LRAS
Study Powell textbook pages 234-238. Answer Follow up questions page 238 Q1 and Q2 using LRAS diagram in both responses.
Use the new Cherwell Economics channel for independent study in ECON 1 and ECON 2.
Wednesday, 25 January 2012
Tuesday, 24 January 2012
Globalisation
Study Chapter 81 in Anderton - useful for exam preparation
Answer the data Question p574
In preparation for your next lesson on section 3.4.3 also try the new you Tube channel 'Cherwell Economics' - due to go live very soon.
Answer the data Question p574
In preparation for your next lesson on section 3.4.3 also try the new you Tube channel 'Cherwell Economics' - due to go live very soon.
Mock Exams
Roomings - to be confirmed!
A2
13EC1 and C2
Econ 3 - Tues 21 Feb pm - 2 hours
Econ 4 - Tues 28 Feb pm - 2 hours
13EC E
Econ 3 - Weds 22 Feb am - 2 hours
Econ 4 - Weds 29 Feb am - 2 hours
AS exam 1 hour 15 min
12EC C1 and C2
Econ 1 - Tuesday 21 Feb am
Econ 2 - Friday 24 Feb pm
12EC E
Econ 1 - Monday 20 Feb pm
Econ 2 - Thursday 23 Feb am
A2
13EC1 and C2
Econ 3 - Tues 21 Feb pm - 2 hours
Econ 4 - Tues 28 Feb pm - 2 hours
13EC E
Econ 3 - Weds 22 Feb am - 2 hours
Econ 4 - Weds 29 Feb am - 2 hours
AS exam 1 hour 15 min
12EC C1 and C2
Econ 1 - Tuesday 21 Feb am
Econ 2 - Friday 24 Feb pm
12EC E
Econ 1 - Monday 20 Feb pm
Econ 2 - Thursday 23 Feb am
Tuesday, 17 January 2012
ECON 2 Pre-talk
8am-8.20 Final surgery - answering queries 1:1
8.20-8.30 Formal Exam Pre talk
Tonight - do email in any last minute queries.
8.20-8.30 Formal Exam Pre talk
Tonight - do email in any last minute queries.
Wednesday, 11 January 2012
Econ 1 Answering part d on market forces
Often the two part d's on offer are either debate government intervention or evaluate case for and against leaving it to market forces. With the latter it is important to remember:
The power of market forces to remove surpluses or shortages as you have already most probably analysed in part c.
The use of data to suggest how successful market failure can be corrected by a laissez-faire (leave it alone) approach, are there any signs of change? For example renewable energy takes up less than 5 of overall energy output. Is this because the energy market has been left to competitive pressures or because of the large state subsidies to non renewable sources in the past?
Markets do not sit still like a diagram on the page but are constantly changing, this is what we mean by dynamic market forces. For example given a demerit good it will be in the interests of producers in competitive markets to encourage consumers to switch away from the demerit good: 'Quit smoking and join a gym.' So overtime demand will shift in. At the same time it is in the interest of producers of demerit goods to either internalise the external cost as consumers become more aware e.g paying more to carbon offset your flight.
So this type of question is more a debate as to what extent a market can self correct itself, i.e. does it exhibit:
The power of market forces to remove surpluses or shortages as you have already most probably analysed in part c.
The use of data to suggest how successful market failure can be corrected by a laissez-faire (leave it alone) approach, are there any signs of change? For example renewable energy takes up less than 5 of overall energy output. Is this because the energy market has been left to competitive pressures or because of the large state subsidies to non renewable sources in the past?
Markets do not sit still like a diagram on the page but are constantly changing, this is what we mean by dynamic market forces. For example given a demerit good it will be in the interests of producers in competitive markets to encourage consumers to switch away from the demerit good: 'Quit smoking and join a gym.' So overtime demand will shift in. At the same time it is in the interest of producers of demerit goods to either internalise the external cost as consumers become more aware e.g paying more to carbon offset your flight.
So this type of question is more a debate as to what extent a market can self correct itself, i.e. does it exhibit:
- Perfect information
- Many buyers and sellers
- Ease of entry and exit
- Homogenous product
- Private ownership
- Rational consumer behaviour.
Tuesday, 10 January 2012
ECON 1 Exam help
ECON 1 re-sit 12 Jan am. I will be operating a final session to offer and individual help needed from 8am onwards followed by calming reassuring exam skill tips for 10 minutes from 8.20am - 8.30am in room 1.
Missing Market = Negative Externality? A number of you have found Jan 2009 Q16 a tricky one - Economics Help has a full answer for you: click here.
Q4 Jan 2010 is also a tricky one think about price times quantity when looking at a price inelastic demand curve.
Good luck and best wishes.
Mr Gray
email me with any final script/section attempts or queries: tgray@cherwell.oxon.sch.uk
Missing Market = Negative Externality? A number of you have found Jan 2009 Q16 a tricky one - Economics Help has a full answer for you: click here.
Q4 Jan 2010 is also a tricky one think about price times quantity when looking at a price inelastic demand curve.
Good luck and best wishes.
Mr Gray
email me with any final script/section attempts or queries: tgray@cherwell.oxon.sch.uk
Happy New Year II
Most of the forecasts for 2012 are suggesting a strong possibility of recession so will this leave us all depressed. Richard Layard, in his excellent book 'Happiness' (available on Amazon for under £2), argues that most people want more income. Yet as societies become richer, they do not become happier.
Sunday, 8 January 2012
ECON 1 Monopoly question
In response to someone saying that they have struggled to find a data question on 'Monopoly' it is worth checking over this old question:
AQA 18 Jan 2006 Q1
AQA 18 Jan 2006 Q1
Wednesday, 4 January 2012
Happy New Year
It will be worse than 2011.
The best we can hope for is a lost decade.
Cheerful forecast from Stephanie Flanders for the new year on Radio 4 Today programme: click here.
Good independent study tip is to look at the play list of the Today programme and select a short Economics audio clip: click here for BBC Radio 4 Today programme.
The best we can hope for is a lost decade.
Cheerful forecast from Stephanie Flanders for the new year on Radio 4 Today programme: click here.
Good independent study tip is to look at the play list of the Today programme and select a short Economics audio clip: click here for BBC Radio 4 Today programme.
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