meaning Russia can't fall back on other sectors
    The oil will eventually run out (data reference)
    Income inelsaticity of primary products (however saying that oil will always be needed as evaluation)
    The volatile price of primary products (see figure 3)-however evaluation saying that oil will always be needed causing it to go up in value
    Difficulty in planning incomes so hard to invest (same point as above I think)
    Then evaluated by saying some countries have developed with PPD (Botswana-diamonds) and that if a country has a comparitive advantage in the good then it should produce it

    4E
    This question looked hard at first but it was almost exclusively comprehension
    outline the benefits from the text-and maybe the fact that the WTO now has Russia's back in trade disputes
    -I think the benefits were increased consumption (eval with AD shifting and the size of increased consumption)
    -More FDI-eval with costs and benefits of FDI
    -more income from exports (tax revenue up for the government)

    Costs were....
    -Lower tariff revenue (didn't have time to draw the diagram)
    -Reduced subsidies meaning domestic industries may loose out
    -Harsher economic climate compared to china maybe?

    I hoped that helped people, I'm really hoping for an A* in this and I'm praying to all the old gods and the new
    I wrote almost the same things as you
    • Thread Starter
    Offline

    1
    ReputationRep:
    (Original post by kevin stilton)
    does anyone remember the wording for 3a?? i think i answered it how is economic growth dependent on economic development when i can see from everyone elses comments that it was the other way around
    it was the other way around.
    Offline

    0
    ReputationRep:
    (Original post by TheHenri)
    Hard paper I believe, but I still think I managed it quite well.

    Did Q3 and Q5.

    3a was a bit unexpected and not that easy to structure into 3 KAA and 2 EV so dont know how I did on that. I looked at demand side econ growth and supply side and looked at HDI components, saying that growth did a lot to increase GDP per capita but demand side growth does not contribute signficantly to other factors(health, education) then i said as evaluation that growth can also cause inequality, hence not improving development, suggesting that development is not always a direct cause of growth but my end argument was that growth does quite a lot to push development, hence I agreed with the question.

    3b was very nice, used 4 factors and then evaluated well I think.

    Question 5 was really hard I found. Why were so unspecific on the 8marker. "Comment on" ? Come on, at least say causes or what we have to comment on exactly. I basically said that GDP did grow differently due to competitiveness reason, put in data and some evaluation, but that was weird.

    Than c with unit costs I put minimum wage and immigration policy. Like less strict immigration policy so no cheap labour immigrating, so higher labour costs, dont know fi this is valid though.

    for d I looked at Greece with defecit and then Germany as an example with surplus and commented on benefits of balancing, for Greece to push econ growth as export growth is strengthened and for Germany that to prevent inflation as too much export demand increases price level

    for e I was clueless for 5 minutes or something, then i put minimum wage, extra bonuses from government for hard work, and quickly mentioned hiring and firing from the extract. But this is not going to be that good I think

    My problem was that for the questions I always put own factors and didnt even read the extract until the end Only used application marks through figures...

    I hope this is still an A* though, I think u could lose up to 20-25 marks to still get 108UMS as it was quite a difficult paper. So fingers crossed.
    For question 5 d , did you put the reasons why they should decrease their imbalances or how they did it ? I was slightly confused by the wording of the question thx
    Offline

    1
    ReputationRep:
    (Original post by Starbarian)
    Hey guys, I found it a mixed paper, and that appears to be the general consensus, with some awkward questions with difficult formats that could end up in lower grade boundaries (fingers crossed)
    Anyway I did question 3 and 4.

    3A
    I didn't like this question at all, I separated growth and development by saying development is a composite index idea (made up of varying factors) I just said how it would effect development, and how countries have developed without growth? I then mentioned that it was almost impossible to develop without econ growth because GDP is part of development? I finished with mentioning the difficulty in explicitly defining 'economic development' All in all it was horrid.

    3B
    This was okay. Savings gap-define-draw the diagram and then just say whether you thought it was significant or not and then just go wild on constraints, I put
    Foreign exchange gap
    PPD
    Civil wars/corruption/poor governance
    Human/Capital inadequacies
    Maybe another but I can't remember? (Infrastructure maybe)
    I then did prioritization of factors

    4A
    Use the graphs, say what you would define 'economic performance' is. Use the values and compare to the rest of G7

    4B
    The other tricky question on the paper, it was really unclear what they wanted here, especially for 8 marks.
    I just drew the Lorenz curve, defined the gini coefficient and that was pretty much it really.

    4C
    This was similar to the last one, say why income inequality may have been reduced
    -doubled income
    -4% growth
    -population not declining anymore
    The gini coefficient was going up because although income inequality was falling, the amount of income that was owned by the richest was increasing (i hope you guys realised this) and then you can say that growth is driven by the richest so they reap the most benefits resulting in the gini coefficient going up.

    4D
    This was pretty much PPD again.-define
    Restricting economy meaning Russia can't fall back on other sectors
    The oil will eventually run out (data reference)
    Income inelsaticity of primary products (however saying that oil will always be needed as evaluation)
    The volatile price of primary products (see figure 3)-however evaluation saying that oil will always be needed causing it to go up in value
    Difficulty in planning incomes so hard to invest (same point as above I think)
    Then evaluated by saying some countries have developed with PPD (Botswana-diamonds) and that if a country has a comparitive advantage in the good then it should produce it

    4E
    This question looked hard at first but it was almost exclusively comprehension
    outline the benefits from the text-and maybe the fact that the WTO now has Russia's back in trade disputes
    -I think the benefits were increased consumption (eval with AD shifting and the size of increased consumption)
    -More FDI-eval with costs and benefits of FDI
    -more income from exports (tax revenue up for the government)

    Costs were....
    -Lower tariff revenue (didn't have time to draw the diagram)
    -Reduced subsidies meaning domestic industries may loose out
    -Harsher economic climate compared to china maybe?

    I hoped that helped people, I'm really hoping for an A* in this and I'm praying to all the old gods and the new
    I did 4 aswell. Everything you put seems on the right lines, for (c) could you have said that even thorugh relative poverty was declining, absolute inequality was increasing and that explained the overall increase in inequality (why gini coefficient was rising?)
 
 
 
Poll
Do you agree with the proposed ban on plastic straws and cotton buds?

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

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