UK Economy and Globalisation Revision Notes if you do one thing..

Size: px
Start display at page:

Download "UK Economy and Globalisation Revision Notes if you do one thing.."

Transcription

1 Trade Benefits All? UK Economy and Globalisation Revision Notes if you do one thing.. This unit is about globalisation and international trade there are both benefits and drawbacks of international trade: Benefits Specialisation means countries can focus on the areas they are best (where they have an absolute advantage) which should lead to increased global output Allows individuals and firms to obtain goods that are not available in their country Increases choice for consumers Enables goods and services to be obtained at lower prices (raises living standards and may reduce inflation) Increases competition helping to prevent monopolies Bigger market enabling firms to gain from economies of scale and increase sales and profits Reduces firms reliance on domestic markets (risk bearing economies of scale) Drawbacks Increased competition from foreign firms may lead to domestic firms closing and jobs being lost Global Interdependence rises as a result of trade. When economies are doing well this will lead to higher growth and employment but when a global shock hits such as the credit crunch the resulting recession spread to other countries. eg if the USA has a recession they will buy less products from China causing problems for Chinese business. Environment International trade can bring with it a variety of negative externalities such as pollution, increased CO2 emissions etc. Increased trade increasing these costs eg environmental costs associated with transporting goods Specialisation and Absolute Advantage International Trade allows countries to specialise in producing goods in which they have an advantage over another country. As countries specialise in what they do best, costs of production should be lower and global output and GDP should rise. Absolute Advantage is where, a country is able to provide a good or service, using fewer resources and at a lower cost than another country.

2 Increasing Globalisation Globalisation an expansion of world trade in goods and services leading to greater international interdependence Benefits of globalisation to the UK Low Inflation Wider choice of products and services Larger Market for UK Products Rising Productivity High levels of FDI Costs of globalisation to the UK Increased Competition Loss of Jobs due to above FDI may leave Increased Vulnerability to External Shocks Environmental Problems Factor Contributing to Globalisation Improvements in Transportation The costs of moving goods between countries have been reduced due to new technologies and competition. Containerisation means that goods can quickly move from ship to lorry so handling and hence costs can be reduced. With lower transport costs goods can be traded competitively around the world Improvements in ICT ICT has made sending and communicating information very quick and very cheap. Contracts, orders, information and payments can be sent between countries immediately and at low cost. The promotion of products via the internet to a worldwide market had greatly encouraged world trade Rising Living Standards As countries have become richer, their citizens have demanded not only more goods but a wider variety. This growth in consumer demand has stimulated world trade. Decline in Protectionism More countries now encourage trade. There are fewer barriers to trade with fewer tariffs on imports. Organisations such as the WTO promote world trade. Economies of Scale Technological improvements often mean that companies have to mass produce and sell to large markets. This means that domestic markets are not enough, and large businesses have to look overseas. Not only this but they often open up factories overseas to take advantage of cheaper production costs

3 Page 2.) The changing face of UK trade The evidence suggests that the pattern of trade between the UK and the rest of the world has changed considerably. These changing trade patterns have provided opportunities and threats for the UK economy. The evidence sets the scene for the case study and also provides us with some possible clues for the last question. Could it be something like? Or Or Or Or Using the information in the case study and your own knowledge of economics, evaluate the extent to which the benefits of international trade outweigh the costs for the UK economy Using the information in the case study and your own knowledge of economics, evaluate strategies to improve the UKs international competitiveness To what extent has increased globalisation benefited the UK? To what extent have changing patterns of trade benefited the UK? Using the information in the case study and your own knowledge of economics, evaluate the factors which have affected the international competitiveness of UK goods and services

4 Page 3 - Figure 1 The EU Single Market This evidence looks at the EU and the impact of the single market The EU operates as a single market there is free trade between members, with a common external system of tariffs. This is called a customs union, and means that any firm within the EU has access to a much larger potential market. The idea is to make trade as easy between different countries as it is within a country. So it should be as easy for a British firm to sell things in France as within the UK. The single market means: No protectionist measures on trade between member states (tariffs, quotas, embargos etc.) Elimination of border controls Free movement of labour (people can work in any member state without restriction) Mutual recognition of qualifications Making taxes, industrial and economic laws the same Common standards - labelling, environmental, safety Advantages of the EU Larger Market Specialisation and Economies of Scale Inward Investment Free Movement of Labour One Product Fits All Higher Economic Growth and Standards of Living Disadvantages of the EU More Competition for UK Business MNCs drive out local firms Job Losses Movement of Jobs and Capital to centre of EU Movement of Manufacturing Jobs to Low Cost Countries

5 The Evidence focuses on the following features Feature because because UK Firms - Makes it easier for UK firms to access a larger market (over 500m people). Enabling them to increase sales and profits. Therefore higher exports and potentially more growth for UK Economy With a larger market UK firms may also be able to benefit from economies of scale which reduces their average costs. UK Consumers - UK consumers may benefit from cheaper products from the EU. This increases living standards and also helps to keep inflation low. Free movement of goods and services Free movement of labour Free movement of capital UK Firms - Enables UK firms to access skilled/unskilled labour, enabling them to increase output. This adds to Aggregate Supply and could enable UK growth to be higher. UK Firms / Economy - It may also reduce inflationary pressures as it will help prevent wage inflation. (by reducing wage inflation it helps reduce costs of production) UK Consumers allows UK consumers to invest in EU companies and easily open bank accounts overseas. UK Firms it allows UK firms to more easily raise the money they need to invest and grow so as to become more competitive UK Firms It makes it easier for UK firms to invest in, own and manage other EU companies UK Firms - Increases competition for UK firms as it makes it easier for EU firms to access the UK market. Therefore imports may be higher and this could have led to/ increased our balance of payments deficit. UK Consumers - Jobs may also be lost as a result of increased competition. UK Consumers / Economy - It may increase unemployment for UK citizens. It may also put pressure on public services such as schools and hospitals. It has been argued that it could lead to higher benefit payments if EU nationals claim UK benefits. However a recent study suggests economic migrants contribute 11% more to the UK economy than they take out. UK Firms EU firms receive the same benefits which could lead to stronger competition for UK firms (but this competition may benefit the consumer!)

6 Page 3 - Figure 2. The impact of the Single Market The evidence looks at how one firm has benefitted from the Single Market Larger Market the firm is now able to sell to over 500m people without restriction Diversification the firm may benefit from risk bearing economies of scale because it now sells into more markets. This means that if the demand for its products falls in one country due to an economic downturn, sales may still be strong in other countries No trade barriers makes it easier to sell goods and services in other countries The evidence also suggests possible economic benefits that have come from the single market: Goods Cheaper This helps keep inflationary pressures low and increases the living standards of UK consumers. Labour Cheaper Allows firms to keep their costs down and be more competitive. It also allows firms to produce more goods and services. This enables UK aggregate supply to increase and economic growth to be higher. Trade more Competitive Competition is good for the consumer (low prices, more choice, better quality etc.) and in this case also good for firms that are able to compete as they can access a larger market. However.If UK firms are not competitive jobs may be lost and some firms may close

7 Page 4 - Figure 3.) and figure 4.) The evidence looks at the value of UK exports to and imports from selected countries Export goods and services which UK firms provide and sell to people and firms outside the UK. They result in money coming into the UK Import - goods and services which UK firms and consumers buy from firms outside the UK. They result in money flowing out of the UK The evidence shows that for the selected countries both the value of exports to and imports from has been increasing. WHY? this is most likely due to economic conditions improving following the global recession of The Balance of Trade From the data it is possible to calculate the UK s trade balance with each country (value of exports minus the value of imports). In each case the UK has a trade deficit, although value of exports has been growing faster than value of imports. From the data: The UK does the most trade with Germany (highest value of imports and exports) The UK has the biggest trade deficit with China ( 17773m deficit)

8 Page 5 figure 5 The evidence looks at the UK balance of trade in goods and services Balance of Trade in Goods (Visible Balance) the value of exports of goods from the primary and secondary sectors minus the value of imports. The data suggests that the UK has a visible trade deficit for both years of around 100bn Balance of Trade in Services (Invisible Balance) the value of exports of tertiary sector services minus the value of imports of these services. The data suggest that the UK has an invisible trade surplus for both years. The surplus has increased from just over 60bn to around 70bn Overall Balance of Trade = Balance of Trade in Goods add Balance of Trade in Services = - 100bn + 70bn = - 30bn So we have a 30bn trade deficit Potential Reasons for the Deficit Loss of advantage in many industries eg decline of traditional manufacturing industries due to cheaper imports Globalisation cheaper to produce goods where labour costs are low eg China Growth in people s real income Pre 2008 the UK had a long period of uninterrupted economic growth. As incomes rose people bought more imports BUT then recession hit.we still have a deficit Exchange rate A strong exchange rate can affect competitiveness BUT low in 2010 and 2011 so not this Low levels of productivity and Investment Our productivity has been lower than many of our competitors due to a lack of capital investment Relatively weak product innovation this can be linked to low spending by UK business on R&D

9 Why has the deficit decreased recently? It might be because we are more competitive but it could be due to an improvement in the global economy meaning more demand for UK exports (services up!). Evidence 3 suggests our value of exports has been growing. We are also importing more but exports have grown faster. Dealing with the deficit May be demand side in short term BUT mostly supply side Manipulate the Exchange Rate low interest rates should encourage the exchange rate to fall increasing competitiveness Keep Inflation Under Control Encourage more spending on R&D tax incentives Improve Productivity - tax incentives, training, education Tariffs no, no, no Recent Budgets George s budgets were an attempt to tackle this problem. By cutting the top rate of income tax he hopes to encourage entrepreneurship. A lower rate of corporation tax should encourage investment and attract more business to the UK. Will it work???

10 Page 6 Figure 6 The benefits of trade for the UK More Choice UK consumers can purchase goods and services that may not be available in their own country. Some goods may not be available at all if not for trade. In other cases consumers may benefit from increased variety and quality Economies of Scale The global population is 7bn people compared to a UK population of 60m. This means UK firms can increase output which lowers their average costs. As a result they are likely to be more competitive on price or make higher profit margins. If UK firms are more competitive our value of exports may rise helping our Balance of Payments and the UK economy should have higher growth with more output Specialisation - Absolute Advantage is where, a country is able to provide a good or service, using fewer resources and at a lower cost than another country. International Trade allows countries to specialise in producing goods in which they have an advantage over another country. As countries specialise in what they do best, costs of production should be lower and global output and GDP should rise. Lower Prices with economies of scale, specialisation and increased competition; prices should be lower for UK consumers. As a result living standards should be higher and the UK rate of inflation should be lower than it otherwise might have been HOWEVER. There are also costs associated with trade (see page 1.)

11 Page 6 Figure 7 - Protectionism Embargo this is a ban on the import of a good or service What has happened EU ban on US Beef lifted the EU had banned all Beef imports from the US. This embargo has now been lifted. As a result we should see an increase in the supply of Beef with price falling and quantity rising US tariffs on a range of EU farm products lifted. The supply of these products will now increase and they will be more competitive in the US with more EU products sold at a lower price

12 Annual Quota of tonnes of high quality US and Canadian beef set Whilst the total embargo on beef imports has been lifted there is still a quota. This limits the amount of beef allowed into the EU from the US and Canada. This restricts the supply and raises the price. BUT it is still more than before!! Why Protectionism? Infant Industry Argument develop and protect industry so it can grow and gain the economies of scale which will enable it to compete Dumping protect domestic industry against unfair foreign competition. China is imposing tariffs on the USA as it is accusing the US of dumping by subsidising US poultry firms Protect Jobs in this case farming Prevent negative externalities in this case issues associated with growth hormones Political usually linked to the jobs argument Evaluation of Protectionism we have discussed the benefits of trade loads of times. A major problem with protectionism is it leads to retaliation. This is likely to lead to higher prices, lower quality and less choice. The benefits of free trade are lost!!! The WTO The World Trade Organisation is responsible for trying to increase free trade. It provides a set of rules so members know what they are and are not supposed to do. It also settles disputes over trade between member countries. It does this as it believes free trade is good for the following reasons More choice at lower prices Increased competition encourages firms to innovate Exports of goods and services will boost economic growth Encourages efficiency Increases world output and wealth In this case the WTO ruled that an EU ban on hormone treated beef was illegal. But nothing happened!

13 Page 8 figure 8 - The Value of the UK Pound in Euros The value of the has risen from 1.12 euros to the to 1.24 euros to the. This has implications for UK competitiveness and the UK Economy. Remember SPICED. Strong pound imports cheap exports dear. The high pound makes UK exports less competitive in the Eurozone. Goods will need to be priced higher in Euros in order for UK firms to gain the same amount of s. This means UK exports to the Eurozone are likely to decrease. The impact will depend upon the elasticity of demand for UK exports. If UK firms sell products with price inelastic demand they will be less affected The high pound makes imports from the Eurozone more competitive in the UK. UK consumers may buy more competitive foreign products and the demand for UK goods in the UK may also fall. Again elasticity of demand is important here. Implications for the UK Economy less competitive exports and more competitive imports may lead to a deterioration in the UK balance of payments and an increase in the current account deficit less competitive exports and more competitive imports may lead to some UK firms closing or laying off staff which increases unemployment - less competitive exports and more competitive imports may lead to a fall in the value of UK output and lower economic growth - firms that import will benefit - cheaper imports means lower prices for UK consumers and this may help keep cost push inflationary pressures low.

14 Page 8 figure 8 News Article This article is again about the value of the. It reinforces what we have previously discussed. Whilst a strong pound benefits UK tourists overseas it can have negative effects on the competitiveness of UK Business. What determines the value of the? In a floating exchange rate system, the value of the currency is determined on a minute by minute basis by free market forces (supply and demand). 1= 1.2Euro Determinants of Exchange Rates - The Supply and Demand for the Currency International Trade flows are the major long run influence on exchange rates Hot Money (International Capital Movements) can be a major influence in the short run. Interest rates can be important in this process (see below) Interest Rates UK int rates up makes holding UK bank deposits more attractive foreigners demand s value of up

15 Why has/is the rising? Market for s - has risen as demand has increased Market for Euros - Euro has fallen as supply has increased as investors sell Euros The main reason is the demand for s has risen (as has the supply of Euros). This has caused the value (price) of the to appreciate (rise) The Eurozone debt crises has meant that the has been seen as a relatively safe currency by investors compared to the Euro. This has attracted international capital into the UK ECB has cut European interest rates. This has led to an increased supply of Euros as the Euro has become relatively unattractive for investors and as a result the demand for s has increased The Exchange Rate and Competitiveness It is confusing! The exchange rate affects UK competitiveness (so affects trade) AND The exchange rate is affected / determined by trade (ie how by how competitive our products are). Automatic Stabiliser - The exchange rate can change to ensure competitiveness and correct a negative balance of payments situation. For example - if we are not competitive and have a trade deficit. The demand for s will fall and the supply increase. This will lead to a fall in the value of the. As a result UK firms should be more competitive

16 Page 9 figure 10 Inflation and Competitiveness Competitiveness The ability of a country to compete successfully internationally and maintain improvements in real output and wealth. The evidence suggests that whilst the exchange rate is one important determinant of the competitiveness of UK exports there are a number if others. In particular the evidence considers inflation: Inflation - If our inflation rate is higher than our competitors we are becoming less competitive. UK exports will become less competitive overseas as our goods will have become comparatively more expensive. As a result the demand for them may fall. (the impact depends upon the price elasticity of demand for our exports). A fall in the demand for UK exports is likely to lead to a worsening of our trade deficit. The evidence the evidence suggests that our inflation rate is higher (although only slightly, and this is only one year) than a number of our key competitors which could impact on our competitiveness. Inflation has since fallen in the UK

17 Other Factors Influencing Competitiveness - It is important to remember that there are a number of other influences on competitiveness which may be more important: Factor Wage Costs (and other relative unit costs) Productivity Raw Materials Government Regulation Education and Skills Explanation Some countries have great advantages because their wage levels are much lower meaning they can produce products more cheaply. Wages are important when a lot of labour is involved in the production process One way to remain competitive despite higher wages and other costs is to increase productivity, perhaps through investment. Countries such as the UK have to import most of their raw materials. If prices rise this puts up costs of production affecting competitiveness. Countries with their own sources of raw materials are likely to have an advantage This can affect competitiveness. Businesses often complain that regulation costs them money and makes them less competitive An educated skilled work force can help with competitiveness. Particularly in more high value sectors. There is a danger that the UK may fall behind other countries in this respect Government Policy and International Competitiveness There are a number of things that the UK government can do in order try to improve the UK s competitiveness. These points could also be used in a question about how to improve the UK current account on the balance of payments. Influence the Exchange Rate low interest rates may cause the value of the to fall which makes UK exports more competitive overseas and boosts the competitiveness of UK businesses against more expensive imports. HOWEVER this may lead to demand pull inflationary pressures building in the economy. Inflation is bad for competitiveness

18 Ensure Inflation is Low A contractionary economic policy with higher interest rates helps competitiveness if it achieves low inflation. If inflation is lower than our competitors our goods and services will be becoming comparatively cheaper over time. HOWEVER high interest rates may attract international capital into the UK causing the to appreciate. A strong pound may lead to UK business becoming less competitive in the short run. Increase incentives for Investment More investment particularly in new technology should increase productivity for UK firms making them more competitive. The government has also looked to attract foreign firms to the UK (FDI). This also brings with it new technologies and more jobs. How? - Governments in the past have paid subsidies to firms to encourage them to invest but this has been expensive and has not always been effective. The current government has cut corporation tax giving the UK one of the lowest rates of corporation tax in Europe. This means that UK firms have more profit after tax to invest. It also makes the UK a more attractive place for MNCs to set up. HOWEVER in the short term tax cuts may not be desirable as the UK has a large budget deficit which it is trying to deal with. Investment in Education and Training Education and training ensure that everyone can participate in, and contribute to, an economy. Benefits are felt not only to those being educated and trained (private benefit), but also by the country as a whole, for example through increased productivity. This increases productivity, makes investment in R&D more likely to be effective and skills up the workforce improving competitiveness. HOWEVER this is a long term strategy and may be costly in the short term if it requires more money to be spent (budget deficit). In addition it has been argued that previous investment in this area may not have been that effective with the UK slipping down educational league tables. EVALUATION Short v Long Run This is always a way to gain good marks for evaluation. For Example: Although I recognise that in the short run a rise in interest rates may reduce our competitiveness by increasing the value of the in the long run I believe that this is the best strategy as it will keep inflation low meaning that our prices will rise more slowly than our competitors In the long run I believe investment in education and training may be the best strategy as the UK workforce needs to be as skilled as possible to compete with the low wage costs of places like China and India. This can only be done by focussing on high value added industries and by ensuring productivity is high. In the short run however this may not have much affect and the government may have to look to other ways to boost competitiveness.

19 The Big Question worth 12 marks Here are all the previous 12 mark questions we have had Possible Big Mark Questions Using the information in the case study and your own knowledge of economics, evaluate the extent to which the benefits of international trade outweigh the costs for the UK economy Using the information in the case study and your own knowledge of economics, evaluate strategies to improve the UKs international competitiveness To what extent has increased globalisation benefited the UK To what extent have changing patterns of trade benefited the UK To what extent has the UK benefited by not joining the Euro Using the information in the case study and your own knowledge of economics, evaluate the extent to which the benefits of being in the EU outweigh the costs for the UK economy

20 Examiners Report - feedback from last year. Read this and take note: Data don t just trawl through. Pick out key trends and use the data to illustrate points Answer the Specific Question! & be specific Evaluation prioritise, discuss which might have a larger influence. Look for counter arguments to points you have made Conclusion prioritise or offer something new. Don t just repeat points

21 Feedback on Last Question What can we learn from this? Responses must be specific with direct reference to the country in the question or the data from the stimulus material Develop points fully Use the stimulus material to support arguments / evaluation. Support though - don t just repeat chunks of case study as an answer to the question. Develop analysis using economic concepts you need to demonstrate a strong command of economics and use economic terminology You need a justified conclusion

UK Economy and Globalisation Revision Notes if you do one thing..

UK Economy and Globalisation Revision Notes if you do one thing.. UK Economy and Globalisation Revision Notes if you do one thing.. Globalisation - A Cause for Celebration or Not? This unit is about globalisation and international trade. There are both benefits and drawbacks

More information

Cambridge International Examinations Cambridge International Advanced Subsidiary and Advanced Level. Published

Cambridge International Examinations Cambridge International Advanced Subsidiary and Advanced Level. Published Cambridge International Examinations Cambridge International Advanced Subsidiary and Advanced Level ECONOMICS 9708/22 Paper 2 Data Response and Essay October/November 2016 MARK SCHEME Maximum Mark: 40

More information

Mark Scheme (Results) Summer Pearson Edexcel International GCSE In Economics (4EC0/01)

Mark Scheme (Results) Summer Pearson Edexcel International GCSE In Economics (4EC0/01) Scheme (Results) Summer 2018 Pearson Edexcel International GCSE In Economics (4EC0/01) Edexcel and BTEC Qualifications Edexcel and BTEC qualifications come from Pearson, the world s leading learning company.

More information

Chapter 5 International trade

Chapter 5 International trade Chapter 5 International trade International trade consists of buying and selling of exports and imports between countries. Why do we trade? The reason countries do not produce all their own goods to satisfy

More information

Sample exam questions (Part 1)

Sample exam questions (Part 1) Sample exam questions (Part 1) Student book page 50 Answers and mark scheme Question 1 (a) 2 marks for clear understanding, e.g. how to allocate scarce resources to try to satisfy unlimited human wants;

More information

ECONOMICS 2281/21. Published

ECONOMICS 2281/21. Published Cambridge International Examinations Cambridge Ordinary Level ECONOMICS 2281/21 Paper 2 Structured Questions May/June 2016 MARK SCHEME Maximum Mark: 90 Published This mark scheme is published as an aid

More information

GCE. Edexcel GCE Economics (6356) Summer Edexcel GCE. Mark Scheme (Results) Economics (6356)

GCE. Edexcel GCE Economics (6356) Summer Edexcel GCE. Mark Scheme (Results) Economics (6356) GCE Edexcel GCE Economics (6356) Summer 2005 Mark Scheme (Results) Edexcel GCE Economics (6356) June 2005 1. (a) Examine the significance of the factors which have contributed to increased globalisation

More information

General Certificate of Education Ordinary Level 2281 Economics June 2012 Principal Examiner Report for Teachers

General Certificate of Education Ordinary Level 2281 Economics June 2012 Principal Examiner Report for Teachers ECONOMICS General Certificate of Education Ordinary Level Paper 2281/11 Multiple Choice Question Number Key Question Number Key 1 B 21 D 2 A 22 B 3 D 23 A 4 C 24 B 5 A 25 D 6 C 26 C 7 B 27 A 8 D 28 C 9

More information

12) What determines the distribution of goods and services in a market economy?

12) What determines the distribution of goods and services in a market economy? The Principles of Economics: EOCT Review 1) What is scarcity? How is scarcity different from shortages? 2) What are the three factors of production: 3) Define "labor" and give an example: 4) Define "land"

More information

A-level ECONOMICS Paper 2 Specimen Assessment Material

A-level ECONOMICS Paper 2 Specimen Assessment Material A-level ECONOMICS Paper 2 Specimen Assessment Material Mark scheme Mark schemes are prepared by the Lead Assessment Writer and considered, together with the relevant questions, by a panel of subject teachers.

More information

Protectionism SAMPLE

Protectionism SAMPLE Protectionism 4.1 Globalisation What you need to know a) Tariffs b) Import quotas c) Other trade barriers: government legislation domestic subsidies Concept links Globalisation International Trade Market

More information

GCSE Economics. Mark Scheme for June Unit A593: The UK Economy and Globalisation. General Certificate of Secondary Education

GCSE Economics. Mark Scheme for June Unit A593: The UK Economy and Globalisation. General Certificate of Secondary Education GCSE Economics Unit A593: The UK Economy and Globalisation General Certificate of Secondary Education Mark Scheme for June 2015 Oxford Cambridge and RSA Examinations OCR (Oxford Cambridge and RSA) is a

More information

Mark Scheme (Results) January International GCSE Economics (4EC0) Paper 01

Mark Scheme (Results) January International GCSE Economics (4EC0) Paper 01 Scheme (Results) January 2012 International GCSE Economics (4EC0) Paper 01 Edexcel and BTEC Qualifications Edexcel and BTEC qualifications come from Pearson, the world s leading learning company. We provide

More information

GCSE ECONOMICS 8136/2

GCSE ECONOMICS 8136/2 SPECIMEN MATERIAL GCSE ECONOMICS 8136/2 PAPER 2 HOW THE ECONOMY WORKS Mark scheme SAM V1.0 Mark schemes are prepared by the Lead Assessment Writer and considered, together with the relevant questions,

More information

M13/3/ECONO/SP2/ENG/TZ0/XX/M MARKSCHEME. May 2013 ECONOMICS. Standard Level. Paper pages

M13/3/ECONO/SP2/ENG/TZ0/XX/M MARKSCHEME. May 2013 ECONOMICS. Standard Level. Paper pages M13/3/ECONO/SP2/ENG/TZ0/XX/M MARKSCHEME May 2013 ECONOMICS Standard Paper 2 18 pages 2 M13/3/ECONO/SP2/ENG/TZ0/XX/M This markscheme is confidential and for the exclusive use of examiners in this examination

More information

Topic: Globalisation Analysing the External Environment Economic Change SAMPLE

Topic: Globalisation Analysing the External Environment Economic Change SAMPLE Topic: Globalisation 3.7.5 Analysing the External Environment Economic Change What You Need to Know Reasons for greater globalisation of business The importance of globalisation for business What is Globalisation?

More information

UNIT 3 Production, Finance and the External Environment

UNIT 3 Production, Finance and the External Environment GCSE Business Studies 2015-2016 UNIT 3 Production, Finance and the External Environment The Exam - Knowledge and Key Words The Exam A293: Production, Finance and the External Environment What will the

More information

Examiners Report/ Principal Examiner Feedback. Summer Pearson Edexcel International GCSE in Economics (4EC0) Paper 01

Examiners Report/ Principal Examiner Feedback. Summer Pearson Edexcel International GCSE in Economics (4EC0) Paper 01 Examiners Report/ Principal Examiner Feedback Summer 2015 Pearson Edexcel International GCSE in Economics (4EC0) Paper 01 Edexcel and BTEC Qualifications Edexcel and BTEC qualifications are awarded by

More information

Cambridge International General Certificate of Secondary Education 2281 Economics November 2015 Principal Examiner Report for Teachers

Cambridge International General Certificate of Secondary Education 2281 Economics November 2015 Principal Examiner Report for Teachers ECONOMICS Cambridge International General Certificate of Secondary Education Paper 2281/12 Multiple Choice Question Number Key Question Number Key 1 B 16 D 2 C 17 A 3 A 18 A 4 C 19 C 5 B 20 C 6 C 21 B

More information

GCE. AS and A Level. Economics. AS exams 2009 onwards A2 exams 2010 onwards. Unit 2: Specimen mark scheme. Version 1.1

GCE. AS and A Level. Economics. AS exams 2009 onwards A2 exams 2010 onwards. Unit 2: Specimen mark scheme. Version 1.1 GCE AS and A Level Economics AS exams 2009 onwards A2 exams 2010 onwards Unit 2: Specimen mark scheme Version 1.1 This page has been left blank abc General Certificate of Education Economics ECON2 Unit

More information

ADVANCED General Certificate of Education Economics Assessment Unit A2 2. assessing. The Global Economy [AE221] FRIDAY 27 MAY, MORNING

ADVANCED General Certificate of Education Economics Assessment Unit A2 2. assessing. The Global Economy [AE221] FRIDAY 27 MAY, MORNING ADVANCED General Certificate of Education 2011 Economics Assessment Unit A2 2 assessing The Global Economy [AE221] FRIDAY 27 MAY, MORNING MARK SCHEME 6672.01 General Marking Instructions This mark scheme

More information

PMT GCE. Economics. Advanced GCE Unit F585: The Global Economy. Mark Scheme for June 2011

PMT GCE. Economics. Advanced GCE Unit F585: The Global Economy. Mark Scheme for June 2011 GCE Economics Advanced GCE Unit F585: The Global Economy Mark Scheme for June 2011 OCR (Oxford Cambridge and RSA) is a leading UK awarding body, providing a wide range of qualifications to meet the needs

More information

Gross Domestic Product

Gross Domestic Product Question 1: What is GDP? Answer 1: From a macroperspective, the broadest measure of economic activity is gross domestic product (GDP). GDP represents all the goods and services that are produced within

More information

ECONOMICS REVIEW FINAL EXAM

ECONOMICS REVIEW FINAL EXAM ECONOMICS REVIEW FINAL EXAM UNIT 1 INTRO TO ECONOMICS FINAL EXAM REVIEW Unit 1 Economics is the study of how people satisfy their wants and needs when there are limited, or scarce, resources Microeconomics

More information

MARK SCHEME for the October/November 2015 series 2281 ECONOMICS

MARK SCHEME for the October/November 2015 series 2281 ECONOMICS CAMBRIDGE INTERNATIONAL EXAMINATIONS Cambridge Ordinary Level MARK SCHEME for the October/November 2015 series 2281 ECONOMICS 2281/23 Paper 2 (Structured Questions), maximum raw mark 90 This mark scheme

More information

A293. Production, Finance and External Business Environment. Formulas and Key words

A293. Production, Finance and External Business Environment. Formulas and Key words A293 Production, Finance and External Business Environment Formulas and Key words Formulas Fixed costs costs that do not change when the business changes the amount it produces Variable costs costs that

More information

Syllabus Snapshot. by Amazing Brains. Exam Body: CCEA Level: GCSE Subject: Economics

Syllabus Snapshot. by Amazing Brains. Exam Body: CCEA Level: GCSE Subject: Economics Syllabus Snapshot by Amazing Brains Exam Body: CCEA Level: GCSE Subject: Economics 2 Specification at a Glance The table below summarises the structure of this GCSE course. Each content area is assessed

More information

INSTITUTE OF ACTUARIES OF INDIA

INSTITUTE OF ACTUARIES OF INDIA INSTITUTE OF ACTUARIES OF INDIA EXAMINATIONS 2 nd November 2015 Subject CT7 Business Economics Time allowed: Three Hours (10.30 to 13.30 Hrs.) Total Marks: 100 INSTRUCTIONS TO THE CANDIDATES 1. Please

More information

Question Number 1(a) Knowledge/understanding 1, Application 3

Question Number 1(a) Knowledge/understanding 1, Application 3 Answer 1(a) Knowledge/understanding 1, Application 3 Knowledge/understanding: 1 mark for formula current output x 100 (1) maximum possible output Application: up to 3 marks Current output = 69,300 (1)

More information

Economics. E.1.4 Describe how people respond predictably to positive and negative incentives.

Economics. E.1.4 Describe how people respond predictably to positive and negative incentives. Standard 1: Scarcity and Economic Reasoning Students will understand that productive resources are limited; therefore, people cannot have all the goods and services they want. As a result, they must choose

More information

MARK SCHEME for the October/November 2014 series 9708 ECONOMICS

MARK SCHEME for the October/November 2014 series 9708 ECONOMICS CAMBRIDGE INTERNATIONAL EXAMINATIONS Cambridge International Advanced Subsidiary and Advanced Level MARK SCHEME for the October/November 2014 series 9708 ECONOMICS 9708/21 Paper 2 (Data Response and Essay

More information

MARK SCHEME for the October/November 2012 series 2281 ECONOMICS

MARK SCHEME for the October/November 2012 series 2281 ECONOMICS CAMBRIDGE INTERNATIONAL EXAMINATIONS GCE Ordinary Level www.xtremepapers.com MARK SCHEME for the October/November 2012 series 2281 ECONOMICS 2281/23 Paper 2 (Structured Questions), maximum raw mark 80

More information

GACE Economics Assessment Test at a Glance

GACE Economics Assessment Test at a Glance GACE Economics Assessment Test at a Glance Updated June 2017 See the GACE Economics Assessment Study Companion for practice questions and preparation resources. Assessment Name Economics Grade Level 6

More information

Economics Challenge Online State Qualification Practice Test. 1. An increase in aggregate demand would tend to result from

Economics Challenge Online State Qualification Practice Test. 1. An increase in aggregate demand would tend to result from 1. An increase in aggregate demand would tend to result from A. an increase in tax rates. B. a decrease in consumer spending. C. a decrease in net export spending. D. an increase in business investment.

More information

Mark Scheme (Results) Summer Pearson Edexcel International GCSE Economics (4EC0) Paper 01

Mark Scheme (Results) Summer Pearson Edexcel International GCSE Economics (4EC0) Paper 01 Scheme (Results) Summer 2014 Pearson Edexcel International GCSE Economics (4EC0) Paper 01 Edexcel and BTEC Qualifications Edexcel and BTEC qualifications come from Pearson, the world s leading learning

More information

FINAL Last Updated: 24/5/2016

FINAL Last Updated: 24/5/2016 Practice Paper Set 1 A Level Economics H460/03 Themes in economics Duration: 2 hours MAXIMUM MARK 80 FINAL Last Updated: 24/5/2016 This document consists of 26 pages For answers marked by levels of response:

More information

AS Economics. 7135/2 Paper 2 The National Economy in a Global Context Final Mark scheme June Version/Stage: v1.0

AS Economics. 7135/2 Paper 2 The National Economy in a Global Context Final Mark scheme June Version/Stage: v1.0 AS Economics 7135/2 Paper 2 The National Economy in a Global Context Final Mark scheme 7135 June 2017 Version/Stage: v1.0 Mark schemes are prepared by the Lead Assessment Writer and considered, together

More information

M10/3/ECONO/HP3/ENG/TZ0/XX ECONOMICS PAPER 3. Thursday 20 May 2010 (morning) 2 hours

M10/3/ECONO/HP3/ENG/TZ0/XX ECONOMICS PAPER 3. Thursday 20 May 2010 (morning) 2 hours 22105107 ECONOMICS Higher level PAPER 3 Thursday 20 May 2010 (morning) 2 hours INSTRUCTIONS to candidates Do not open this examination paper until instructed to do so. Answer three questions. Use fully

More information

We shall analyze the impact on exports as well as imports.

We shall analyze the impact on exports as well as imports. Using shifts in supply and demand curves, describe how a change in the exchange rate affected your industry. Label the axes, and state the geographic, product, and time dimensions of the demand and supply

More information

Section 1. The basic economic problem

Section 1. The basic economic problem Economics (2281) Source: IGCSE and O level economics by Paul Hoang, Margaret Ducie To be Confident in working with information and ideas their own and those of others Responsible for themselves, responsive

More information

2003 HSC Notes from the Marking Centre Economics

2003 HSC Notes from the Marking Centre Economics 003 HSC Notes from the Marking Centre Economics 004 Copyright Board of Studies NSW for and on behalf of the Crown in right of the State of New South Wales. This document contains Material prepared by the

More information

Mark Scheme (Results) Summer International GCSE Economics (4EC0) Paper 01

Mark Scheme (Results) Summer International GCSE Economics (4EC0) Paper 01 Scheme (Results) Summer 2013 International GCSE Economics (4EC0) Paper 01 Edexcel and BTEC Qualifications Edexcel and BTEC qualifications come from Pearson, the world s leading learning company. We provide

More information

Cambridge International Advanced Subsidiary and Advanced Level 9708 Economics November 2016 Principal Examiner Report for Teachers

Cambridge International Advanced Subsidiary and Advanced Level 9708 Economics November 2016 Principal Examiner Report for Teachers ECONOMICS Paper 9708/12 Multiple Choice Question Question Key Number Number Key 1 B 16 C 2 C 17 D 3 C 18 B 4 D 19 C 5 D 20 A 6 A 21 C 7 A 22 D 8 A 23 B 9 B 24 C 10 B 25 C 11 A 26 C 12 C 27 D 13 D 28 B

More information

Mark Scheme (Final) Winter International GCSE Economics (4EC0/01)

Mark Scheme (Final) Winter International GCSE Economics (4EC0/01) Scheme (Final) Winter 2013 International GCSE Economics (4EC0/01) Edexcel and BTEC Qualifications Edexcel and BTEC qualifications come from Pearson, the world s leading learning company. We provide a wide

More information

M12/3/ECONO/HP1/ENG/TZ1/XX/M MARKSCHEME. May 2012 ECONOMICS. Higher Level. Paper pages

M12/3/ECONO/HP1/ENG/TZ1/XX/M MARKSCHEME. May 2012 ECONOMICS. Higher Level. Paper pages M12/3/ECONO/HP1/ENG/TZ1/XX/M MARKSCHEME May 2012 ECONOMICS Higher Level Paper 1 17 pages 2 M12/3/ECONO/HP1/ENG/TZ1/XX/M This markscheme is confidential and for the exclusive use of examiners in this examination

More information

Business. Management 113. Complete

Business. Management 113. Complete Business Management 113 Complete 1 CHAPTER 1:Business Environment BUSINESS: A DEFINITION BUSINESS: The organised effort of individuals to produce and sell, for a profit, the goods and services that satisfy

More information

EOCT Study Guide for Economics

EOCT Study Guide for Economics EOCT Study Guide for Economics 15 % of your total Grade. Review this study Guide and Notebook. This is a general guideline. You have to study the more specific concepts in your notes Domain I-Fundamental

More information

ECONOMICS 0455/02 Paper 2 Structured Questions For examination from 2020 MARK SCHEME Maximum Mark: 90. Specimen

ECONOMICS 0455/02 Paper 2 Structured Questions For examination from 2020 MARK SCHEME Maximum Mark: 90. Specimen Cambridge IGCSE ECONOMICS 0455/02 Paper 2 Structured Questions For examination from 2020 MARK SCHEME Maximum Mark: 90 Specimen This document has 16 pages. B lank pages are indicated. [ T urn over Generic

More information

Example Candidate Responses (Standards Booklet)

Example Candidate Responses (Standards Booklet) Example Candidate Responses (Standards Booklet) Cambridge O Level Economics 2281 For examination from 2014 Cambridge Secondary 2 Cambridge International Examinations retains the copyright on all its publications.

More information

MARK SCHEME for the October/November 2013 series 9708 ECONOMICS

MARK SCHEME for the October/November 2013 series 9708 ECONOMICS CAMBRIDGE INTERNATIONAL EXAMINATIONS GCE Advanced Subsidiary Level and GCE Advanced Level MARK SCHEME for the October/November 2013 series 9708 ECONOMICS 9708/21 Paper 2 (Data Response and Essay Core),

More information

A-Level Economics. 7136/2 National and International Economy (New) Final Mark Scheme June Version/Stage: v1.0

A-Level Economics. 7136/2 National and International Economy (New) Final Mark Scheme June Version/Stage: v1.0 A-Level Economics 7136/2 National and International Economy (New) Final Mark Scheme 7136 June 2017 Version/Stage: v1.0 Mark schemes are prepared by the Lead Assessment Writer and considered, together with

More information

Example Candidate Responses (Standards Booklet)

Example Candidate Responses (Standards Booklet) Example Candidate Responses (Standards Booklet) Cambridge IGCSE Economics (US) 0437 For examination from 2014 Cambridge Secondary 2 Cambridge International Examinations retains the copyright on all its

More information

HUDSONVILLE HIGH SCHOOL COURSE FRAMEWORK

HUDSONVILLE HIGH SCHOOL COURSE FRAMEWORK HUDSONVILLE HIGH SCHOOL COURSE FRAMEWORK COURSE / SUBJECT Economics KEY COURSE OBJECTIVES/ UNIT PACING (Names of units and approximate pacing) UNIT LEARNING TARGETS (By the end of the unit, students will

More information

Ten ways to improve evaluation skills and marks in A2 economics

Ten ways to improve evaluation skills and marks in A2 economics Ten ways to improve evaluation skills and marks in A2 economics What is evaluation? Evaluation is about making critical judgements and coming to reasoned conclusions on the basis of the evidence that you

More information

PMT. Mark Scheme (Results) January Pearson Edexcel International Advanced Level (IAL) Economics (WEC04) Unit 4

PMT. Mark Scheme (Results) January Pearson Edexcel International Advanced Level (IAL) Economics (WEC04) Unit 4 Scheme (Results) January 2014 Pearson Edexcel International Advanced Level (IAL) Economics (WEC04) Unit 4 Edexcel and BTEC Qualifications Edexcel and BTEC qualifications are awarded by Pearson, the UK

More information

Chapter 26 Answers to Short-Answer, Essays, and Problems

Chapter 26 Answers to Short-Answer, Essays, and Problems Chapter 26 Answers to Short-Answer, Essays, and Problems 1. Why is there a need for an aggregate demand and aggregate supply model of the economy? Why can t the supply and demand model for a single product

More information

Mark Scheme (Results) January 2010

Mark Scheme (Results) January 2010 Mark Scheme (Results) January 200 GCE GCE Economics & Business Studies (6EB02/0) Unit 2B: Business Economics Edexcel Limited. Registered in England and Wales No. 4496750 Registered Office: One90 High Holborn,

More information

M13/3/ECONO/SP2/ENG/TZ0/XX. ECONOMICS STANDARD level PAPER 2. Friday 3 May 2013 (morning) 1 hour 30 minutes

M13/3/ECONO/SP2/ENG/TZ0/XX. ECONOMICS STANDARD level PAPER 2. Friday 3 May 2013 (morning) 1 hour 30 minutes 22135113 ECONOMICS STANDARD level PAPER 2 Friday 3 May 2013 (morning) 1 hour 30 minutes INSTRUCTIONS to candidates Do not open this examination paper until instructed to do so. You are not permitted access

More information

Eco402 - Microeconomics Glossary By

Eco402 - Microeconomics Glossary By Eco402 - Microeconomics Glossary By Break-even point : the point at which price equals the minimum of average total cost. Externalities : the spillover effects of production or consumption for which no

More information

General Certificate of Education Ordinary Level 2281 Economics June 2010 Principal Examiner Report for Teachers

General Certificate of Education Ordinary Level 2281 Economics June 2010 Principal Examiner Report for Teachers ECONOMICS General Certificate of Education Ordinary Level Paper 2281/11 Multiple Choice 11 Question Number Key Question Number Key 1 B 21 D 2 A 22 B 3 A 23 A 4 C 24 D 5 C 25 D 6 D 26 D 7 C 27 A 8 C 28

More information

Cambridge Assessment International Education Cambridge International General Certificate of Secondary Education. Published

Cambridge Assessment International Education Cambridge International General Certificate of Secondary Education. Published Cambridge Assessment International Education Cambridge International General Certificate of Secondary Education ECONOMICS 0455/22 Paper 2 Structured Questions MARK SCHEME Maximum Mark: 90 Published This

More information

Mark Scheme (Results) Summer Pearson Edexcel GCE A Level in Economics (6EC04) Paper 01 The Global Economy

Mark Scheme (Results) Summer Pearson Edexcel GCE A Level in Economics (6EC04) Paper 01 The Global Economy Scheme (Results) Summer 2017 Pearson Edexcel GCE A Level in Economics (6EC04) Paper 01 The Global Economy Edexcel and BTEC Qualifications Edexcel and BTEC qualifications are awarded by Pearson, the UK

More information

Mark Scheme (Results) Summer Pearson Edexcel International GCSE In Economics (4EC0/01) Paper 01

Mark Scheme (Results) Summer Pearson Edexcel International GCSE In Economics (4EC0/01) Paper 01 Scheme (Results) Summer 2017 Pearson Edexcel International GCSE In Economics (4EC0/01) Paper 01 Edexcel and BTEC Qualifications Edexcel and BTEC qualifications are awarded by Pearson, the UK s largest

More information

MARK SCHEME for the May/June 2012 question paper for the guidance of teachers 0455 ECONOMICS

MARK SCHEME for the May/June 2012 question paper for the guidance of teachers 0455 ECONOMICS UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education MARK SCHEME for the May/June 2012 question paper for the guidance of teachers 0455 ECONOMICS

More information

PMT. A-LEVEL Economics. Unit 4 The National and International Economy Mark scheme June Version: 1.0 Final

PMT. A-LEVEL Economics. Unit 4 The National and International Economy Mark scheme June Version: 1.0 Final A-LEVEL Economics Unit 4 The National and International Economy Mark scheme 2140 June 2016 Version: 1.0 Final Mark schemes are prepared by the Lead Assessment Writer and considered, together with the relevant

More information

MARK SCHEME for the May/June 2012 question paper for the guidance of teachers 0455 ECONOMICS

MARK SCHEME for the May/June 2012 question paper for the guidance of teachers 0455 ECONOMICS UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS International General Certificate of Secondary Education www.xtremepapers.com MARK SCHEME for the May/June 2012 question paper for the guidance of teachers

More information

UNIVERSITY OF MALTA THE MATRICULATION EXAMINATION ADVANCED LEVEL

UNIVERSITY OF MALTA THE MATRICULATION EXAMINATION ADVANCED LEVEL UNIVERSITY OF MALTA UNIVERSITY OF MALTA THE MATRICULATION EXAMINATION ADVANCED LEVEL ECONOMICS MAY 2016 EXAMINERS REPORT Part 1: Statistical Information AM EXAMINERS REPORT MAY 2016 Table 1 shows the distribution

More information

CHAPTER 5 INTERNATIONAL TRADE

CHAPTER 5 INTERNATIONAL TRADE CHAPTER 5 INTERNATIONAL TRADE LEARNING OBJECTIVES: 1. Describe the relation between international trade volume and world output, and identify overall trade patterns. 2. Describe mercantilism, and explain

More information

Understanding the implementation of the International Advanced Level in Economics June 2013

Understanding the implementation of the International Advanced Level in Economics June 2013 Understanding the implementation of the International Advanced Level in Economics June 2013 Final Draft Pearson Edexcel International Advanced Level (IAL) qualification in Economics Summary of content

More information

2016 Economics. National 5. Finalised Marking Instructions

2016 Economics. National 5. Finalised Marking Instructions National Qualifications 2016 2016 Economics National 5 Finalised Marking Instructions Scottish Qualifications Authority 2016 The information in this publication may be reproduced to support SQA qualifications

More information

Mark Scheme (Results) Summer Pearson Edexcel International Advanced Subsidiary in Economics (WEC04) Paper 01 Developments in the Global Economy

Mark Scheme (Results) Summer Pearson Edexcel International Advanced Subsidiary in Economics (WEC04) Paper 01 Developments in the Global Economy Scheme (Results) Summer 2016 Pearson Edexcel International Advanced Subsidiary in Economics (WEC04) Paper 01 Developments in the Global Economy Edexcel and BTEC Qualifications Edexcel and BTEC qualifications

More information

International Advanced Certificate in Purchasing and Supply ANALYSING THE SUPPLY MARKET. A6/Nov10 LEVEL 4 MARKING SCHEME. November 2010.

International Advanced Certificate in Purchasing and Supply ANALYSING THE SUPPLY MARKET. A6/Nov10 LEVEL 4 MARKING SCHEME. November 2010. International Advanced Certificate in Purchasing and Supply ANALYSING THE SUPPLY MARKET A6/Nov10 LEVEL 4 MARKING SCHEME November 2010 SuperShave SECTION A Questions 1-10 are multiple choice questions.

More information

abc GCE 2005 January Series Mark Scheme Economics ECN2/1 & ECN2/2 The National Economy

abc GCE 2005 January Series Mark Scheme Economics ECN2/1 & ECN2/2 The National Economy GCE 2005 January Series abc Mark Scheme Economics ECN2/1 & ECN2/2 The National Economy Mark schemes are prepared by the Principal Examiner and considered, together with the relevant questions, by a panel

More information

A-Level Economics. Paper 3 Economic principles and issues Final Mark scheme June Version/Stage: v1.0

A-Level Economics. Paper 3 Economic principles and issues Final Mark scheme June Version/Stage: v1.0 A-Level Economics Paper 3 Economic principles and issues Final Mark scheme 7136 June 2017 Version/Stage: v1.0 Mark schemes are prepared by the Lead Assessment Writer and considered, together with the relevant

More information

Cambridge International Examinations Cambridge International Advanced Subsidiary and Advanced Level. Published

Cambridge International Examinations Cambridge International Advanced Subsidiary and Advanced Level. Published Cambridge International Examinations Cambridge International Advanced Subsidiary and Advanced Level ECONOMICS 9708/22 Paper 2 Data Response and Essay MARK SCHEME Maximum Mark: 40 Published This mark scheme

More information

National Quali cations

National Quali cations National Quali cations AH2017 X722/77/11 Economics TUESDAY, 30 MAY 9:00 AM 11:30 AM Total marks 80 SECTION 1 30 marks Attempt ALL questions SECTION 2 25 marks Attempt the question SECTION 3 25 marks Attempt

More information

Introduction to Small Business

Introduction to Small Business Introduction to Small Business Revision Notes Topic 1.5 Understanding the economic context Market demand and supply Terms you need to know: Demand the amount consumers are willing and able to buy at any

More information

Examiners Report June GCE Economics 6EC04 01

Examiners Report June GCE Economics 6EC04 01 Examiners Report June 2011 GCE Economics 6EC04 01 Edexcel is one of the leading examining and awarding bodies in the UK and throughout the world. We provide a wide range of qualifications including academic,

More information

2281 ECONOMICS. Mark schemes should be read in conjunction with the question paper and the Principal Examiner Report for Teachers.

2281 ECONOMICS. Mark schemes should be read in conjunction with the question paper and the Principal Examiner Report for Teachers. www.onlineexamhelp.com www.onlineexamhelp.com CAMBRIDGE INTERNATIONAL EXAMINATIONS GCE Ordinary Level MARK SCHEME for the May/June 2013 series 2281 ECONOMICS 2281/22 Paper 2 (Structured Questions), maximum

More information

Exemplar for Internal Achievement Standard Economics Level 1

Exemplar for Internal Achievement Standard Economics Level 1 Exemplar for internal assessment resource Economics for Achievement Standard 90988A Exemplar for Internal Achievement Standard Economics Level 1 This exemplar supports assessment against: Achievement Standard

More information

PRINCIPLES OF MICROECONOMICS NOTES [For Class Test 1] Michael Cornish

PRINCIPLES OF MICROECONOMICS NOTES [For Class Test 1] Michael Cornish PRINCIPLES OF MICROECONOMICS NOTES [For Class Test 1] Michael Cornish THE CAVEAT: These notes are not necessarily exhaustive you must therefore use or rely upon them to your own peril! LECTURE I: INTRODUCTION

More information

EOCT Test Semester 2 final

EOCT Test Semester 2 final EOCT Test Semester 2 final 1. The best definition of Economics is a. The study of how individuals spend their money b. The study of resources and government c. The study of the allocation of scarce resources

More information

2.2 Aggregate Demand and Aggregate Supply

2.2 Aggregate Demand and Aggregate Supply 2.2 Aggregate Demand and Aggregate Supply Aggregate Demand (AD): the total spending on all goods and services in an economy at a given price level over a period of time. The macroeconomic concept of aggregate

More information

MARK SCHEME for the May/June 2010 question paper for the guidance of teachers 2281 ECONOMICS

MARK SCHEME for the May/June 2010 question paper for the guidance of teachers 2281 ECONOMICS UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS GCE Ordinary Level MARK SCHEME for the May/June 2010 question paper for the guidance of teachers 2281 ECONOMICS 2281/21 Paper 21 (Structured Questions),

More information

Preview from Notesale.co.uk Page 15 of 43

Preview from Notesale.co.uk Page 15 of 43 Adapting to Change Going to new countries is high risk but high reward Better planned is less likely to get into trouble Why Trade? Really, want cheap imports Get from cheapest supplier Money goes further,

More information

ADVANCED General Certificate of Education January Economics Assessment Unit A2 2. assessing. The Global Economy [AE221]

ADVANCED General Certificate of Education January Economics Assessment Unit A2 2. assessing. The Global Economy [AE221] ADVANCED General Certificate of Education January 2014 Economics Assessment Unit A2 2 assessing The Global Economy [AE221] MONDAY 27 JANUARY, MORNING MARK SCHEME General Marking Instructions This mark

More information

PMT. AS Economics. 7135/2 The national economy in a global context Mark scheme June Version 1.0: Final Mark Scheme

PMT. AS Economics. 7135/2 The national economy in a global context Mark scheme June Version 1.0: Final Mark Scheme AS Economics 7135/2 The national economy in a global context Mark scheme 7135 June 2016 Version 1.0: Final Mark Scheme Mark schemes are prepared by the Lead Assessment Writer and considered, together with

More information

Cambridge International Examinations Cambridge International Advanced Subsidiary and Advanced Level. Published

Cambridge International Examinations Cambridge International Advanced Subsidiary and Advanced Level. Published Cambridge International Examinations Cambridge International Advanced Subsidiary and Advanced Level ECONOMICS 9708/21 Paper 2 Data Response and Essay October/November 2016 MARK SCHEME Maximum Mark: 40

More information

A Correlation of. To the Mississippi College- and Career- Readiness Standards Social Studies

A Correlation of. To the Mississippi College- and Career- Readiness Standards Social Studies A Correlation of To the 2018 Mississippi College- and Career- Readiness Standards Social Studies Table of Contents E.1... 3 E.2... 6 E.3... 7 E.4... 11 E.5... 15 E.6... 19 E.7... 24 E.8... 26 E.9... 28

More information

Economics Review. Part 2

Economics Review. Part 2 Economics Review Part 2 . law of demand demand quantity demanded The willingness and ability of buyers to The number of units of a good purchased at a specific price. purchase a good or service. law of

More information

Subject CB2 Business Economics Core Principles Syllabus

Subject CB2 Business Economics Core Principles Syllabus Subject CB2 Business Economics Core Principles Syllabus for the 2019 exams 1 June 2018 Business Economics Aim The aim of the Business Economics subject is to introduce students to the core economic principles

More information

Version /10. General Certificate of Education. Economics. The National and International Economy. Mark Scheme examination - January series

Version /10. General Certificate of Education. Economics. The National and International Economy. Mark Scheme examination - January series Version 1.0 02/10 General Certificate of Education Economics ECON4: The National and International Economy Mark Scheme 2010 examination - January series Mark schemes are prepared by the Principal Examiner

More information

GCSE. CCEA GCSE Course Companion. Economics

GCSE. CCEA GCSE Course Companion. Economics GCSE CCEA GCSE Course Companion Economics For first teaching from September 2017 thinkstockphotos.co.uk This Course Companion is intended to be used alongside other resources such as textbooks, worksheets,

More information

AGS Economics Michigan High School Content Expectations for Economics

AGS Economics Michigan High School Content Expectations for Economics AGS 2005 Correlated to Michigan High School Content Expectations for 5910 Rice Creek Pkwy, Suite 1000 Shoreview, MN 55126 Copyright 2007 Pearson Education, Inc. or its affiliate(s). All rights reserved.

More information

PMT. Version 1. Genera January. Econo. omics ECON4. (Spec. Final

PMT. Version 1. Genera January. Econo. omics ECON4. (Spec. Final Version 1 Genera al Certificate of Education January 20122 (A-level) Econo omics ECON4 (Spec cification 2140) Unit 4: The National and International Economy Final Mark Schemee Mark schemes are prepared

More information

Formation 1 / Certificate in Business and Accounting.

Formation 1 / Certificate in Business and Accounting. Formation 1 / Certificate in Business and Accounting. Economics and Business Planning: MCQ Self - Assessment Questions 2 1. In a Command economy, consumption and investment decisions: a) Are controlled

More information

AS Economics. Economics of the National Minimum Wage. tutor2u Supporting Teachers: Inspiring Students. Economics Revision Focus: 2004

AS Economics. Economics of the National Minimum Wage. tutor2u Supporting Teachers: Inspiring Students. Economics Revision Focus: 2004 Supporting Teachers: Inspiring Students Economics Revision Focus: 2004 AS Economics Economics of the National Minimum tutor2u (www.tutor2u.net) is the leading free online resource for Economics, Business

More information

Business Analysis for Engineers Prof. S. Vaidhyasubramaniam Adjunct Professor, School of Law SASTRA University-Thanjavur

Business Analysis for Engineers Prof. S. Vaidhyasubramaniam Adjunct Professor, School of Law SASTRA University-Thanjavur Business Analysis for Engineers Prof. S. Vaidhyasubramaniam Adjunct Professor, School of Law SASTRA University-Thanjavur Lecture -37 Introduction to GDP Last class, I ended up stressing on, the importance

More information

Government Intervention

Government Intervention Government Intervention Taxes - Aim of imposing indirect taxes: the government does such spending in order to raise tax revenues and to internalize externalities, to achieve the optimum level of output.

More information

N09/3/ECONO/SP1/ENG/TZ0/XX/M MARKSCHEME. November 2009 ECONOMICS. Standard Level. Paper pages

N09/3/ECONO/SP1/ENG/TZ0/XX/M MARKSCHEME. November 2009 ECONOMICS. Standard Level. Paper pages N09/3/ECONO/SP1/ENG/TZ0/XX/M MARKSCHEME November 2009 ECONOMICS Standard Level Paper 1 10 pages 2 N09/3/ECONO/SP1/ENG/TZ0/XX/M This markscheme is confidential and for the exclusive use of examiners in

More information