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

thelad95

So what do people think will come up in Economics. In micro, I fancy Perfect Competition, Elasticity, Capital and Costs of Production to appear again. In macro, I fancy International trade, the water charges and something about economic growth to appear.

Poliana.xo

Oligopoly/Perfect Competition, although wouldn't be surprised with Imperfect..
Supply/Elasticity
Capital, although I'll learn Land and Enterprise well also..
Costs of Production
International Trade
Money & Banking
National Income - circular flow possibly

I'd expect water charges, bits about history and economic systems in the shorts..

little sis...

Are you studying for all 8 questions?
I plan on not doing the 8th. Basically a geo and history question. Ew.

Poliana.xo

little sis... wrote: »

Are you studying for all 8 questions?
I plan on not doing the 8th. Basically a geo and history question. Ew.

Not going near that :pac: I am kind of counting on my 3 micro questions

little sis...

Poliana.xo wrote: »

Not going near that :pac: I am kind of counting on my 3 micro questions

Yeh and if capital doesn't come up as the factor of production Q then im not doing that either.
Are you going to do monopoly? I was going to learn it just in case but everytime I try to it just makes me confused on the rest. Anyway chances of it coming up is very unlikely.

Poliana.xo

Ill study all market structures as well as all factors of production, just in case :rolleyes: Basically all the micro :pac: This way I know I'm covered for 3 questions, and the 4th one will be pure luck, I'll study macro bits that I like. Costs of production would be nice as the fourth question :P

Thinking to leave labour as a factor of production out though, can't stand it!

thelad95

Poliana.xo wrote: »

Ill study all market structures as well as all factors of production, just in case :rolleyes: Basically all the micro :pac: This way I know I'm covered for 3 questions, and the 4th one will be pure luck, I'll study macro bits that I like. Costs of production would be nice as the fourth question :P

Thinking to leave labour as a factor of production out though, can't stand it!

Same here. You should have a look at national income,trade and population. The questions that come up on those are mostly theory.

Am I the only whose teacher didn't really cover the macro course?

little sis...

thelad95 wrote: »

Same here. You should have a look at national income,trade and population. The questions that come up on those are mostly theory.

Am I the only whose teacher didn't really cover the macro course?

I heard people tend not to do well in the population question and we were told to avoid it.

macro isn't bad, in fact I love national income and international trade but there are chapters that I need to constantly look over otherwise I forget them quickly like monetary and fiscal policy

Poliana.xo

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

kev44

Elasticities should make an appearance in Q1, id say imperfect for Q2, Capital mostly for Q3 but hope they don't throw in something awkward with it. And then i just have National Income and Trade for another question...also think labour/monopoly might appear in SQs

oncex

I covered a lot of Macroeconomics myself as my grinds teacher didnt seem to want to. Need that A1.

little sis...

Yeh I really want an A1 too but I think they've been trying to make it harder recently to get an A because a lot of people seem to advise others it's an 'easy A' so loads of people took it up only to realize the opposite.


What would you consider to be a 'tricky question' in the economics paper?
i just hope they don't try to catch people out :rolleyes:

thelad95

little sis... wrote: »

Yeh I really want an A1 too but I think they've been trying to make it harder recently to get an A because a lot of people seem to advise others it's an 'easy A' so loads of people took it up only to realize the opposite.


What would you consider to be a 'tricky question' in the economics paper?
i just hope they don't try to catch people out :rolleyes:

75 people got an A1 last year out of 2000ish. Sums it up really.

I'd consider anything that asks for your opinion as tricky. Really difficult to score full marks in.

little sis...

thelad95 wrote: »

75 people got an A1 last year out of 2000ish. Sums it up really.

I'd consider anything that asks for your opinion as tricky. Really difficult to score full marks in.

So roughly 1 in 27 people get an A1, thats's crazy really.
I really hope that's because of the large number of people taking it up to get a B or C.

I think last year's paper had a few tricky Q's. :rolleyes:

thelad95

little sis... wrote: »

So roughly 1 in 27 people get an A1, thats's crazy really.
I really hope that's because of the large number of people taking it up to get a B or C.

I think last year's paper had a few tricky Q's. :rolleyes:

Last years paper was awful. But if you look at the 2012 paper I can see why they mixed it up. If we got something like the 2012 paper I would do Gangnam style around the room before proceeding with the exam.

Last years short questions were taken from the deepest, deepest crevices of the course.

little sis...

yeh haha I think last year's paper was just their way of letting us know it's not an easy subject.

If you give a valid point as an answer but it's not in the marking scheme would you not get any marks?

thelad95

little sis... wrote: »

yeh haha I think last year's paper was just their way of letting us know it's not an easy subject.

If you give a valid point as an answer but it's not in the marking scheme would you not get any marks?

Yeah, they have to give it if it's reasonable.

little sis...

You're a repeat right? How did you get on last year in economics?

thelad95

little sis... wrote: »

You're a repeat right? How did you get on last year in economics?

Went from an A2 in the mocks to C3 in the real thing. A combination of taking the foot of the pedal and a woeful paper

Smash The House

thelad95 wrote: »

Went from an A2 in the mocks to C3 in the real thing. A combination of taking the foot of the pedal and a woeful paper

I got a B1 in the mocks....didn't think i deserved it at all.
There were 4 A1's in my class in the mocks out of ~25, and we're not a bright bunch

little sis...

thelad95 wrote: »

Went from an A2 in the mocks to C3 in the real thing. A combination of taking the foot of the pedal and a woeful paper

ooh that scares me a little
I'm sure you'll do brilliantly this year best of luck

little sis...

Can someone help me out on the 2008 economics paper Q1, b part (iii)?
I don't undertand why the formula isn't -20 over -10..? (In the marking scheme)

Poliana.xo

little sis... wrote: »

Can someone help me out on the 2008 economics paper Q1, b part (iii)?
I don't undertand why the formula isn't -20 over -10..? (In the marking scheme)

It's -20 for quantity demanded as it decreased and +10 for price as there was an increase from 40 to 50.. If that's what you're asking

little sis...

Poliana.xo wrote: »

It's -20 for quantity demanded as it decreased and +10 for price as there was an increase from 40 to 50.. If that's what you're asking

how did quantity decrease though? It went from 60 to 80?

Poliana.xo

little sis... wrote: »

how did quantity decrease though? It went from 60 to 80?

unless I'm looking at the wrong question QD was 60 at 40eu, and went down to 40 at 50eu, hence the -20 change

little sis...

Poliana.xo wrote: »

unless I'm looking at the wrong question QD was 60 at 40eu, and went down to 40 at 50eu, hence the -20 change

Ahh sorry I was looking at the diagram they drew with the second demand curve and used the equilibrium prices and quantities
Thanks!

kev44

Does anyone think a costs of production long question could come up? It'd be a dream if it did but im doubtful cause of it coming up twice in a row in 2011 and 12

thelad95

kev44 wrote: »

Does anyone think a costs of production long question could come up? It'd be a dream if it did but im doubtful cause of it coming up twice in a row in 2011 and 12

50/50. It didn't come up last year so....

Personally I don't like it as a question. I understand the chapter in my book but sometimes I just wonder wtf they are asking.

kev44

Part of me wants to believe that after all the huff about last years paper they might take it easy this year...doubtful

Days 298

kev44 wrote: »

Part of me wants to believe that after all the huff about last years paper they might take it easy this year...doubtful

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.

thelad95

2012 economics was as big a disaster. It was incredibly easy and many people who felt they should've gotten A's got low B's.


It's tough at the top....

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