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AQA A-level Economics new 7136 - 06, 13 & 19 Jun 2017 [Exam Discussion] Watch

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    (Original post by RG110man)
    That's the book I'm using to revise. It tells you at each part of the book if the section is for all exam boards, and outlines any sections which are exam board specific (so OCR only, Edexcel only etc.)
    Thanks for that, so its worth buying?
    I home school so now im worried that i havent covered everything i need to.
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    (Original post by BintM)
    Thanks for that, so its worth buying?
    I home school so now im worried that i havent covered everything i need to.
    I'd say it's definitely worth buying. For AS I bought the AQA endorsed textbook but found it very heavy going with just too much waffle (endless cast studies etc). The CGP book is clear and concise telling you exactly what you need to know with no waffle. (Due to timetabling constraints this year I'm in a position where I have 1 hour of economics tuition with my teacher per week). I've found the CGP book used in conjunction with econplusdal's youtube videos have done the job and I seem to be getting around about the 20/25 marks on essays.
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    (Original post by RG110man)
    I'd say it's definitely worth buying. For AS I bought the AQA endorsed textbook but found it very heavy going with just too much waffle (endless cast studies etc). The CGP book is clear and concise telling you exactly what you need to know with no waffle. (Due to timetabling constraints this year I'm in a position where I have 1 hour of economics tuition with my teacher per week). I've found the CGP book used in conjunction with econplusdal's youtube videos have done the job and I seem to be getting around about the 20/25 marks on essays.
    I'm going to order it now then. I'm using the aqa textbook, it gives me a headache, as theres a lot to process :/
    Do you have any tips on writing essays?
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    (Original post by BintM)
    I'm going to order it now then. I'm using the aqa textbook, it gives me a headache, as theres a lot to process :/
    Do you have any tips on writing essays?
    I didn't even look at the second year AQA textbook because the one at AS was dense enough.

    Okay, so for essays this is the structure I usually use (it seems to get me anywhere between 20-25 depending on how strong my judgement/evaluation is):

    As an example I'll use the following question: "To what extent are low interest rates appropriate in the UK at a time of deflation? (25 marks)"

    1) Intro - here I define 2 relevant terms (usually keywords from the question). In this case I would define interest rates and inflation. So I'd just kick off with "Interest rates are defined as the cost of borrowing or the return on savings. Inflation is defined as a persistent rise in the average price level of the economy."

    2) Make an initial argument (NOTE: In an essay what you're trying to do is address the question from a few different angles). For the first paragraph of this question I would briefly explain how inflation targeting works to keep inflation in check. Reference the fact that since the introduction of the inflation target of 2%±1% we haven't seen inflation anything like the inflation commonly seen greater than 10% in the 1980s. This paragraph will help gain context marks, showing use of own knowledge. Next I'd draw a relevant diagram (in this case an AD/AS diagram showing an AD curve yielding a price level of less than 2% or even showing deflation. Then I'd draw on another curve which brings inflation back up to the target level of 2%. Explain how this may be achieved through lowering interest rates, as this would reduce the incentive to save as people get a lower return on their savings. Furthermore, low interest rates reduce the cost of borrowing. Explain how this would lead to the rightward shift of the AD curve as shown on your diagram. Also explain how AD is total planned spending in the economy at each price level and give the formula (AD = C+I+G+(X-M)).

    The second paragraph is where you should really build up your analysis and knowledge marks through your initial point and addressing of the question.

    3) In the previous paragraph you explained how lowering interest rates would boost AD and hence see an increase in the price level. Question this assumption. So in this case you could say how in a recession, or following a recession, lowering interest rates may not boost AD as people my be too busy paying off debts (deleveraging). In this case explain how interest rates may actually not be effective in this case. Explain how the Bank of England can boost demand through Quantitative Easing etc etc.... Explain how QE would boost demand and show this increase in demand (it's often good on these questions to go with the Keynesian diagrams as I find them more useful for showing demand-pull inflation.

    4) The 4th paragraph is where I would question what I've just said. So I just said that interest rates may actually not be appropriate. This time question QE. Raise issues to do with whether reliance upon QE is a bad thing. Should the government be doing more to incentivise consumers to boost consumption? Question how robust the economy is if the Bank of England have to "artificially" boost demand.

    5) (A 5th paragraph may not be necessary, you could just put everything in this paragraph into the 4th paragraph). Here you need to make a judgement. Say yes or say no. Make it clear. Make it explicit. Don't sit on the fence and don't be afraid to make a judgement. Once you've made your judgement it is fine to say something along the lines of "I believe that in the main, interest rates are important at a time of low inflation...(Justify your judgement).... However, I do believe that in certain areas of the economic cycle such as during recession or in the recovery phase interest rates may be less effective and another method such as QE may be more effective. I do, however, believe that methods of boosting AD and hence the price level such as QE are only a short-term fix and won't benefit the resilience of the economy in the long-run and thus the government should do more to relieve some of the reliance on QE at times where interest rates are ineffective in boosting AD and raising the price level.

    (This structure scored me 22/25 for this question in a mock)

    I hope this helps!

    Edit: changed the question bc I realised initially it was wrong.... Whoops!
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    (Original post by AmilaL)
    I was just wondering if this question is from the AQA specimen papers for Unit 2?
    I'm actually not sure where it's from. Variations of this question have been asked many times where, for example, instead of asking about deflation and interest rates they ask more broadly about the effectiveness of monetary policy in general. Something along the lines of "to what extent does monetary policy help achieve macroeconomic stability" where you'd pretty much write the exact same as I did for the above question.

    My teacher just gave us that question in a mock he compiled, but I believe all of the questions were from past papers. Not sure exactly where the question was from though
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    is there a multiple choice section for paper 1 and 2???
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    (Original post by Rubyx)
    is there a multiple choice section for paper 1 and 2???
    A level paper 1 and 2 no
    AS papers yes
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    How many marks out of 240 in the summer do you think we will realistically be looking at for an A or an A*?
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    (Original post by Bigpaddy27)
    How many marks out of 240 in the summer do you think we will realistically be looking at for an A or an A*?
    180/240 possibly? That would mean averaging 60/80 (75%) in each paper which seems about right for an A/A* I think????

    That was roughly the % needed on the old spec... New spec now though so goodness knows - tricky to predict I think...
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    (Original post by RG110man)
    180/240 possibly? That would mean averaging 60/80 (75%) in each paper which seems about right for an A/A* I think????

    That was roughly the % needed on the old spec... New spec now though so goodness knows - tricky to predict I think...
    It should be slightly lower for us, right? Since we're the first lot to do the new spec? I hope so anyway..
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    (Original post by Nadine_08)
    It should be slightly lower for us, right? Since we're the first lot to do the new spec? I hope so anyway..
    Potentially - seeing as it's a new spec even the exam board don't know how students are going to perform in these exams. They set the grade boundaries in relation to how people have performed anyway.

    One thing I will say is that other than mark allocation the structure of papers 1&2 hasn't really changed that much so I'm not expecting any big surprises there - paper 3 is obviously the one people are most in the dark about (teachers included) because we're not entirely sure what to expect other than some MCQs and some essays.
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    Economics hopefully will be something like 75% for an A and about 80-85% for an A* which isn't too bad.
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    Whats tecÚologies?
    The textbook keeps mentioning it. I mean its something to do with technology but what is it? :confused:
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    (Original post by BintM)
    Whats tecÚologies?
    The textbook keeps mentioning it. I mean its something to do with technology but what is it? :confused:
    I have no idea what the hell that is.

    Is that AQA?
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    (Original post by Nadine_08)
    I have no idea what the hell that is.

    Is that AQA?
    Yeah. I can't even find anything on google about it. Like in under the consequences of unemployment one of the points says 'high unemployment can reduce incentives for firms to invest in new state of the art tecÚologies, particularly when high unemployment accompanies a stagnant economy, low profits and a climate of business pessimism'
    And then it also says about the causes of change in the phases of the economic cycle: Supply-side factors: 'It is now recognised that supply-side factors can also trigger economic cycles. Edward Prescott and Finn Kydland, the 2004 Nobel laureates in economics, have developed a theory of ‘real business cycles’, which argues that changes in tecÚology on the supply side of the economy might be as important as changes in aggregate demand in explaining economic cycles.'

    Its mentioned a few times and was wondering what it was. :confused:
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    (Original post by BintM)
    Yeah. I can't even find anything on google about it. Like in under the consequences of unemployment one of the points says 'high unemployment can reduce incentives for firms to invest in new state of the art tecÚologies, particularly when high unemployment accompanies a stagnant economy, low profits and a climate of business pessimism'
    And then it also says about the causes of change in the phases of the economic cycle: Supply-side factors: 'It is now recognised that supply-side factors can also trigger economic cycles. Edward Prescott and Finn Kydland, the 2004 Nobel laureates in economics, have developed a theory of ‘real business cycles’, which argues that changes in tecÚology on the supply side of the economy might be as important as changes in aggregate demand in explaining economic cycles.'

    Its mentioned a few times and was wondering what it was. :confused:
    Probably just a typo for technology. The paragraphs you mention are all related to capital and investment so it fits in.
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    (Original post by The Financier)
    Probably just a typo for technology. The paragraphs you mention are all related to capital and investment so it fits in.
    I did think it was a typo at first but then it was mentioned a few times?
    But yeah i'll just assume it is technology.
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    Do any of you guys have a list of case studies/ past events of the UK economy and other economies to read up on for the exam? I know for the 25 markers, sometimes they require you to add in your own external economic knowledge in relation to the question (e.g.: if the question asks about interest rates and the bank rate, one can mention the dropping of the UK bank rate to 0.25% post-Brexit).

    If anyone can help, I'll be dearly grateful
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    (Original post by Mimssss)
    Do any of you guys have a list of case studies/ past events of the UK economy and other economies to read up on for the exam? I know for the 25 markers, sometimes they require you to add in your own external economic knowledge in relation to the question (e.g.: if the question asks about interest rates and the bank rate, one can mention the dropping of the UK bank rate to 0.25% post-Brexit).

    If anyone can help, I'll be dearly grateful
    I don't keep a list of case studies or anything like that simply because there isn't a need to have one. Just keep up with current affairs in the news. One thing I would do before the exam is read the most recent Bank of England report to have rough figures for inflation, unemployment, GDP and all that stuff. Other than that just keep an eye on the news and current affairs
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    Hey, I was just going through what I needed to cover in each AS unit. I'm not sure whether this specification is the one I'm using, it says new economics so I'm assuming it is


    I want to know if we have to know about Consumer/producer surplus or Barter system? I don't see it listed here, but my teacher has covered it in school. Can someone clear this up please?


    NEW AQA AS ECONOMICS Specification: http://www.aqa.org.uk/subjects/econo...market-failure
 
 
 
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