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Economics Year 13 revision Day 3 - Economies of scale

Economics Year 13 revision Day 3 - Economies of scale

On day 3 of the Year 13 Recap we consider how firms can achieve cost efficiencies as the production scale within the business increases.

Whenever a business produces more goods, costs rise to reflect the increased input of factors of production in the process. However, the relative change in costs to extra output created is an important area for a business to focus on.

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Revision Plan - OCR - Economics A

The EzyEconomics course includes an end of module assessments (25 qs) that aim to assess the syllabus knowledge and understanding required. Many schools use this within their schemes of work but some save these for pre-exams. See below for a schedule for the OCR course). The benefits of this are:

  1. Feedback following every Q allows students to plug knowledge and understanding gaps.
  2. The school obtains a syllabus knowledge audit.
  3. Students don’t leave it all to the last moment and the teacher can intervene to ensure plan compliance.
  4. Class and marking time (assessments are auto marked) can focus on exam skills/technique. Hopefully, supported by improved knowledge/understanding. 

Click on the subject hyperlink to navigate to the assessment.

Start date

Due date

Paper 1

Paper 2

Paper 3

8th April

14th April

Economic Problem

Economic Activity

 

15th April

21st April

Demand and Supply

Quant Skills

Econ Growth

 

22nd April

28th April

Elasticity

Economic Decisions

AD/AS Analysis

 

29th April

5th May

Prod, costs & rev

Competitive markets

Economic performance

 

6th May

12th May

Imp Comp Markets

Labour markets

Macro Policy

Inc/Wealth Dist

 

13th May

19th May

Market failure

Gov intervention

 

 

20th May

26th May

 

Financial Markets

Glob, Trade and ER

Dev Economics

 

27th May

2nd June

 

 

MCQ Practice Paper 

Exam date

20th May 2019

23rd May 2019

4th June 2019

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Revision Plan - Edexcel - Economics A

The EzyEconomics course includes an end of module assessments (25 qs) that aim to assess the syllabus knowledge and understanding required. Many schools use this within their schemes of work but some save these for pre-exams. See below for a schedule for the Edexcel course). The benefits of this are:

  1. Feedback following every Q allows students to plug knowledge and understanding gaps.
  2. The school obtains a syllabus knowledge audit.
  3. Students don’t leave it all to the last moment and the teacher can intervene to ensure plan compliance.
  4. Class and marking time (assessments are auto marked) can focus on exam skills/technique. Hopefully, supported by improved knowledge/understanding. 

Click on the subject hyperlink to navigate to the assessment.

Start date

Due date

Paper 1

Paper 2

Paper 3

8th April

14th April

Economic Problem

Economic Activity

 

15th April

21st April

Demand and Supply

Quant Skills

Econ Growth

 

22nd April

28th April

Elasticity

Economic Decisions

AD/AS Analysis

 

29th April

5th May

Prod, costs & rev

Competitive markets

Econ performance

 

6th May

12th May

Imp Comp Markets

Labour markets

Macro Policy

Inc/Wealth Dist

 

13th May

19th May

Market failure

Gov intervention

 

 

 

20th May

26th May

 

Financial Markets

Glob, Trade and ER

Dev Economics

 

27th May

2nd June

 

 

 

Exam date

20th May 2019

23rd May 2019

4th June 2019
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Revision Plan - AQA - Economics A

The EzyEconomics course includes an end of module assessments (25 qs) that aim to assess the syllabus knowledge and understanding required. Many schools use this within their schemes of work but some save these for pre-exams. See below for a schedule for the Edexcel course). The benefits of this are:

  1. Feedback following every Q allows students to plug knowledge and understanding gaps.
  2. The school obtains a syllabus knowledge audit.
  3. Students don’t leave it all to the last moment and the teacher can intervene to ensure plan compliance.
  4. Class and marking time (assessments are auto marked) can focus on exam skills/technique. Hopefully, supported by improved knowledge/understanding. 

Click on the subject hyperlink to navigate to the assessment.

Start date

Due date

Paper 1

Paper 2

Paper 3

8th April

14th April

Economic Problem

Economic Activity

 

15th April

21st April

Demand and Supply

Quant Skills

Econ Growth

 

22nd April

28th April

Elasticity

Economic Decisions

AD/AS Analysis

 

29th April

5th May

Prod, costs & rev

Competitive markets

Economic Performance

 

6th May

12th May

Imp Comp Markets

Labour markets

Macro Policy

Inc/Wealth Dist

 

13th May

19th May

Market failure

Gov intervention

 

 

 

20th May

26th May

 

Financial Markets

Glob, Trade and ER

Dev Economics

 

27th May

2nd June

 

 

 MCQ MOCK PAPER

Exam date

20th May 2019

23rd May 2019

4th June 2019
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Economics Year 13 revision Day 2 - Marginal and Average Costs

Economics Year 13 revision Day 2 - Marginal and Average Costs

On day 2 of the Year 13 recap we continue a review of the different costs that producers face by specifically looking at marginal and average costs.

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Economics Year 13 revision Day 1 - Fixed, Variable and Total Costs

Economics Year 13 revision Day 1 - Fixed, Variable and Total Costs

Our Year 13 Recap kicks off with a review of some of the main production costs that producers incur over time and why they matter for a business.

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Year 12 Recap - Supply Side Policy

Year 12 Recap - Supply Side Policy

This Year 12 Recap video covers the basics around the topic of supply side policies.

Supply side policies are policies designed to try and help increase the productive capacity of the economy over time. This can be achieved via policy initiatives aimed at improving the quality and/or quality of an economy's factors of production over time. These policies can be instigated by the government's spending plans as an indirect effect of fiscal policy or via the drive of the free market to capture higher profits. This is a prominent discussion point within exams as the UK has experienced a 'lost decade' of productivity since the financial crisis. The discussion around supply side policies and the effectiveness of them can provide an extremely useful talking point when looking at the productivity of an economy over time.  

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Year 12 Recap - Fiscal Policy

Year 12 Recap - Fiscal Policy

This Year 12 Recap video covers the basics around fiscal policy.

The government of any country has a responsibility and vested interest to ensure that the level of public infrastructure across the economy remains functional and competitive with the rest of the world. Fiscal policy reflects the means by which a government adjusts its spending levels to fulfill the infrastructure requirements of the country. However, this can only be done by raising revenue from levying taxes on the wider economy. The government must strike the right balance between catering for the instant needs of the current generation, without lumbering an infinite number of future generations with high taxes and debt levels. Fiscal policy is a topical issue in economics exam papers as the debate over austerity has gripped many European nations, as a result of the lingering shadow of the 2008 financial crisis. 

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Year 12 Recap - Monetary Policy

Year 12 Recap - Monetary Policy

This Year 12 Recap video covers the basics around the main economic policy used by central banks - monetary policy.

For any economy, macroeconomic stability is vital to ensure that economic activity and confidence levels across the economy remain high. One aspect of macroeconomic stability is maintaining price stability. The central bank's sole responsibility is to ensure that prices grow at a steady and sustainable pace to protect people's real incomes and living standards. The conventional approach used by the central bank is the manipulation of interest rates to keep inflation in line with their CPI target. In most macroeconomics exam papers, a question regarding the central bank's role of controlling inflation via a monetary policy is used and therefore students need to be well-prepared with the basic knowledge requirements of this conventional policy area to use alongside a relevant AD/AS diagram.

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Year 12 Recap - Trade

Year 12 Recap - Trade

This Year 12 Recap video covers the basics around the topic of trade.

The trade balance of a country provides an important indicator of how competitive a country is with the rest of the world. In many economics exam papers, there will be an essay question testing students knowledge of the trading relationship between countries and how a change in this relationship will affect the relative performance of the economies. Therefore students need to be confident with the terminology surrounding trade and the factors which cause a country to run either a surplus or a deficit.  

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Year 12 Recap - Balance of Payments

Year 12 Recap - Balance of Payments

This Year 12 Recap video covers the basics around the topic of the balance of payments.

The balance of payments is a collection of individual trading accounts which measure how dependent an economy is on the rest of the world to satisfy its needs and wants. The accounts can be used to assess the external competitiveness of a country with the rest of the world. In an exam situation, students need to understand the basic structure of the balance of payments accounts to be able to appreciate that there is an inverse link between the performance on the current account and the financial account. By understanding the basic principles of this trading account, a student can start to analyse in more detail the impact of an exchange rate, interest rate and inflation rate change on the performance n competitiveness of an economy.

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Year 12 Recap - Unemployment

Year 12 Recap - Unemployment

This Year 12 Recap video covers the basics around the topic of unemployment.

Unemployment is the measure of the number of people of working age who are out of work but are making active strides to get back into work. The number of people who are currently unemployed provides a key indicator of the underlying health of an economy. However, economists are always wary of drawing too many concrete conclusions from this metric as it does not include those who are not part of the labour force. In macro exam style questions, the disruption of the macroeconomic equilibrium and its direct impact on unemployment is a basic analysis tool which can provide students with the kickstart for their evaluation points. 

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Year 12 Recap - Deflation

Year 12 Recap - Deflation

This Year 12 Recap video covers the basics around the topic of deflation.

Many would perceive that falling prices would boost an economy as the real incomes of consumers will surge. However, the interesting debating point amongst economists is that if a country experiences protracted spells of deflation then it may negatively hit spending and growth as consumers delay their purchases in anticipation of further price cuts. Therefore, students need to be armed with both sides of the deflation argument when going into an exam question surrounding inflation/deflation, as this represents an opportunistic moment to earn crucial evaluation marks.

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Year 12 Recap - Inflation

Year 12 Recap - Inflation

This Year 12 Recap video covers the basics around the topic of inflation.

Inflation is an important economic concept for students to be comfortable with as it has crucial spill-over effects on the long-term growth potential of an economy. Policymakers and central banks are keen to keep inflation low and stable to create stability in individual's purchasing power and ensure growth is not crowded out at the expense of escalating inflation. In many macro essay questions, inflation is a good topic to discuss at great length because it not only affects the strength of the domestic economy but also affects the long-term competitiveness of an economy with its main international trading partners.

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Year 12 Recap - Macroeconomic Objectives

Year 12 Recap - Macroeconomic Objectives

This Year 12 Recap video covers the topic of the macroeconomic objectives.

In many macroeconomic essay questions, students will have to be able to draw upon their knowledge of AD/AS diagrams to apply to real-world examples the impact of policy changes on the growth prospects of a country. In the analysis stage of their answer, they will need to assess the impact of the relative curve shift on the economy's main macroeconomic objectives. This is a key skill in macro essay questions as it gives students the breathing space to evaluate the winners and losers of an economic change.

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Year 12 Recap - Business Cycles, Circular Flow of Income, Economic Activity and Quantitative Skills

Year 12 Recap - Business Cycles, Circular Flow of Income, Economic Activity and Quantitative Skills

We continue our Year 12 Recap on the theory of the business cycle.

The business cycle highlights the cyclical nature of any economy. It shows that an economy fluctuates between periods of growth culminating in a boom, followed by periods of slower/negative growth culminating in a bust. The academic importance of this is it emphasises that economies will eventually return to growth after a recession due to changes in economic fundamentals such as interest rates, exchange rates, and confidence. 

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Year 12 Recap - Economic Growth

Year 12 Recap - Economic Growth

This Year 12 Recap video covers the basics around the topic of economic growth.

In many macroeconomic essay questions, students will have to be able to draw upon their knowledge of AD/AS diagrams to apply to real-world examples the impact of policy changes on the growth prospects of a country. Therefore, it is important for students to be confident with representing both short-run and long-run growth on an AD/AS diagram. 

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Year 12 Recap - LRAS Curve

Year 12 Recap - LRAS Curve

This Year 12 Recap video covers the basics around the Long-Run Aggregate Supply Curve.

The LRAS curve provides economists with a graphical depiction of how the output of an economy changes in the long-run. The curve is vertically fixed at the full employment output level, to indicate that an economy cannot sustainably produce above capacity unless there is a change in the quality and/or quality of the economy's stock of factors of production. Being able to understand the distinction between a  movement and shift in this curve is important because AD/AS diagrams represent the core bedrock of many macroeconomic essay questions.

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Year 12 Recap - SRAS Curve

Year 12 Recap - SRAS Curve

Next up on our Year 12 Recap videos are Short-Run Aggregate Supply Curves. 

Short-run aggregate supply curves provide economists with a graphical way of representing the aggregated supply of an economy's goods and services produced at any given point in time. Being able to understand the basic upward shape of SRAS curves and the distinction between a movement along the SRAS curve and a shift is a crucial skill amongst economists. 

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Year 12 Recap - Aggregate Demand Curve

Year 12 Recap - Aggregate Demand Curve

 Today's Year 12 Recap is looking at the topic of Aggregate Demand Curves.

Aggregate demand curves provide economists with a graphical way of representing the total expenditure on an economy's goods and services produced at any given point in time. Being able to understand the basic downward shape of aggregate demand curves and the distinction between a movement along the aggregate demand curve and a shift is a crucial skill amongst economists. 

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