ALL ECONOMICS DISCUSSION, PAPERS HELP HERE!!

[elemis]

Wow thanks, you developed that really well, +rep!!!

Also, people, aren't past papers kind of useless, seeing as the mark schemes are so vague and basically just repeat the question instead of providing a correct answer?   

Look at the examiner's report

[Aayesha]

describe the aims of govt policy. Eg. Price stability, Full employment, economic growth , redistribution of income.

[elemis]

describe the aims of govt policy. Eg. Price stability, Full employment, economic growth , redistribution of income.

I am sure you know what those mean. Just quickly define and explain them, for example :

One aim of the government is to maintain price stability by ensuring that inflation is kept as low as possible. Inflation is a sustained rise in the general level of prices in an economy ever a period of time. High inflation can cause a fall in the purchasing power of money and hence affect the number of commodities a consumer can buy thus causing a fall in living standards.

Like that you would do it for 2 more and you'd get 6 marks

[elemis]

Could someone please provide me with the drawbacks of using the following to measure development of an economy:

GDP per Capita

HDI

Thank You !

[J.Darren]

describe the aims of govt policy. Eg. Price stability, Full employment, economic growth , redistribution of income.

Don't forget trade balance

18 hours to go .v.

[J.Darren]

Could someone please provide me with the drawbacks of using the following to measure development of an economy:

GDP per Capita

HDI

Thank You !

Not included, but some possible downsides include :

- does not account for black market and non-monetised sectors such as barter and self-consumed products (i.e. DIY)

- regional variations of income and spending

- does not indicate inequalities of income and wealth

- does not put into account of work hours and leisure time of workers

workers working long hours may result in chronical illness such as heart disease.

- insufficent resources for investment

occurs when the firm has devoted too many resources into satisfying short-term wants.

GDP is calculated by the formula C + I + G + (X - M), more C means fewer I.

- does not put into account of negative externalities

e.g. depletion of finite resources such as oil, environmental impact such as pollution

[aangel42]

Could someone please provide me with the drawbacks of using the following to measure development of an economy:

GDP per Capita

HDI

Thank You !

Well, I was hoping someone who had a better idea would answer, but seeing as no one has, I guess the disadvantages of using HDI could be along the lines of:

• not all factors taken into account
• changes occurring over time might not be taken into account because difficult/expensive to measure
• not all factors may be able to be measured (e.g. developed countries use a census, but LEDCs might not have the capital or proper government controls to do this, etc.)
• other factors that aren't measurable can't be taken into account (e.g. morale of people, ambition, future prospects, etc)

For the disadvantages of GDP per capita, I can't think of much, besides maybe:
1) regular, detailed calculations may be unable to be made as accurately as desired maybe because all the information is not available
2) businesses might cheat the government (e.g. not report profits/sales, so GDP may actually be higher/lower than what's officially thought to be so)
3) it can really ONLY BE AN ESTIMATE (logically speaking)
4) regular, frequent, or volatile changes in birth rate, death rate, net rate of migration, ILLEGAL IMMIGRANTS, etc. can't be taken into account, so population calculation isn't entirely accurate either, thus skewing the "per capita" part

Hope this helped? I tried...
What past paper did you get this question from anyway?

[elemis]

What exactly are normal and inferior goods?
Are normal goods just of a higher quality than inferior ones...?

Normal goods have a positive income elasticity of demand. As your income rises you buy MORE of these goods. An example might be Televisions.

Inferior goods have a negative income elasticity of demand. As your income rise you buy LESS of these goods. An example might be public transport on a bus. If you are rich you are unlikely to go to work via a bus but rather take a taxi or use a private car.

Thus public bus trasnport is an inferior good.

[J.Darren]

Normal goods have a positive income elasticity of demand. As your income rises you buy MORE of these goods. An example might be Televisions.

Inferior goods have a negative income elasticity of demand. As your income rise you buy LESS of these goods. An example might be public transport on a bus. If you are rich you are unlikely to go to work via a bus but rather take a taxi or use a private car.

Thus public bus trasnport is an inferior good.

Normal goods can be sub-divided into necessities and luxury goods.

[elemis]

Normal goods can be sub-divided into necessities and luxury goods.

Good point. 

[J.Darren]

What are the MICROeconomic aims of government?

- Economic growth
- Price stability
- Full employment
- Trade balance
- Redistribution of income

[elemis]

Darren  she wants the M I C R O aims NOT    M A C R O

[elemis]

What score should someone get on tomorrow's paper if they're aiming for an A*?
Out of the total marks (150) for all 3 papers, what's an estimate of the total someone would need for an A*?

Any ideas appreciated...............

There is no minimum mark that you need for an A*. That minimum mark changes EACH year depending on the curve.

The curve is dependent on how badly people do.

Hard paper= less people doing well = more chance of an A* for above average people.

Honestly, dont worry about this stuff. Just study hard now and kill the paper; I can guarantee you an A* if you do that much

[someone]

are there such things such as govt's microeconomic aims?

microeconomic only deals with businesses in private sector, its the firms which have the aim to maximise profits

[J.Darren]

I checked tutor2u.net and my collection of AQA A-Level Economics textbook, there isn't such thing as microeconomic aims ...