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**********OFFICIAL OCR ECONOMICS F581 13th MAY 2014 THREAD************

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man i will fail
I need serious help on 18 markers anyone here that can help ?
how can 'the economic problem' be applied to the case of oil?
Original post by EdwardsEconomics
The market is more allocatively efficient as it moves closer and is allocatively efficient when it arrives at the socially optimum point.

Other than that, you got it.


Thank you! :smile:
This might be a silly question.. but I don't know the answer to it..
What is the opposite of a free market economy?
Original post by lionelmessi19
Thank you! :smile:
This might be a silly question.. but I don't know the answer to it..
What is the opposite of a free market economy?


A command economy?


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Original post by May-o2q
A command economy?


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I'm hearing that for the first time.. It's in my textbook.. better revise it..
What could they ask about these different types of economy?
Thank you!
Factors determining price elasticity of supply.

Availability of factor of production.
So if a new machinery has to be purchased an installed, the elasticity of the supply will be more elastic? Why is this so?

I dont really get it, someone please explain and give an example.

I feel like it somewhat similar to the time theory.

Original post by fredhovis
how can 'the economic problem' be applied to the case of oil?



Umm well the economics problem is when the resources are scarce and the wanted are unlimited (therefore we will have to make choices which can result in opportunity costs).

So the oils are running out while the demand for oil is increasing for transport to work, school, public buses etc. Thats what I think, well according to my teacher teaching ^_^
Original post by lionelmessi19
I'm hearing that for the first time.. It's in my textbook.. better revise it..
What could they ask about these different types of economy?
Thank you!


It's alright, I don't really know what form of question would they ask about these different type of market since I've never seen it in any past paper. But better to learn it's definition?


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Original post by May-o2q
It's alright, I don't really know what form of question would they ask about these different type of market since I've never seen it in any past paper. But better to learn it's definition?


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Ok cool.. Thanks! :smile:
Original post by May-o2q
A command economy?


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Original post by lionelmessi19
I'm hearing that for the first time.. It's in my textbook.. better revise it..
What could they ask about these different types of economy?
Thank you!


Another term for it is 'Planned Economy' I think. Don't know what they can ask other than what they are?
Original post by Knowing
Another term for it is 'Planned Economy' I think. Don't know what they can ask other than what they are?


Original post by May-o2q
It's alright, I don't really know what form of question would they ask about these different type of market since I've never seen it in any past paper. But better to learn it's definition?

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Ok..
So there is a
Market Economy - runs through the market forces of demand and supply
Command Economy = Planned Economy = an economic system in which most resources are state owned and allocated centrally.
Mixed Economy = an economic system in which resources are allocated through a mixture of the market and direct public sector involvement.

Can someone put examples next to these please?
18 marker :O it will either be on is tradable permits, subsidy, regulation or tax and their impact on market failure (info failure probably wont as it came up last year) So what is everyone's views on the 18 marker?
(edited 9 years ago)
Original post by lionelmessi19
Ok..
So there is a
Market Economy - runs through the market forces of demand and supply
Command Economy = Planned Economy = an economic system in which most resources are state owned and allocated centrally.
Mixed Economy = an economic system in which resources are allocated through a mixture of the market and direct public sector involvement.

Can someone put examples next to these please?


Examples I can think of:

Market Economy - Hong Kong
Planned/Command Economy - North Korea(?)
Mixed Economy - UK
my page ocr econ.jpg.jpgI don't understand why this L3 analysis was marked incorrect last year, I was showing a negative externality in consumption.. Can anyone help?
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Avatar for mackayg
mackayg
Original post by octagonallawyer
my page ocr econ.jpg.jpgI don't understand why this L3 analysis was marked incorrect last year, I was showing a negative externality in consumption.. Can anyone help?

That question was specific to information failure :-)
Original post by Knowing
Examples I can think of:

Market Economy - Hong Kong
Planned/Command Economy - North Korea(?)
Mixed Economy - UK


Aha.. Thanks I get it now! :smile:
Original post by mackayg
That question was specific to information failure :-)


As I explained, info failure means that sunbeds are over consumed, they cause negative externalities in consumption, no?
Thanks
I have uploaded my 18 mark question from January 2013 where I got 18/18 to 'My Albums' if that is helpful to anyone.
How does the government providing public goods solve market failure?


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Original post by octagonallawyer
my page ocr econ.jpg.jpgI don't understand why this L3 analysis was marked incorrect last year, I was showing a negative externality in consumption.. Can anyone help?


A negative externality is when the marginal social cost is greater than the marginal private cost.
You have stated that the marginal social benefit is lower than the marginal private benefit, i don't believe this statement exists for anything in this course.

I think what you've tried to do is draw the opposite of a positive externality but it doesn't work like that

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