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F581/ F582 Economics June 2013

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Reply 400
Avatar for cheese94
cheese94
Original post by fletchdd02
I managed 96 in micro, it's definitely possible!


Wow thats awesome! Care you give me the 96 UMS? :wink: aha
Do you have any tips you could share?
Reply 401
Avatar for iggyDash
iggyDash
2
remember guys dont get mixed up between the definition of real gdp and gdp

Real gdp - the countrys total output measured in constant prices and so adjusted to inflation
GDP - the total output of goods and services produced in a country
:wink:
Original post by iggyDash
remember guys dont get mixed up between the definition of real gdp and gdp

Real gdp - the countrys total output measured in constant prices and so adjusted to inflation
GDP - the total output of goods and services produced in a country
:wink:


ECONOMY ECONOMY ECONOMY

GDP - the total output of goods and services produced in an ECONOMY within a given time period

can't be having wrong definitions ! :tongue:
Reply 403
Avatar for Robbie242
Robbie242
Original post by iggyDash
remember guys dont get mixed up between the definition of real gdp and gdp

Real gdp - the countrys total output measured in constant prices and so adjusted to inflation
GDP - the total output of goods and services produced in a country
:wink:


For real GDP (I somehow find this easier to remember) Real GDP - the countries total output in an economy in a given time period adjusted for the effects of inflation>? would that get me the marks
Reply 404
Avatar for cheese94
cheese94
Original post by iggyDash
remember guys dont get mixed up between the definition of real gdp and gdp

Real gdp - the countrys total output measured in constant prices and so adjusted to inflation
GDP - the total output of goods and services produced in a country
:wink:


How do you calculate real gdp and gdp?
Original post by cheese94
How do you calculate real gdp and gdp?


You won't be required to calculate GDP, but if they give you figures to calculate real GDP, it's (GDP x Base year price index)/Current year price index
Reply 406
Avatar for iggyDash
iggyDash
2
Original post by Fas
ECONOMY ECONOMY ECONOMY

GDP - the total output of goods and services produced in an ECONOMY within a given time period

can't be having wrong definitions ! :tongue:


It says COUNTRY in the official textbook (just checked lol)

But thanks anyway dude :biggrin:
Reply 407
Avatar for cheese94
cheese94
Original post by CTArsenal
You won't be required to calculate GDP, but if they give you figures to calculate real GDP, it's (GDP x Base year price index)/Current year price index


Thanks! Any other necessary calculations to learn?
Original post by iggyDash
It says COUNTRY in the official textbook (just checked lol)

But thanks anyway dude :biggrin:


oh does it ? :colondollar:

my mistake then , its just when i answered a question on it the markscheme was quite specific on ' economy ' that said i don't think it matters , i think the two important bits will be " total amount of goods and services produced " and " within a given time period "
Reply 409
Avatar for iggyDash
iggyDash
2
Original post by Robbie242
For real GDP (I somehow find this easier to remember) Real GDP - the countries total output in an economy in a given time period adjusted for the effects of inflation>? would that get me the marks

Yes as you mentioned total output and adjusted with inflation . Those are the 2 trigger words which should get you 2 marks
Reply 410
Avatar for iggyDash
iggyDash
2
Original post by Fas
oh does it ? :colondollar:

my mistake then , its just when i answered a question on it the markscheme was quite specific on ' economy ' that said i don't think it matters , i think the two important bits will be " total amount of goods and services produced " and " within a given time period "


I'll just put a country/economy just in case
Reply 411
Avatar for iggyDash
iggyDash
2
What time everyone waking up

Im going to wake up 5am for last minute lookover
Original post by Robbie242
For real GDP (I somehow find this easier to remember) Real GDP - the countries total output in an economy in a given time period adjusted for the effects of inflation>? would that get me the marks


If you can remember GDP, just add "adjusted for inflation"
Original post by iggyDash
What time everyone waking up

Im going to wake up 5am for last minute lookover


6AM , as per usual.
Reply 414
Avatar for mrdan
mrdan
7
can someone explain automatic stabilisers?
Difficulties in measuring GDP???
I've revised like hell, but I'm so scared about keeping to time.

The worst thing after finishing an exam is knowing that you're definitely losing X amount of marks because you didn't do the question(s).
Reply 417
Avatar for iggyDash
iggyDash
2
Original post by mrdan
can someone explain automatic stabilisers?


Basically automatic stablisers are forms of government spending that change automatically to offset fluctuations in economic activity.

SO let me give you an example

government spending on job seeker allowance falls when unemployment decreases and economic activity rises
Reply 418
Avatar for mrdan
mrdan
7
Original post by manchesterunited15
Difficulties in measuring GDP???


The existence of an informal economy means that GDP may be higher than figures suggest

Also double counting, which is when raw materials are added to GDP so are the final products, means that the actual figure may be lower
Reply 419
Avatar for cheese94
cheese94
Original post by CTArsenal
I've revised like hell, but I'm so scared about keeping to time.

The worst thing after finishing an exam is knowing that you're definitely losing X amount of marks because you didn't do the question(s).


Don't worry, it seems like you know everything inside out! I'm sure you'll be fine! Good luck! :smile:

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