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Economics Unit 2 Edexcel - Managing the UK economy Tuesday 19th May 2015 (PM) Watch

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    Where did you hear from? And what do you mean, like how do supply side policies achieve economic growth etc kind of thing or what kind of thing xx

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    (Original post by yaya sanogo)
    i heard supply side will be a 30 markers, however just make sure you fully understand how achieving one macroeconomic objective may hinder the progress of another. This is a really tricky part of the spec to explain under time pressures
    thanks, that's good im covering that
    so much to dooo
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    Some fiscal policies can be used as a supply side policy if they manipulate the level of AS in the long run - it's an useful evaluation point
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    POSSIBLE 30- MARKERS: ACCORDING TO TUTOR2U BASED ON CURRENT ECONOMIC CLIMATE
    1) Assess the use of fiscal policies to improve the standard of living
    2) Assess the policies that might be used to prevent deflation in the UK
    3) Evaluate policies the UK govt. can use to reduce unemployment WITHOUT rising inflation
    4) Evaluate benefits of falling unemployment for the UK economy
    5) Evaluate the likely economic effects of the UK exchange rate appreciating against the Euro
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    (Original post by falloutboyyy)
    any thoughts on what the 30 markers will be on?
    Yep! check my latest post
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    (Original post by yaya sanogo)
    POSSIBLE 30- MARKERS: ACCORDING TO TUTOR2U BASED ON CURRENT ECONOMIC CLIMATE
    1) Assess the use of fiscal policies to improve the standard of living
    2) Assess the policies that might be used to prevent deflation in the UK
    3) Evaluate policies the UK govt. can use to reduce unemployment WITHOUT rising inflation
    4) Evaluate benefits of falling unemployment for the UK economy
    5) Evaluate the likely economic effects of the UK exchange rate appreciating against the Euro
    About Q4, can I say that falling unemployment means an economic growth as more resoures are being employed? Because unemployment means the economy is inside PPF instead of on PPF?
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    (Original post by prepdream)
    About Q4, can I say that falling unemployment means an economic growth as more resoures are being employed? Because unemployment means the economy is inside PPF instead of on PPF?
    You could do, just make sure its better worded when you write it in an exam! E.g. falling unemployment will lead to economic growth as the country moves closer to its productive potential, hence decreasing the output gap. In the long run, this would lead to an increase in supply as the labour sector in the F.o.P has increased, this increase in AS may counteract the economic growth previously experienced while reducing the effects of inflation (caused by the economic growth) - still a bit muddled though! Hope that helps
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    (Original post by yaya sanogo)
    You could do, just make sure its better worded when you write it in an exam! E.g. falling unemployment will lead to economic growth as the country moves closer to its productive potential, hence decreasing the output gap. In the long run, this would lead to an increase in supply as the labour sector in the F.o.P has increased, this increase in AS may counteract the economic growth previously experienced while reducing the effects of inflation (caused by the economic growth) - still a bit muddled though! Hope that helps
    Thank you, still not really that fluent in tranmission mechanism so think I need to write more 30 markers then

    Also I would like to ask some help for this question "Assess the likely impact of UK government labour market policies on any threemacroeconomic objectives. Refer to the information provided and to your ownknowledge.". I read the mark scheme but it is really vague!
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    (Original post by prepdream)
    Thank you, still not really that fluent in tranmission mechanism so think I need to write more 30 markers then

    Also I would like to ask some help for this question "Assess the likely impact of UK government labour market policies on any threemacroeconomic objectives. Refer to the information provided and to your ownknowledge.". I read the mark scheme but it is really vague!
    hmm, thats a tough one, it seems like it might have something to do with an extract? But since its talking about labour market i can only guess you have to refer to positives and negatives of supply side policies
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    (Original post by yaya sanogo)
    hmm, thats a tough one, it seems like it might have something to do with an extract? But since its talking about labour market i can only guess you have to refer to positives and negatives of supply side policies
    Yes it is from Jan 2012. Yeah, that is the easy bit but it is hard when I try to evaluate it.

    For example:
    -Education -> low unemployment but time lag.
    -Reduce benefit -> unequal income distribution but how can I evaluate this point?
    -Reduce power of Trade Unions -> low unemployment but lower Y meaning low standard of living -> evaluate by saying that GDP is not the only measurement of standard of living then?

    Do you have any ideas on this? Thank you so much for your help!
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    (Original post by prepdream)
    Yes it is from Jan 2012. Yeah, that is the easy bit but it is hard when I try to evaluate it.

    For example:
    -Education -> low unemployment but time lag.
    -Reduce benefit -> unequal income distribution but how can I evaluate this point?
    -Reduce power of Trade Unions -> low unemployment but lower Y meaning low standard of living -> evaluate by saying that GDP is not the only measurement of standard of living then?

    Do you have any ideas on this? Thank you so much for your help!
    Im not gonna lie, Supply side policies are probably my weakest part of unit 2! haha I will have a look over them tonight and come back to you with some solid evaluation points
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    Hi all,

    I've just uploaded my video on the 30 mark evaluation question if it's still keeping you up at night. Not going to have time to write any of the unit 2 content up for my website unfortunately as I've been encountering some computer issues! https://youtu.be/1W3buwcvCBc

    Best of luck all,

    Tom (IDK-tuition.com, free online economics videos and resources)
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    (Original post by yaya sanogo)
    POSSIBLE 30- MARKERS: ACCORDING TO TUTOR2U BASED ON CURRENT ECONOMIC CLIMATE
    1) Assess the use of fiscal policies to improve the standard of living
    2) Assess the policies that might be used to prevent deflation in the UK
    3) Evaluate policies the UK govt. can use to reduce unemployment WITHOUT rising inflation
    4) Evaluate benefits of falling unemployment for the UK economy
    5) Evaluate the likely economic effects of the UK exchange rate appreciating against the Euro
    the problem is it wouldn't be based on current economic climate as the papers would have been written a year ago
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    (Original post by yaya sanogo)
    possible 30- markers: According to tutor2u based on current economic climate
    1) assess the use of fiscal policies to improve the standard of living
    2) assess the policies that might be used to prevent deflation in the uk
    3) evaluate policies the uk govt. Can use to reduce unemployment without rising inflation
    4) evaluate benefits of falling unemployment for the uk economy
    5) evaluate the likely economic effects of the uk exchange rate appreciating against the euro
    can you link me to the tutor2u page that talks about this?
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    (Original post by Buttle)
    the problem is it wouldn't be based on current economic climate as the papers would have been written a year ago
    The paper was written from september, but yes. the extracts will be written from 2014/13 however it doesnt stop them from asking any of this questions
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    (Original post by fatimazahid)
    can you link me to the tutor2u page that talks about this?
    http://beta.tutor2u.net/economics/re...vision-webinar
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    Cab you write up some model answers for like two thirty markers pleeease???
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    Can any one write down in details the advantages of economic growth please?
    How in details it will create jobs for example?
    Thank you so much
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    It means that people are spending more so obviously firms have a greater demand for their goods or services. They may therefore employ more people to increase capacity of their firm and meet the demand. These people then have greater disposable income who will also spend, creating a multiplier effect.

    It also increases govt revenue from corporation tax and income tax. Govt can spend more on education, heathcare, public goods etc and without raising taxes or increase borrowing. This will in turn improve the budget deficit.

    Also greater business confidence so they may invest and it will attract foreign investment.

    People's living standards will rise as they can use their disposable income to spend more on better goods and services. Also likely that income per capita rises.

    ALL OF THESE POINTS CAN HAVE LOTS OF EVALUATION TO THEM ESPECIALLY USING CONFLICT OF HIGH INFLATION, WORSENING ENVIRONMENT, PERHAPS INCOME INEQUALITY INSTEAD OF INCOME PER CAPITA RISING, SPENDING MORE ON IMPORTS COULD WORSEN THE BOP CURRENT ACCOUNT DEFICIT AS UK HAS HIGH MARGINAL PROPENSITY TO IMPORT xxx
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    someone help me on inflation, and the typical questions you'd get for it... have a feeling it might come up
 
 
 
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