MUST WATCH - FOR PAPER 1 NEXT WEEK

Thank you to Geoff and the team for producing these excellent revision videos on theory of the firm.

Click here to access. I would like to go through them next week.

Why there are wage differentials

Theme 3: Labour Markets

See below for a series of webinars discussing all issues related to labour markets.




Here is a link to all resources on labour markets.

Assessment Week Paper 2 - Macroeconomics

Can I suggest you look at the following when revising for paper 2:

Index numbers (again)

Deflation
Under-employment
Negative output gap - remember diagrams
Taxes and tax allowances (easy to get second one wrong)
Net trade
Causes of trade deficit
GDP/capita - causes of change
policies to improve productivity (NOT production)

Essay questions

benefits of econ growth
is recession inevitable

The essays will need you to look at the data as well as you own knowledge.

Paper 3: Micro and macro impact of a depreciating currency

Theme 4: Micro and macro impact of a trade bloc - The EU

Here is a video recording of an A-level economics revision webinar on aspects of European Monetary Union.

• Monetary union is a deeper form of integration
• The single European currency, the euro, was introduced in 1999 and came into common circulation in January 2002
• No country has yet left the Euro Area
• As of May 2017, there are nineteen member nations
• Of the 28 EU countries (the UK leaves in 2019), 9 are not part of the single currency including Denmark, Hungary, the Czech Republic and Poland

Key problems facing the Euro Area economy

• High structural unemployment + hysteresis effects
• High levels of government debt + high bond yields for some
• Risks from price deflation
• Persistently low aggregate demand / spare capacity
• Fragile banking sector (non-performing loans)
• Weak capital investment – some diverting to emerging Asia
• Big trade / current account imbalances 
• Political tensions and ongoing refugee crisis
• Declines in subjective wellbeing + rise in poverty

Where next for the Euro Area?

• Politics takes centre stage in 2017 (Austria, Holland, France and Germany all have key elections)
• Euro Area is showing stronger (cyclical) growth and falling unemployment with a reduced risk of deflation
• Is this enough for countries to climb out of the debt crisis?
• Banking systems remain fragile (especially in Italy)
• Eurozone’s periphery is still in deep crisis
• Need for structural economic reforms remains
• Changing centre of global economic gravity is accelerating
• Big risk is that hysteresis effects of collapse in investment, structural unemployment and impact of rising inequalities and socio-economic insecurity will damage Europe’s trend growth and the potential to raise living standards.

Revision on European Monetary Union from tutor2u

Economic Growth Vs Economic Development

Click here tom access an interesting article on growth Vs development. A question that is being asked more and more in recent years. (also, interestingly, look where the UAE features)

More Multiple choice questions

Theme 2 & 4: The multiplier effect

The Multiplier effect explained from mattbentley34

Paper 3: The micro and macro economics of BREXIT

Look what I just found online!

All Themes: Paper 3 essay question on BREXIT

Click here to access the data for your 25 mark essay question on BREXIT.

With reference to the information provided and your own knowledge, evaluate

the likely microeconomic and macroeconomic effects of the UK leaving the European Union. (25 Marks)

Theme 4: China's 'Belt and Road' project

Click here to access an excellent and very timely article on China, investment and economic development.

Theme 2 & 4: Macro economics and Keynes

All themes: Multiple choice questions practice

Click here to access lots of multiple choice questions. Excellent for practice.

Theme 2: Macro economic Videos

Click here to access several revision videos on macro economics.

Theme 1: Revision videos from tutor2u

Click here to access 10 videos on all aspects of micro economics for AS. An excellent revision tool.

All themes: Multiple choice questions explained

This is an interesting question about whether a business should be concerned given information about the coefficient of elasticity of supply. Here is a question about the effects of changes in world prices on the domestic consumption and export of a commodity.

All themes: Economic Review content April 2017

Economic review from mattbentley34

Theme 4: 2 Essay Plans - Living standards & economic growth in developing countries

Here is a video taking students through a suggested answer to this 25 mark essay question. 

“For developing countries in particular, economic growth must always be the most important macro policy objective.” With reference to examples, to what extent do you agree with this statement?




In this revision video we look at a possible answer to this 25 mark essay question: 

"To raise standards of living, countries should focus solely on increasing GDP per capita." To what extent do you agree?