Year 12 Economists
Weekly Update 18
The Best Revision Advice...
21 days until the big day!
It's been a long time coming, but the big day of finishing your AS Economics course is fast approaching. So how you choose to spend these next 21 days will make the world of difference to not only the grade you get in August, but to the number of opportunities available to you next year and beyond. There are really no shortcuts - in order to be successful in your exams, your level of expectation really needs to match your level of effort. Are you seriously putting quality hours into your preparation so that you are able to produce when it counts? Be totally honest with how you answer this question and then make the necessary adjustments.
"You have the opportunity of a lifetime. But it means absolutely nothing if you don't take advantage of it in the lifetime of the opportunity." - Eric Thomas
My 21 Top Tips:
1. Master the AD/AS model - this is your main framework for Unit 2.
2. Thoroughly go through the causes, consequences and cures for the main macroeconomic objectives (you are guaranteed to get questions related to one or more of the following: economic growth, inflation, unemployment and the balance of payments).
3. Context is more important than content. So please understand the context of the question first and make sure you use the data from the extract to support your answers.
4. Label your diagrams accurately and use a ruler (diagram booklet with equilibria).
5. Understand how to calculate, measure and interpret key macroeconomic indicators (notably inflation, unemployment, living standards and economic growth).
6. As you may have noticed, expect policy questions for the 30 marker (fiscal, monetary and supply-side policies) that are related to the macroeconomic objectives.
7. www.twitter.com/search - #Econ2 (for the latest updates for the exam)
8. Follow tutor2u_econ
9. Useful link on productivity: http://beta.tutor2u.net/economics/reference/policies-to-improve-labour-productivity
10. Know how to define all key concepts (glossary).
11. Use the 30 Mark Framework to plan essay questions.
12. Complete past papers under exam conditions.
13. For contextual application marks - collect the most up-to-date statistics on the UK Economy (GDP Growth in Q1 2015 - 0.3%, CPI: -0.1%, Unemployment - 5.5%, Current Account Deficit - £25 billion, Budget Deficit - £76 billion, National Debt - £1.46 trillion)
14. Practice calculations (% change and index numbers)
15. Revision webinar video on monetary policy: http://beta.tutor2u.net/economics/reference/monetary-policy-in-the-uk
16. Revision webinar video on Supply-side policy: http://beta.tutor2u.net/economics/reference/supply-side-policies-video
17. Revision webinar video on The Multiplier and Accelerator Effects: http://beta.tutor2u.net/economics/reference/multiplier-and-accelerator
18. Evaluate the likely effects of weaker growth in China on the UK Economy: http://beta.tutor2u.net/economics/blog/evaluate-the-likely-effects-of-weaker-growth-in-china-on-the-uk-economy
19. Ten Structural problems facing the UK economy: http://beta.tutor2u.net/economics/reference/ten-structural-problems-facing-the-uk-economy
20. Meeting Exam Objectives in Chunky Paragraphs: http://beta.tutor2u.net/economics/reference/meeting-exam-objectives-in-chunky-paragraphs
21. Understanding Quantitative Easing: https://www.youtube.com/watch?v=5o_A3RN95WA
Exam Dates (Gentle Reminder)
Unit 2 - Managing The Economy: Tuesday 19th May 2015 (pm)...Done! :-)
Top Revision Videos:
https://www.youtube.com/watch?v=iP7ZZKuxs7Q (Costs and Benefits of Economic Growth)
https://www.youtube.com/watch?v=5-lHvdr0Tcw (Economic Cycle - Features and Causes)
https://www.youtube.com/watch?v=25KlFCoDW34 (Multiplier and Accelerator Effects)
AS Macro Workshop - Saturday
Saturday, May 2nd, 11am-2pm
Paddington Academy (Room 206)
RSVPs are enabled for this event.