**Economics 2012 Higher and Ordinary**

CPFC IRL

Just wondering how do you work out the figures for the Law Of Diminishing Returns questions they asked in 2009 and 2002 q7 in the short questions cant figure out where the figures in the marking scheme came from

Izymunz

I studied most of the course a few times for class tests and stuff achieving a grade of 90 percent or higher in most of the tests. But I have not looked at it economics in a month!! I have to cover it all tomorrow, anyone else in the same boat? P.s the reason I posted this is that economics is my favourite subject and I have to get the A1.. I am really getting nervous now though! :P

HeaneyBabe

Izymunz wrote: »

I studied most of the course a few times for class tests and stuff achieving a grade of 90 percent or higher in most of the tests. But I have not looked at it economics in a month!! I have to cover it all tomorrow, anyone else in the same boat? P.s the reason I posted this is that economics is my favourite subject and I have to get the A1.. I am really getting nervous now though! :P

Apart from me studying Enterprise and Land today, I am in the same boat.

Izymunz

HeaneyBabe wrote: »

Apart from me studying Enterprise and Land today, I am in the same boat.

Thank god for that thought I was the only one!! It's ok though we'll get it!!!

HowAreWe

CPFC IRL wrote: »

Just wondering how do you work out the figures for the Law Of Diminishing Returns questions they asked in 2009 and 2002 q7 in the short questions cant figure out where the figures in the marking scheme came from

like for that 2009 one, take 30 from 65 that means the marginal utility is 35 then 65 from 85 that means the marginal utility is 20 and so on, the difference between the total utility of the number of units consumed is the marginal utlity. Remember marginal = extra,.

CPFC IRL

HowAreWe wrote: »

like for that 2009 one, take 30 from 65 that means the marginal utility is 35 then 65 from 85 that means the marginal utility is 20 and so on, the difference between the total utility of the number of units consumed is the marginal utlity. Remember marginal = extra,.

Ah Jaysus dunno how I didnt see that thanks for explaining it I hope that comes up in the short questions now so simple

HowAreWe

CPFC IRL wrote: »

Ah Jaysus dunno how I didnt see that thanks for explaining it I hope that comes up in the short questions now so simple

No problem, that used to confuse me too , economics tends to be like that, its a lot easier than people first think, if economics taught me anything it's to keep things simple and not overcomplicate them!

ganon

Does somebody wanna give a crash course in Price Elasticity of Supply?
The definition and formula are grand, i get the perfectly elastic and perfectly inelastic, need to look at the factors that affect it..
Is that all they could ask?

PictureFrame

ganon wrote: »

Does somebody wanna give a crash course in Price Elasticity of Supply?
The definition and formula are grand, i get the perfectly elastic and perfectly inelastic, need to look at the factors that affect it..
Is that all they could ask?

Yes! The results can be: Perfectly Inelastic, Inelastic, Unitary Elastic, or Elastic!

PictureFrame

Will someone let me know if asked a question like:

'Discuss the factors that influence different wage rates for different jobs'

Can you talk about the following:

• Demand for Output produced
• Productivity of the worker
• Experience of the worker
• Rent of Ability
• Trade Union Power

HowAreWe

PictureFrame wrote: »

• Demand for Output produced
• Productivity of the worker
• Experience of the worker
• Rent of Ability
• Trade Union Power

I know for certain those you can, not sure about the last one.

other ones I know are working conditions, tradition, and training (which is different to experience)

Bears and Vodka

Also if you are stuck try scarcity or whatever way you want to put it. People doing some jobs like thatching roofs get some money because they are so scarce. So they can almost make up any price and they'll get it.

PictureFrame

Thanks to both of ye!

God I hope we get a nice paper tomorrow! I think we will, it's one of the minority subjects in the Leaving Cert. and the least studied Business type subject, i'd say it'll be nice! These are the figures from last year about the amount of people taking both HL and OL Business subjects:

• Accounting- 5823
• Business-18083
• Economics- 4796

Quite a huge difference between Accounting/Economics and Business :eek:

Guys is anyone learning the Loanable Funds Theory in Capital? Never saw it before until now, and don't think i'll bother! I think they only ask the Theory of Liquidity Preference?

HowAreWe

I'm just praying for 4 micro Q's ........

Bears and Vodka

Yes, but Economics has a very low A1 ratio. Something like 3%.

Bears and Vodka

HowAreWe wrote: »

I'm just praying for 4 micro Q's ........

I don't understand why people love micro so much. I much prefer giving opinions and talk about real life situations than go on about Good As and Good Bs and all the costs etc.

PictureFrame

HowAreWe wrote: »

I'm just praying for 4 micro Q's ........

I'd love:

Demand & Supply
Elasticity
Monopoly/P.C/I.C
Land, Enterprise, Labour
International Trade
National Income

I'd probably do 4 Micros if they suited me, if not DEFINITELY International Trade, it's really very easy, and basically the same questions each year!

HowAreWe

subz3r0 wrote: »

I don't understand why people love micro so much. I much prefer giving opinions and talk about real life situations than go on about Good As and Good Bs and all the costs etc.

Some Macro is okay like International trade and taxation....but government aims and policies and national income (except for the multiplier and the circular flow)..... and how do banks create credit...... ugh I don't know they stress me out and I'm always worried to get it wrong, I just feel like Micro is safer for some reason,I'm always afraid I waffle with Macro..

JamesDundalk

Just doing SQs here, what could you say economic advantages and disadvantages for the household charge - I think that could be Q9 in SQ.

PictureFrame

JamesDundalk wrote: »

Just doing SQs here, what could you say economic advantages and disadvantages for the household charge - I think that could be Q9 in SQ.

Well an Advantage could be increased government revenue to fund expenditure and thus increase economic activity and fuel demand.

Disadvantage- Inequitable tax, as it is regressive. Poor people will have to pay the same as rich people and this is contrary to Adam Smith's Canons of taxation

HowAreWe

JamesDundalk wrote: »

Just doing SQs here, what could you say economic advantages and disadvantages for the household charge - I think that could be Q9 in SQ.

Advantages are part of the bailout and more revenue for the government and disadvantages are Opportunity cost, regressive tax or increased burden on taxpayer.

PictureFrame

Right, Economists. They weren't on the paper last year, so I have a feeling they could stick them in to make a sneaky 15/20 m in a nice question, i'm learning:

• Smyth
• Ricardo
• Keynes
• Friedman
• Marshall
• Malthus

Dally2009

I had such good intentions for these 5 days off. Of course, I lost all motivation and left everything until now. Oh well, here we go...

PictureFrame

Dally2009 wrote: »

I had such good intentions for these 5 days off. Of course, I lost all motivation and left everything until now. Oh well, here we go...

I have Music on Thursday and did the exact same thing..

grantyrs10

PictureFrame wrote: »

Well an Advantage could be increased government revenue to fund expenditure and thus increase economic activity and fuel demand.

Disadvantage- Inequitable tax, as it is regressive. Poor people will have to pay the same as rich people and this is contrary to Adam Smith's Canons of taxation

Another advantage is:

Improved service provision: the government has argued the fact that the funds collected from houshold charge will be utilised to improve and maintain local services such as libraries,parking facilities and infrastructural development.


for another disadvantage:

Non conveinent collection method: this is in contrary to Adam Smith's Canons of taxation where conveinence is an integral factor for a tax system to function correctly ie;it should be collected in a way conveinent for the tax payer. The household charge is not,tax payers have to go through a rigmarole of registering on line and then making their payment .

HowAreWe

I feel quite positive I think this will be grand :cool:

PictureFrame

It will be!

JamesDundalk

Just hope the questions aren't too bad. Can't find a definition for geographical mobility of labour.

I know occupational movement of labour is: "the ease at which an employee can move from one job to another"

HowAreWe

JamesDundalk wrote: »

Just hope the questions aren't too bad. Can't find a definition for geographical mobility of labour.

I know occupational movement of labour is: "the ease at which an employee can move from one job to another"

Ease with which people can move from one place to another.

HeaneyBabe

What Market Structure does everyone think? Am I alright to not even go near oligopoly?