*Economics Megathread*

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For all the future Economists out there, I decided to make this thread as Economics is such a minority subject and I wanted to find out what your planning to learn for this exam on the 20th of June and what you hope/been told may make an appearance in June.

I'm going for the A1 and planning on learning the following:

Micro

• Demand/Supply
• Elasticity
• FOP'S (Land, Labour, Capital, Enterprise)
• Market Structures (Imperfect, Perfect, Monopoly)

Macro

• The Government and Expenditure (Tax, Policies etc.)
• Inflation
• National Income and the Multiplier
• International Trade
• Economic Growth and Development
• Economists (Smith, Ricardo, Keynes)
• ECB, World Bank

Hope this is enough to get me through. Would prefer to do 3 Micro (D&S, Markets, FOP's). I was up in the IOE at Christmas and they're bagging on Perfect Competition, hoping myself for a Full Question on Elasticity. How sweet would that be? So, what are ye guys planning on learning?

Bears and Vodka

I'm learning pretty much everything apart from Market Structures because there is no way I will be doing Q.2, the graphs are too frustrating. Only learning Smith, Keynes and Ricardo for the Economists too.

I will recommend spending a little bit more time on topical things like IMF, NAMA, Nationalisation of banks, inflation, NTMA, recession.
I'm almost certain there will be a question about the Household Charge, something like in the mocks i.e. advantages/disadvantages.

Mysteriouschic

I'm planning on sticking mainly to the macro section. But those questions are usually topical so I'm not too sure. I might get grinds from next week onwards I may understand it a little more. I can do most of it apart from the graphs supply & demand. I'm thinking of doing 3 macro 1 micro or 2 micro and 2 macro questions on the day.

Micro
- Demand & Supply
- Market Structures (Imperfect , Perfect , Monopoly , Oligopoly maybe)
- Elasticity
- Factors of Production


Macro
- National Income
- International Trade
- Banking
- Inflation
- Government Spending
- Economic Growth & Development
- Economists
- Population

- Learning the topical subjects which may come up , I have a list of things in that newspaper guide which that guy who did the institute course wrote. Also the important figures.

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I love the Micro, it's the Macro that infuriates me!

I think I better learn Money and Banking properly too, it's just very overcomplicated IMO

Mysteriouschic

PictureFrame wrote: »

I love the Micro, it's the Macro that infuriates me!

I think I better learn Money and Banking properly too, it's just very overcomplicated IMO

You were at the institute as well , you know the notes on the marginal cost and it's a chart which has fixed costs , variable costs , total costs etc. is that on the micro section . I've just looked at the notes written from the board I hadn't really looked at them since .
Is that based on the factors of production? I'm guessing?

Then there's the average fixed curve and average variable cost and also the relationship between the marginal cost and total average cost.

I might do more micro if I understand it more by the time and can remember the diagrams.

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Mysteriouschic wrote: »

You were at the institute as well , you know the notes on the marginal cost and it's a chart which has fixed costs , variable costs , total costs etc. is that on the micro section . I've just looked at the notes written from the board I hadn't really looked at them since .
Is that based on the factors of production? I'm guessing?

Then there's the average fixed curve and average variable cost and also the relationship between the marginal cost and total average cost.

I might do more micro if I understand it more by the time and can remember the diagrams.

That's based on the Costs Section of Micro, which i'm not studying. The way I look at it,

1. Market has to come up- so i'm covering all 4 extremely well
2. Demand & Supply is always on the paper- i'm covering it as best as possible
3. Elasticity may come up as a long question this year, i'm going to know it off by heart.
4. FOP's are on nearly every year- i'm going to know them off by heart
5. National Income- almost a guarantee
6. International Trade- Dead cert for this year

You only have to do 4 questions, without doubt there's at least going to be 4 out of those 6 topics as full questions on the Paper in June.

Meowth

PictureFrame wrote: »

For all the future Economists out there, I decided to make this thread as Economics is such a minority subject and I wanted to find out what your planning to learn for this exam on the 20th of June and what you hope/been told may make an appearance in June.

I'm going for the A1 and planning on learning the following:

Micro

• Demand/Supply
• Elasticity
• FOP'S (Land, Labour, Capital, Enterprise)
• Market Structures (Imperfect, Perfect, Monopoly)

Macro

• The Government and Expenditure (Tax, Policies etc.)
• Inflation
• National Income and the Multiplier
• International Trade
• Economic Growth and Development
• Economists (Smith, Ricardo, Keynes)
• ECB, World Bank

Hope this is enough to get me through. Would prefer to do 3 Micro (D&S, Markets, FOP's). I was up in the IOE at Christmas and they're bagging on Perfect Competition, hoping myself for a Full Question on Elasticity. How sweet would that be? So, what are ye guys planning on learning?

all i'm going to say is, you should learn oligopoly too.... if that comes up you will be f*cked :P and tbh nobody would expect it because it came up last year. Learn it too, dont risk it, especially if you are going for an a1

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Historykitten wrote: »

all i'm going to say is, you should learn oligopoly too.... if that comes up you will be f*cked :P and tbh nobody would expect it because it came up last year. Learn it too, dont risk it, especially if you are going for an a1

I will, i'm actually putting notes together on it now!

SlyBacon93

I hate the way they are mixing questions in recent years. It would have been handy doing economics a few years back when you're given 4 full micro and 4 full macro questions.
Anyway I'm doing

-Supply,demand,elasticity,utility and equilibrium
-Market structures ( perfect,imperfect,monopoly)
-FOP (land,enterprise,capital and labour)
-national income(although I have a feeling it might not come up this year)
-international trade
-money and banking( NAMA ect)

And a few other bits and pieces

kitty9

we've already revised demand, supply, elasticity and costs of production in class.

moving onto the market structures now. i know IC and PC inside out and the graphs. Need to revise oligopoly and monopoly just incase

also aced my latest economics test with international trade and fiscal policy.

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kitty9 wrote: »

we've already revised demand, supply, elasticity and costs of production in class.

moving onto the market structures now. i know IC and PC inside out and the graphs. Need to revise oligopoly and monopoly just incase

also aced my latest economics test with international trade and fiscal policy.

I hope to God we get a Demand/Supply question like 2010 or 2008. Just did them there and got 100% in both of them! Love that question! What do you think is the possibility of getting a full Elasticity Question? Hoping they give us a handy paper as there's so few people doing Economics! How many people is there in your classes in School? I found out the other day that i'm the only person in my County doing Economics as a subject! :O

Bears and Vodka

PictureFrame wrote: »

How many people is there in your classes in School? I found out the other day that i'm the only person in my County doing Economics as a subject! :O

What? What county are you from?
EDIT: Oops.. Westmeath, isn't it?

4796 people in the country did Economics last year. (Out of 54341 altogether).

I have 10 people in my Economics class and my whole year is about 30 people so it's popular in my school! :P

Mysteriouschic

PictureFrame wrote: »

I hope to God we get a Demand/Supply question like 2010 or 2008. Just did them there and got 100% in both of them! Love that question! What do you think is the possibility of getting a full Elasticity Question? Hoping they give us a handy paper as there's so few people doing Economics! How many people is there in your classes in School? I found out the other day that i'm the only person in my County doing Economics as a subject! :O

My teacher was saying something about there possibly being a full elasticity question.
Theres only one economics class there's around 20-30 in the class the class keeps getting smaller. My old school didn't even do economics. Thats weird how your the only one in you're county doing Economics.
Could you imagine you got an A though the only person and the only person sitting it there.

mick kk

i posted this already but think it was removed - don't know why. Its a place where economics students, especially those without a teacher can post a question and an answer will be written up for them
At the moment, there are stats relating to nama, VAT increased, property market and imf bailout which you won't find in any textbook but which could be on the paper.

http://www.eacnamaiochta.blogspot.com

Yes, economics is a minority subject alright. there will be less doing it in the future due to cutbacks

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mick kk wrote: »

i posted this already but think it was removed - don't know why. Its a place where economics students, especially those without a teacher can post a question and an answer will be written up for them
At the moment, there are stats relating to nama, VAT increased, property market and imf bailout which you won't find in any textbook but which could be on the paper.

http://www.eacnamaiochta.blogspot.com

Yes, economics is a minority subject alright. there will be less doing it in the future due to cutbacks

Hi there! Have you any predictions for this years paper?

mick kk

I'd say there might be something on the property market, imf bailout, NAMA and the household charge. Maybe something about the water charge aswell e.g. a flat rate v water meters. Will post up info on these during the week on my blog

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mick kk wrote: »

I'd say there might be something on the property market, imf bailout, NAMA and the household charge. Maybe something about the water charge aswell e.g. a flat rate v water meters. Will post up info on these during the week on my blog

Any prediction as to the Microeconomics section? Market Structures, FOP's etc? Would you say we could get a Full Elasticity Question this year seeing as it didn't appear on the 2011 paper?

asdjklf

What strategy are people taking for the short questions? Because honestly, that's the worst part of the paper for me...

What should I be looking over? (Please don't say everything)

Mysteriouschic

I might actually do a few more micro questions. Just had a economic grind I understand the diagrams in supply and demand now. My teacher didn't go through them properly. I'll see how I get on with the questions now.

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Mysteriouschic wrote: »

I might actually do a few more micro questions. Just had a economic grind I understand the diagrams in supply and demand now. My teacher didn't go through them properly. I'll see how I get on with the questions now.

You should! The questions are so handy once you do them all! I didn't understand for a while aswell, then one day I literally thought about it rationally and it just clicked! My favourite question now by far! Did it in the Mock and got 74/75! 98.6% ftw! :P

If we got a Handy enough Demand & Supply, a full elasticity, FOP (Preferably Land or Labour) and Imperfect/Perfect Competition or Monopoly I would it ****ing ecstatic! I'd probably get the A1 if we got this combination. I ussually don't get less than 95/96 with the Shorts so i'd be hoping for the A1!

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asdjklf wrote: »

What strategy are people taking for the short questions? Because honestly, that's the worst part of the paper for me...

What should I be looking over? (Please don't say everything)

Just do all the years Shorts you possibly can, mark them, correct them, learn them. I just do all the Shorts possible and got 100% in the Mock and never get less than an A1 in the Shorts!

Mysteriouschic

PictureFrame wrote: »

You should! The questions are so handy once you do them all! I didn't understand for a while aswell, then one day I literally thought about it rationally and it just clicked! My favourite question now by far! Did it in the Mock and got 74/75! 98.6% ftw! :P

If we got a Handy enough Demand & Supply, a full elasticity, FOP (Preferably Land or Labour) and Imperfect/Perfect Competition or Monopoly I would it ****ing ecstatic! I'd probably get the A1 if we got this combination. I ussually don't get less than 95/96 with the Shorts so i'd be hoping for the A1!

Just to make sure I'm understanding it correctly. You know the 2011 Q on the demand the B part. The one about the movement along the curve. Is the second price 2 when the price has a reduced and there is a bigger quantity demanded then or is it the opposite way around.

mick kk

Very hard to predict micro - especially given that there has been a lot of talk this year about how predictable some LC exams are. I would say the market structure could be a mixture of two market structures or even 3.
From the macro side, the reasons for and the effects of the credit crunch would be important

skanger

mick kk wrote: »

Very hard to predict micro - especially given that there has been a lot of talk this year about how predictable some LC exams are. I would say the market structure could be a mixture of two market structures or even 3.
From the macro side, the reasons for and the effects of the credit crunch would be important

This year will be no easier or harder than any other year