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A2 U3 - Economics - Discussion

I'm at a loss... I can't revise for it, even reading the paper makes me want to sleep*. So, I ask you, how in the world can I revise for it? (this is Business Economics, by the way)

I normally answer questions, but there are none left. :frown:

Can someone ask me questions instead? Anything?

*because I think econ is common sense with a bunch of graphs.

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Reply 1

TsarinaMeg

oooohh!
You can teach me!! --> Teaching others supposedly helps you learn it better.
So. Tell me abooouuuutt.... Perfect competition!!

Reply 2

Ludwig Wittgenstein

we're going to die :frown:

Reply 3

unamed

TsarinaMeg

oooohh!
You can teach me!! --> Teaching others supposedly helps you learn it better.
So. Tell me abooouuuutt.... Perfect competition!!

(it does!

)

Perfect competition:

Assumptions: firms are price takers, there is perfect information, no entry/exit barriers, all products are homogeneous, there are many small firms with little market share. :smile:

Efficiency: Both allocatively and productively efficient in the LR, however, they are only allocatively efficient (as it is possible for the AC to be above minimum, hence not PE)

Profits: SNP only in the SR, NP in LR.

Shutdown point: when AVC=AR, the firms would shut down and hence leave the market, as their revenue no longer covers the cost of producing one more unit of output. :smile:

Reply 4

unamed

Ludwig Wittgenstein

we're going to die :frown:

How so? I find this unit unbearably easy/boring. It's only the questions/time that stump me! :smile:

(although, with the way edexcel's A2 units have been going this year, I don't know what to expect!)

Reply 5

RosieLucenstiel

I should be worried, but meh, summer retakes.

Tbh I'm more worried about how on earth I'm going to fill the hour after I've finished the paper half way through...why on earth do they give so much time??

Reply 6

unamed

RosieLucenstiel

are you doing the same paper as me? I don't think I have ENOUGH time! (and I work fast) :eek:

! Do you manage to do well in the short time? How do you do it...?

Reply 7

Ludwig Wittgenstein

unamed

How so? I find this unit unbearably easy/boring. It's only the questions/time that stump me! :smile:

(although, with the way edexcel's A2 units have been going this year, I don't know what to expect!)

Ahh, I'm on OCR. I find a lot of the content logically, pretty easy to grasp. It is just the essay questions that catch me out - I end up going off on a tangent from a point I make and I don't quite give the answers in the mark scheme that they would have been looking for.

Woe is me.
Anyway, must dash.
Best of luck!

Reply 8

unamed

Ludwig Wittgenstein

Ahh. It's similar with edexcel (it doesn't help that I talk more than the average person and hence write more)..

Good luck to you too! :biggrin:

Reply 9

RosieLucenstiel

unamed

are you doing the same paper as me? I don't think I have ENOUGH time! (and I work fast) :eek:

! Do you manage to do well in the short time? How do you do it...?

I'm doing the OCR Economics of Work and Leisure module. It's two hours long. I just do Economics very quickly, I guess cause the questions are generally very straightforward and it's all theory. The only tip I can think of is to plan your essays!

What's your paper?

Reply 10

unamed

RosieLucenstiel

ah, we only have(d) 1.5 hours on Edexcel. :smile:

Reply 11

the_neg_master_

Anyone looking forward to Unit 4? just look at the spec and blimey 100marks for 2 hours..

Reply 12

Tallon

the_neg_master_

Anyone looking forward to Unit 4? just look at the spec and blimey 100marks for 2 hours..

I prefer micro but I did a lot better on macro last year. Unit 4 looks exactly the same as unit 2, lol.

Reply 13

the_neg_master_

can we discuss unit 3 now? it seems none has started the discussion and that for me is very shocking.. this is TSR man.. lol
(mods please open up A2 Edexcel Economics - 6ECO3 - Business Economics - 29th January 2010 - Discussion) thanks..or if not, just merge both this and that together..

Reply 14

chiliman14

I think we can discuss it now, how did you find it?

Reply 15

unamed

the_neg_master_

Anyone looking forward to Unit 4? just look at the spec and blimey 100marks for 2 hours..

I hate the 100 marks for 2 hours bit, but I love macro! :biggrin:

Especially the development stuff. (although I messed up my unit 2 paper...)

Reply 16

unamed

chiliman14

I think we can discuss it now, how did you find it?

I thought it was pretty good, which question did you do? (I did the 1st one, which no one else in my class did. :biggrin:

)

Reply 17

the_neg_master_

Are you sure? lol i don't wanna get 10 warning points.. i was expecting more discussion on this but it seems it died down.. anyhow, it was alright.. i did the second question (pharmaceutical) - was it an oligpolu btw? haha
Erm.. It was a bit shocking that the questions were mostly 12 marks!! the sample assessment materials were 6,8 10 marks and that was too much.. thankfully finished it on time however didn't have time to look back and re-read my answers..

Reply 18

chiliman14

I did the second, the questions seemed alot more straight forward. I filled all the space that was there and somehow had 5 minutes left! I'm quite annoyed though because I know i got question 3 wrong, and I wasnt sure about the last question of section A either.

And yes it was oligopoly! Even though the products were quite homogeneous they still had branding.