** Economics 2014 - All levels - predictions, discussion **

kev44

Can anyone help me with elasticities?
In cross and income elasticity a + or - figure means alot but what does it mean for price elasticity of demand?
For PED all it says is if its elastic or inelastic etc....like if the answer is 0.5 or -0.5 ya they're both inelastic but surely theres a difference between them? Sorry thats a bit of a mess haha

little sis...

kev44 wrote: »

Can anyone help me with elasticities?
In cross and income elasticity a + or - figure means alot but what does it mean for price elasticity of demand?
For PED all it says is if its elastic or inelastic etc....like if the answer is 0.5 or -0.5 ya they're both inelastic but surely theres a difference between them? Sorry thats a bit of a mess haha

For PED the negative sign means it obeys the law of demand (so it is a normal good)
A plus sign means is does not obey the law of demand (e.g. a giffen good).

Does that answer your question?

Days 298

kev44 wrote: »

Can anyone help me with elasticities?
In cross and income elasticity a + or - figure means alot but what does it mean for price elasticity of demand?
For PED all it says is if its elastic or inelastic etc....like if the answer is 0.5 or -0.5 ya they're both inelastic but surely theres a difference between them? Sorry thats a bit of a mess haha

Not sure if this is correct but I the elasticity number is the slope of the line. Thats how I comprehend them and get an answer.

Mr. G

Days 298 wrote: »

Its what happened after the horror of the 2012 HL maths paper. So Id say so for economics too. The chief examiners pride themselves on the numbers taking on their subject and wont want people to start giving it a miss as the paper is always too difficult.

I would prefer a difficult paper because the marking scheme is more likely to be easier. If everybody finds it a nice paper, the likelihood is that the marking scheme would be marked tightly.

Expect the LPT to come up. It's a regressive tax by the way. I would be surprised if nothing about the LPT/water charges came up.

thelad95

Mr. G wrote: »

I would prefer a difficult paper because the marking scheme is more likely to be easier. If everybody finds it a nice paper, the likelihood is that the marking scheme would be marked tightly.

Expect the LPT to come up. It's a regressive tax by the way. I would be surprised if nothing about the LPT/water charges came up.

Um.. What's LPT?

KellyR18

thelad95 wrote: »

Um.. What's LPT?

Local propert tax

thelad95

So my predictions:
Perfect Competition
Elasticity (Price elasticity of supply. Hasn't come up in yonks.)
Capital
Law of Comparative Advantage
National Income may not appear.

Expect horrid SQ's if last year's paper is anything to go by.

little sis...

thelad95 wrote: »

So my predictions:
Perfect Competition
Elasticity (Price elasticity of supply. Hasn't come up in yonks.)
Capital
Law of Comparative Advantage
National Income may not appear.

Expect horrid SQ's if last year's paper is anything to go by.

That would be nice i just hope capital is the only factor of production...the mock had a lovely question on it.

Smash The House

thelad95 wrote: »

So my predictions:
Perfect Competition
Elasticity (Price elasticity of supply. Hasn't come up in yonks.)
Capital
Law of Comparative Advantage
National Income may not appear.

Expect horrid SQ's if last year's paper is anything to go by.

Really hoping for an international trade. I don't have national income prepared. Even if trade doesn't come up I'll be covered.
Elasticity would be nice. As would inflation.
I think we'll see Oligopoly with maybe one other market.
Too difficult to predict the factor of production in my opinion.
I also think we're due a taxation question; hasn't been a decent one since 2010

kev44

Imperfect/Oligopoly.. Capital mixed with Enterprise me thinks! Ah but i think there'll be a national income long question but if its not on it costs should be

thelad95

Lets just hope they don't throw some dirty history of economic thought in like last year

MightyMandarin

thelad95 wrote: »

Lets just hope they don't throw some dirty history of economic thought in like last year

Judging by the sneakiness of the SEC this year, the fact that Economics is getting a new syllabus, and the fact it has one of the lowest A1 rates in the LC, I'm expecting a serious amount of horrible economic thought.

thelad95

MightyMandarin wrote: »

Judging by the sneakiness of the SEC this year, the fact that Economics is getting a new syllabus, and the fact it has one of the lowest A1 rates in the LC, I'm expecting a serious amount of horrible economic thought.

Really? It badly needs it as well. The course hasn't changed once since the 1960's

Edit: The 2009 examiners report says a new syllabus has been ready to go since 2005.

little sis...

I Hope that even if things like economic thought/population/factors of production (other than capital) come up I will be able to dodge them.

Have 4 days to study chemistry and economics. Should hopefully be enough time.
Just wondering for a 30 marker would ye give 6 points? I would probably give 5.

Dee15

Anyone have any predictions for this or things they are particularly going to revise?

randylonghorn

thelad95 wrote: »

Edit: The 2009 examiners report says a new syllabus has been ready to go since 2005.

And as RedHare pointed out earlier in the Art History thread, there has been a new Art syllabus sitting on the shelf for a few years. And a whole new subject called something like Sociological and Political Studies.

With the current economic climate, lots of things have been long-fingered.

little sis...

Anyone think something on income/substitution effect will come up? Confuses me so much

oncex

this is my last exam.. i am so excited for this

thelad95

little sis... wrote: »

Anyone think something on income/substitution effect will come up? Confuses me so much

Came up last year in Q1. Could come up in an SQ. I hope it doesn't, I haven't a clue what it means either.

little sis...

thelad95 wrote: »

Came up last year in Q1. Could come up in an SQ. I hope it doesn't, I haven't a clue what it means either.

Yeh that's why I was hoping it wouldn't appear this year. I think most teachers don't even know what it is :P

thelad95

little sis... wrote: »

Yeh that's why I was hoping it wouldn't appear this year. I think most teachers don't even know what it is :P

Yep. My teacher just said learn it off and regurgitate if it comes up.

a0ifee

thelad95 wrote: »

Yep. My teacher just said learn it off and regurgitate if it comes up.

My teacher said the exact same thing :pac:

feeling fairly nervous about this exam, for me economics goes brilliantly or terribly...

kev44

Ive covered : all Q1 stuff..all markets except monopoly...all FOP except labour...Costs of production and National Income and history of economoc thought so ya....hopefully

BlazingBladeDA

I going to do ordinary on the day. I can't deal with the bad grades LOL. I know it's said to be an easy course but I seem to find it difficult. Just wasn't meant for me

a0ifee

can someone, in the simplest terms ever, explain to me what a balance of payments deficit means, and what a surplus means? I hate that chapter so much

little sis...

a0ifee wrote: »

can someone, in the simplest terms ever, explain to me what a balance of payments deficit means, and what a surplus means? I hate that chapter so much

A balance of payments deficit is just when total exports<total imports and surplus is total exports>total imports.
That's not the definition though.
You should know about the the capital and current account and elements of each.

a0ifee

little sis... wrote: »

A balance of payments deficit is just when total exports<total imports and surplus is total exports>total imports.
That's not the definition though.
You should know about the the capital and current account and elements of each.

yeah I know the definition & the elements I just couldn't figure out what the deficit/surplus actually meant thanks!

jazz101

Poliana.xo wrote: »

Yeah our teacher didn't cover half the macro.. I was slagging him over it but now I see why, waste of time :pac: I'm not a fan of national income, I love trade tho! Even money and banking would be a nice question

I studied the course by myself so I don't really get this. Why would your teacher leave out half of macro? I hadn't covered a lot of it when I did the mocks but I got an A1, does barely any of it come up or something?

Dee15

Does anyone think oligopoly is going to be the market structure that will come up?

thelad95

jazz101 wrote: »

I studied the course by myself so I don't really get this. Why would your teacher leave out half of macro? I hadn't covered a lot of it when I did the mocks but I got an A1, does barely any of it come up or something?

Not necessarily. The macro course makes up about 50-60% of the paper but is ridiculously long and often just bull-shíttable without any prior knowledge, just a bit of common sense. National Income and Trade are the only macro topics I would go near if looking for a decent grade as the other topics, especially govt. aims and policies are often marked quite hard, especially opinionated questions.

The thing with Micro questions is you need to be extremely precise with your answers. One word wrong in a definition could be 10 marks down the drain.

Dee15 wrote: »

Does anyone think oligopoly is going to be the market structure that will come up?

Possibly. I'll probably stay away from the market structures though. The questions in recent years are getting more awkward.