OCR F581 Markets in Action - 11 May 2015 Watch

Makashima
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Unit 1 version https://docs.google.com/document/d/1...h.wvbeu8h46gjn

UNOFFICIAL MARKSCHEME LINK BELOW
http://www.thestudentroom.co.uk/showthread.php?t=3316517

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ECONOMICS F581 Markets in Action
(UNIT 1)
OCR
*******************************

Monday 11th May 2015
Morning Exam



Discuss anything related to "F851 Markets in Action exam".

LAST DAY
remember to get an early night sleep
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Coombsy
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If anyone needs any help give me a shout. I got 98/100 in this exam (January 2013) and I have uploaded my answers to my profile if that's of any use.
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Pato1
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So has everyone started their microeconomics revision yet?

What topics do we think is going to come up?
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_Fergo
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(Original post by Pato1)
So has everyone started their microeconomics revision yet?

What topics do we think is going to come up?
I've been revising again and again since completing the unit.

As per usual, definitions on the simple topics in the beginning of the specification, questions requiring D & S or PPC diagrams and definitely something from the elasticities and/or the externalities (most likely as a comment question).

I believe the essay will be on trade permits.
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username1822535
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(Original post by *Stefan*)
I've been revising again and again since completing the unit.

As per usual, definitions on the simple topics in the beginning of the specification, questions requiring D & S or PPC diagrams and definitely something from the elasticities and/or the externalities (most likely as a comment question).

I believe the essay will be on trade permits.
Hmm why do you think so? Because there isn't much to write about trade permits. What would you write in an essay about trade permits?
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JMKeynes
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(Original post by *Stefan*)
I've been revising again and again since completing the unit.

As per usual, definitions on the simple topics in the beginning of the specification, questions requiring D & S or PPC diagrams and definitely something from the elasticities and/or the externalities (most likely as a comment question).

I believe the essay will be on trade permits.
What do you mean exactly by trade permits? Is that to do with protectionism?
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_Fergo
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(Original post by gelato72)
Hmm why do you think so? Because there isn't much to write about trade permits. What would you write in an essay about trade permits?
(Original post by JMKeynes)
What do you mean exactly by trade permits? Is that to do with protectionism?
I mean the tradeable pollution permits. OP, I'd really suggest reading the topic in the main OCR book (thoroughly), as it's a "discuss" question and requires a more in depth knowledge than the rest of the specification.
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JMKeynes
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(Original post by *Stefan*)
I mean the tradeable pollution permits. OP, I'd really suggest reading the topic in the main OCR book (thoroughly), as it's a "discuss" question and requires a more in depth knowledge than the rest of the specification.
Ah right, thanks - although it would be quite an obscure topic for the 18-marker should it come up!
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_Fergo
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(Original post by JMKeynes)
Ah right, thanks - although it would be quite an obscure topic for the 18-marker should it come up!
I agree, but it's been some time since it came up.

It's one of the main topics in the end, so they can definitely put it this year.
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humar
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(Original post by Coombsy)
If anyone needs any help give me a shout. I got 98/100 in this exam (January 2013) and I have uploaded my answers to my profile if that's of any use.
WOW !! That's really impressive I am resitting the markets in action exam this year I got a B really want to get an A . Just want to ask do you have any excellent examples on regulation, information failure or on permits? and any helpful tips!!
Thanks
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Coombsy
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(Original post by humar)
WOW !! That's really impressive I am resitting the markets in action exam this year I got a B really want to get an A . Just want to ask do you have any excellent examples on regulation, information failure or on permits? and any helpful tips!!
Thanks
Thank you.

There are loads of great resources on TSR for the benefits and costs of the various methods of government intervention if you look around (such as this: http://www.google.co.uk/url?sa=t&rct...,d.d2s&cad=rja).

Then it's just the case of structuring the essay properly and analysing and evaluating well to access the higher marks. I can't stress enough how you should utilise the mark schemes to see how to get in to the higher level marks and get an understanding of what the examiners are looking for.

Hope that helps.
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ah9
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Decided I wanted to re sit this exam but i haven't revised it in ages! Does anyone have any advice as to how I should start?
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Makashima
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Notes on Specialisation:

Specialisation:

A situation where a firm or a worker concentrate on a particular production of certain goods and not others.

Benefits:
· Increase in the output of good and service, firms become more efficient which also improves the quality and quantity
· A widening range of good and services, the specialised goods can be used to trade with another country specialised goods.
· Workers become more skilled and experience thus may be able to demand a higher wage.

Disadvantages:
· Finite resources will run out eventually so the economy will suffer
· De-industrialisation, cheap imports or capitals replaces these specialised workers. Unemployment rises.
· Bad weather can interrupt a whole year of harvest result, this creates a widespread economic panic.
· Consumers' taste may change which leave the export to be unsaleable and so the economy is in a vulnerable position


(Feel free to add more)
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username1822535
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(Original post by Coombsy)
If anyone needs any help give me a shout. I got 98/100 in this exam (January 2013) and I have uploaded my answers to my profile if that's of any use.
How did you get 98/100? What were your revision techniques?
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Makashima
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(Original post by Coombsy)
If anyone needs any help give me a shout. I got 98/100 in this exam (January 2013) and I have uploaded my answers to my profile if that's of any use.
Hey, are you doing A2 economics as well?
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Super199
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Anyone have notes on this unit? To be honest I was finding this unit fine until it got to all this government intervention crap.
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Makashima
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(Original post by Super199)
Anyone have notes on this unit? To be honest I was finding this unit fine until it got to all this government intervention crap.
You find all government intervention ie regulation, tax, tradable permit, subsidies and provision of information confusing ?

Posted from TSR Mobile
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Super199
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(Original post by Makashima)
You find all government intervention ie regulation, tax, tradable permit, subsidies and provision of information confusing ?

Posted from TSR Mobile
yeah and the negative externalities, positive externalities (the diagrams to go with them) .
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Makashima
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(Original post by Super199)
yeah and the negative externalities, positive externalities (the diagrams to go with them) .
Dont really have like a proper set of notes about the government interventions.
But I will try and talk you through externalities first since those are easier to grasp.
--------------------------------------
Definitions:

Externality is when the third party are affected by the actions of the decision of a production or consumption of a good which they do not directly involved in.



Two types of externalities:

Positive
Where social benefit are greater than private benefits (MS answer x2)

Negative
Where social cost are greater than private costs (MS answer x2)

___________

E.g. Smoking
Private cost of smoking, the cost to the individual only: get health illnesses e.g. lung cancer or the money couldve spent on something else not cigs etc

Social cost of smoking, if people smokes then this will apply strain on the NHS in the lungs department, so the government will have to allocate money from somewhere to put into the lungs department to treat these individuals. The money may derived from tax revenue which couldve spent on education and improve the labour force etc etc and which is a cost to the society.

not sure if this is what you mean?
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Super199
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(Original post by Makashima)
..
Did you get taught about the graphs of these. It isn't in the book and our teacher taught us for some reason. Thank you for this
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