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    hey all!! so happy to be a part of student room... i didnt do my unit 1 paper that much well.. so i need to do the unit 2 well . . can u ppl help me!!
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    (Original post by cham_E)
    hey all!! so happy to be a part of student room... i didnt do my unit 1 paper that much well.. so i need to do the unit 2 well . . can u ppl help me!!
    Well we all need to do well in this paper. We shall all help each other out! I have been waiting for a thread for this exam for weeks
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    (Original post by Jack_Smith)
    Well we all need to do well in this paper. We shall all help each other out! I have been waiting for a thread for this exam for weeks
    thank u jack for the respond!! so lets do our estimation
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    (Original post by cham_E)
    thank u jack for the respond!! so lets do our estimation
    what do you think?
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    Are you guys doing edexcel ?
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    I reckon it'll be a questions based on the Olympics... but exactly what about it is beyond me!

    (and im assuming this is edexcel?.. AQA economics threads are already clogging up TSR :P)
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    How you guys revising for Economics anyway? The actual content to memorize/know is not much, and the past paper markschemes are too vague for it to be of any help and guidance! So I'm just sitting here aimlessly... watching this thread as my 'revision'.
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    The 30 marker is where it all lies... I raelly hope it is a nice question because it makes up almost 1/3 of the marks... mess up on that and its bad news I guess
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    Government policies?
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    http://econsguide.blogspot.co.uk/201...aging.html?m=1
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    I have a feeling it might be on unemployment, possibly government policies as well. I had a hunch that unit 1 was going to be on buffer stock/minimum pricing but of course that could just be a coincidence.
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    (Original post by Dilzo999)
    I have a feeling it might be on unemployment, possibly government policies as well. I had a hunch that unit 1 was going to be on buffer stock/minimum pricing but of course that could just be a coincidence.
    Wasn't jan/jun 2012 (can't remember which one) on unemployment though?
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    I'm really baffled by the GDP at constant price question in Jan 2011. I can't find this on the SPEC and nor in the book.
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    (Original post by dan94adibi)
    I'm really baffled by the GDP at constant price question in Jan 2011. I can't find this on the SPEC and nor in the book.
    Yeah same, i guess it just means real GDP.


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    (Original post by ljh950912)
    Yeah same, i guess it just means real GDP.


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    The thing is I know what it is but I just don't understand why they would ask such a question if its not on the SPEC.
    GDP at constant price is when you measure the value added in production in the price of a particular year.

    and a very quick question:
    Problems of comparison between developed and developing countries using economic growth as an indicator.
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    Nice thread shamy....can any one guess the 30 marks question...i guess Economic growth might come
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    Hi everyone, I have created revision notes for this module which can be found on my website http://www.mattsrevision.com/managing-the-economy/

    I hope they help and good luck in the exam!

    Matt
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    (Original post by dan94adibi)
    The thing is I know what it is but I just don't understand why they would ask such a question if its not on the SPEC.
    GDP at constant price is when you measure the value added in production in the price of a particular year.

    and a very quick question:
    Problems of comparison between developed and developing countries using economic growth as an indicator.
    Limitations of using GDP statistics for international comparisons include:

    Differences in the distribution of income
    Although two countries may have similar GDP per capita figures, the distribution of income in each country may be very different.

    Differences in hours worked

    As when comparing a country over time, the number of hours worked to generate a given level of income may be quite different. e,g workers in the UK tend to work longer hours than those in France, and this would falsely inflate the GDP figures in the UK relative to France.

    International price differences
    International prices will also vary. This is significant because an individual's purchasing power is based on price in relation to income. To solve this problem, GDP statistics can be re-calculated in terms of purchasing power. The purchasing power of a currency refers to the quantity of the currency needed to purchase a given unit of a good, or common basket of goods and services. Purchasing power is clearly determined by the relative cost of living and inflation rates in different countries. Achieving purchasing power parity means equalising the purchasing power of two currencies by taking into account cost of living and inflation differences.
    For example, if we simply convert GDP in Japan to US dollars using market exchange rates, relative purchasing power is not taken into account, and the validity of the comparison is weakened. By adjusting rates to take into account local purchasing power differences, known as PPP adjusted exchange rates, international comparisons are more valid.

    Difficulty of assessing true values
    The true value of public goods and merit goods, such as defence, education and transport infrastructure is largely unknown. This means that it is difficult to compare two countries with very different levels of spending on these goods and assets.
    The unofficial economy

    Similarly, the existence of a large unofficial economy may make comparisons based on official GDP very misleading. For example, comparing the official GDP of the UK and Russia may be misleading because of the size of Russia's unofficial economy. While all countries have unofficial economies, their size and significance can vary considerably.

    Currency conversion
    GDP figures for different countries must be converted to a common currency, such as the US dollar, and this may give misleading figures. For some countries, exchange rates against the US dollar may be unrepresentative of the true value of the currency, especially where international trade is relatively small. In such cases, converting to US dollars may significantly under-value national output. This explains why conversion to purchasing power parity is often preferred to conversion to US dollars.
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    (Original post by mattj94)
    Hi everyone, I have created revision notes for this module which can be found on my website http://www.mattsrevision.com/managing-the-economy/

    I hope they help and good luck in the exam!

    Matt
    These are really good, thanks!


    This was posted from The Student Room's iPhone/iPad App
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    (Original post by Shar-Sharaff)
    Nice thread shamy....can any one guess the 30 marks question...i guess Economic growth might come
    Hoping that trade off between objectives comes up.
 
 
 
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