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Macro economics as essay- does mine look good. feeling nervous and hoping for an A watch

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    Is this normal??? I did the new spec economics AS paper 1 and 2 this year. The rest of my class took it for an internal assessment a few weeks later. I feel like i scored really highly on my first paper. On the second paper, after it all felt good, i knew it was harder but I felt happy. However my essay was different to my mates. They all had a generic essay to some extent e.g the same arguments whereas I used different arguments which all my mates did not use. I also got one point slightly muddled. My teacher said my essay sounded good and I am hoping for an A. IS it normal to feel worried that I have not done so well on my essay because it was different to many of my mates>>?


    For any economics students who can rest my mind///:
    FALLING commodity PRICES ON THE PERformance OF THE ECONOMY:

    Intro- defined key terms

    Para 1- falling commodity prices- higher purchasing power for lower income households more equitable as well and will lead to an increase in demand which should boost the performance of the economy in relation to GDP. Did AD shifting right diagram.

    Evaluation- strong as firms will also have lower costs of production and that may lead to an increase in supply not only in the short run but also the long run. then used the source- cant remember what i said. Then spoke about wage price spiral undermining the idea that firms will supply more as inflation will rise from increased demand.

    Para2- used the source which suggested an expansive form of Monetary policy and then suggested if it was used along side an expansive form of fiscal policy the potential capacity for the economy may increase as the money saved from gov spending etc could be used for injecting money into different parts of the economy e.g infrastructure which could lead to more jobs solving unemployment and boosting performance of economy. Did LRAS diagram shifting right.

    Evaluation- source A showed food prices back on the rise which indicated higher rates of inflation thus an expansive form of monetary policy is less likely as it contradicts the source and also spoke about the current economy in which oil prices are back on the rise. Not sure what else i said cant remember.

    Conclusion- compared arguments drawed on my conclusion eg with oil prices back on rise contradicting the title of falling commodity prices and then said in order to boost the performance of the economy- the '6%' deficit on current account should be tackled first.
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    Sorry you've not had any responses about this. Are you sure you've posted in the right place? Here's a link to our subject forum which should help get you more responses if you post there.

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    (Original post by Bigpaddy27)
    Is this normal??? I did the new spec economics AS paper 1 and 2 this year. The rest of my class took it for an internal assessment a few weeks later. I feel like i scored really highly on my first paper. On the second paper, after it all felt good, i knew it was harder but I felt happy. However my essay was different to my mates. They all had a generic essay to some extent e.g the same arguments whereas I used different arguments which all my mates did not use. I also got one point slightly muddled. My teacher said my essay sounded good and I am hoping for an A. IS it normal to feel worried that I have not done so well on my essay because it was different to many of my mates>>?


    For any economics students who can rest my mind///:
    FALLING commodity PRICES ON THE PERformance OF THE ECONOMY:

    Intro- defined key terms

    Para 1- falling commodity prices- higher purchasing power for lower income households more equitable as well and will lead to an increase in demand which should boost the performance of the economy in relation to GDP. Did AD shifting right diagram.

    Evaluation- strong as firms will also have lower costs of production and that may lead to an increase in supply not only in the short run but also the long run. then used the source- cant remember what i said. Then spoke about wage price spiral undermining the idea that firms will supply more as inflation will rise from increased demand.

    Para2- used the source which suggested an expansive form of Monetary policy and then suggested if it was used along side an expansive form of fiscal policy the potential capacity for the economy may increase as the money saved from gov spending etc could be used for injecting money into different parts of the economy e.g infrastructure which could lead to more jobs solving unemployment and boosting performance of economy. Did LRAS diagram shifting right.

    Evaluation- source A showed food prices back on the rise which indicated higher rates of inflation thus an expansive form of monetary policy is less likely as it contradicts the source and also spoke about the current economy in which oil prices are back on the rise. Not sure what else i said cant remember.

    Conclusion- compared arguments drawed on my conclusion eg with oil prices back on rise contradicting the title of falling commodity prices and then said in order to boost the performance of the economy- the '6%' deficit on current account should be tackled first.
    I am not sure AD would shift to the right, at least not for the reason you stated. If, for example, I had £1 and I spent £0.80 on commodities and the rest (£0.20) on other stuff, but then commodities fell from £0.80 to £0.60, this would just mean that I would now be spending £0.40 on other stuff rather than £0.20 (my spending has just been reallocated). There wouldn't have been any overall rise in demand from me, though, I believe. If you scale that up to the whole economy, I don't believe that there would be a change in AD either, unless I misunderstood something. Also, from my understanding, a wage price spiral is when workers bargaining for higher wages, leads to cost-push inflation thus leading to them bargaining for higher and higher wages and so on. Everything else seems fine from what I can see. Do bear in mind, however, that what I said before is just my interpretation of what you have summarised about your essay. Depending on how you explained it (in the actual exam), what you wrote may have been fine.

    By the way, was this the serious mock paper schools are now doing (because of A-level exams all being sat at the end of A2s). As in, are you sitting the real version of this exam next year? Also, what exam board are you on? I might be able to provide extra help.
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    Hi, I have taken the AS new spec AQA Economics and I am getting my result tomorrow- hoping for an A! Most of the people I spoke to had done similar arguments for AD to me. It was essentially a source showing food prices etc falling thus I said they would have more disposable income meaning that we may then see an overall increase in AD in the economy due to a higher purchasing power for consumers and then this would boost the performance of the economy. I was nervous about the LRAS argument but glad you said it looked fine. I used diagrams, referred to sources spoke about the real economy in relation to comodities and defined terms.. Do you think 20/25 is realistic for this essay from what you have seen- obviously my structure was better than this...
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    (Original post by Bigpaddy27)
    Hi, I have taken the AS new spec AQA Economics and I am getting my result tomorrow- hoping for an A! Most of the people I spoke to had done similar arguments for AD to me. It was essentially a source showing food prices etc falling thus I said they would have more disposable income meaning that we may then see an overall increase in AD in the economy due to a higher purchasing power for consumers and then this would boost the performance of the economy. I was nervous about the LRAS argument but glad you said it looked fine. I used diagrams, referred to sources spoke about the real economy in relation to comodities and defined terms.. Do you think 20/25 is realistic for this essay from what you have seen- obviously my structure was better than this...
    I don't know as much about AQA and their marking system, but from the sounds of it, you should be fine
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    You only applied your knowledge once there, so you'd definitely be restricted to level 5 and a high level 4 answer. Although your supported evaluation is fairly good and your analysis follows a clear yet concise chain of reasoning, you haven't applied your reasoning with any extracts or real world examples. Simply mentioning the government being in a 6% deficit is not enough. AD wouldn't shift at all, SRAS would shift to the right. This is due too firms experiencing higher costs due too falling oil prices. A fall in costs would shift the SRAS curve to the right causing lower inflation and thus higher GDP providing that cetrius paribas is held constant. You could of also mentioned why oil importers would benefit and oil exporters would not benefit from falling oil prices. You need to improve your exam technique in order to reach high levels of the mark scheme. You seem to acquire a suitable amount of knowledge do well for the full course. To do well in economics, exam technique is just as important as knowledge. Just improve your exam technique and just touch up your knowledge on diagrams for A2 as that's when the exams really count for the new spec.
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    (Original post by Mo98)
    You only applied your knowledge once there, so you'd definitely be restricted to level 5 and a high level 4 answer. Although your supported evaluation is fairly good and your analysis follows a clear yet concise chain of reasoning, you haven't applied your reasoning with any extracts or real world examples. Simply mentioning the government being in a 6% deficit is not enough. AD wouldn't shift at all, SRAS would shift to the right. This is due too firms experiencing higher costs due too falling oil prices. A fall in costs would shift the SRAS curve to the right causing lower inflation and thus higher GDP providing that cetrius paribas is held constant. You could of also mentioned why oil importers would benefit and oil exporters would not benefit from falling oil prices. You need to improve your exam technique in order to reach high levels of the mark scheme. You seem to acquire a suitable amount of knowledge do well for the full course. To do well in economics, exam technique is just as important as knowledge. Just improve your exam technique and just touch up your knowledge on diagrams for A2 as that's when the exams really count for the new spec.
    Thanks for your reply. I achieved a B in economics for this year in AS, I was 4 marks off an A. I got 57/70 in my micro paper but only 47/70 in the macro. I would like to get an A* next year and will start revision in septemeber to give me the best chance and will do as you suggested and work on exam technique
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    (Original post by Bigpaddy27)
    Thanks for your reply. I achieved a B in economics for this year in AS, I was 4 marks off an A. I got 57/70 in my micro paper but only 47/70 in the macro. I would like to get an A* next year and will start revision in septemeber to give me the best chance and will do as you suggested and work on exam technique
    Haha, good man! I'll be aiming for an A* too, you did well! Should be proud of yourself. Exam technique is just as important as content for economics, so I'd revise exam technique also. Nevertheless good luck!
 
 
 
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