ALL ECONOMICS DISCUSSION, PAPERS HELP HERE!!

[elemis]

No love people ! T_T   

[J.Darren]

In the pastpapers I keep seeing stuff regarding the elasticity of the labour supply.

Could someone please explain this concept along with the usual factors that affect this elasticity ?

+rep for the first person who does the BEST job

The elasticity of supply of labour in low-income occupational groups tends to be elastic as a pool of readily available workers is available at low wage rates. The elasticity of supply of labour in jobs that require lengthy training and specific skills tend to be inelastic, meaning it is hard to expand the workforce as the demand for workers increases. This also explains why some professions, such as Law and Accountancy, enjoys a high wage level in short term as the high level qualifications makes the supply of newly qualified entrants to these occuptations inelastic, the expertise required for entry to those occupations is often know as an artificial barries to the entry of workers.

[rhea]

The elasticity of supply of labour in low-income occupational groups tends to be elastic as a pool of readily available workers is available at low wage rates. The elasticity of supply of labour in jobs that require lengthy training and specific skills tend to be inelastic, meaning it is hard to expand the workforce as the demand for workers increases. This also explains why some professions, such as Law and Accountancy, enjoys a high wage level in short term as the high level qualifications makes the supply of newly qualified entrants to these occuptations inelastic, the expertise required for entry to those occupations is often know as an artificial barries to the entry of workers.

you  are giving your boards this year right?

damn, u know a lot! 

[rhea]

whats profit maximization?

4 mark ans plz!

[J.Darren]

whats profit maximization?

4 mark ans plz!

Total Revenue - Total Cost = Total Profit

Revenue maximisation :

- Manipulation of Price elasticity of demand, if the PEd is inelastic, increase the price, if the PEd is elastic, decrease the price.

Price elasticity of demand is definied as the responsivness in quantity demanded to a change in the price of goods and services.

PEd = % Change in quantity demanded / % Change in price.

Cost minimisation

- Employing cheaper and more efficent factors of production (can be either labour intensive of capital intensive).

- Only increase output when marginal cost is less than marginal revenue of the last unit. When marginal cost equals to marginal revenue, profit is maximised.

[J.Darren]

you  are giving your boards this year right?

damn, u know a lot! 

I am currently having my IGCSE examination, and Economics is one of the subjects that I am taking during this session.

Those are actually from the AQA A2 Economics textbook For IGCSE you do not need to know artificial barries to the entry of workers

[rhea]

I am currently having my IGCSE examination, and Economics is one of the subjects that I am taking during this session.

Those are actually from the AQA A2 Economics textbook For IGCSE you do not need to know artificial barries to the entry of workers

hey imported inflation is a sub category of cost push infl. right?
and monetary infl. is a sub category of demand pull infl>

then do we mentiion them separately, if its for 8 marks suppose?
if so, how do we distinguish?

[elemis]

Economics = textbook + pastpapers.

You are going to have to cram. Sorry to say that.

http://thenightdreamer.wordpress.com/category/subjects/economics/

The above link is from my website - use it to study

[Choc.Kits]

I'm going to keep this short...
I love economics, but haven't studied it at all since Paper 3 for the last 2 weeks. I've forgotten stuff, plus I'm out of the "Econ mood".
How should I study for the Structured Paper (2) for tomorrow?
Are you guys doing past papers, reading the textbook, or...well what else can you do?

So true... im completely out of the exam mood period. Just waiting for friday, after the Econ paper 1... IMMA BE FREEE

[elemis]

Study hard or you will regret it later.......

[BlackBunny103]

Gosh I'm gonna have good time cramming for eco today Anyone cramming eco with me ?

[Choc.Kits]

Yeah seriously I swear to god, I don't even feel like studying anymore. I don't even really care anymore, lol. A month is just waaaay too much, and 17 papers is torture. I am SO PUMPED for summer vacationnnnnnnnnnnnnnnnnnnnnn

Oh and @Ari, thanks! I'll do my best cramming maybe.

High Five!

SUMMMMERRRRR! And best of all... I have 4 months of it

[Choc.Kits]

Gosh I'm gonna have good time cramming for eco today Anyone cramming eco with me ?

Lets do this

[Choc.Kits]

whoa how do you have 4 months of it?

Cause next year im planning on going to Cairo to study. and my term there starts in october

and my school ends this friday :P

[elemis]

Explain why governments are involved in spending on education.

(for 5 marks)

Education = merit goods which tend to be under supplied by the private sector or possible priced out of reach of low income groups.

Thus, the government steps in to fix this market failure and provides cheap or possibly free access to education.

Education increases the skills of the population and can help increase productivity and hence shift the Production Possibilty Curve outwards allowing for econ growth in the future.

Increased skills means people can get better more higher paying jobs and hence increase their income. This can help redistribute income in a economy and increase tax revenue to the government.

Increased income means aggregate deman <- develop this