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

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    Can someone please tell me the difference between net exports and current account?
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    I've literally had all my exams last week so I've only had today to learn everything for the exam tomorrow and I think I've covered the basics, but does anyone have any revision resources they could send me because I'm worried I haven't gone over everything!!!
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    (Original post by tomixox)
    Yeah it is verrrrrrrrrry wrong haha!
    I am pretty sure he is right. a budget deficit arises when government spending exceeds tax revenue!.
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    (Original post by BOYBETERKNOW)
    Can someone please tell me the difference between net exports and current account?
    Net Exports: Exports - Imports (Trade in Goods & Services)

    Current Account: Trade in Goods (Net Exports); Trade in Services; Current Transfers and Current Income
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    (Original post by studentwiz)
    How would you work out this one

    Attachment 286686 Attachment 286687


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    It says that Dubai wants to double its workforce to 1.7m by 2015. This means that the current workforce is 1.7/2 = 0.85m. Now it tells you that the population size is 1.6m so its 0.85/1.6 x 100 = 53%
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    (Original post by Brave reader)
    I am pretty sure he is right. a budget deficit arises when government spending exceeds tax revenue!.
    Budget deficit - Government Spending is more than taxation revenue

    Trade Deficit - More imports than exports

    Current Account deficit - More money is leaving the economy than entering it.
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    how do you calculate gdp please?
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    (Original post by wolalala)
    what points would you include for that question ?

    and ohh how comes those countries?
    you can talk about few things like:
    • Increase education and training>increase productivity> reduces cost of production> reduces firms prices> Price competitive> demand for exports will increase. Evaluation could be time lag, no guarantee it will increase productivity, opportunity cost,
    • Privatisation and deregulation> Enables firms to be more efficient and cut costs in order to make more profits> reduces cost of P> Price competitive> increase exports.
    • Reduce exchange rates through low interest rates > makes exports cheaper and imports expensive> increases demand for exports> better trade balance. Evaluation:Depends on PED of X and M, may increase consumer expenditure some of which may be on imports


    Japan has been on news a lot recently and they have lots of problems regarding BoP and unemployment, ageing population so on, so i guess the examiners have a wider range of questions to choose from if they go with Japan.

    As for India it's a growing economy with high export lead growth, income is not distributed evenly, high poverty. So again another guess.

    We'll see tomorrow
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    (Original post by Hitoeveryone)
    I'm predicting BoP or Unemployment to come up this year. They might say something like 'discuss how supply side policies can improve an economy's trade balance' just guessing like i did for unit 1 which turned out to be exactly like i predicted

    For the case study i think they might use Japan or India :/
    this is exactly what my teacher predicted and she's the chief examiner for F582 haha
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    (Original post by maisiemorris)
    I've literally had all my exams last week so I've only had today to learn everything for the exam tomorrow and I think I've covered the basics, but does anyone have any revision resources they could send me because I'm worried I haven't gone over everything!!!
    Go tutor2u or econplusdal on utube
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    What could the 18 marker be on?
    Like for Micro, we were pretty sure it would be on market failure.. So what could it be for macro?
    Good luck everyone!
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    what are some of the key definitions to learn for this unit?
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    (Original post by brenkongroup)
    Budget deficit - Government Spending is more than taxation revenue

    Trade Deficit - More imports than exports

    Current Account deficit - More money is leaving the economy than entering it.
    true. so i was right about budget deficit.
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    (Original post by RazorBlade3000)
    Go tutor2u or econplusdal on utube
    Thank you econplusdal is really helping for last minute revision!
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    What do you need to know on cpi and rpi?
    What questions are likely to on up on this?
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    (Original post by Brave reader)
    true. so i was right about budget deficit.
    Yes sir you were - A's all round i say
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    (Original post by mohknows)
    What do you need to know on cpi and rpi?
    What questions are likely to on up on this?

    It it won't ask you directly about CPI and rpi, never seen it in a past paper.
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    Retaking. Got a B last time, hoping for an A at least.
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    (Original post by Hitoeveryone)
    you can talk about few things like:
    • Increase education and training>increase productivity> reduces cost of production> reduces firms prices> Price competitive> demand for exports will increase. Evaluation could be time lag, no guarantee it will increase productivity, opportunity cost,
    • Privatisation and deregulation> Enables firms to be more efficient and cut costs in order to make more profits> reduces cost of P> Price competitive> increase exports.
    • Reduce exchange rates through low interest rates > makes exports cheaper and imports expensive> increases demand for exports> better trade balance. Evaluation:Depends on PED of X and M, may increase consumer expenditure some of which may be on imports


    Japan has been on news a lot recently and they have lots of problems regarding BoP and unemployment, ageing population so on, so i guess the examiners have a wider range of questions to choose from if they go with Japan.

    As for India it's a growing economy with high export lead growth, income is not distributed evenly, high poverty. So again another guess.

    We'll see tomorrow
    ohh I see, okay, thank you!!
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    (Original post by studentwiz)
    what are some of the key definitions to learn for this unit?
    Inflation
    ad
    as
    real gdp
    eco growth
    gdp
    cyclical unemployment, frictional and structural,
    exchange rate
    interest rate
    basically what the book tells u
 
 
 
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