**Economics 2012 Higher and Ordinary**

HowAreWe

Hello hello

I thought I'd start this up even though its a while away yet, anyone have predictions? Not saying you should trust them :P


whats everyone studying ? anyone studying oligopoly? I'm too nervous to leave it out, just imagine if it came up

motorola1337

I find economics to be a very easy subject :P A1 in HL in the mocks :P

Im studying perfect competition alot since everyone is predicting it to come up...but after that disastrous english paper 2 i wont count on it...so im going over all market structures atm.

I think we all should revise the history of economics too...i got this bad feeling they will stick in an awkward part c somewhere asking about Keyneys or something....

HowAreWe

ah I'm aiming for a C1/B3 I'm only good at Micro

I just cant memorize all that macro BS ,except taxation and international trade...piss!

Dapics

Im studying all four markets, cost curves, FOP, focusing on law of supply and demand a lot.
Elasticity of course.

Also studing Taxation, National Policy, International Trade, Land, Labour, Capital, Government, I.M.F & Banking

HowAreWe

Dapics wrote: »

Im studying all four markets, cost curves, FOP, focusing on law of supply and demand a lot.
Elasticity of course.

Also studing Taxation, National Policy, International Trade, Land, Labour, Capital, Government, I.M.F & Banking

seems about the same as me bar national policy

Dapics

HowAreWe wrote: »

seems about the same as me bar national policy

I forgot to add I'm learning an A1 answer on Keynes' impact on economics/policies/new way of looking at economics.

I reckon this year they will ask something to do with interest rate determination. (keynes ideals vs. before keynes ideals)

HowAreWe

oh ****.....i really haven't looked at any history of economic thought at all..... :S

Mysteriouschic

I haven't looked at economics in like 2 weeks I'll be going back to economics this weekend. I'm thinking of focusing on micro and a few macro sections. I really need a good grade.

Dapics

HowAreWe wrote: »

oh ****.....i really haven't looked at any history of economic thought at all..... :S

I only gonna start properly studying next friday and just cram every possible question and answer into my head for the next six days, i really really really need an A1 after geography.

Also im gonna be the only student in my whole year doing an exam that morning :cool:... hopefully I will get put in a nice small room and get a load of time extra to answer the questions

grizzly_bear

I never really find it a timing issue but I totally echo the sentiments regarding the likelihood of the questions being absolutely sick!!

JamesDundalk

I'm focusing on business studies this week, then moving onto Economics. What I hate about it is that your answers have to be word for word what they have in the marking scheme. There seems to be so little leeway.

lorrieq

Have demand, supply, elasticity, market structures, factors of production and comparative advantage all nailed. Sorted.
Either way you can come up with a B answer on any awkward question you haven't studied yet / is common sense.

That's my attitude.

EDmon

Hi all,

What are you studying for LC economics, does anyone have any predictions?

Also, since there's so much choice on the paper, are you going to basically choose what you'll be answering before you go in ?
(ie: your 4 long Qs to concentrate on eg: supply & demand etc.)

Does anyone have any good articles they've been reading that they could link ?

MY HELP:

There's a great revision site for economics called khanacademy, it goes through the major topics in a way that's really easy to understand.

HowAreWe

one week to the exam :cool:

Freewheelin_

I'll do most micro and a few macros - not costs.

I'm fairly awful at Economics, never really been interested in it. Expecting around a C1 hopefully.

MartieG

Right ok, I haven't looked at Economics in many many weeks

But I'm good at it, apart from the Micro Part, absolutely hate it !!

So what should I look over? My teacher isn't the best, we didn't finish the course nor did we do Keynes, or the history of iT?

HELP !!

HowAreWe

EDmon wrote: »

Hi all,

does anyone have any predictions?

Also, since there's so much choice on the paper, are you going to basically choose what you'll be answering before you go in ?
(ie: your 4 long Qs to concentrate on eg: supply & demand etc.)

Does anyone have any good articles they've been reading that they could link ?

nice link

Imperfect competition, Inflation, Taxation could be up imo...

Personally I prefer Micro so I'm going to concentrate on that, costs probably won't come up this year...which is a shame becuase I like that chapter....But I'll be going over some macro too obviously like Taxation , national income, government, national debt,International Trade.

Dapics

I'm Studying everything for this exam.

Economics has been very predictable these past few years, perhaps it wont be this year.

I'm also studying Keynesian Economics vs Merchantile Economics. If A question dosen't come up on either of them then I will just take bits from them and add them into certain selected topics just to showcase some general knowledge and make an impact on the examiner.

Im looking for an A1, I have no exams till Wednesday so I am just gonna study so damn much and hopefully get an A1

JamesDundalk

I only took it up this year, really need a top grade. So precise with the information you have to give. I'm just going to cover everything. Not too sure about the history of economics though.

PictureFrame

JamesDundalk wrote: »

I only took it up this year, really need a top grade. So precise with the information you have to give. I'm just going to cover everything. Not too sure about the history of economics though.

Me too! Need an A1/A2.. I'm going to cover all the Market Structures, FOP'S, Demand/Supply, Elasticity, National Income, International Trade, Inflation, History and Government!

Mysteriouschic

JamesDundalk wrote: »

I only took it up this year, really need a top grade. So precise with the information you have to give. I'm just going to cover everything. Not too sure about the history of economics though.

Same I took it up this year too and I didn't even do a mock. My teacher wasn't the best either I had to do most of macro by myself . I don't know where to start with economics. I was thinking of focusing on micro tomorrow then macro saturday .

JamesDundalk

Mysteriouschic wrote: »

JamesDundalk wrote: »

I only took it up this year, really need a top grade. So precise with the information you have to give. I'm just going to cover everything. Not too sure about the history of economics though.

Same I took it up this year too and I didn't even do a mock. My teacher wasn't the best either I had to do most of macro by myself . I don't know where to start with economics. I was thinking of focusing on micro tomorrow then macro saturday .

Haha I feel that I keep seeing you in loads of the subject forms I'm in. Business, geography, this and religion? Yes, I know, it's just very complex to get around. Really have to understand it!

Mysteriouschic

JamesDundalk wrote: »

Haha I feel that I keep seeing you in loads of the subject forms I'm in. Business, geography, this and religion? Yes, I know, it's just very complex to get around. Really have to understand it!

Haha yeah I don't do religion though .
I was confused with micro the land , labour , enterprise and capital and a few of the diagrams for a while it was really confusing. I still have to go over national income again. I haven't paid attention much to the present economy so I need to look at what I need to know.

EDmon

HowAreWe wrote: »

nice link

Imperfect competition, Inflation, Taxation could be up imo...

costs probably won't come up this year...But I'll be going over Taxation , national income, government, national debt,International Trade.

What makes you think Costs won't come up? I would have thought it'd be likely to be a part of Q3 factors of production, no?

So you're covering basically all the topics before going in, I tying between doing that or concentrating on the ones I think I'm definitely going to answer on!
#bitofadilemma

EDmon

Dapics wrote: »

I'm Studying everything for this exam.

Economics has been very predictable these past few years, perhaps it wont be this year.

I'm also studying Keynesian Economics vs Merchantile Economics.

That's worrying, how do you think they could make it unpredictable?
So are you thinking something on Smith for mercantile economics could come up for a long Q, instead of short ?

EDmon

JamesDundalk wrote: »

I only took it up this year, really need a top grade. So precise with the information you have to give. I'm just going to cover everything. Not too sure about the history of economics though.

Yes, the marking schemes are generally quiet specific!
The history of economic though could be a good one to briefly go over because it comes up in short Qs quiet a lot, and something (long) part c) Q7

I've heard some people predicting perfect competition.

EDmon

MartieG wrote: »

Right ok, I haven't looked at Economics in many many weeks

But I'm good at it, apart from the Micro Part, absolutely hate it !!

So what should I look over? My teacher isn't the best, we didn't finish the course nor did we do Keynes, or the history of iT?

HELP !!

You have time, look through the site I mentioned; khanacademy it'll explain keynes in a really easy way, you can find a lot of info. regarding history of economic thought, just google mercantile theory of economics, and you'll get something on Smith.

I can't stand the economics book we have but the information is there, you should be fine regardless of how bad your teacher is.

Also, be sure to go over all the past papers, short questions are repeated regularly.

HowAreWe

EDmon wrote: »

What makes you think Costs won't come up? I would have thought it'd be likely to be a part of Q3 factors of production, no?

So you're covering basically all the topics before going in, I tying between doing that or concentrating on the ones I think I'm definitely going to answer on!
#bitofadilemma

I don't know just looking at past papers it doesnt seem to come up consecutive years...I spose that means feck all really.....I'll go over it anyway its such an easy chapter

Chavways

I have german,physics and accounting before this so all of my study will be done on tuesday . I'm going for an A2 so hopefully I'll be able to remember the stuff I did a few weeks ago.

EDmon

HowAreWe wrote: »

I don't know just looking at past papers it doesnt seem to come up consecutive years...

Yes I was looking through papers there, it didn't come up last year so its possible you may just get your wish!!

I doubt anyone's gone back as far as 1978 but there's a costs of production Q that year, that is really hard...
Do you or anyone else know how to calculate the total revenue?
The Q has a table with variable, fixed and total supply costs...

Mysteriouschic

Whats the easiest macro questions to do? I was thinking international trade, banking and the employment :S.
Could you just focus on certain areas and leave some sections out?

HeaneyBabe

Everyone should know what's going on currently in the irish economy, I'd say that'll be a big section.. which will be easy enough to answer if you know your stuff.
Look over the household and water charge

grantyrs10

I plan on covering almost everything. I will leave out International Trade and Foreign Exchange cause I despise them !
I would strongly feel there may be alot more emphasis on applied economics questions such as advise minister of health three ways to reduce consumption of soft drinks in schools etc...

Also, Perhaps we will have to compare market structures unlike previous years.... The chief examiner is trying to take out the predictability following suit with the others in subjects such as Geography... I expect it will be somewhat a different paper:p

JamesDundalk

Economics is notoriously difficult, so hopefully they won't make it extra hard. Also for drawing Market structures, should you use graph paper or just use your book?

Mysteriouschic

Do you need to do the state , explain , example in economics?

grantyrs10

Mysteriouschic wrote: »

Do you need to do the state , explain , example in economics?

It depends on the terms of the question you must look carefully at how the question is phrased.... if for example you get a 25 mark question saying state and explain the characteristics of imperfect competition, you will get 2 marks for stating one and 3 for explaining so you would need 5 characteristics it depends on the question.... have a look at the past papers and examine the marking schemes which follow it on examinations.ie

Hope that was what you meant

HowAreWe

JamesDundalk wrote: »

Economics is notoriously difficult, so hopefully they won't make it extra hard. Also for drawing Market structures, should you use graph paper or just use your book?

My teacher told us you can do either, but you're better off just doing it in your booklet and not waste any time, and that they should take up half a page.

PictureFrame

I hope I haven't forgotten much Economics, haven't done a lot in weeks and got an A2 in my Mock so i'm hoping for at least that next week! Ok, i'm going to do 7 hours of Economics today, I'm gonna try and do:

• Perfect Competition
• Imperfect Competition
• Monopoly
• Oligopoly
• Demand & Supply
• Elasticity

JamesDundalk

PictureFrame wrote: »

I hope I haven't forgotten much Economics, haven't done a lot in weeks and got an A2 in my Mock so i'm hoping for at least that next week! Ok, i'm going to do 7 hours of Economics today, I'm gonna try and do:

• Perfect Competition
• Imperfect Competition
• Monopoly
• Oligopoly
• Demand & Supply
• Elasticity

Good on ya, I have no motivation to study today. Really need to though, as all the other stuff I've been cramming has superseded my economic knowledge! How did you do so well? Are you very precise in your answering?

bobjimmy

Im after forgetting everything about economics. I got an A1 in the mock and now ill be struggling to get a B in it. Im trying to do all micro today but it dosnt seem to be sticking..!!

Dapics

I just do out mind maps for general knowledge and then learn A1 answers on certain questions where you simply have to be specific such as Banking, Taxation and history of economic thought

History of economic thought is actually a very very nice question. I never understood why people disliked it, I mean its basically the only question in the exam where you have license to write... I.e - English Format.

For each question:

I just make an intro paragraph and make 4/5 headings and under each heading explain a certain factor relevant to the question. I also use qoutes from notable economists where I deem it necessary under these headings.

Economics is a brilliant subject. Screw Buisness.

Cruel Sun

Dapics wrote: »

Economics is a brilliant subject. Screw Buisness.

I really like them both, but I love the Economic paper, so much choice.

Dapics

Martin_94 wrote: »

I really like them both, but I love the Economic paper, so much choice.

You like buisness?? :eek:

I cannot stand the LC course for it.
It is not in any, any way relevant to future studies/courses in Universities. It's a load of ****in ****e.

Absolutely despise the theory behind the course. It only benefits people who are willing to rote learn books back to front.

Econ is so much more relevant to the world of business.

JamesDundalk

I disagree. Business gives you a broader understanding of the entire world of business, informs and introduces you to college aspects of business.

What businesses are people here applying for?

Also what to focus in on for economics?

Mysteriouschic

JamesDundalk wrote: »

I disagree. Business gives you a broader understanding of the entire world of business, informs and introduces you to college aspects of business.

What businesses are people here applying for?

Also what to focus in on for economics?

I personally prefer business myself.
The theory in business can be slightly boring at times but it's not too bad.
I know economics is more about the present economy . Business is just more for me as it's like how businesses work and things like that. I love the marketing chapter it's really interesting.

I remember after the business exam my friend had applied to a business course and she is now taking it off because she thinks it's boring.
I'm applying for a IT Business course . If I wasn't doing IT I'd go for a business course as my next option .

PictureFrame

JamesDundalk wrote: »

Good on ya, I have no motivation to study today. Really need to though, as all the other stuff I've been cramming has superseded my economic knowledge! How did you do so well? Are you very precise in your answering?

It's not going too well, I know Monopoly fairly well at this stage, going to start into P.C at 4pm, I Perfect Competition, that's what the Institute are backing!

Dapics wrote: »

You like buisness?? :eek:

I loved Business! Business & Economics (and English which I hate surprisingly :pac:) were my only A grades in the Mocks! Business is savage I think! Much love for it!

JamesDundalk wrote: »

I disagree. Business gives you a broader understanding of the entire world of business, informs and introduces you to college aspects of business.

Totally! I think Business was very factual, I really learnt a lot from doing it!

In 2 minds as whether to take Business/Chinese as my 2nd elective with by BCL next year! I'm definitely taking Economics but I haven't decided whether Business/Chinese is the one i'm picking!

Grealish123

The economics course is the way the business course should be. In business you are rewarded for your knowledge of the course and not your knowledge of the world of business. I must have had 50 examples of entrepreneurs and different industrial disputes going into the exam yesterday and didnt get to use any of them.

In economics though examiners love somebody that has a grasp of the current economic issues and rewards these people.

Grealish123

The economics course is the way the business course should be. In business you are rewarded for your knowledge of the course and not your knowledge of the world of business. I must have had 50 examples of entrepreneurs and different industrial disputes going into the exam yesterday and didnt get to use any of them.

In economics though examiners love somebody that has a grasp of the current economic issues and rewards these people.

HowAreWe

People backing PC?

I think we will have a question where we will need need to compare IPC and PC. I'm leaving out Oligopoly at this stage..... It just pisses me off.....

and oh my god I hate National income.....

Cruel Sun

Dapics wrote: »

You like buisness?? :eek:

I cannot stand the LC course for it.
It is not in any, any way relevant to future studies/courses in Universities. It's a load of ****in ****e.

Absolutely despise the theory behind the course. It only benefits people who are willing to rote learn books back to front.

Econ is so much more relevant to the world of business.

Yeah I love business and I didn't rote learn at all or even look at the book, but we have a really good teacher who gives good notes and teaches you the concepts so you understand it. Some of the course is fairly stupid I have to agree but for the most part I really like it. I like economics as well, and I'm hoping for a B2 at least in it, I'm hoping I got the A in business.

LoonyLovegood

I've taken today off from studying. Tomorrow I'm blitzing the course, then it's exam papers all the way!