Learner Guide for a Level Economics

scholarly person drive for Cambridge AS and A train sparingals assimilator template for Cambridge AS and A direct scotchs How to use this guide The guide describes what you invite to know closely your political economy examen. It bequeath athletic supporter you to plan your revision programme and allow excuse what Cambridge International querys is brassing for. The guide contains the hobby sections Section 1 How pull up stakesing you be shielded? This section pass on put on you education roughly the different examination papers you exit take. Section 2 Examination tips This section sustains you advice to help you do as strong as you sens.Some of the tips are general advice and some are establish on the common mistakes that learners make in exams. Section 3 What pull up stakes be tested? This section describes the five assessment objectives in stinting science Section 4 What you aim to know This shows the plan content so that you can check which to pics you claim to know ab emerge details more or less each topic force field in the program how much of the syllabus you arrest covered Section 5 Useful Web aims Cambridge International Examinations 2012 savant assume for Cambridge AS and A train Economics Section 1 How forget you be tested?The t fit below gives you education about the examination papers you will take. penning Type Duration recite of misgivings Maximum Mark 1 Multiple Choice (Core) (a) selective data rejoinder (Core) (b) Structured Essay (Core) 1 hour 30 30 bur consequently (% of extreme homers for syllabus) 40 45 minutes (recommended) 1 20 30 45 minutes (recommended) 1 from a choice of 3 20 30 2 2 Cambridge International Examinations 2012 disciple doorkeeper for Cambridge AS and A Level Economics Section 2 Examination tips General Advice It is real primal that you look precise closely at the command or directive phrases use in a header.These tell you what we are smell for. If a question asks you to set, adduce or calculate something, you should not compile a actually spacious settle. If, however, the question asks you to apologise or hash out something, this will involve you to go into much more detail and your react should be longer. Very often, with a cover question, you will be evaluate to look at something from two contrasting points of view and then come to a reas superstard and rise supported conclusion. It is to a fault important that you look closely at the phone design of label that are awarded for each come out of a question.This will give you guidance as to how long you should spend on each occurrence part. Some move of a question will only brighten you devil or four gibes while other questions will boast sections worth eight and twelve grads. Remember to look very closely at the precise treatmenting of each part of a question. You need to make absolutely certain that your answer clearly relates to what is specifical ly indispens adequate. For modeling, you may answer a question about lump and pull by means of all you know about how it is measured, besides the actual question asked beg you to write about the difference amid two causes of largeness, cost-push and necessitate-pull.Time management is crucial. applyt spend too long on one question, or separate of one question, and then recant yourself towards the end of the examination with very little time to read through your answer and correct both mistakes and/or add whateverthing that you feel is missing. W herever possible, use diagrams to aid your explanations, but make sure that they are accurately and clearly drawn and the right way labelled. You should in any case make sure that you refer to them in your answer. You should also extend and bring in appropriate and relevant examples, wherever possible, of current economic issues and problems to support the points you are making.Look back at the question every so often, just to make sure that you are say the question justly and staying on track. You do not need to write out the question this is a waste of your time. Just make sure that you write the number of the question, and the sub-part, so that we know which question you pee answered and in that location is no misadventure of confusion as to which question has been answered. Do not answer more questions than you stool to. For example in Paper 2, you are requisite to answer question 1 in Section A and then only one of the leash questions in Section B. Cambridge International Examinations 2012 scholarly person Guide for Cambridge AS and A Level Economics An Example Paper 2 Section A dubiety 1 This is the selective information rejoinder question which has to be answered. There are 20 marks easy for this question. You need to spend time carefully reading through the information provided in Section A. In the example above the data reply was bear on with the market for onions in Banglades h. You need to be confident in what you have read so that you are able to identify, interpret and set aspects of the data, depending on the contingent questions asked.You need to look at the title of the cocktail dress tuition this may well give you some clues as to what you will be essential to do in answering the questions. Cambridge International Examinations 2012 Learner Guide for Cambridge AS and A Level Economics You need to look at the data provided and appreciate its context. In the example above, this was concerned with the expenditures of indispensable foodstuffs in Bangladesh and the implications of this for sellrs, consumers and the government.If the data is in the form of a table, a map or a diagram, look for the important features and see if you can identify every patterns, relationships or trends as some of the questions are apt(predicate) to be drawn from these. Look for the economic theories or concepts around which the object lesson work h as been pen think about how and where these theories and concepts are embedded in the data as questions are likely to be drawn from these. In the example above, this was in relation to bells, petition and submit and government intervention in markets). See if there is a stated source for the case study as this may help you to understand its context.See if you can identify any limitations of the data for example, there may be other information that you would have found utilizable, but which has been omitted. The instruction on the examination paper states drawing answers only are requisite. You need to be able to quote selectively and answer concisely. You need to look closely at and follow the mark allocation in foothold of the time to be taken to answer each part of a question. In the example above, all three part of (a) were allocated two marks each, both parts of (b) were allocated four marks each, and part (c) was allocated six marks.Half of the time allocated to the w hole paper, 1 hour 30 minutes, should be spent on answering Question 1, i. e. 45 minutes. This substance that mingled with 13 and 14 minutes should be allocated to each of (a) and (c) and 18 minutes to (b). W here the command or directive word is calculate, you do not need to go into a great appropriate of detail. In Question 1 (a) (i), in the example above, you simply call for to calculate the approximate wrong per kilo of onions in September 2003. W here the command or directive word is identify, you again do not need to go into a great deal of detail.In Question 1 (a) (ii), in the example above, you simply needed to identify two reasons why prices cogency normally be expected to rise forwards the Holy Month of Ramadan you were not required to formulate, meditate or argue these two reasons. A question will sometimes explicitly require you to include a diagram. This was the case in (b) (i) and (ii), in the example above, when candidates were required to include a carry a nd give diagram. In the case of (i), this was to help explain how massrs may benefit from reducing the supply of essential products.In the case of (ii), this was to help analyse the effect on the market for onions of the introduction of an hard-hitting maximum price. Your diagrams would need to be neatly and accurately drawn and correctly labelled. You would also need to refer to the diagrams in your answers that is why it says with the aid of a necessary and supply diagram in the question. The maximum mark that could have been awarded in each of these sections, if no diagram had been included, was three out of the addressable four. In some parts of questions, the command or directive word is explain or analyse.In part (b), (i), in the example above, you were required candidates to explain how dish outrs may benefit from reducing the supply of essential foodstuffs, while in (ii) candidates were required to analyse the effect on the market for onions of the introduction of an effective maximum price. It is very important that you fully understand what is meant by these words. beg off means to make clear how or why analyse means to examine in technical detail. In some parts of questions, the command or directive word used is discuss.In Question 1 (c), in the example above, the question required candidates to discuss the Cambridge International Examinations 2012 Learner Guide for Cambridge AS and A Level Economics desirability of the governing bodys intervention in the market for onions. You would need to look at this from both points of view, i. e. firstly saying that it would be favourous and then divergence on to consider some of the possible disadvantages. You would then be expected to reach a conclusion as to whether it would be finically preferred for the government to intervene in such a market.The maximum mark for only one side of the argument was four the maximum mark for both points of view, but without a clear conclusion, was five. You should always try to leave time at the end of answering the question to read through what you have written so that you can check and correct any mistakes and add anything important that you have omitted. Section B Questions 2, 3 or 4 This is the essay question and you have to answer just one question from this section. There are 20 marks addressable for this question. to each one question will be made up of two parts with eight marks for (a) and twelve marks for (b).Part (a) will always require you to explain something. This means that you are required to give clear reasons for something or to make something clear in foothold of how and/or why something is happening. For example, in Question 2 (a) you were required to explain how yield fortuity curves might be used in assessing a countrys economic performance. You would need to demonstrate knowledge of what is meant by a production possibility curve and then go on to explain both the stable position of the curve and a movemen t of it.In Question 3 (a) you were required to explain the difference surrounded by absolute and comparative advantage. You would need to localise the two terms and then go on to explain the terms and the assumptions which underpin the two concepts. In Question 4 (a) you were required to explain the difference between costpush and demand-pull inflation. You would need to demonstrate knowledge of what is meant by inflation and then go on to explain the two terms and, some importantly, the difference between them. Cambridge International Examinations 2012Learner Guide for Cambridge AS and A Level Economics As has been said, there are eight marks available for part (a), 40% of the total for the question. You should, therefore, aim to spend about 40% of the time available for answering this part of the question. The time allocated to answering this question is 45 minutes, so you need to aim to spend about 40% of that time on part (a), i. e. about 18 minutes. Part (b) will alway s require you to discuss something. This means that you are required to give the important arguments, for and against, in relation to whatever is being asked.For example, in Question 2 (b) you were required to discuss whether a mixed economy is the dress hat way for a country to deal with the raw material economic problem. You would need to demonstrate an misgiving of both a mixed economy and the basic economic problem and then go on to discuss both the benefits and the drawbacks of a mixed economy. In Question 3 (b) you were required to discuss whether the principle of comparative advantage is a satisfactory explanation of the trade pattern of an economy with which you are familiar.You would need to apply the principle of comparative advantage to a pattern of trade and discuss the limitations of comparative advantage theory. You would then need to go on to discuss other explanations of trade. This is a particularly interesting question because instead of requiring you to discuss a particular trade pattern between two economies, you are asked to discuss the trade pattern of an economy with which you are familiar, i. e. you are given the choice of deciding which economy to write about. In Question 4 (b) you were required to discuss whether a country experiencing inflation will always have a end of payments problem.You would need to explain the link between inflation and the balance of payments and then go on to discuss the conditions when inflation would be likely to bring about a balance of payments problem and the conditions when inflation would not be likely to cause such a problem. As has been said, there are twelve marks available for part (b), 60% of the total for the question. You should, therefore, aim to spend about 60% of the time available for answering this part of the question. The time allocated to answering this question is 45 minutes, so you need to aim to spend about 60% of that time on part (b), i. . about 27 minutes. You should always try to leave time at the end of answering the question to read through what you have written so that you can check and correct any mistakes and add anything important that you have omitted. Cambridge International Examinations 2012 Learner Guide for Cambridge AS and A Level Economics Section 3 What will be tested? The syllabus sets out the five assessment objectives in Economics. Number of judging objective 1 Skill Demonstration of Skill Demonstrate Knowledge and appreciation 2 Interpret 3 let off and Analyse 4 pass judgment 5 Organise, Present and CommunicateYou should be able to demonstrate knowledge and understanding of the specified content. You should be able to interpret economic information presented in verbal numerical or graphical forms. You should be able to explain and analyse economic issues and arguments, using relevant economic concepts theories and information. You should be able to evaluate economic information arguments proposals and policies. You shoul d be able to take into good will relevant information and theory. You should be able to distinguish facts from hypothetical statements and grade judgements.You should be able to organise, present and communicate economic ideas and informed judgements in a clear logical and appropriate form. The Multiple Choice luck (Paper 1) will seek to test particularly Assessment Objectives 1, 2 and 3. The Data Response part of Paper 2 will seek to test particularly Assessment Objectives 2 and 3 and, to a lesser extent, Assessment objectives 1, 4 and 5. The Structured Essay part of Paper 2 will seek to test particularly Assessment Objectives 1, 3, 4 and 5 and, to a lesser extent, Assessment Objective 2. Cambridge International Examinations 2012Learner Guide for Cambridge AS and A Level Economics Section 4 What you need to know A table is provided below which describes the topics which will be tested in your examination papers. You can use the table throughout the course to check the topi cs you have covered. You can also use it as a revision aid. The tug headed comments can be used to add further information about the details of each bullet point, or to give appropriate examples to sidle up areas of difficulty which you might need to ask your teacher about. Cambridge International Examinations 2012 Learner Guide for Cambridge AS and A Level EconomicsTheme 1 Basic Economic Ideas Topic Scarcity, choice and resource allocation Different allocative mechanisms Production possibility curve The margin Positive and prescriptive statements Ceteris paribus Factors of production Division of do work coin Cambridge International Examinations 2012 You should be able to Define the kernel of scarcity excuse the inevitability of choices at all levels o separate o firm o government Define and explain the concept of probability cost Consider basic questions of o what will be produced o how it will be produced o for whom it will be produced Distinguish between market eco nomies planned economies mixed economies and problems of transition rationalise the shape of the production possibility curve shifts of the production possibility curve explain last making at the margin Distinguish between positive and normative statements Explain the meaning of ceteris paribus Define the four factors of production Land tug Capital Enterprise Explain the meaning of division of toil pull back and explain the functions of money the characteristics of money Comments Learner Guide for Cambridge AS and A Level Economics Theme 2 The outlay dustTopic Individual select curves You should be able to Explain the construction of individual demand curves accrual of individual demand curves to give market demand Factors influencing demand Explain how individual demand curves are aggregated to give market demand Movements along and shifts of a demand curve Price, income and cross elasticities of demand Firms supply curves Factors influencing market supply Mo vements along and shifts of a supply curve Price elasticity of supply Cambridge International Examinations 2012 catch out and explain the various factors that can influence market demandExplain and distinguish between movements along a demand curve shifts of a demand curve Explain the meaning of steer Analyse the factors affecting Assess the implications for revenue and business decisions of o price elasticity of o demand o income elasticity of o demand o cross elasticity of o demand Explain how individual firms supply curves are aggregated to give market supply Identify and explain the various factors that can influence market supply, including indirect taxes and subsidies Explain and distinguish between movements along a supply curve shifts of a supply curveExplain the determinants of the price elasticity of supply the implications of price elasticity of supply for speed/ease with which businesses react to changed market conditions Comments Learner Guide for Cambri dge AS and A Level Economics Theme Topic Interaction of demand and supply Equilibrium price and quantity Consumer and producer surplus Prices as rationing and allocative mechanisms 3 Government Intervention in the Price System Externalities Social be and social benefits Decision-making using costbenefit analysis Private goods and general goods Merit goods and geological fault goodsGovernment intervention Cambridge International Examinations 2012 You should be able to Explain the meaning of equilibrium and disequilibrium the effects of changes in supply and demand on equilibrium price and quantity the applications of demand and supply analysis Explain the meaning of consumer and producer surplus Analyse how prices can be used as rationing and allocative mechanisms Explain and distinguish between positive and negatively charged impertinentities Explain social costs as the sum of reclusive costs and external costs Explain social benefits as the sum of private benefits and external benefits Explain decision-making using cost-benefit analysis Explain and distinguish between private goods and public goods Explain and distinguish between merit goods and demerit goods Explain government intervention through maximum price controls price stabilisation taxes subsidies direct provision of goods and services Comments Learner Guide for Cambridge AS and A Level Economics Theme 4 International allot Topic Principles of absolute and comparative advantage Other explanations and determinants of trade flows Arguments for broad trade and motives for protectionTypes of protection and their effects Economic integration 5 measuring rod in the Macroeconomy Terms of Trade Balance of Payments Different forms of measurement in the macroeconomy General price level Price indices Cambridge International Examinations 2012 You should be able to Explain the principles of absolute advantage comparative advantage and their real-world limitations Explain the pros pect cost concept allied to trade Account for other explanations and determinants of trade flows Explain arguments for free trade and motives for protection Explain types of protection and their effectsExplain the features of, and the differences between, a free trade area customs uniting economic union mo last(a)ary union Explain the meaning of the terms of trade Explain the components of the balance of payments Explain different types of measurement Employment statistics Size and components of labour force Labour productivity Definition of un usance Unemployment rate patterns and trends in employment and unemployment Difficulties involved in measuring unemployment Explain the general price level price indices, such as the consumer price index and the retail price index money and real data Comments Learner Guide for Cambridge AS and A Level Economics Theme Topic Shape and determinants of AD and AS You should be able to Interaction of AD and AS goal of level of out put, prices and employment 6 Macroeconomic Problems Inflation Define inflation Explain the degrees of inflation types of inflation causes of inflation consequences of inflation Explain the meaning of balance of payments equilibrium and disequilibrium causes of balance of payments disequilibrium consequences of balance of payments disequilibrium on the domestic and external economyDefine convince judge and explain the measurement of commute rates nominal, real, tradeweighted exchange rates the determination of exchange rates fixed, floating, managed and dirty float the factors rudimentary fluctuations in exchange rates the effects of changing exchange rates on the economy Analyse policies designed to correct balance of payments disequilibrium or influence the exchange rate Comment on the possible conflicts between these three insurance policy objectives Balance of Payments Problems Fluctuations in Foreign Exchange pass judgment 7 Macroeconomic PoliciesMacroeconom ic policies Conflicts between policy objectives on inflation, balance of payments exchange rate Cambridge International Examinations 2012 Comments Learner Guide for Cambridge AS and A Level Economics Section 5 Useful Websites General Economics sites http//www. tutor2u. net This is probably one of the best of the various internet sites that are before long available for students of Economics. It provides a great deal of information on a ample avow of topics and one section that is particularly usable is a wander of revision notes on different areas of the syllabus.There are also a number of essay plans on different topics and there is an active meeting place and advice section, as well as regular news updates. There are interactive quizzes and a VLE (virtual learning environment) site. There are also PowerPoint presentations on some(prenominal) topics and a very useful Economics blog. http//brynsaseconomicsblog. blogspot. com This site is updated on a regular basis and shows the list of topics covered down the left buy the farm side with the number of entries for each topic in brackets. There are useful golf links to a good range of resources including not only articles but also pictorial matter clips. ttp//www. bized. co. uk/ This is a particularly useful site if you are looking for up-to-date facts about various companies, prepared by the companies themselves but with learners in mind. It also includes a range of learning materials that will be useful across all areas of the syllabus. It has a number of virtual reality exercises in the Virtual Worlds section of the site, including Virtual Economy, Virtual Factory and Virtual growth Country. http//www. s-cool. co. uk This is one of the better websites, providing a lot of useful information for Economics students.It covers eighteen topic areas and in each of these there is a checklist of the main(prenominal) principles, a QuickLearn section that explains the main elements of that part of the syllab us, with some very stabilising diagrams, and revision summaries that go over the main terms and concepts in that particular topic area. http//www. jusbiz. org This site is somewhat distinctive in that it aims to focus on the global and ethical dimensions in Economics. There is a lot of useful material and a very good glossary of key terms and concepts. There are also useful links to other sites. http//www. revisionguru. co. uk/economicsThis site provides an Economics textbook which has definitions and explanations of the key terms and concepts across all parts of the syllabus. It also contains some very useful diagrams. Cambridge International Examinations 2012 Learner Guide for Cambridge AS and A Level Economics http//economix. blogs. nytimes. com This site, linked to the New York Times, uses Economics as a framework for thinking about many events winning place all over the world. http//en. wikipedia. org This internet encyclopaedia has some very good entries on many economic co ncepts and is helped by the links in blue to many other sections.Television, Newspaper and Magazine sites http//www. bbc. co. uk This is the website of the BBC and is updated regularly. You need to go to the bottom of the home page and click on assembly line & Money. There is then a menu on the left hand side of the home page you just need to go to Business and click on Economics. It provides convenient links to a wide range of related sites including video and audio links as well as articles. There are useful Country Profiles providing economic information about countries all over the world and a number of redundant Reports, many of which are of interest to the Economics learner. ttp//www. cnn. com This website has a range of articles and video clips on many aspects of economics. You can click on your geographical area of the world or on world business. http//www. economist. com There are many magazines and newspapers with websites which will be particularly helpful in gaining up -to-date information about Economics. This is one of the better sites and contains some very good articles, masking all parts of the world, which will help you to consider the application of economic theories to particular events and issues.Some access is limited to subscribers only. http//businesscasestudies. co. uk/ This site provides a wide range of case studies featuring a number of internationally known companies. The information is wide ranging and applies many economic theories to particular business situations. http//www. businessweek. com http//www. ft. com http//www. guardian. co. uk/ http//independent. co. uk Cambridge International Examinations 2012 Learner Guide for Cambridge AS and A Level Economics http//www. telegraph. co. uk http//www. the-times. co. uk http//www. thesundaytimes. co. uk/sto/All of these newspapers and magazines will have a great deal of economic information that is regularly updated. You should also get into the habit of looking at the websites of the most important newspapers and magazines in your own country and geographical region. Some access is limited to subscribers only. UK focused sites http//www. statistics. gov. uk This site is particularly useful if up-to-date economic information is required on such topics as taxation, balance of payments, employment, productivity and inflation. It is primarily concerned with statistics that relate to the UK economy. http//www. bankofengland. o. uk This site is very useful for information concerning monetary policy and how it works, such as decisions about interest rates. It is also useful in relation to the role and function of a central bank. The Bank of England will focus on UK matters, but each central bank in the world is likely to have its own site. You will need to find out what is the website for the central bank of your country. http//www. ifs. org. uk/ This is the website of the Institute for Fiscal Studies. It covers a range of issues related to fiscal policy, but tend s to be focused mainly on the UK. Cambridge International Examinations 2012