!! Economics 2015 ... predictions, guesses and discussion.

DarraghF197

Lc1569 wrote: »

How difficult is it to get an a1 in Economics? I got one in the mocks and I was pretty delighted but I'm afraid the same thing won't happen on the day ðŸ˜

Doing exam questions, it doesnt seem hard. I've written notes that cover pretty much everything that can come up in the sections I'm covering. I don't expect to be caught majorly, unless they decide to mix sections.

Apparently it has like a 2.7% A1 rate. I got an A1 as well in the mocks, lost marks for idk what reason, but I expect one again also.

The stats are worrying, but put them aside! There are a lot of people who are doing Economics who would not be aiming for high points, so maybe that's the reason for the low percentage.

Lc1569

DarraghF197 wrote: »

Doing exam questions, it doesnt seem hard. I've written notes that cover pretty much everything that can come up in the sections I'm covering. I don't expect to be caught majorly, unless they decide to mix sections.

Apparently it has like a 2.7% A1 rate. I got an A1 as well in the mocks, lost marks for idk what reason, but I expect one again also.

The stats are worrying, but put them aside! There are a lot of people who are doing Economics who would not be aiming for high points, so maybe that's the reason for the low percentage.

I do that as well! i was always afraid I wasn't covering enough though our teacher has never given us notes, would it be ok to cover 3 macro chapters like trade national income and tax and all of micro? I've don't every single short question and I correct them and learn them so I know how to do them for again, or should i learn 4? hope it's a nice paper on the day, really want an A!

expiiplus1

I'm kind of hoping the paper on the day is very hard. For simple papers they apparently deduct marks for the most stupid reasons conceivable. I know at least one person who wrote the marking scheme almost word for word and still only got an A2.

RoRo979

Lc1569 wrote: »

I do that as well! i was always afraid I wasn't covering enough though our teacher has never given us notes, would it be ok to cover 3 macro chapters like trade national income and tax and all of micro? I've don't every single short question and I correct them and learn them so I know how to do them for again, or should i learn 4? hope it's a nice paper on the day, really want an A!

Your more or less there, If its an a1 i would reccomend economic thought,inflation and money and banking aswell.

Anyone have a list of stats that we could use for the exam, I/We would be very grateful if you could stick them up.

0.3% deflation
9.8% unemployment
3,425m BOP surplus

thats what i have

DarraghF197

RoRo979 wrote: »

Your more or less there, If its an a1 i would reccomend economic thought,inflation and money and banking aswell.

Anyone have a list of stats that we could use for the exam, I/We would be very grateful if you could stick them up.

0.3% deflation
9.8% unemployment
3,425m BOP surplus

thats what i have

Do you really think we need to cover that much chapters for an A1? I had only covered the Micro section in the mocks and got one.

Usually a full question will come up on International Trade and National Income. Last year LDC's were mixed with Trade which means Trade is likely to come up on its own. As well as that, it's quite likely to see four Micro sections. I'd say I'd have plenty covered with Micro, national Income and International trade, with Economists and functions of World Banks etc.

I can put up National Income and Capital account stats in a while. Still don't see any major need for them only to look smart :P

if832uspx4eogt

I have a feeling we're gonna get a full Supply question with maybe Elasticity part (c), then a full Costs question.

Chicharito11

Okay, I'm struggling here, the next 5 days for me are going to consist of me cramming Economics but I have no idea what to prioritise and ignore. What is everyone else focusing on? And what chapters are people just ignoring and/or glancing over?

RoRo979

DarraghF197 wrote: »

Do you really think we need to cover that much chapters for an A1? I had only covered the Micro section in the mocks and got one.

Usually a full question will come up on International Trade and National Income. Last year LDC's were mixed with Trade which means Trade is likely to come up on its own. As well as that, it's quite likely to see four Micro sections. I'd say I'd have plenty covered with Micro, national Income and International trade, with Economists and functions of World Banks etc.

I can put up National Income and Capital account stats in a while. Still don't see any major need for them only to look smart :P

National income is said to be joined with inflation this year. It has been linked with economic growth in the past

International trade could be alone however it is a small eenough chapter, maybe economic though part c.

Money and banking is just a safety. If a1 is wanted youd want to be confident that the questions you picked you know you have them right. If a weird one comes up you at least have a choice of another

I second a full question on costs this year.

Kat97

Quick question - > What's the difference between a limited capacity supply curve and a fixed supply curve?

RoRo979

Kat97 wrote: »

Quick question - > What's the difference between a limited capacity supply curve and a fixed supply curve?

fixed supply - regardless of price same quantity can only be sold e.g concert tickets
limited capacity - can only supply up to a certain amount then the price doesnt matter e.g fisherman selling his fish. The graph sare the most important thing

Kat97

RoRo979 wrote: »

fixed supply - regardless of price same quantity can only be sold e.g concert tickets
limited capacity - can only supply up to a certain amount then the price doesnt matter e.g fisherman selling his fish. The graph sare the most important thing

Thank you!

DarraghF197

RoRo979 wrote: »

National income is said to be joined with inflation this year. It has been linked with economic growth in the past

International trade could be alone however it is a small eenough chapter, maybe economic though part c.

Money and banking is just a safety. If a1 is wanted youd want to be confident that the questions you picked you know you have them right. If a weird one comes up you at least have a choice of another

I second a full question on costs this year.

I have the consequences of National Income prepared anyways. Maybe I might read over Inflation, but I've so much to do and ive never covered it. Seems pretty easy though, maybe just learn a few definitions and I'd probably be able to make up any consequence/factors affecting questions on Inflation on the day.

For International Trade, there could be a good bit. If it doesn't appear in Money and Banking, QE could easily make an appearance there. Then you have the factors affecting the value of the Euro and the consequences of a devaluation of the Euro. All very topical.

Costs do look very likely this year, which means that there'll likely be four Micro quesyions. Which could also mean no Money and Banking, as I think that's what usually replaces it.

examstress

I was just wondering when a question is 25 marks and 5 are required, if I give 6/7 and one of them happens to be wrong what happens? And also by giving an extra point would that mean that you get marked on your best ones ? sorry this is probably stupid but I wasn't sure ! ���� thanks !

Kat97

Was just wondering if anyone could please explain to me how to do this question. I have never been able to figure out how to calculate the terms of trade!

http://pasteboard.co/1aKKKM8q.png


Q7(a) 2012 HL

Edit: Thank you

DarraghF197

RoRo979 wrote: »

National income is said to be joined with inflation this year. It has been linked with economic growth in the past

International trade could be alone however it is a small eenough chapter, maybe economic though part c.

Money and banking is just a safety. If a1 is wanted youd want to be confident that the questions you picked you know you have them right. If a weird one comes up you at least have a choice of another

I second a full question on costs this year.

I'm just looking though the inflation chapter now - very short chapter! I was surprised to see it had the consequences of an increase in the supply of money, I had searched trough countless questions looking for a marking scheme on that!

Also, I noticed it had the negative effects on Inflation only. I'm just wondering, that would more likely come up rather than the effects of deflation, would it? Considering prices should start increasing a lot in the near future.

RoRo979

DarraghF197 wrote: »

I'm just looking though the inflation chapter now - very short chapter! I was surprised to see it had the consequences of an increase in the supply of money, I had searched trough countless questions looking for a marking scheme on that!

Also, I noticed it had the negative effects on Inflation only. I'm just wondering, that would more likely come up rather than the effects of deflation, would it? Considering prices should start increasing a lot in the near future.

all I have in terms of deflation is:

causes:
over supply relative to demand
Sudden drop in demand
More exports than imports

Resuls:
Increase in purchasing power
Deflationary spiral
Increase international competitiveness
Those on fixed income gain:

anything to add?

Was just wondering if anyone could please explain to me how to do this question. I have never been able to figure out how to calculate the terms of trade!

uk is 4x better at producing food than clothing
Chine is 3x better at producing food than clothing
therefore uk should fully concentrate on food

Uk now produces 80 food
china now produces 40 clothing

UK food/clothing = 40/10 = 4
China food/clothing = 60/20 = 3

UK clothing/food = 10/40 = .25
china clothing/food = 20/60 = .333

therefore 1 unit of clothing should cost 3-4 units of food
1 unit of food should cost .25 - .33 units of clothes

I can put up National Income and Capital account stats in a while. Still don't see any major need for them only to look smart

after a quick look have been asked twice for current inflaiton figure and once for current unemployment figure. Throwing away marks imo if you dont have them

DarraghF197

Thanks for those points, Roro. Another effect on deflation would be the encouragement of savings, I suppose.

Also, just thinking generally about the economy, one could say that there will be a lack of demand for capital goods such as housing.

Yeah sorry, I forgot to give the stats I have lol. Maybe I just haven't looked at the questions in which they do come up. I've literally only looked at National Income and International Trade, with the inclusion of inflation now. So, maybe they come up in order questions.

Anyways:

Balance of Payments Capital Account in 2014 was €135 million. I assume positive...

GDP at Factor Cost: €156831 million
GDP at Market Prices: €181330 million increase of 4.8%
GNP at market prices: €153485 million. Increase of 5.2%.

Kat97

RoRo979 wrote: »

all I have in terms of deflation is:

causes:
over supply relative to demand
Sudden drop in demand
More exports than imports

Resuls:
Increase in purchasing power
Deflationary spiral
Increase international competitiveness
Those on fixed income gain:

anything to add?


uk is 4x better at producing food than clothing
Chine is 3x better at producing food than clothing
therefore uk should fully concentrate on food

Uk now produces 80 food
china now produces 40 clothing

UK food/clothing = 40/10 = 4
China food/clothing = 60/20 = 3

UK clothing/food = 10/40 = .25
china clothing/food = 20/60 = .333

therefore 1 unit of clothing should cost 3-4 units of food
1 unit of food should cost .25 - .33 units of clothes



after a quick look have been asked twice for current inflaiton figure and once for current unemployment figure. Throwing away marks imo if you dont have them

Thanks a mil! Helped a lot!

RoRo979

Kat97 wrote: »

Thanks a mil! Helped a lot!

just to ensure you fully understand. Terms of trade only applies on the original amount.

For comparative advantage thats when you do the Uk 4x better, chine 3x better all that stuff. If asked to say how everyone benefits you do.

1) clothing was 100 now 80 = down 20%
2) food was 30 now 40 = up 33.33%
3) therefore all countries benefit from international trade as overall output has increased.

alance of Payments Capital Account in 2014 was €135 million. I assume positive...

I got 3435 million?

DarraghF197

It's 135 million on CSO. Just noticed there that I have a different current account balance than you also...

RoRo979

DarraghF197 wrote: »

It's 135 million on CSO. Just noticed there that I have a different current account balance than you also...

http://cso.ie/en/releasesandpublications/er/gei/goodsexportsandimportsmarch2015/

most recent report on most recent month.

Chicharito11

expiiplus1 wrote: »

I'm kind of hoping the paper on the day is very hard. For simple papers they apparently deduct marks for the most stupid reasons conceivable. I know at least one person who wrote the marking scheme almost word for word and still only got an A2.

Anyone? I'm desperate!

DarraghF197

RoRo979 wrote: »

http://cso.ie/en/releasesandpublications/er/gei/goodsexportsandimportsmarch2015/

most recent report on most recent month.

Should we be knowing the most recent month or the 2014 figure? Lol I'm so clueless for what to use!

RoRo979

Chicharito11 wrote: »

Anyone? I'm desperate!

indeed if the whole country does well, thats why you write as much as possible to prevent that. Ensure key buzz words and back up with relevant up-to-date statistics. I wouldnt worry about it at all, there nothing we can do about it.

Should we be knowing the most recent month or the 2014 figure? Lol I'm so clueless for what to use!

honestly not a clue, i think both are accepted. Looked at the marking scheme for a year when it asked and it accepted 2 different answers for it. I just thought if they say current, saying the most recent month would be more valid than year before

leavingcert15

Chicharito11 wrote: »

Anyone? I'm desperate!

Demand since supply came up last year,
Elasticity
perfect/monopoly
Cost
Eneterprise/capital
Trade
National income
Readimg over
Inflation, money and banking, unemployment, labour, oligopoly
There the main ones I think

RoRo979

have the mercantilists, physiocrats, classical,neo-classical,marxists, monetarists or supplu siders ever came up? or is it just people that come up?

DarraghF197

RoRo979 wrote: »

have the mercantilists, physiocrats, classical,neo-classical,marxists, monetarists or supplu siders ever came up? or is it just people that come up?

I've seen then appear before. However I think I might have seen them in a mock paper rather than an Leaving Cert paper. It was something like: give three differences between Marxists and something else.

RoRo979

DarraghF197 wrote: »

I've seen then appear before. However I think I might have seen them in a mock paper rather than an Leaving Cert paper. It was something like: give three differences between Marxists and something else.

Have malthus, Say, Ricardo,Keynes, Marxism, marshall, friedman and smith. Should get me by

Chicharito11

leavingcert15 wrote: »

Demand since supply came up last year,
Elasticity
perfect/monopoly
Cost
Eneterprise/capital
Trade
National income
Readimg over
Inflation, money and banking, unemployment, labour, oligopoly
There the main ones I think

Much appreciated

IrishLoriii

How do you guys study for this?? For some reason its the only subject I cannot
study for like I do exam papers but its such a waste Im v.confused