economics

p~b

i'm doing economics as an extra subject so if anyone has anything helpful please post it here.

the smiley one

What type of extra help? I have no clue on predictions or whatever, but if you need help with any specific queries or questions, will do my best to answer them!

Time Magazine

Ditto. Any economics questions pm me and I'll try sort you out.

Economics is a GREAT Leaving Cert subject. Get exams papers and do all the short hand questions ever. That's 25% straight down.

Then there's a choice of 8 questions do 4.

Learn the
i) Factors of Production (land, labour, capital, enterprise)
ii) The Markets (perfect/imperfect comp, monopoly, oligopoly)
iii) Fiscal Policy
iv) Monetary Policy
v) International Trade
vi) Costs

and you have the course more than done. Personally I think the exam will be testing this year because it was so easy last year and the really had to skew the marking scheme.

If you're doing a macroeconomics question just think
C + I + G + X - M
Consumption, Investment, Govt Spending, eXports, iMports.

Go through what happens to these and you're set. And if you can remember it, think how it affects taxes and the exchange rate (if applicable).

There you are, great tips .

Young Siward

1 - Don't underestimate Economics, or assume it's easy to stroll in and get an A1. The marking scheme screwed a lot of people over last year (including myself IMO) so be careful.

2 - Just do 4 long questions. Last year I went by a simple guideline, write one line for each mark on offer. Probably a good way to approach each question - such as 4 causes of Monopoly power, is to first state a reason - ie. Economies of Scale (Natural Monopoly), Explain it assuming no prior knowledge from the examiner, give some implications and finally an example.

3 - Assuming you're taking on the competions/markets q, really understand the graph. Make sure you know the easy ones, like why the demand curve is downward sloping right up to a perfect competion curve & why it slopes as it does. A little table might be a good idea to explain that. I think explaination could be worth as much as 5%

4 - If you wanna cut down the workload - Elasticity, National Income, Markets and Factors of Production will probably do. Also if you do the short questions from the last 15 years there's not too much that'll surprise you on the day.

BraveheartGal

i do economics
hated it last year but absolutely adore it now! so short and easy to revise

if you get the examit papers they have a page with what has come up in the last 10 years
makin it very easy to make predictions

imperfect competition, is supposedly a cert but learn oligopoly too
erm, banking. exchange rates. labour tax
ill post more later this week when i get my books
but dont worry
jus revise diagrams
demand and supply and such, and learn keynes,smith and ricardo (ricardo is a good possibility)

good luck!

the smiley one

Young Siward wrote:

1 - Don't underestimate Economics, or assume it's easy to stroll in and get an A1. The marking scheme screwed a lot of people over last year (including myself IMO) so be careful.

4 - If you wanna cut down the workload - Elasticity, National Income, Markets and Factors of Production will probably do. Also if you do the short questions from the last 15 years there's not too much that'll surprise you on the day.

Personally I love economics, but I hear its really hard to get an A in. There was a girl a couple of year ago in my school who got like, 580/590 and despite working really hard at economics all through the years, just got 90% (yes yes, I know its *just 90, but she was REALLY studious, I mean ihavenolifefor2yearsbecauseIhavetostudyeveryinchoftheLCcourse studious...)

As for the workload thing, I doubt elasticity will comeup this year, cuz everyone is doing really well in it and has it cracked it pretty much (they want to give you hard questions!!!) also is wasn't on the any of the mock papers. (yeah I know it doesn't really mean that much, but still...)

I would advise also doing all micro questions - waaay easier to learn for, but if you have a natural flair for the subject fire away at the macro!

MoeHawk

Angry Banana wrote:

Learn the
i) Factors of Production (land, labour, capital, enterprise)
ii) The Markets (perfect/imperfect comp, monopoly, oligopoly)
iii) Fiscal Policy
iv) Monetary Policy
v) International Trade
vi) Costs
).

\
i raise my eyebrows at the mention of COsts,
\
\
\
\
\personally I think that Elasticity/ Supply and demand are both likely, S&D more so yet possibility that both could come up with no FOP this year, SHock, I know, that is what happened last time both came up!

Camogie Playa

Im for one have not copped onto elasticity, just cant for the life of me try to understand it!!I think an elasticity question came up our pres!What are costs?

Young Siward

the smiley one wrote:

Personally I love economics, but I hear its really hard to get an A in. There was a girl a couple of year ago in my school who got like, 580/590 and despite working really hard at economics all through the years, just got 90% (yes yes, I know its *just 90, but she was REALLY studious, I mean ihavenolifefor2yearsbecauseIhavetostudyeveryinchoftheLCcourse studious...)

As for the workload thing, I doubt elasticity will comeup this year, cuz everyone is doing really well in it and has it cracked it pretty much (they want to give you hard questions!!!) also is wasn't on the any of the mock papers. (yeah I know it doesn't really mean that much, but still...)

I would advise also doing all micro questions - waaay easier to learn for, but if you have a natural flair for the subject fire away at the macro!

I agree, I've just finished first year of Economics in Uni and I've met a good few people with huge talent for it, studied their as$ off etc....and come out with Bs and Cs in the LC. I think it's got to the stage where they either give out the A's to those who deserve them or make the course harder!

Elasticity is one of the easier areas to pick up marks if you can get a handle on it - (P/Q)*(Change in Q/Change in P). If it comes up answer it, same with international trade....

the smiley one

MoeHawk wrote:

\
S&D more so yet possibility that both could come up with no FOP this year, SHock, I know, that is what happened last time both came up!

:eek:

but, but, that's not fair!!!
*whine

Camogie Playa

Could someone help me please?
Explain the economic rationale for assuming that a person's demand curve for a normal good slopes downward?
Answered it in the pre as, if the firm increases the price less of it will be demanded but only got 5 out of 10 for it.

Time Magazine

Camogie - Elasticity is (essentially) the slope of the curve; whether it is closer to a vertical line or a horizontal one. How much more/less of a good is demanded with respect to a price change depends on a slope.

Imagine you have a line that is nearly veritical, and pick a point fairly low on it. If you raise the price loads the quantity demanded doesn't change all that much.

Imagine you have line that is nearly horizontal. Raise the price a little and quantity demanded falls significantly. That's elasticity.

A great example is oil. If you double the price of oil, demand for it will only fall a small bit (say, 10%) because it's so damn necessary in our world today. Oil is hence inelastic. However if the price of Heinz's ketchup goes to €20, the quantity demanded plummets to zero. Ketchup is elastic.

Elasticity is the specific relationship between how one variable reacts to another - usually quantity demanded and price (Price Elasticity of Demand).



Regarding downward-sloping demand curve - if CD's are €1 do you buy more or less of them than if they're €25? People want to maximise utility from their limited income - and a lower price offers this. Therefore a higher price offers it less. As consumers are rational beings, they go for the cheaper option, so they demand more as price goes down.


Here's a quick summary of the economists you gotta know folks:

Classical School - Adam Smith, David Ricardo
1. Believed in Laissez-Faire
2. Believed in Free Trade.
3. Believed that savings created funds for investment.
4. Smith 'invented' the Four Canons of Taxation.
5. Ricarado 'invented' the Laws of Comparative/Absolute Advantage.

Keynesian Economics - J.M. [John Maynard] Keynes
1. Free trade
2. Believed in Govt intervention
3. Formulated theory of the multiplier
4. Formulated theory of Liquidity Preference.
5. Strong believers in Fiscal Policy

Monetarists - Alfred Marshall
1. Believe that monetary policy is the main economic weapon
2. Feel inflation HAD to be kept low
3. Believe in laissez-faire.
4. Believe in free trade.

Oh and just so you know, Malthus (boring old fart) came up with the Law of Iron Wages. He said that food supply would grow arithmetically (adding fields onto fields) while population would grow geometrically (multiplying). Hence he felt population rate would have to be kept low. In the days before contraception, he called on wages to be kept at an absolute minimum so that people had only subsistence wages - i.e. just enough to live - basically so that they wouldn't have kids.

To the person who asked about costs - they're... well... costs.
Fixed costs, variable costs, average costs, marginal costs etc. All in the short run and long run. They're mad easy, just a diagram each and a couple lines of explaining about the relationship between them. Look it up in your book.

Quick explanations
Fixed Costs - costs that accrue before anything is produced, such as rent and security.

Variable Costs - costs that accrue during production, such as raw materials and labour.

Average Cost - cost divided by quantity produced.

Marginal Cost - the cost of an additional product.

the smiley one

Thanks a mil
Esp. for the History of economics stuff..........I gave up history at JC level........I thought I'd never have to do it again................they tricked me!!! Neway, the short notes make it tres easy!

shelleEire

sum1 said that they are going to try make the paper harder... like how?? put in more Macro r sumting?? its very difficult but alot of ppl.. like myself have a whole week b4 the exam to revise it.. so i hope that an A isnt out of the question. the short questions are the worst i tink......... impossible alot of them.. il scrwe them up for sure. any tips there?!

shelleEire

sum1 said that they are going to try make the paper harder... like how?? put in more Macro r sumting?? its very difficult but alot of ppl.. like myself have a whole week b4 the exam to revise it.. so i hope that an A isnt out of the question. the short questions are the worst i tink......... impossible alot of them.. il screw them up for sure. any tips there?!

the smiley one

shelleEire wrote:

sum1 said that they are going to try make the paper harder... QUOTE]


I didn't exactly say that, I just said that elasticity mightn't be on it because the average mark for the question has gone up, and they used to put it on because they thought it was a bit tricky, like national income.... so maybe elasticity won't be on the paper...

God, I hope there are 4 micros....

Time Magazine

It's remarkably easy to make a paper harder.

But really the toughness of the paper doesn't make that much of a difference, because it's all relative. They have to stick to a specific curve when it comes to marking, so harder paper -> easier marking and vice versa.

"I hope four micro questions come up" is not a good lgame plan, the smiley one. I assume that means you've learned about 6 micro questions and 0 macro. You're far better learning 4 micro and 2 macro because of the structure of the exam. National Income is a dead handy question. I'm too lazy to get the questions, but if anyone wants to learn any section post up a whole question I'll post with a damn near 100% answer for it.

Camogie Playa

RE:Angry Banana you're a star. So elasticity is how sensitive the demand is to price?Does it only have do most times with rises in prices?
What does the plus or minus sigh have to do with it?And the size of the number?

Ive a question on national income.
Explain by means of a circular flow of income for an open economy the forces which influence the level of aggregate demand?
Sorry now for bombarding ya with questions

You fairly know your stuff, do you study it in college?I hate the subject, i should of given it up in fifth year. Just dont have the head for reasoning

the smiley one

Angry Banana wrote:

"I hope four micro questions come up" is not a good lgame plan, the smiley one. I assume that means you've learned about 6 micro questions and 0 macro. You're far better learning 4 micro and 2 macro because of the structure of the exam. National Income is a dead handy question. I'm too lazy to get the questions, but if anyone wants to learn any section post up a whole question I'll post with a damn near 100% answer for it.

Nah, I've lernt pretty much all of the course (due to an EXCELLENT teacher), but I personally find the micros easier because I tend to go off the point on the macro questions.....a lot.... and also, I never know what they want!

Intending on doing national income if it comes up and it's pretty handy with no waffle -really like it and don't see why everyone else finds it hard?!

R.D

Just out of interest are any of you guys doing Ordinary Level Economics?!

Time Magazine

Camogie Playa wrote:

RE:Angry Banana you're a star. So elasticity is how sensitive the demand is to price?

Price Elasticity of Demand is that exactly. Income Elasticity of Demand is how sensitive demand is to income. And so forth. Don't forget your P. E. of Supply and Cross E. of D!

Does it only have do most times with rises in prices?

Usually, because PED is the most common, and prices tend to rise not fall.

What does the plus or minus sign have to do with it?And the size of the number?

The plus/minus sign has to do with whether the price goes up or down. For example, a luxury good's demand will rise(D+) with an increase in price(P+), whereas a normal good's will fall(D-) with an increase in price(P+). To remember which sign goes with which remember your maths: two minuses make a plus, two pluses make a plus, otherwise it's a minus (with regard to price and demand)

So the sign has to do with which way it goes. The size of the number has to do with the extent of the change. If the number is 0.1, it will have less of an effect than if it was 0.2 and so on.

Ive a question on national income.
Explain by means of a circular flow of income for an open economy the forces which influence the level of aggregate demand?

Basic Level: Households receive wages from firms. Then households spend on goods and services.

Now add:
Forces: (i)Fgn Trade (ii)Government (iii)Banks
Injections: (i)Exports, (ii)Govt. Spending (iii)Investment
Leakages: (i)Imports, (ii)Taxes (iii)Savings

I think that's all you need. Explain the relationship between the injections and leakages, and the three forces they are focused through. Notice how injection(i) is related to leakage(i) through force(i) etc.

Sorry now for bombarding ya with questions

That's fine, I owe some karma regarding the Leaving Cert .

You fairly know your stuff, do you study it in college?I hate the subject, i should of given it up in fifth year. Just dont have the head for reasoning

Yep, first year BESS.

Hugo Reyes

Angry Banana wrote:

Price Elasticity of Demand is that exactly. Income Elasticity of Demand is how sensitive demand is to income. And so forth. Don't forget your P. E. of Supply and Cross E. of D!

Usually, because PED is the most common, and prices tend to rise not fall.

The plus/minus sign has to do with whether the price goes up or down. For example, a luxury good's demand will rise(D+) with an increase in price(P+), whereas a normal good's will fall(D-) with an increase in price(P+). To remember which sign goes with which remember your maths: two minuses make a plus, two pluses make a plus, otherwise it's a minus (with regard to price and demand)

So the sign has to do with which way it goes. The size of the number has to do with the extent of the change. If the number is 0.1, it will have less of an effect than if it was 0.2 and so on.




Basic Level: Households receive wages from firms. Then households spend on goods and services.

Now add:
Forces: (i)Fgn Trade (ii)Government (iii)Banks
Injections: (i)Exports, (ii)Govt. Spending (iii)Investment
Leakages: (i)Imports, (ii)Taxes (iii)Savings

I think that's all you need. Explain the relationship between the injections and leakages, and the three forces they are focused through. Notice how injection(i) is related to leakage(i) through force(i) etc.



That's fine, I owe some karma regarding the Leaving Cert .

Yep, first year BESS.

Should u have done Msiss and if not why not

Time Magazine

Hugo Reyes wrote:

Should u have done Msiss and if not why not

No, I don't like engineering and that stuff. I far prefer Politics and economic theory than maths. I have a girly brain, better at English (HA1) than Maths (HC3)!

And I think my final degree (Business and Economics) is only accessible via BESS.

Time Magazine

Bump, because there's good economics on this thread.

oq4v3ht0u76kf2

Yes there bloody well is you legend. Just shortened my revision considerably my man!

Go raibh maith agat!

Waltons

Good call bumping it! Thanks for all this stuff Angry Banana!

Po-2

[ QUOTE=R.D]Just out of interest are any of you guys doing Ordinary Level Economics?![/QUOTE]

I am any ideas what to study

Beau

Po-2 wrote:

[ QUOTE=R.D]Just out of interest are any of you guys doing Ordinary Level Economics?!

No. Don`t see anybody would do Ordinary Level with Economics its just right or wrong

besty

Angry Banana wrote:

Ditto. Any economics questions pm me and I'll try sort you out.

Economics is a GREAT Leaving Cert subject. Get exams papers and do all the short hand questions ever. That's 25% straight down.

Then there's a choice of 8 questions do 4.

Learn the
i) Factors of Production (land, labour, capital, enterprise)
ii) The Markets (perfect/imperfect comp, monopoly, oligopoly)
iii) Fiscal Policy
iv) Monetary Policy
v) International Trade
vi) Costs

and you have the course more than done. Personally I think the exam will be testing this year because it was so easy last year and the really had to skew the marking scheme.

If you're doing a macroeconomics question just think
C + I + G + X - M
Consumption, Investment, Govt Spending, eXports, iMports.

Go through what happens to these and you're set. And if you can remember it, think how it affects taxes and the exchange rate (if applicable).

There you are, great tips .

pretty good advice, but I would really recommend everyone doing economics to concentrate on Microeconomics. It is piss easy generally. The other main thing is to make sure you know all the short questions from the past 10 years and you will be sorted.

Time Magazine

Bump again