A2 revision day resources

6EC03 - Mr Lawfull (scroll down for 6Ec04)

Always start by deciding which data question you are going to attempt - rough out your plans for the 12 and 16 mark response.

12 mark - can you id 3 points you are going to evaluate

16 marks - can you id  4 points to evaluate.

Do not worry about the data - there will be plenty of examples in the data to help you.

Multiple choices questions
Remember quick ways to pick up marks - formulas, definitions, use of data, knock outs.
Q2 Price Discrimination diagram - can you draw it?
Q3 Natural Monopoly diagram - can you draw it?
Q4 define satisficing?
Q5 - really good limit pricing diagram in model answers
Q7 - amend diagram and add define MR for full marks
Q8 - draw and annotate diagram for full marks

Q10
Which questions do you need to evaluate?
a) - just use Figure 1
b) just use extract 1 three times
c) does Figure 1 show contestability, define contestable accurately - is it the same as market concentration ratio?
d) use extract 2 four times. Ensure you use the data in Extract 2 focussing on UK and USA.

Question Paper - June 2010

http://qualifications.pearson.com/content/dam/pdf/A%20Level/Economics/2013/Exam%20materials/6EC03_01_que_20100623.pdf

Mark Scheme

http://qualifications.pearson.com/content/dam/pdf/A%20Level/Economics/2013/Exam%20materials/6EC03_01_msc_20100716.pdf

Model Answers

http://qualifications.pearson.com/content/dam/pdf/A%20Level/Economics/2013/Exam%20materials/6EC03_01_pef_20100818.pdf





6Ec04  - Mr Gray

Always start by deciding which essay and data question you are going to attempt - rough out your plans to see if you can:

Choose an essay in which you evaluate three points for part a and evaluate four points for part b - PLUS you are confident you can talk about specific countries to exemplify your analytical or evaluative point.

Choose the data questions - where you can evaluate three times for the larger mark responses. Also identify which questions you are meant to evaluate.

We chose essay Question 3 and having our plan to evaluate three points for part a - then timed ourselves to make sure we completed part a inside 20 minutes to avoid running out of time, try this at home;

7 separate paragraphs
2 minute introduction - define, data, diagram
3 minutes explain in depth and exemplify with precise UK examples your first point to ATQ (PEE)
3 minutes evaluate twice 1st point - ensuring you are still ATQ (Ev)
3 min PEE 2nd point
3 min Ev 2nd point
3 min PEE 3rd point
3 min Ev 3rd point

Now look at the quality of your answers compared to the model answers - try to

part b) - roughly do the same again but add a 4th point and Ev it

Data question - we chose Question 4

4e) Practice drawing tariff diagram - but then think through how can I use this to ATQ?

Question paper

http://qualifications.pearson.com/content/dam/pdf/A%20Level/Economics/2013/Exam%20materials/6EC04_01_que_20100625.pdf

Mark Scheme

http://qualifications.pearson.com/content/dam/pdf/A%20Level/Economics/2013/Exam%20materials/6EC04_01_msc_20100707.pdf

Model Answers

http://qualifications.pearson.com/content/dam/pdf/A%20Level/Economics/2013/Exam%20materials/6EC04_01_pef_20100818.pdf

AS revision day resources

6Ec01 Mr Lawfull

We looked at the multiple choice questions and chose DRQ10 - cars.Worth re-looking at use of diagrams to illustrate XED, consumer surplus, subidies and taxes, pollution permits, externalities. Concept wise - have another look at truly understanding - public goods and  labour mobility. Exam skills - spot where to evaluate, how much to evaluate and how to evaluate.

Rule of thumb:

Assess 6 marks = 4+2e

Discuss 10 marks = 3+2e, 3+2e

Examine - 12, 14, 15 marks - unless says use a diagram of discuss 2 - then evaluate three points (PEEE 3 times).

ALWAYS ENSURE YOUR EVALUATION LINKS BACK TO ANSWERING THE QUESTION.

Mark Scheme
 http://qualifications.pearson.com/content/dam/pdf/A%20Level/Economics/2013/Exam%20materials/6EC01_01_msc_20100716.pdf

Model answers

http://qualifications.pearson.com/content/dam/pdf/A%20Level/Economics/2013/Exam%20materials/6EC01_%2001_pef_20100812.pdf


6EC02 - Mr Gray
We chose DRQ2 and identified which questions you needed to evaluate - why is it only aiii) biii) and c. In answering section a) many students missed the importance of spotting where it says - use extract 1 and found  answering why the government has a low and stable inflation rate a challenge - worth trying yourself and looking at the Mark Scheme and Model answer below. Q1aiii - is interesting as you can approach either way i.e. need to avoid deflation by cutting interest rates from 5% to 0.5% OR the need to raise interest rates to bring inflation on target. Both are valid responses but need a confident use of the monetary transmission mechanism and the ability to evaluate it. A careful read of the data would have provided a highly effective and quick response - focussing on avoiding deflation.

Monetary Transmission Mechanism: http://www.bized.co.uk/virtual/bank/economics/mpol/mpc/theories1.htm

2iii - Asked students to look at impact on house prices since mid 2007

2c - a very straightforward question - but would you have time in the exam to do yourself justice. Practice at home full papers under timed conditions and submit your response for marking.

Mark Scheme

http://qualifications.pearson.com/content/dam/pdf/A%20Level/Economics/2013/Exam%20materials/6EC02_01_msc_20100716.pdf

Model Answers

http://qualifications.pearson.com/content/dam/pdf/A%20Level/Economics/2013/Exam%20materials/6EC02_01_pef_20100818.pdf

Easter Revision - walk'n'talk exam papers

Monday 30 March
6Ec01 10-11.30am
6Ec02 12.20-2pm

Tuesday 31 March
6Ec03 10-11.30am
6Ec04 12.20-2.30pm

All in Room 1

Quantitative easing (QE)

Quantitative easing (QE)

Often viewed as printing more money, but now done so electronically.

QE has been used by central banks in Japan, USA, UK (Bank of England) and now the Euro-zone (European Central Bank).

It is an attempt to avoid deflation by increasing the QUANTITY of money MONEY SUPPLIED in the economy via the banking system. If successful it should result in CREDIT EASING i.e. banks being more willing to provide loans (credit) to consumers and firms for Investment – thus shifting out AD and achieveing demand pull inflation.

http://www.bankofengland.co.uk/monetarypolicy/pages/qe/default.aspx

There is a fear that this printing of money’ may result in the hyperinflation of Gerany in the 1920’s. However QE can be and has been stopped in the USa and can also be reversed – i.e central banks call in money, thus reducing the money supply, by selling Government bonds for cash that they then remove from the economy. In the past they would burn these notes but now disintegrate them – there was a good film made about this called ‘Hot Money’ which you can watch here if you have the time..

Short 5 min intro - https://www.youtube.com/watch?v=ctzmncGGUhk

Full film - https://www.youtube.com/watch?v=onYfywFF_MA

AS Revision

AS Economics Revision and Diagram Checklist – Top 100

Start your revision by ensuring you have all your notes well organised. Then using ‘my revision notes’ workbook complete PLC (personalised learning checklist) at the front. I want to see this and evidence of you using the workbook after the Easter break (see below).

Using the workbook create revision cards. The following is a checklist of diagrams/knowledge that are fairly core to our AS economics courses. Here is my checklist for AS macro and micro - but I am sure to have missed some out so please add suggestions! This is a really useful way to revise:

Create revision cards – on one side re-write the question – on the other draw the diagram/key knowledge and brief key revision points. I will want to see your complete set and workbooks after the Easter break: 12C – 14th April; 12 E groups Thurs 26^th April.

Economics at Oxford Literary Festival

If possible try to get along to the following next week:

http://oxfordliteraryfestival.org/literature-events/2015/Monday-23/how-to-run-or-ruin-an-economy 76 tickets left

http://oxfordliteraryfestival.org/literature-events/2015/Wednesday-25/the-shifts-and-the-shocks-what-weve-learned-and-still-have-to-learn-from-th 38 tickets left will sell out v soon

A Level Economics study Tuesday 17th March

Study the following Minutes of the Monetary Policy Committee so that you can create a verbal 5 minute summary of the key points:

http://www.bankofengland.co.uk/publications/minutes/Documents/mpc/pdf/2015/feb.pdf 

Given the Bank of England's concerns what do you want to see in tomorrows budget - email: tgray@cherwell.oxon.sch.uk

http://www.bbc.co.uk/news/business-31873886

What are the possible conflicts between monetary and fiscal policy?

6EC04 Global Economy Mock - June 2013 - model answers

Key areas to work on remain:

Completing revision notes to 'green' standard by March 20th as checked by TG

Exam practice to finish on time

Being fresh for your two hour exam, finding your own time to practice.

Synthesis - work on developing model answers to a similar standard as the following, redoing where you need to by March 25th.

http://qualifications.pearson.com/content/dam/pdf/A%20Level/Economics/2013/Exam%20materials/6EC04_01_pef_20130815.pdf

AS Monetarism

A few useful links:

Role of the MPC

https://www.youtube.com/watch?v=ypv8cqxfWic&list=PL73BD8EE9CB0A4D12&index=4

Why inflation matters?

https://www.youtube.com/watch?v=ce3U6n13ON4

History of inflation.

https://www.youtube.com/watch?v=7rpvxZphZZc

Deflation

https://www.youtube.com/watch?v=LH7cFQrgxpk