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

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    (Original post by acl19)
    Yeah between 2009-2013 but initial cost of olympics wouldve been before 2009
    Did the question say that we have to write about one of the countries mentioned? If it did, i have totally screwed up!
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    (Original post by demhka)
    Did the question say that we have to write about one of the countries mentioned? If it did, i have totally screwed up!
    Yeah it did
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    (Original post by acl19)
    Yeah it did
    As i recall it said "a country of your choice" or something like that.
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    (Original post by Alexovic)
    I have always been taught it was only 1 figure or compare/contrast 2.
    it is 2 different data reference for 2 marks, sometimes the 2nd mark is not in the extract but general knowledge
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    (Original post by alxblazer)
    Section A, Q1 I put:

    a) Firstly chose the UK as my country.

    Firstly talked about austerity:
    - Tightened taxes (mainly income)
    - Less expenditure, especially provision of welfare benefits
    Eval:
    - Tightened taxes are a disincentive to innovation/enterprise
    - Indirect tax could stunt AD growth, therefore more expenditure required (policy conflict)
    - Taxes and less benefits could be devastating in a post-recessionary climate
    - Less payouts acts as incentive to work but may be structural unemployment
    Secondly talked about monetary policy:
    - UK isn't part of the EU monetary union so independent bank can control interest rates (0.5%)
    - Interest rates can be set to stimulate consumption and business activity to raise taxation revenue
    Eval:
    - Debt-led growth
    - Demand pull inflation
    - Unsustainable
    - Magnitude of the impact of interest rates
    ...Didn't get time to talk about QE

    b)

    - Data reference... 30% increase is quite radical
    - Disincentive to earn higher/innvovate etc. therefore a less advanced french economy with less business activity... therefore growth etc
    - Harrod-Domar evaluation; the importance of savings (rich people save) but what is there marginal propensity to save/consumer
    - This move is harmful to the trickle down effect (better for the poor to have a smaller slice of a bigger economic cake)
    - Law of diminishing marginal utility: combined utility of french population may improve by raising taxes. Eval - does utility fall as consumption increases
    - Revenue raised may have been used to amend the budget deficit (as in A)
    - Revenue raised may be used to redistribute wealth
    - Revenue raised may be used for supply side policies
    Further evaluation:
    - How long run is the increased tax, was it just to amend the budget deficit
    - Is it a political move (robin hood style) by the french government

    THOUGHTS ON MARKS PLEASE
    you are supposed to give only 2 evaluations for 20 marks, to me it looks like you are giving lots of little evaluations rather than 2 main ones.
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    (Original post by hvrey)
    So is the general consensus that 3b was answered by saying why the savings gap might be a constraint and then other points to suggest otherwise?

    I can't see how it could be answered any other way, there is certainly not 4 points available to talk about the savings gap. It is a very small proportion of the syllabus and is usually tied into other constraints placed on developing economies.

    I think if they wanted another structure they are going to need to ask some questions on the ambiguity of the wording and also explain how on earth they expected us to answer the question any differently.

    Hard paper, very tricky.
    yes, for question 3 it would be savings gap + other constraints. The evaluation is going to be on a judgment on which one is more significant, significance of other constraints, criticise H-D model,etc
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    (Original post by TheHenri)
    hey i think for the unit labour costs both things are pretty valid, Inflation sounds good, didnt think of that.

    I guess immigration policy for the 15 marker could still be accepted as it has to do with labour, but not sure. Do you think it will be accepted for unit labour cost question?
    Immigration is going to be fine as long as you link it to the question (economic growth). Relative inflation rate is valid as well as productivity but you also need to mention factors from the extract (minimum wage)
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    (Original post by keynes24)
    you are supposed to give only 2 evaluations for 20 marks, to me it looks like you are giving lots of little evaluations rather than 2 main ones.
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    It's 3 evaluations for 20 marks


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    No it's not. It is 2, check any mark scheme since 2010.Level 5 = 3 analysis + 2 evaluation.
    When you do more than 2 evaluations, all of them will be marked but only the highest 2 will be considered. It is also not ideal to do it since you waste time
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    (Original post by keynes24)
    No it's not. It is 2, check any mark scheme since 2010.Level 5 = 3 analysis + 2 evaluation.
    When you do more than 2 evaluations, all of them will be marked but only the highest 2 will be considered. It is also not ideal to do it since you waste time
    You get marks for 3 evaluation. 2 is the minimum you need for the top band.


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    (Original post by keynes24)
    You can get marks for only 5 points (3 analysis + 2 evaluations). Most questions will allow you to start with case against first and then case for as evaluation. You can do 10 evaluations, only the best 2 are considered. Doing more than 5 points is not ideal and will not give you higher marks. The point I am trying to make is to get a good analysis or evaluation you need to focus more on a single point rather than mentioning 3,4 or 5 little ones. They don't accumulate.
    Lets say for 1 point, you wrote like 3 evaluations, does that count as 3 seperate evaluations or just one big one?
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    (Original post by Dilzo999)
    Lets say for 1 point, you wrote like 3 evaluations, does that count as 3 seperate evaluations or just one big one?
    It depends on the development of each and whether or not is linked. You also need to keep into account that different examiners will have a different opinion on the same paper. If your analysis is pretty strong and there is evidence of lack of time (rushing through the evaluations) then they might be flexible with the marking.

    The mark scheme states: Typically, answers will consider 3 factors with 2 evaluative points
    Anything different is atypical and not described on the mark scheme so if you are giving more points than requested you are going outside of the mark scheme since the mark scheme does NOT describe how many marks a candidate will get with 3 analysis and 3 evaluations.

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    (Original post by werkintwerkin)
    your points on why savings is the biggest contraint are correct.
    however your evaluations are wrong. they were meant to be other factors that are a bigger constraint(so only your last eval is valid)
    sorry.
    It doesn't have to be other factors. Evaluation could be the significance of the other points (apart from savings gap) mentioned. I agree with all the evaluations apart from the first one.
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    (Original post by Farringtonn)
    You get marks for 3 evaluation. 2 is the minimum you need for the top band.


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    You can get marks for only 5 points (3 analysis + 2 evaluations). Most questions will allow you to start with case against first and then case for as evaluation. You can do 10 evaluations, only the best 2 are considered. Doing more than 5 points is not ideal and will not give you higher marks. The point I am trying to make is to get a good analysis or evaluation you need to focus more on a single point rather than mentioning 3,4 or 5 little ones. They don't accumulate.
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    (Original post by Simonthegreat)
    I don't think it is sorted out for this year either

    Hi,

    Just to let you all know that they are still recruiting for edexcel economics examiners. So unless a miracle happens it is likely to be the same kind of fiasco we had last year with inexperienced examiners again. They seriously need to take this into account when marking our papers and do a free remark if necessary. What do you guys think?
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    (Original post by Kutie Karen)
    Hi,

    Just to let you all know that they are still recruiting for edexcel economics examiners. So unless a miracle happens it is likely to be the same kind of fiasco we had last year with inexperienced examiners again. They seriously need to take this into account when marking our papers and do a free remark if necessary. What do you guys think?
    Was there a fiasco last year? As far as I know there are plenty of monitoring when someone is marking a paper especially for an A2 paper.
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    (Original post by keynes24)
    Was there a fiasco last year? As far as I know there are plenty of monitoring when someone is marking a paper especially for an A2 paper.
    yep. Have a look at previous posts and last years posts.
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    What do people think will the grade boundaries this year especially for an A*
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    (Original post by Kutie Karen)
    yep. Have a look at previous posts and last years posts.
    I honestly think that if you did well then it shouldn't be an issue. I haven't looked at previous post yet but being short of examiners is not a guarantee for a "fiasco" taking place.
    Regarding grade boundaries I would expect them to be as they were last year.
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    (Original post by keynes24)
    I honestly think that if you did well then it shouldn't be an issue. I haven't looked at previous post yet but being short of examiners is not a guarantee for a "fiasco" taking place.
    Regarding grade boundaries I would expect them to be as they were last year.

    One of the problems was that some of the examiners recruited were inexperienced to fill the gaps and so students suffered as a result of it. To pay for copies of the exam paper, remark etc is too expensive for students to pay and to take that risk. It is our futures that are at stake so why should we be penalised for this.
 
 
 
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