hi. i am a student taking A2 economics. i can memorise all the facts but i'm always not answering the questions in the essay. i always put down irrelevant information even thou i have identified the correct keywords and cue words. i appreciate your help.

This is a common problem amongst students and is one of the most common reasons for students failing their exams.

Some Strategies that may help

• At the end of every paragraph write a sentence to answer the question directly. Even if this means repeating the question a little, no harm. This forces to answer the question set. It also makes sure you don't start answering a different question.
• Stylistically it may be rather basic. But from an examiners point of view all they care about is whether you have answered the question.
• Also, remember you are not rewarded for writing quantity. You are rewarded for being specific to the question set.
• Try writing an essay plan. This enables you to put your ideas down on paper. As you write the plan never lose sight of the question.
• Keep it simple. To answer a question don't worry about lots of complicated detail. Answers which get high marks are often just focused on answering the question.

See also:

• Tips for Writing Economic Essays
• Examples of Economic Essays - Micro
• Examples of Economic Essays - Macro
  

Labels: essays

Can you please provide me with a checklist for unit 6 edexcel so i can ensure that i have not missed out any topics because im confused on what i need to know as the exma paper illustrate more knowledge is required than what is on the spec

• Factors Contributing to Globalisation
• International Exchange
• Trade Liberalisation and Protection
• Sources of possible conflict between trading blocs and the role of the World Trade Organisation WTO
• The Balance of Payments
• Competitiveness
• Exchange Rate Systems
• European Monetary Union
• Inward investment by MNC’s
• External Shocks to the Global Economy
• Public Expenditure and Taxation
• Fiscal Policy
• Unemployment (natural Rate)
• Inflation (phillips curve trade off)
  
• Monetary and Supply Side Policies

See also: Macro Economics

Labels: essays

• hi, i'll be doing my AL's soon, and i wanted to know some tips on writing good economic essays. i find it very hard to finish unit 6 within 1 hr and 45 mins, usually i spend about an hour on section A and then take another hour for section B.

Tips for saving Time

1. Avoid useless phrases "In this essay i will look at"
2. Avoid introductions where you repeat question.
3. Only answer the question set.
4. Diagrams don't need a ruler.
5. Use abbreviations, if the meaning is clear.
6. Split up the exam in term of time. E.g. if you have 90 minutes and 90 marks. A 6 mark question should be given 6 minutes.

• Since you are an edexcel examiner, could you please tell me how many points u should write for say 6, 10 and 12 marks.

Hard to say, without looking at question. 6marks might be 2 points. 12 marks 3 or 4. But, I cannot say exactly, you will have to use your judgement. The best thing is to spend the right amount of time. But, the important thing is that if it is discuss, examine, evaluate question 40% of marks will be for evaluation.

• Also, is it ok to use abbreviations in our essays like AD, AS, int. and FDI? Will marks be cut?

AD, AS is fine, FDI is fine. But, int is ambiguous - does it mean international or interest rates?

Labels: economics help, essays

"Examine the factors which might explain why 'strongly rising domestic demand has run ahead of overall economic growth" [60]


Basically, the question is asking "why is domestic demand increasing at say 4-5% per year, but economic growth is only increasing at say 2%"

These are some factors, which may explain the unbalanced growth the UK has seen in recent years:

1. Rising House Prices.

House prices have doubled in past 6 years. Rising house prices lead to an increase in consumer wealth. This increases consumer confidence, and also, homeowners can remortgage to get equity withdrawal. Therefore, rising house prices have led to higher consumer spending. This is a significant factor in increasing consumer spending because 75% of households own their house; housing is also the biggest form of wealth of UK. However, rising house prices do not increase the productive capacity of the economy. This has been a big factor in increasing domestic demand at a faster rate than economic growth.

2. Lower Real Interest Rates

Lower interest rates make it more attractive to borrow and therefore lead to an increase in consumer spending. Lower interest rates have also contributed to a fall in the savings ratio; this means savings are falling and consumer spending is rising as a % of net income. This explains why domestic demand is outstripping demand. A fall in the savings rate theoretically leads to less investment and therefore explains why economic growth is lower than consumer spending.

• However, over time you would expect lower interest rates to contribute to higher levels of investment; because it is cheaper to borrow for investment. This should benefit general economic growth and not just consumer spending.

3. Exchange Rate.

A strong exchange rate makes exports more expensive and less competitive. Therefore, there is a fall in demand for exports. This harms the manufacturing sector, which relies heavily on exports. Therefore, although consumer spending is rising, other aspects of economic growth like manufacturing output is in relative decline. This explains a lower growth rate. However, the manufacturing sector has been declining as a % of GDP. This makes the economy less dependent upon manufacturing than it used to be. The decline in competitiveness and changing comparative advantage is also exacerbating the decline in the manufacturing export sector.

4. Supply Side Factors.

Domestic demand is rising, but the Productive capacity of the economy may be lagging behind. Therefore, in the long run this will lead to inflation and a balance of payments deficit. Therefore, it is not sustainable for domestic demand to run ahead of economic growth in the long run.

Other factors to consider:

• Increased availability of credit
• Changing Comparative Advantage
• Cost Push factors like rising Oil prices
• Government spending as a component of AD
  

Labels: economic growth, essays

A good revision technique is reviewing sample questions and model essays:

Micro A Level Questions and Answers:

• Why Women are Paid Less than Men (30) Edexcel Unit 5a
  
• Does a Minimum Wage Reduce Poverty? - (30) AQA unit 5 Business Economics
  
• Discuss 3 different Policies to Reduce Inequality(30) AQA
• When if Ever should the Government prevent a Merger or Takeover? OCR (20)
• Advantages of Electronic Road Pricing (30) AQA

Sample Macro Economics Questions and Answers

• Discuss the Effects of a falling Dollar (30)
  
• Discuss Policies to Stop the Dollar Falling (30)
  
• Does Devaluation Cause Inflation?

Economic Growth Essays

• Evaluate the Benefits and costs of Economic Growth
• Discuss the Problems of Recovering from a Recession
• Discuss Effect of a fall in the Savings Ratio

Inflation Essays

• Discuss the Difficulties of Controlling Inflation
• Should the Aim of the Government be to Attain Low Inflation?
• Explain What Can Cause a Sustained Increase in the Rate of Inflation

Unemployment Essays

• Explain what is meant by Natural Rate of Unemployment?
• What Can Cause Natural Rate of Unemployment to Change over time?
• Should the Main Macro Economic Aim of the Government be Full Employment?

Labels: essays

Tips and advice for Writing Evaluation Essays.

Evaluation is an important component of an advanced essay.

Evaluation is a difficult skill because it requires more than simple analysis and explanation. Evaluation requires the ability to look at facts, arguments and analysis, with a degree of critical distance. To explain the meaning of evaluation it is most helpful to give different examples of what evaluation can involve.

1. How Reliable is the Data?

For any essay, you will be using a variety of sources. For example, an essay on trades unions, may include information from the TUC. It is good to give data from a source like TUC. However, a valid evaluation technique is to question the reliability and independence of your source.

For example, it is quite likely that the TUC will choose statistics that are more advantageous to workers. Business organisations on the other hand, are likely to give alternative sets of date.

Therefore, examine the likelihood of bias in data and resources for the essay.

2. Short Run and Long Run?

The effects of a decision can be quite different in the long run. For example, suppose you had an essay, which examined the impact of an increase in tax on petrol. The obvious answer is to say: "very little, demand for petrol is inelastic"

However, it would be evaluative to say; "However, over time demand may become more elastic. After a couple of years people may find alternative ways of driving.

3. It depends on other factors.

When looking at the effect of one outcome, it is worth bearing in mind it is often difficult to isolate other factors. For example, if we were looking at the impact of a rise in interest rates. The effect would usually reduce consumer spending. However, there are many other factors that can affect consumer spending. If confidence was high, for example, consumer spending may not fall at all.

4. Look at both Points of View.

In subjects like economics, history and politics there are usually several different viewpoints. It is important to give them all consideration, even if we don't necessarily agree with them. For example, if we look at the impact of a rise in government spending, a Keynesian might say this will increase growth; a Monetarist, on the other hand, may argue higher spending merely causes crowding out. Therefore, there are 2 different possibilities.

Related:

• Advice for Writing Economic Essays
• Tips for writing economic essays
• 7 Tips for Writing Essays
  

Labels: economics help, essays

I have written a short guide to writing Economics Essays

It is primarily aimed at British A Level economics students, but the principles and ideas are relevant for different subjects and standards.

The most important piece of advice for writing essays is:

• Answer the Question asked.
• Write in a clear and focused manner.
• Remember the 3 steps.

1. Identification of argument
2. Explanation
3. Evaluation.

• Evaluation is most difficult concept; it requires critical distance and deeper analysis. I shall write more on evaluation soon.

Essay advice

Labels: economics help, essays