Under timed conditions attempt the following from Quentin Brewer's revision pack:
page 65-65 Essay Q1 a and b and data Q3 - due 6th May
page 53 Globalisation and protectionism - due 18th May
Mark yourself -Answers here:
http://www.hodderplus.co.uk/myrevisionnotes/a-level-Economics/index.asp
Bring in your responses for review.
Wednesday, 30 April 2014
AS Economics 6EC01 Final Preparation
Please use this long weekend to go over exam questions or content for 6EC01 and try to email me for any help you may need:
tgray@cherwell.oxon.sch.uk
Use 'my revision notes'
Answers here: http://www.hodderplus.co.uk/myrevisionnotes/a-level-Economics/index.asp
Monday 12 May Period 4 and 5 Pre exam final study - question and answer session on content and exam skills. Room 1
Tuesday 13 May 8am Pre exam breakfast (croissants and juice) - re-assurances and calm focus on what you need to do in the morning exam. Room 1
tgray@cherwell.oxon.sch.uk
Use 'my revision notes'
Answers here: http://www.hodderplus.co.uk/myrevisionnotes/a-level-Economics/index.asp
Monday 12 May Period 4 and 5 Pre exam final study - question and answer session on content and exam skills. Room 1
Tuesday 13 May 8am Pre exam breakfast (croissants and juice) - re-assurances and calm focus on what you need to do in the morning exam. Room 1
AS - 6EC02 Final exam preparation
Answer in full under exam conditions the January 2011 6Ec02 paper and use the following mark scheme to mark yourself for me to review and discuss with you in lessons next week:
http://www.edexcel.com/migrationdocuments/QP%20GCE%20Curriculum%202000/January%202011%20-%20MS/6EC02_01_rms_20110309.pdf
Surgeries - the following dates and times are open for you to drop in to room 1 and go over exam questions or content, please try to email me in advance when you are on study leave if you plan to come or email for any other help you may need:
tgray@cherwell.oxon.sch.uk
Weds 7 May 2-4pm
Weds 14 May 11-2pm
Thurs 15 May 9am-11
Fri 16 May 2-4pm
Mon 19 May 1-3pm
Use 'my revision notes'
Answers here: http://www.hodderplus.co.uk/myrevisionnotes/a-level-Economics/index.asp
Tuesday 20 May Period 1 and 2 Pre exam final study - question and answer session on content and exam skills. Room 1
Wednesday 21 May 11am-12 Pre exam talk - re-assurances and calm focus on what you need to do in the afternoon exam. Room 1
http://www.edexcel.com/migrationdocuments/QP%20GCE%20Curriculum%202000/January%202011%20-%20MS/6EC02_01_rms_20110309.pdf
Surgeries - the following dates and times are open for you to drop in to room 1 and go over exam questions or content, please try to email me in advance when you are on study leave if you plan to come or email for any other help you may need:
tgray@cherwell.oxon.sch.uk
Weds 7 May 2-4pm
Weds 14 May 11-2pm
Thurs 15 May 9am-11
Fri 16 May 2-4pm
Mon 19 May 1-3pm
Use 'my revision notes'
Answers here: http://www.hodderplus.co.uk/myrevisionnotes/a-level-Economics/index.asp
Tuesday 20 May Period 1 and 2 Pre exam final study - question and answer session on content and exam skills. Room 1
Wednesday 21 May 11am-12 Pre exam talk - re-assurances and calm focus on what you need to do in the afternoon exam. Room 1
Tuesday, 29 April 2014
6EC02 Jan 2012 Model essay
With reference to Extract 2, evaluate the likely impact of higher inflation on THREE macroeconomic objectives
Introduction
Define Inflation - rise in general price level over time (2 marks). In Extract 2 UK inflation as measured by CPI is above target i.e. above £ % (2 data). Macro objectives are: low unemployment, low and stable inflation, sustained growth and avoiding a large and persistent trade deficit. In addition inequality and the environment can also be considered.
Higher inflation in the UK will make UK exports uncompetitive as Uk prices are rising around 3% on average whereas the euro countries prices are rising around 1.9% and therefore this will increase the UK's trade deficit (Point 2 marks and explained 2 marks). However the pound is getting weaker so this may make UK exports cheaper (2e) and also recovery elsewhere in the world e.g. USA might mean that other countries inflation is increasing as much as the UK's (2e+).
Higher inflation in the UK above target will force the Bank of England to increase interest rates to curb this increase. As interest rates rise consumption and investment will fall resulting in recession. However the data says that the Bank of England are confident that inflation will fall back to 2% target (2e) so they will not increase interest rates (2e). However less consumption may help the environment (2e).
Higher inflation will erode the value of savings so rich people as savers will lose out and those on low income that have borrowed money will win, as they owe less in real terms, this may close the gap between the rich and the poor thereby reducing inequality. However the savings of rich people might be index linked to inflation thus preventing their savings from falling in value. (2e) Also low income people may not have their wages or benefits linked to inflation (index linked) so the cost of living may rise substantially for them. (2e)
Introduction
Define Inflation - rise in general price level over time (2 marks). In Extract 2 UK inflation as measured by CPI is above target i.e. above £ % (2 data). Macro objectives are: low unemployment, low and stable inflation, sustained growth and avoiding a large and persistent trade deficit. In addition inequality and the environment can also be considered.
Higher inflation in the UK will make UK exports uncompetitive as Uk prices are rising around 3% on average whereas the euro countries prices are rising around 1.9% and therefore this will increase the UK's trade deficit (Point 2 marks and explained 2 marks). However the pound is getting weaker so this may make UK exports cheaper (2e) and also recovery elsewhere in the world e.g. USA might mean that other countries inflation is increasing as much as the UK's (2e+).
Higher inflation in the UK above target will force the Bank of England to increase interest rates to curb this increase. As interest rates rise consumption and investment will fall resulting in recession. However the data says that the Bank of England are confident that inflation will fall back to 2% target (2e) so they will not increase interest rates (2e). However less consumption may help the environment (2e).
Higher inflation will erode the value of savings so rich people as savers will lose out and those on low income that have borrowed money will win, as they owe less in real terms, this may close the gap between the rich and the poor thereby reducing inequality. However the savings of rich people might be index linked to inflation thus preventing their savings from falling in value. (2e) Also low income people may not have their wages or benefits linked to inflation (index linked) so the cost of living may rise substantially for them. (2e)
Thursday, 24 April 2014
6EC04: Debt cancellation and Trade liberalisation model essay
June 2012 2b
Introduction
Debt
cancellation in this case is the removal of part or all the Debt plus
interest owed by a developing country (NIC or LEDC like Jamaica or Liberia)
for a World Bank (IMF). Economic development can be measured by the HDI
taking into account average incomes, health and education. Trade
liberalisation includes the removal of protectionist measures opening up
countries to free trade, global markets and competition. Trade liberalisation
has come about through membership of the WTO – China joined 2001, Russia 2012
to ensure multi-lateral free trade.
Debt
relief is a key policy, even when looking at developing nations. For every $1
of aid given to LEDC or NIC nations, $13 is spent on debt repayments.
Therefore it is clear that before these nations can develop sustainably,
their debts must be written off completely. Their attempts to repay the
debts, even when it is usually just the interest being paid off, are taking
much needed funding out of their economies and putting it back into MEDC
nations. By cancelling nations’ debts, funds would be freed up allowing them
to invest in their education or healthcare systems and to ensure the removal
of absolute poverty. However, it is possible that debt relief can have some
negative impacts. The HIPC initiative run by the IMF required Jamaica to cut
spending on healthcare and education in order to qualify for debt relief by
showing fiscal discipline and preventing the need for future loans as well as, making the country more attractive for Investment. What is needed is
no-strings-attached debt cancellation. Alternatively the depreciating US Dollar might mean that the IMF debt which is priced in US dollars become less burdensome for LEDC countries to service - so the world economy may become less polarised as the poorer countries are given a better chance to grow and develop. However other factors may be more significant for in influencing growth and development, for example the level of corruption or political instability in Uganda.
|
Three points selected from the
following and evaluated:
Case for trade liberalisation:
• LEDCs have access to markets in
developed countries: increased
exports and higher GDP, the
proceeds of which may be used for
health, education, improved access
to clean water
·
Increased competition might promote increase
efficiency in LEDCs
• Incentive for multinationals to
establish production plants in the
country so contributing to
industrialisation
• Consumers benefit from lower
prices and more choice
• More efficient use of resources
– based on law of comparative
advantage leading to increased
growth
• Enables LEDCS to become less
dependent on aid
• Use of tariff diagram to
illustrate impact of cut in tariffs e.g. on consumer surplus, producer surplus,
welfare gains
However:
• Domestic firms in LEDCs may be
unable to compete with TNCs
from developed economies
• Infant industries may be unable
to survive
• Monopsony power of TNCs might
result in exploitation of
resources of LEDcs
• Environmental arguments against
free trade
• Problems of overspecialisation
• Dumping by developed countries
Other evaluative comments:
• It could be argued that without
individual freedom, democracy
and the rule of law, economic
development is not possible
• Difficulty of defining economic
development precisely
Friday, 4 April 2014
Microfinance - Bangladesh
Bangladesh as a case study example:
https://www.youtube.com/watch?v=1UugpcDjjJU
Interview with the Nobel Prize Economist
http://www.youtube.com/watch?v=TPk2gRuIdj0
https://www.youtube.com/watch?v=1UugpcDjjJU
Interview with the Nobel Prize Economist
http://www.youtube.com/watch?v=TPk2gRuIdj0
Wednesday, 2 April 2014
Developing countries case study examples - Foreign Aid
HIV
One third of Zambians are HIV positive and 95% of treatment is funded by the US government if this was to be suddenly removed as suggested by Moyo there could be devastating effects upon the country's development as shown by its HDI ranking unless Zambia can become self sufficient or boost its own domestic savings. - Chris/Will
1 million children orphaned in Uganda and 90,000 deaths each year so reduced productive capacity as unable to go to School as parents can not pay for them. - Robin
Micro-finance
World Bank funded in Ghana to provide Schools and invested and - Alex
Charity/NGO
NGO (charity) One - funded Hospitals in remote areas in Ghana because foreign aid from 1950s focussed on cities resulting in regional inequality. - Alex
Military rule - foreign aid
Pakistan grew more rapidly under military rule through rapid industrialisation and US foreign aid directed on to military expenditure that expanded the economy. However under democratic rule Pakistan has suffered sanctions and received an IMF bail out for $11.3 billion.
Disaster relief - In Pakistan - 20 million people suffered due to flooding in 2010 OXFAM provided relief to 2.4 million people and they did this again when flooding hit again in 2011.
One third of Zambians are HIV positive and 95% of treatment is funded by the US government if this was to be suddenly removed as suggested by Moyo there could be devastating effects upon the country's development as shown by its HDI ranking unless Zambia can become self sufficient or boost its own domestic savings. - Chris/Will
1 million children orphaned in Uganda and 90,000 deaths each year so reduced productive capacity as unable to go to School as parents can not pay for them. - Robin
Education
Germany has provided aid to Ghana to ensure free School education however with only half of teachers qualified the effectiveness of this policy in boosting productivity may be questioned. - Tenzin
Germany has provided aid to Ghana to ensure free School education however with only half of teachers qualified the effectiveness of this policy in boosting productivity may be questioned. - Tenzin
Micro-finance
World Bank funded in Ghana to provide Schools and invested and - Alex
Charity/NGO
NGO (charity) One - funded Hospitals in remote areas in Ghana because foreign aid from 1950s focussed on cities resulting in regional inequality. - Alex
Disaster relief - After the earthquake in 2001 Oxfam has provided emergency relief in the form of doctors and medical aid to Haiti. However within the first 48 hours 40,000 people died that could have been saved with the availability of surgery. Also the aid is only short term with healthcare centres set up in carparks so it may not have a lasting effect.
Disaster relief - In Pakistan - 20 million people suffered due to flooding in 2010 OXFAM provided relief to 2.4 million people and they did this again when flooding hit again in 2011. Oxfam has tried to pressurise governments to stop the flooding happening again. - Lizzy
Horizontal Inequity (Gender divide)
In Zambia 85% of GDP based on copper, 64% live in absolute poverty, Zambia literacy rates 86% males 74% females so discrimination gender inequality. Oxfam investing in Health, Education but also women's rights to access education. However in the global recession copper prices fell resulting i less funding for education as growth slowed down. - Will/Tom
200m aid India 600m space prog 68% live under $2 per day; exports only account for 15% of its GDP, 1/3rd live below global poverty line more than sun saharan africa per capita incomes doubled last 12 yearrs, growth 7% per year. - Robin/ Vince - India said don't want
Foreign Aid to Ethiopia
Directed into cities but only 13% access to safe water so aid is not tragetted at peopole who need it , poor travel system means people can't go into inner cities. In 2007 Economist reported foreign aid given to provide Schools but people can't get into cities so ineffective. Harith
Infrastructure
East Africa has one of the highest transport costs and UK DFID is sent to spend £10.5 million on improvements in transport infrastructure in Tanzania, Ugandfa and Kenya which will reduce transport costs by 10% boosting exports by 25%. - Vince, source Guardian.
Disaster relief - In Pakistan - 20 million people suffered due to flooding in 2010 OXFAM provided relief to 2.4 million people and they did this again when flooding hit again in 2011. Oxfam has tried to pressurise governments to stop the flooding happening again. - Lizzy
Horizontal Inequity (Gender divide)
In Zambia 85% of GDP based on copper, 64% live in absolute poverty, Zambia literacy rates 86% males 74% females so discrimination gender inequality. Oxfam investing in Health, Education but also women's rights to access education. However in the global recession copper prices fell resulting i less funding for education as growth slowed down. - Will/Tom
200m aid India 600m space prog 68% live under $2 per day; exports only account for 15% of its GDP, 1/3rd live below global poverty line more than sun saharan africa per capita incomes doubled last 12 yearrs, growth 7% per year. - Robin/ Vince - India said don't want
Foreign Aid to Ethiopia
Directed into cities but only 13% access to safe water so aid is not tragetted at peopole who need it , poor travel system means people can't go into inner cities. In 2007 Economist reported foreign aid given to provide Schools but people can't get into cities so ineffective. Harith
Infrastructure
East Africa has one of the highest transport costs and UK DFID is sent to spend £10.5 million on improvements in transport infrastructure in Tanzania, Ugandfa and Kenya which will reduce transport costs by 10% boosting exports by 25%. - Vince, source Guardian.
Military rule - foreign aid
Pakistan grew more rapidly under military rule through rapid industrialisation and US foreign aid directed on to military expenditure that expanded the economy. However under democratic rule Pakistan has suffered sanctions and received an IMF bail out for $11.3 billion.
Disaster relief - In Pakistan - 20 million people suffered due to flooding in 2010 OXFAM provided relief to 2.4 million people and they did this again when flooding hit again in 2011.
Add your own example by commenting and adding your name.
Tuesday, 1 April 2014
AS ECONOMICS EASTER REVISION
Create your revision plan:
www.getrevising.co.uk
AS ECONOMICS
EASTER REVISION
Think PPF: Invest in your revision, you may have an opportunity cost of less time consuming TV, video games now but in the long run, with better results, you will be able to consume more.
We expect you to submit past paper exam practice responses over the holiday - see below.
We expect you to submit past paper exam practice responses over the holiday - see below.
Resources
Have you got your revision notes well organised into these topic areas, with key term cards, mind maps, condensed notes?
Have you practiced an exam question from the Scheme of Work for each section?
Traffic lighted specification – prioritise study of red sections, seek advice and guidance before Holidays and on Revision day.
Attend the Easter Revision Session
– Monday 7 April 6EC01 10am-12 and 6EC02 12.30-2.30 in Room 1
– Monday 7 April 6EC01 10am-12 and 6EC02 12.30-2.30 in Room 1
Websites
Tutor2u.net
Economicshelp.org
Stephanomics
Edexcel Exam papers
Practice Multiple Choice questions under timed conditions for Unit 1 and 30 mark essays also under timed conditions for Unit 2 and 4-14 mark responses for both, go over mark scheme and email for any questions you got wrong and do not know why the answer given is the correct one. Alternatively do essay plans – but please ensure you practice a few full responses or alternatively produce essay plans. ALTERNATIVELY FOR SIMPLICITY COMPLETE JUNE 2010 6EC01 and 6EC02 papers. This needs to form the substantial evidence of your revision that I expect to see you emailing across to me over the Easter break.
6EC01 JUNE 2010
http://www.edexcel.com/migrationdocuments/QP%20GCE%20Curriculum%202000/june2010-qp/6EC01_01_que_20100528.pdf
6EC02 JUNE 2010
http://www.edexcel.com/migrationdocuments/QP%20GCE%20Curriculum%202000/june2010-qp/6EC02_01_que_20100607.pdf
6EC01 JUNE 2010
http://www.edexcel.com/migrationdocuments/QP%20GCE%20Curriculum%202000/june2010-qp/6EC01_01_que_20100528.pdf
6EC02 JUNE 2010
http://www.edexcel.com/migrationdocuments/QP%20GCE%20Curriculum%202000/june2010-qp/6EC02_01_que_20100607.pdf
Use the Mark Scheme to go over your responses and email practice questions or queries to:
PREPARE FOR SECOND ROUND FULL MOCK PAPERS IN FIRST WEEK BACK AFTER EASTER AND RESITS OF FIRST MOCK IF FAILED.
A2 ECONOMICS EASTER REVISION
A2 ECONOMICS
EASTER REVISION
Create your revision plan: www.getrevising.co.ukThink PPF: Invest in your revision, you may have an opportunity cost of less time consuming TV, video games now but in the long run, with better results, you will be able to consume more.
Resources
· Use the following Revision tasks to add to your revision plan – remember to treat as small bite-size sections.
· Update your traffic lighted specification – prioritise study of red sections, seek advice and guidance before Holidays and on Revision day.
· Have you got your revision notes well organised into these topic areas, with key term cards, mind maps, condensed notes?
· Revise key terms – know your definitions (2 DEF), use glossary.
· Practice your key diagrams – be ready for diagram test after Easter; how can you illustrate current issues in the world economy or in theory of the firm: energy price capping and game theory, growth in BRICS.
· If stuck on a topic make use of the Cherwell Economics You Tube Channel. http://www.youtube.com/user/CherwellEconomics/featured
· Attend the Easter Revision Sessions
– Monday 7 April Room 1 AS 6EC01 10am-12 & 6EC02 12.30-2.30
– Monday 7 April Room 1 AS 6EC01 10am-12 & 6EC02 12.30-2.30
- Tuesday 8 April A2 6EC03 10.00-12 and 6EC03 12.30-2.30pm
· Ensure for 6EC04 you have good case study examples you can use per topic for UK, BRICS and most importantly LEDC - also do not forget the EU/Eurozone as a possible data/ context question.
Websites Tutor2u.net Economicshelp.org Stephanomics Martin Wolf in the FT
Edexcel Exam papers Try to practice exam questions from the Scheme of Work for each section? Select sections of exam papers based on Scheme of Work. The key is practicing the Edexcel style of writing.
Practice essays and multiple choice in timed conditions, alternatively do essay plans and email over to me – but please ensure you practice a few full responses and submit for marking. ALTERNATIVELY FOR SIMPLICITY PLEASE COMPLETE PAST PAPERS FOR EACH EXAM YOU ARE TAKING FROM THE JUNE 2010 SERIES AS BELOW. This is the key evidence I will want to see of your revision - so please email me practice attempts: tgray@cherwell.oxon.sch.uk
6EC03 JUNE 2010
http://www.edexcel.com/migrationdocuments/QP%20GCE%20Curriculum%202000/june2010-qp/6EC03_01_que_20100623.pdf
6EC04 JUNE 2010
http://www.edexcel.com/migrationdocuments/QP%20GCE%20Curriculum%202000/june2010-qp/6EC04_01_que_20100625.pdf
AS Res-its: If you are re-taking an AS exam 6EC01, practice as many Multiple Choice questions as possible, attempt past papers – email your overall score over and any questions that you have marked wrong and still do not get. For 6EC02 practice essays under timed conditions - remember simplicity and AS rather than A2 content so you do not run out of time.
6EC01 JUNE 2010
http://www.edexcel.com/migrationdocuments/QP%20GCE%20Curriculum%202000/june2010-qp/6EC01_01_que_20100528.pdf
6EC02 JUNE 2010
http://www.edexcel.com/migrationdocuments/QP%20GCE%20Curriculum%202000/june2010-qp/6EC02_01_que_20100607.pdf
http://www.edexcel.com/migrationdocuments/QP%20GCE%20Curriculum%202000/june2010-qp/6EC03_01_que_20100623.pdf
6EC04 JUNE 2010
http://www.edexcel.com/migrationdocuments/QP%20GCE%20Curriculum%202000/june2010-qp/6EC04_01_que_20100625.pdf
AS Res-its: If you are re-taking an AS exam 6EC01, practice as many Multiple Choice questions as possible, attempt past papers – email your overall score over and any questions that you have marked wrong and still do not get. For 6EC02 practice essays under timed conditions - remember simplicity and AS rather than A2 content so you do not run out of time.
6EC01 JUNE 2010
http://www.edexcel.com/migrationdocuments/QP%20GCE%20Curriculum%202000/june2010-qp/6EC01_01_que_20100528.pdf
6EC02 JUNE 2010
http://www.edexcel.com/migrationdocuments/QP%20GCE%20Curriculum%202000/june2010-qp/6EC02_01_que_20100607.pdf
Use the Mark Scheme to go over your responses and email practice questions or queries to:
tgray@cherwell.oxon.sch.uk . I expect to see a regular stream of attempted parts to questions
PREPARE FOR SECOND ROUND FULL MOCK PAPERS IN FIRST WEEK BACK AFTER EASTER AND RESITS IF YOU FAILED YOUR FIRST MOCK ATTEMPT.
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