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!! Economics 2015 ... predictions, guesses and discussion.
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IrishLoriii wrote: »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
Hi, well micro is much easier to learn imo and in generally everyones opinion. Ill group it into the likely question to make it easier.
1) Demand,Supply,Consumer, Elasticity - should be 1 question but may be 2.
- Know the factors that influence each of these.
e.g for demand I think of TUGEY ( Taste,Unplanned,GVt, expectation,Income)
- Know the different types of deman and the different supply graphs.
- Assumptions of law of diminishing marginal returs and consumer behaviour.
- Defination of course of all elasticity terms.
- Price,Substitution and income effect.
2) Cost of production:
- Know MR and MC and explaain the graph
- Know short run average cost curve and why goes up and down
- know long run average cost and why up and down + relationship with short run
- Social/private benefit/cost
- small scale business benefits/disadvantages/competitivesness etc
- defination of short run/long run/fixed cost etc
3) Market structures - oligopoly main - imperfect second most likely
- Know assumption for each ( very easy)
- Know graphs, most important, - find connections between them to make it -easier e.g imperfect and monopoly are same.
- Know advantages of each one
- Price discrimation
- Then know specific market stuff. ( types of collusion, objective other than profit maximisation, Competitive adv, generic adv)
4) FOP - havnt actually learned anything off for this yet but should know what is needed by tuesday and will edit this post - capital and enterprise are the main ones.
5) National income/inflation/economic growth - (these together to be 100% safe)
- Calculate NI + factors that influence consumption,investment etc
- Uses and problems with NI figures
- circular flow of income
- How to get NI ( GDP at current market prices +- net factor income from abroad = GNP ar current market prices less tax + subsidies = GNP at factor cost etc)
- Benefits of eco growth + problems ( maybe rostow if time)
- Uses and problems of CPI
- Caused and remedies of inflation
- causes and results of deflation
6) International trade + economic thought
- importance of trade
- absolute and comparitave advantage
- how gvt interferes + why
- Irish competetiveness abroad
- smith/marshall/keynes/malthus/say/friedman/ricardo
Imo thats well on the way to an a1 there. Should have a safteyquestions.
Taxtation and money + banking if time.
If anyone has anything else to add to this just copy the whole message and add in whatever
we can use it as a syllabus to ensure were all good 
Also can someone stick up economic statistics they got??
Contrasting info going around be nice to get some clarification.0 -
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Cynthia Juicy Idiot wrote: »In the exam papers, there's a question on Economics Goods lumped in with the micro questions that's never been asked - is that the three things that seem a good an economic good (utility, transferable and command a price) or is it something else?
thats exactly it so know an economic good which doesnt conform to each one of those e.g
comman a price - air
Provide utility - weeds
transferable - good health/ football skills0 -
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examstress wrote: »Is Anglo Irish bank one ?
Thank you! Yeah actually I think it could be, they've changed their name now though but I can't remember what it is!0 -
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leavingcert15 wrote: »Anyone know if the different types of advertising are in the positive economics book?
I don't think they are , it's more businessy
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highly1111 wrote: »Inflation 0.5%
Employment 10%
Debt / gdp 109.7%
Econ growth 3.5
Are we not experiencing deflation atm?
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examstress wrote: »Are we not experiencing deflation atm?
Apologies. Well spotted. Me bad. Should have been a - there. -0.5%0 -
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The Law Of Comparative Advantage is really bumming me out, I don't understand it. We never did it in school and I don't get what it's about. And its looking likely tomorrow.
Can anyone explain it to me really simply and the terms of trade thing? Think of it as revision for yourself 0 -
highly1111 wrote: »Inflation 0.5%
Employment 10%
Debt / gdp 109.7%
Econ growth 3.5
Unemployment is actually 9.8%
It was 10.1% in January0 -
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Cynthia Juicy Idiot wrote: »The Law Of Comparative Advantage is really bumming me out, I don't understand it. We never did it in school and I don't get what it's about. And its looking likely tomorrow.
Can anyone explain it to me really simply and the terms of trade thing? Think of it as revision for yourself
Hope this helps a bit 0
This discussion has been closed.
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