AQA ECONOMICS REVISION COUNTDOWN MACRO/MICRO 13/17th MAY EXAM Watch

VintageJunkie
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Hi guys for those of you doing the same exam on the 13th and the 17th why don't we all share our revision together with four weeks left to go and aim high!!

Any tips on essay question techniques, answering multiple choice questions etc, revision techniques...

WOOHOOO!! lets make revision fun!!
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Zetharus
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Did unit 1 today, went terribly bad!

Gone through pretty whole of the theory on unit 2.
Now its just past papers for me.

Hows your unit 2 revision going?
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VintageJunkie
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sameeee unit 1 was not too great :/ and unit 2 last minute.com!! im basically just revising all the possible 25 marker essays that could come up, what about you?
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fish100
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I hope there's a 30mark question on supply side or demand side policies because that's about the only thing I can do aha
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stirkee
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(Original post by fish100)
I hope there's a 30mark question on supply side or demand side policies because that's about the only thing I can do aha
there's pretty much ALWAYS 1 out of the 2 questions on that

In fact demand/supply side policies pretty much sums up unit 2
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Tarmu
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(Original post by stirkee)
there's pretty much ALWAYS 1 out of the 2 questions on that

In fact demand/supply side policies pretty much sums up unit 2
There aren't 30 markers on the AQA board.
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stirkee
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(Original post by Tarmu)
There aren't 30 markers on the AQA board.
well seen as though we're in an AQA thread i just assumed he meant to say 25 :P

did you mean to quote me?
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VintageJunkie
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i have a feeling it could be on unemployment, recessions or exchange rates does anyone know what came up for 2013 ?
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stirkee
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(Original post by VintageJunkie)
i have a feeling it could be on unemployment, recessions or exchange rates does anyone know what came up for 2013 ?
im guessing you mean in january.

The 25 markers were:

Using the data and your economic knowledge, discuss the view that a sustained recovery in the UK economy will inevitably lead to an increase in inflation.

and

Using the data and your economic knowledge, assess the view that a reduction in income tax is the best way to improve the performance of the UK economy in both the short run and the long run.

pretty straight-forward!
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username775001
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revised for 3 weeks and then had to stop last friday to revise for the exams I had this week and seemed to forgot it all
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EyesWideShut
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Can anyone explain when to use LRAS or SRAS :s
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stirkee
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(Original post by EyesWideShut)
Can anyone explain when to use LRAS or SRAS :s
Well it depends if you're talking about the long or short term lol

Like if you're talking about investment and stuff, that is generally LRAS as it takes a while for the investment to happen etc. Basically the LRAS curve is the PPF of unit 2.

mobility of labour, price level etc is short run.

---

This is why you can have the SRAS curve beyond the LRAS one. Simply, you could get your workers to work over time etc to boost supply past the (sustainable) long term agg supply level... But this can only be temporary.
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EyesWideShut
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(Original post by stirkee)
Well it depends if you're talking about the long or short term lol

Like if you're talking about investment and stuff, that is generally LRAS as it takes a while for the investment to happen etc. Basically the LRAS curve is the PPF of unit 2.

mobility of labour, price level etc is short run.

Ahhh thank you. I get confused on what is short run and what is long run you see :/
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stirkee
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(Original post by EyesWideShut)
Ahhh thank you. I get confused on what is short run and what is long run you see :/
"short" and "long" are the sorta pointers

Its good to refer to short term/long term in the 25 marker too to get the evaluation marks so they're good things to know.
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EyesWideShut
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(Original post by stirkee)
"short" and "long" are the sorta pointers

Its good to refer to short term/long term in the 25 marker too to get the evaluation marks so they're good things to know.

lmao no I meant I get confused on whether investment/mobility of labour etc etc affect the short run or long run. I think I'm just confusing myself! But thank you
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h_steer95
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(Original post by EyesWideShut)
Can anyone explain when to use LRAS or SRAS :s
LRAS is the long run of something, therefore what happens in the long term. if there was high unemployment for example, the LRAS curve on the AD/AS diagrams would shift to the left because there are lower factors of production (economic resources) being used, the SRAS of high unemployment is that the economy would not be using all of the factors of production efficiently as there is resources (the labour-unemployed) not being used. therefore the SRAS would also move to the left.

the Long Run Aggregate Supply basically means the economy is producing on the Production Possibility Frontier - being efficient.

hope this helped and wasn't too confusing
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Sammyg123
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depends whether you are keynes or neo classical. I use the keynesian model where the AS curve is sloped upwards and signals full employment at its peak, AD curves slope downwards like normal, much easier in an exam to stick to one model.
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FranTurner
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sorry i know its after the exam! On macro on friday 17th May, the 'define real income' what actually is it? i said its an individuals income adjusted for inflation but everyone else seen to put it was income left after taxes etc had been deducted, but isn't that disposable income?
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theseeker
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(Original post by FranTurner)
sorry i know its after the exam! On macro on friday 17th May, the 'define real income' what actually is it? i said its an individuals income adjusted for inflation but everyone else seen to put it was income left after taxes etc had been deducted, but isn't that disposable income?
I put the same as you. Real incomes are incomes adjusted for inflation. What your peers wrote, is disposable income.
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FranTurner
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so i got it right then? YES!
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