A/s Economics P2

[Speed_Freak]

http://papers.xtremepapers.com/CIE/...d AS Level/Economics (9708)/9708_w08_ms_2.pdf
03 a) what else can you write for that??

 

[Kangxidi]

http://papers.xtremepapers.com/CIE/Cambridge International A and AS Level/Economics (9708)/9708_w08_ms_2.pdf
03 a) what else can you write for that??

• Define market failure and public goods.
• Mention why public goods may be considered as a market failure --> They are non-rival and non-excludable and therefore the problem of free riders exist, making the goods unprofitable if they were to be provided by the private sector. As a result no private sector would want to provide the goods, causing absence of these goods where it may be essential to the society e.g. street lights and national defence)
• Problems of provision of public goods: may be costly (opportunity cost), inefficiency, etc.

In any case it is such an uncomfortable question. I would choose Q2 personally

 

[Speed_Freak]

• Define market failure and public goods.
• Mention why public goods may be considered as a market failure --> They are non-rival and non-excludable and therefore the problem of free riders exist, making the goods unprofitable if they were to be provided by the private sector. As a result no private sector would want to provide the goods, causing absence of these goods where it may be essential to the society e.g. street lights and national defence)
• Problems of provision of public goods: may be costly (opportunity cost), inefficiency, etc.

In any case it is such an uncomfortable question. I would choose Q2 personally

haha.. yeah but i'm preparing for the worst case senario
thanks anyway

 

[Kangxidi]

Good you do keep it up! Anytime.

 

[Deadpunk.mr]

keep calm and ace the exam

 

[Speed_Freak]

keep calm and ace the exam

can someone give me points to "explain how resources are allocated in a market economy"?
i've got some.. but i need more
:S

 

[Kangxidi]

Resources are allocated in a free market economy:

• Through the forces of DD and SS, there is absence of government control.
• If DD increases for e.g. by increase in income then DD curve shifts outward signalling the producer to produce more.
• If DD decreases for e.g. by decrease in income then DD curve shifts inward signalling producers to produce less.
• In short the amount of demand by the market determines the allocative mechanism in a free market economy.

Again such a crappy question with almost nothing to write on I'm quite sure this question is for 8 marks, and that is ^ all you need to write, including definitions

 

[Lostsoul]

Any tips for this exam? Main topics to concentrate in? Should I solve past papers or no? Havent started and Business studies is waiting for me aswell
#Someproblems

 

[Speed_Freak]

Resources are allocated in a free market economy:

• Through the forces of DD and SS, there is absence of government control.
• If DD increases for e.g. by increase in income then DD curve shifts outward signalling the producer to produce more.
• If DD decreases for e.g. by decrease in income then DD curve shifts inward signalling producers to produce less.
• In short the amount of demand by the market determines the allocative mechanism in a free market economy.

Again such a crappy question with almost nothing to write on I'm quite sure this question is for 8 marks, and that is ^ all you need to write, including definitions

haha.. i know thanks bud!!

 

[Speed_Freak]

hey people
check this out XD

 

[SalmanPakRocks]

Just remember guys, don't write all you know. Use your knowledge for the application provided. Support your statements by the graph and use terms such as, 'spill over effects' and further which are stated in the syllabus. Best of luck to everyone!

 

[Lostsoul]

Didnt get you SalmanPakRocks ..

 

[SalmanPakRocks]

Didnt get you SalmanPakRocks ..

Okay, let me be more precise, what I'm trying to say is that, you can provide evidence to your statements by providing graphs, and also, instead of using typical words like, 'externality', you can use 'spill over effects' which though has the same meaning but would impress the examiner. Go through the syllabus, there are list of words that you need to know, make sure you know them all.

 

[Lostsoul]

Okay, let me be more precise, what I'm trying to say is that, you can provide evidence to your statements by providing graphs, and also, instead of using typical words like, 'externality', you can use 'spill over effects' which though has the same meaning but would impress the examiner. Go through the syllabus, there are list of words that you need to know, make sure you know them all.

Ohk. Thanks, InshAllah will know them. Business awaits aswell :'(

 

[Deadpunk.mr]

exactly...its not what the boss says writing thousands of lines concerning what you know wont increase your marks...just answer what the question wants and just read the PPC and exchange rate chapters and In Shaa Allah no need to worry.

 

[student92]

for all ECO and BUS ST students
Examination skills
please do check this out
May Allah help us all
Ameen

 

[Speed_Freak]

Who is going to write economics paper 2 tomorrow morning??

me :/

 

[SalmanPakRocks]

No paper discussion before 24 hours!

 

[Sameed Khalid]

did anyone do Q1 in sec b???? what was the answer??