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Business Studies Unit 1 Jan 09 (Edexcel)
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leechomin
Mine is at 11.30. i think got quarantine until 3.30 summore. freaking stupid and waste of time. wat other papers you've got? i have to prepare for acc on monday. 3 lit papers in the coming week as well.
Wow 11.30. Good good. Haha I only take business studies unit 1 and unit 4 this Jan. So my next paper ll be on 20th Jan. You work hard k, gd luck!
leechomin
you know, in page 12 of the toolkit, below "Why not?" the points seemed to be taken from wikipedia:
http://en.wikipedia.org/wiki/Economy_of_Sweden (under the heading Crisis of the 1990s)
Just pointing it out. lol
btw, reading wikipedia really helps for general knowledge.
http://en.wikipedia.org/wiki/Economy_of_Sweden (under the heading Crisis of the 1990s)
Just pointing it out. lol
btw, reading wikipedia really helps for general knowledge.
yea it's exactly the same! lol
There are some questions left that haven't been thought of or predicted or explained very well. Take this one for instance:
1) Assess the benefits to the Swedish government if they want to keep the 35 year old Pharmacy as a monopoly.
Many of us have only decided that it was going to be de-regulated which it is supposed to by the end of the year 2009 but that's external information, feel free whether to put that in the exam or not. But nobody thought of, if the Swedish government wanted to keep it.
The Answer: A monopoly is the only provider of a certain product in an economy.
As a monopoly, it tends to operate on a large scale and consequently gain from economies of scale, therefore this can reduce the average costs of production, and these savings can be passed on to the consumer in the form of lower prices.
In some cases, to maintain a monopoly, this is because they consider the industry to be more efficient in the hands of one supplier. Also, the government keeps full control over this monopoly (especially as it deals with medicine or drugs which means a very important service and product to the whole community) and should afford the medicine at affordable prices.
However,
There would be a potential increase in prices due to lack of competition and a danger of restriction to consumer choices. There would also be a lack of incentives for the government to increase its efficiency (Mostly subsidized)
Monopolists may be less efficient because if they believe that they have a protected market they may be less inclined to spend money on research and development and improved management. These inefficiencies can lead to a waste of scarce resources.
The Swedish Government owned Vin and Sprit for 90 years, it has recognized brand image, a value of 2-3 billion, and 7% growing sales per annum.
Assess why the Swedish Government would want to sell such a thriving business?
The Swedish government, through its supply side policy (production) by privatizing state owned businesses is mainly trying to create more jobs and expanding companies. If the state owned business is efficient with a brand image of 2-3 billion in value then it's going to be sold at an extortionately high price, especially that the Swedish government is implementing its policy through privatization.
There will also be very high revenue to the government due to the business success and a high value brand image. Also, selling it to the private sector means more money will be invested in the business to prove its efficiency. New Jobs will also be created as the business gets larger and becomes global. More competition which leads to better services and lower prices (due to profit motive)
More innovation and new product development will occur. As competition arises there will be more branches and outlets for the benefit of the consumers.
However, The sale of this business should be monitored so that it will not turn into a private monopoly and exploit consumers without taking into consideration the social responsibility. Also, the Swedish government took time in making the decision to sell because it does not want to sell it any bidder before taking time researching them.
"Electricity and gas prices have fallen in somewhat real terms; rail and bus fares have risen"
Describe what is meant by real terms and explain why the rail and bus fares have risen
Real terms mean after removing the inflation rate (which is a key that they want you to know inflation)
After removing the inflation rate, the prices of gas and electricity have fallen. What is meant is that the prices of gas and electricity have only fallen due to the removal of inflation rate, whereas they havent REALLY fallen in real terms.
This explains the contradiction between the gas and electricity prices and the rail and bus fares. Rail and bus fares have increased because of inflation.
PLEASE NOTE THAT THE ANSWERS ABOVE ARE NOT MODEL ESSAY ANSWERS, THEY ARE JUST POINTS.
Hope the above helps,
Good luck to everyone in the exam,it should be easy considering all the work we've done. Peace
1) Assess the benefits to the Swedish government if they want to keep the 35 year old Pharmacy as a monopoly.
Many of us have only decided that it was going to be de-regulated which it is supposed to by the end of the year 2009 but that's external information, feel free whether to put that in the exam or not. But nobody thought of, if the Swedish government wanted to keep it.
The Answer: A monopoly is the only provider of a certain product in an economy.
As a monopoly, it tends to operate on a large scale and consequently gain from economies of scale, therefore this can reduce the average costs of production, and these savings can be passed on to the consumer in the form of lower prices.
In some cases, to maintain a monopoly, this is because they consider the industry to be more efficient in the hands of one supplier. Also, the government keeps full control over this monopoly (especially as it deals with medicine or drugs which means a very important service and product to the whole community) and should afford the medicine at affordable prices.
However,
There would be a potential increase in prices due to lack of competition and a danger of restriction to consumer choices. There would also be a lack of incentives for the government to increase its efficiency (Mostly subsidized)
Monopolists may be less efficient because if they believe that they have a protected market they may be less inclined to spend money on research and development and improved management. These inefficiencies can lead to a waste of scarce resources.
The Swedish Government owned Vin and Sprit for 90 years, it has recognized brand image, a value of 2-3 billion, and 7% growing sales per annum.
Assess why the Swedish Government would want to sell such a thriving business?
The Swedish government, through its supply side policy (production) by privatizing state owned businesses is mainly trying to create more jobs and expanding companies. If the state owned business is efficient with a brand image of 2-3 billion in value then it's going to be sold at an extortionately high price, especially that the Swedish government is implementing its policy through privatization.
There will also be very high revenue to the government due to the business success and a high value brand image. Also, selling it to the private sector means more money will be invested in the business to prove its efficiency. New Jobs will also be created as the business gets larger and becomes global. More competition which leads to better services and lower prices (due to profit motive)
More innovation and new product development will occur. As competition arises there will be more branches and outlets for the benefit of the consumers.
However, The sale of this business should be monitored so that it will not turn into a private monopoly and exploit consumers without taking into consideration the social responsibility. Also, the Swedish government took time in making the decision to sell because it does not want to sell it any bidder before taking time researching them.
"Electricity and gas prices have fallen in somewhat real terms; rail and bus fares have risen"
Describe what is meant by real terms and explain why the rail and bus fares have risen
Real terms mean after removing the inflation rate (which is a key that they want you to know inflation)
After removing the inflation rate, the prices of gas and electricity have fallen. What is meant is that the prices of gas and electricity have only fallen due to the removal of inflation rate, whereas they havent REALLY fallen in real terms.
This explains the contradiction between the gas and electricity prices and the rail and bus fares. Rail and bus fares have increased because of inflation.
PLEASE NOTE THAT THE ANSWERS ABOVE ARE NOT MODEL ESSAY ANSWERS, THEY ARE JUST POINTS.
Hope the above helps,
Good luck to everyone in the exam,it should be easy considering all the work we've done. Peace
omark, ur definition for monopoly is wrong, a firm has to be the MAJOR provider, not the only provider, and can influence the overall prices of the goods in the industry. Example: Microsoft, they can charge any price they want (which they are already doing) for Vista.
And also, guys remember how to differentiate between monopolies and natural monopolies. The definition in the toolkit for natural monopolies is inadequate, and too general.
And also, guys remember how to differentiate between monopolies and natural monopolies. The definition in the toolkit for natural monopolies is inadequate, and too general.
btw, you also got the definition of real terms all wrong. Real terms is when the prices have taken the inflation rate into account.
For example, RPI was at 100, inflation rate=2%. So real price is now actually 102, so firms will charge that. However, BG instead, of charging 102, was able to charge 101, but in the end it still increases the burden for the consumer. Thus prices have fallen in real terms.
You can also look it up the definition in older mark schemes, I remember seeing it there as well.
oops...I'm sorry, you said the same thing. I gotta pay more attention :P.
For example, RPI was at 100, inflation rate=2%. So real price is now actually 102, so firms will charge that. However, BG instead, of charging 102, was able to charge 101, but in the end it still increases the burden for the consumer. Thus prices have fallen in real terms.
You can also look it up the definition in older mark schemes, I remember seeing it there as well.
oops...I'm sorry, you said the same thing. I gotta pay more attention :P.
"Real terms is when the prices have taken the inflation rate into account" That's exactly what I said...
Real terms are after the inflation rate has been removed. They are tricking you at the end of the UK perspective. Not many people have noticed but they are. They are saying that the Electricity and gas prices have fallen in real terms after the inflation rate is removed. Well obviously, if there was inflation then the prices are going to drop so overall they stayed the same. And the Rail and Bus fares have risen because of the inflation.
VERY VERY TRICKY. Maybe that is an indication that their going to bring up a question about for example the one I predicted above.
DONT FORGET YOUR CALCULATORS IN THE EXAM IN CASE OF ELASTICITY OF DEMAND!
Real terms are after the inflation rate has been removed. They are tricking you at the end of the UK perspective. Not many people have noticed but they are. They are saying that the Electricity and gas prices have fallen in real terms after the inflation rate is removed. Well obviously, if there was inflation then the prices are going to drop so overall they stayed the same. And the Rail and Bus fares have risen because of the inflation.
VERY VERY TRICKY. Maybe that is an indication that their going to bring up a question about for example the one I predicted above.
DONT FORGET YOUR CALCULATORS IN THE EXAM IN CASE OF ELASTICITY OF DEMAND!
aryt guys.. plz just say it one again...in 7 marks questions we write 2 analysis and 2 evaluations...what about 8 mark questions?
in 11 mark quesions we describe 3-4, what abt 12 marks?
plus, in the 11 to 12 marks we write conclusion ryt?
do we write conclusions in 8 marks?
god, i still cannot manage time, i start of wil rele gud handwriting and end wid disaster! HELP!
in 11 mark quesions we describe 3-4, what abt 12 marks?
plus, in the 11 to 12 marks we write conclusion ryt?
do we write conclusions in 8 marks?
god, i still cannot manage time, i start of wil rele gud handwriting and end wid disaster! HELP!
I can finish 7 questions in one hour. I'm pretty sure I'll have to leave out one.
Nes
aryt guys.. plz just say it one again...in 7 marks questions we write 2 analysis and 2 evaluations...what about 8 mark questions?
in 11 mark quesions we describe 3-4, what abt 12 marks?
plus, in the 11 to 12 marks we write conclusion ryt?
do we write conclusions in 8 marks?
god, i still cannot manage time, i start of wil rele gud handwriting and end wid disaster! HELP!
in 11 mark quesions we describe 3-4, what abt 12 marks?
plus, in the 11 to 12 marks we write conclusion ryt?
do we write conclusions in 8 marks?
god, i still cannot manage time, i start of wil rele gud handwriting and end wid disaster! HELP!
wat u mean in 7marks question u ryt 2 analysis and 2 evaluations..
7-9 marks, Level 3- benefits and Drawbacks
10-12 marks, Level 4- Level 3 + conclusion
or, write level 3 for 1b, 2b, and 3a, and lv4 for 1c 2c 3b
10-12 marks, Level 4- Level 3 + conclusion
or, write level 3 for 1b, 2b, and 3a, and lv4 for 1c 2c 3b
All The Very Best To All!!!:d
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