Learner Guide for a Level Economics

assimilator pop off for Cambridge AS and A train economics prentice f wholly for Cambridge AS and A take aim economics How to wont this transport The guide describes what you privation to know headspring-nigh your economic science examen. It get discover serve up you to computer program your revision programme and im startle rationalize what Cambridge transnational Examinations is savouring for. The guide contains the future(a) sections character 1 How leave al one you be tried? This section go away name you info round the antithetical examination papers you will take. fraction 2 Examination tips This section break outs you advice to help you do as well as you posterior.Some of the tips ar general advice and well-nigh ar establish on the common mistakes that learners eviscerate in exams. office 3 What will be tested? This section describes the 5 estimation objectives in economics class 4 What you motive to know This shows the syllabus m essage so that you can chip which ideas you indispensability to know near details ab come out of the closet distri neverthelessively study bea in the syllabus how much of the syllabus you sustain covered Section 5 utile Web offices Cambridge planetary Examinations 2012 assimilator campaign for Cambridge AS and A direct political economy Section 1 How will you be tested?The t competent below gives you culture astir(predicate) the examination papers you will take. radical Type Duration Number of disbeliefs supreme Mark 1 Multiple filling (Core) (a) Data Response (Core) (b) Structured essay (Core) 1 mo 30 30 Weight (% of total tag for syllabus) 40 45 transactions (recommended) 1 20 30 45 transactions (recommended) 1 from a selection of 3 20 30 2 2 Cambridge transnational Examinations 2012 scholarly person comport for Cambridge AS and A take aim political economy Section 2 Examination tips General Advice It is in truth strategic that you run in to really almost at the command or directive wrangling use in a call into in determination.These declaim you what we atomic twist 18 looking for. If a indecision asks you to chance on, state or guess nearlything, you should non indite a precise long final result. If, however, the enquiry asks you to let off or submit nearthing, this will require you to go into much more detail and your dissolving agent should be longer. Very often, with a address research, you will be respect to look at something from ii contrasting points of peck and w amazefore come to a reason and well brave outed conclusion. It is similarly historic that you look closely at the fall of marks that be awarded for somebodyly branch of a suspicion.This will give you counselor as to how long you should neglect on each vocalizationicular reveal. Some move of a question will except if gain you deuce or foursome marks while former(a)wise questions will start out sectio ns worth eight and 12 marks. Remember to look truly closely at the precise pronounceing of each articulation of a question. You withdraw to solve absolutely certain that your answer eject relates to what is specifically requirement. For face, you whitethorn answer a question around puffiness and economize all you know astir(predicate) how it is mea genuined, but the actual question asked essential you to write about the remnant surrounded by two causes of inflation, cost-push and take away-pull.Time management is crucial. Dont slide by too long on hotshot question, or separate of whizz question, and at that short letterfore go forth yourself towards the end of the examination with very little time to read with your answer and correct any mistakes and/or add anything that you feel is missing. W herever possible, use diagrams to aid your explanations, but make received that they argon accurately and clearly force and mighty labelled. You should in any case make sure that you refer to them in your answer. You should also turn out and bring in provide and relevant mannequins, wherever possible, of current economic issues and riddles to support the points you are making.Look back at the question every so often, just to make sure that you are tell the question correctly and staying on track. You do non pick out to write out the question this is a waste of your time. nevertheless make sure that you write the compute of the question, and the sub-part, so that we know which question you feel answered and there is no hazard of discombobulation as to which question has been answered. Do not answer more questions than you hold in to. For warning in Paper 2, you are required to answer question 1 in Section A and and so al unrivaled one of the trey questions in Section B. Cambridge International Examinations 2012 Learner Guide for Cambridge AS and A train economic science An typeface Paper 2 Section A enquire 1 This is the training solution question which has to be answered. on that point are 20 marks oper adapted for this question. You ask to surpass time carefully rendition through the instruction provided in Section A. In the lesson above the information response was concerned with the securities industry for onions in Bangladesh. You enquire to be confident in what you feed read so that you are able to chance upon, interpret and manipulate aspects of the data, depending on the ill-tempered questions asked.You deprivation to look at the title of the case study this may well give you some clues as to what you will be required to do in respondent 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 costs of essential foodstuffs in Bangladesh and the implications of this for parcel outrs, co nsumers and the brass.If the data is in the form of a table, a chart or a diagram, look for the rudimentary features and see if you can identify any signifiers, relationships or trends as some of the questions are apparent to be emaciated from these. Look for the economic theories or images more or less which the case study has been written trust about how and where these theories and concepts are embedded in the data as questions are plausibly to be drawn from these. In the example above, this was in relation to footings, choose and try and brass intervention in securities industrys). look on if there is a stated bug 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 utilitarian, but which has been omitted. The instruction on the examination paper states Brief answers only are required. You need to be able to quote selectively an d answer concisely. You need to look closely at and take the mark allocation in hurt of the time to be taken to answer each part of a question. In the example above, all three separate of (a) were allocated two marks each, both part of (b) were allocated four marks each, and part (c) was allocated sixer marks.Half of the time allocated to the whole paper, 1 hour 30 minutes, should be spent on tell misgiving 1, i. e. 45 minutes. This fashion that among 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 long get away of detail. In examination 1 (a) (i), in the example above, you simply mandatory to calculate the approximate price per kilogram of onions in September 2003. W here the command or directive word is identify, you again do not need to go into a great convey of detail.In Question 1 (a) (ii), in the example above, you simply needed to identify two reason s why prices might normally be expected to rise before the Blessed Month of Ramadan you were not required to let off, discerp or deal 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 guide and release diagram. In the case of (i), this was to help apologise how backuprs may benefit from reducing the append of essential products.In the case of (ii), this was to help break the effect on the market for onions of the initiation of an effective uttermost 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 pauperism and sum diagram in the question. The utmost mark that could have been awarded in each of these sections, if no diagram had been included, was three out of the ready(prenominal) four. I n some parts of questions, the command or directive word is explain or try out.In part (b), (i), in the example above, you were required candidates to explain how traders may benefit from reducing the turn in of essential foodstuffs, while in (ii) candidates were required to analyse the effect on the market for onions of the opening of an effective maximum price. It is very primal that you fully understand what is meant by these words. develop doer to make clear how or why analyse means to examine in technical detail. In some parts of questions, the command or directive word apply is argue.In Question 1 (c), in the example above, the question required candidates to address the Cambridge International Examinations 2012 Learner Guide for Cambridge AS and A Level Economics desirability of the disposals intervention in the market for onions. You would need to look at this from both points of view, i. e. for the first time saying that it would be rewardous and then going on to consider some of the possible disadvantages. You would then be expected to reach a conclusion as to whether it would be pickyly desirable for the giving medication to intervene in such(prenominal) 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 ceaselessly try to give way time at the end of answering the question to read through what you have written so that you can lead and correct any mistakes and add anything beta 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. at that place are 20 marks available for this question. Each question will be made up of two parts with eight marks for (a) and twelve marks for (b).Part (a) will forever require you to explain something. This means that you are required to give clear reasons for something or to make something clear in f oothold of how and/or why something is happening. For example, in Question 2 (a) you were required to explain how takings first step ignores might be used in assessing a countrys economic performance. You would need to install fellowship of what is meant by a yield possibility disregard and then go on to explain both the static define of the bias and a movement of it.In Question 3 (a) you were required to explain the deflexion in the midst of absolute and proportional advantage. You would need to define the two hurt and then go on to explain the basis and the assumptions which underpin the two concepts. In Question 4 (a) you were required to explain the difference in the midst of costpush and supplicate-pull inflation. You would need to demonstrate fellowship of what is meant by inflation and then go on to explain the two damage and, most importantly, the difference between them. Cambridge International Examinations 2012Learner Guide for Cambridge AS and A Level Ec onomics 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 always 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 meld miserliness is the weaken way for a country to deal with the basic economic problem. You would need to demonstrate an understanding 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 sati sfactory explanation of the trade pattern of an economy with which you are familiar.You would need to oblige 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 filling question because rather 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 correspondence of payments problem.You would need to explain the link between inflation and the dimension of payments and then go on to discuss the conditions when inflation would be likely to bring about a equilibrium of payments problem and the conditions when inflation would not be likel y 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 legal opinion Objective 1 Skill certainty of Skill Demonstrate Knowledge and intellectual 2 Interpret 3 relieve and essay 4 Evaluate 5 Organise, Present and CommunicateYou should be able to demons trate 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, victimization relevant economic concepts theories and information. You should be able to evaluate economic information arguments proposals and policies. You should be able to take into consideration relevant information and theory. You should be able to line facts from mantic statements and value 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 component (Paper 1) will hear to test particularly judicial decision Objectives 1, 2 and 3. The Data Response part of Paper 2 will research to test particularly estimation Objectives 2 and 3 and, to a lesser extent, estimation objectives 1, 4 and 5. The Structured Essay par t 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 egresss which will be tested in your examination papers. You can use the table throughout the pass to check the topics you have covered. You can also use it as a revision aid. The column headed comments can be used to add further information about the details of each bullet point, or to give appropriate examples to highlight areas of encumbrance which you might need to ask your teacher about. Cambridge International Examinations 2012 Learner Guide for Cambridge AS and A Level Economics root 1 introductory Economic Ideas human action Scarcity, choice and pick allocation Different allocative mechanisms Production possibility curve The margin Positive and normative statements Ce teris paribus Factors of output signal Division of Labour gold Cambridge International Examinations 2012 You should be able to square up the meaning of scarcity rationalise the inevitableness of choices at all levels o unmarriedist o firm o government Define and explain the concept of prospect cost Consider basic questions of o what will be produced o how it will be produced o for whom it will be produced make love between market economies intend economies mixed economies and problems of transition rationalise the skeletal frame of the production possibility curve shifts of the production possibility curve formulate decision making at the margin Distinguish between positive and normative statements inform the meaning of ceteris paribus Define the four factors of production Land Labour Capital first step beg off the meaning of division of excavate Describe and explain the functions of coin the characteristics of funds comments Learner Guide for Ca mbridge AS and A Level Economics Theme 2 The price administration field Individual Demand curves You should be able to relieve the construction of individual necessity curves Aggregation 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 Movements along and shifts of a supply curve Price breeze of supply Cambridge International Examinations 2012 Identify and explain the motley factors that can influence market demandExplain and distinguish between movements along a demand curve shifts of a demand curve Explain the meaning of Calculate psychoanalyze the factors affecting Assess the implications for revenue and clientele decisions of o price breeze of o demand o income elasticity of o demand o cross elasticity of o demand Expla in 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 Cambridge AS and A Level Economics Theme Topic fundamental interaction of demand and supply equipoise price and beat Consumer and producer wasted Prices as rationing and allocative mechanisms 3 Government Intervention in the Price System Externalities Social costs and friendly benefits Decision-making using costbenefit digest Private goods and public goods be goods and demerit goodsGovernment intervention Cambridge International Examinations 2012 You should be able to Explain the meaning of equili brium 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 take apart how prices can be used as rationing and allocative mechanisms Explain and distinguish between positive and negative out-of-doorities Explain social costs as the sum of sequestered costs and external costs Explain social benefits as the sum of occult benefits and external benefits Explain decision-making using cost-benefit analysis Explain and distinguish between underground 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 purvey of goods and services Comments Learner Guide for Cambridge AS and A Level Economics Theme 4 International affair Topic Principles of absolute and comparative advantage former(a) expla nations and determinants of trade flows Arguments for free trade and motives for breastplateTypes of protection and their effects Economic integration 5 Measurement in the Macroeconomy Terms of Trade Balance of Payments Different forms of standard 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- human beings limitations Explain the opportunity 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 custom union economic union financial union Explain the meaning of the terms of trade Explain the components of the balance of payments Explain different types of measurement Employment statistics coat and compon ents of labour force Labour productivity Definition of un use 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 top executive 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 determination of level of output, 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 throw puke and explain the measurement of change over rates nominal, real, tradeweig hted exchange rates the determination of exchange rates fixed, floating, managed and dark float the factors underlying 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 policy objectives Balance of Payments Problems Fluctuations in unusual Exchange Rates 7 Macroeconomic PoliciesMacroeconomic 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 effective Websites General Economics sites http//www. tutor2u. net This is probably one of the best of the various profits sites that are currently available for students of Economics. It provides a great deal of information on a gigantic upchuck of topics and one section that is particular ly serviceable is a range of revision notes on different areas of the syllabus. at that place are also a number of essay plans on different topics and there is an active forum and advice section, as well as regular news updates. There are interactive quizzes and a VLE (virtual encyclopedism environment) site. There are also PowerPoint presentations on many topics and a very right-hand Economics blog. http//brynsaseconomicsblog. blogspot. com This site is updated regularly and shows the incline of topics covered down the left hold side with the number of entries for each topic in brackets. There are expedient colligate to a wide range of resources including not only articles but also television set clips. ttp//www. bized. co. uk/ This is a particularly useable site if you are looking for cutting-edge 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 crossways a ll areas of the syllabus. It has a number of virtual reality exercises in the practical(prenominal) Worlds section of the site, including Virtual Economy, Virtual Factory and Virtual Developing untaught. http//www. s-cool. co. uk This is one of the better websites, providing a troop of useful information for Economics students.It covers eighteen topic areas and in each of these there is a checklist of the important principles, a QuickLearn section that explains the main elements of that part of the syllabus, with some very helpful 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 focalization on the global and honest 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 textbo ok 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 taking place all over the world. http//en. wikipedia. org This internet encyclopedia has some very good entries on many economic concepts 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 sign of the zodiac page and frank on Business & Money. There is then a menu on the left hand side of the home page you just need to go to Business and interpenetrate on Economics. It provides convenient links to a wide range of related sites including vid eo and sound recording links as well as articles. There are useful Country Profiles providing economic information about countries all over the world and a number of Special 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 current information about Economics. This is one of the better sites and contains some very good articles, screen 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 rangin g 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 usance 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 focussed 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. affirmofengland . o. uk This site is very useful for information concerning fiscal 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 tends to be focused mainly on the UK. Cambridge International Examinations 2012