本篇推送重点针对AO1 Understanding,AO2 Application, AO3 Analysis, 对应卷子必答题当中2分-6分的题目,以及选答题中前2-3个小题。在答题时也有一定的技巧,参考评分标准我们可以看到,有些题目问某个概念的两个特点,或两个原因,分值为4分,我们在做题时一定要注意对每个点的解释,并且注意使用术语。以下是老师结合了近几年IG经济卷子,对于常考基础知识点的整理,以应对前三个评分标准对我们的要求。
Section I The Basic Economic Problem
What is opportunity cost?
next best alternative foregone
Section II Allocation of resource
What are the reasons why the supply of a product may be price-inelastic?
• It may take time to produce the product. this means that it will take time to adjust
supply in response to a change in price / example of a product that it takes time to
produce
• It may not be possible to store the product. this means that it cannot be taken out of
storage when price rises / products cannot be put into storage when price falls
• It may be costly to adjust supply e.g. it might be necessary to build new factories and
this may discourage firms from adjusting supply
• The supply of a natural resource may become limited e.g. gold maybe close to
depletion
What are the causes of market failure?
• Failure to take into account all costs and benefits/ external costs and benefits/ under-consumed/ underproduced/ over-consumption/ over-production
• information failure
• public goods are not produced in a market system
• abuse of market power
• lack of mobility of resources
Section III The individual as Producer, Consumer and Borrower
What are the function of money?
• Store of value
• Unit of account
• Medium of exchange
• Standard for deferred payment
What are the functions of the central bank?
• Lender of last resort
• Printing notes and minting coins
• Setting interest rates
• Supervising monetary policy
• Banker for commercial banks and government
• Manage international financial system
Define ‘stock exchange’
An organisation/ market for the sale and purchase of shares
What are the functions of trade unions?
• Negotiating wages and other non-wage benefits
• Defending employee rights and jobs
• Improving pay and other benefits
• Improving working conditions
• Increase worker participation in business decisions
• Develop skills of union members
Section IV The Private Firm as Producer and Employer
What are the economies of scale?
• Financial economies
• Technical economies
• Risk-bearing economies
• Marketing economies
What are the internal diseconomies of scale that a large firm may experience?
• Difficulties controlling/ managing the firm/ managerial diseconomies as there are more layers of management in a large firm so ti may take longer to make decisions
• communication problems as there are more layers of communication and communication may be indirect. messages may be misinterpreted and it takes time to reach recipients
• labour diseconomies: workers may feel less appreciated/ have low morale so may become demotivated which could reduce labour productivity/ efficiency
• poor industrial relations: there may be industrial action such as strikes
What are the advantages that firms may gain from a horizontal merger?
• Take advantages of economies of scale, reduce average costs
• Increased market share as a direct competitor is eliminated
• exchange ideas and gain technology so that to increase innovation and produce with better quality
What are the advantages of a sole proprietor?
• Profit incentive/all profits go to the sole proprietor, do not have to share with partners
• and/or shareholders
• Flexible as no one else to consult/quick to make decisions
• Provides personal services/has personal contact with consumers (1) can pick up changes in
• demand/target products
• Low start up costs/easy to set up, eases entry into the market/limited legal requirements
• Own boss, no-one to take orders from
What is multinational company?
a company that has its headquarters/is based in a country but produces in a number
of countries
What are the characteristics of perfect competition?
• many buyers and sellers, making each firm a price taker
• free entry and exit, absence of barriers to entry and exit/ results in only normal profits being earned in the long run
• homogeneous product, demand for one firm’s product will be perfectly elastic
• perfect knowledge, firms and buyers aware of profits
Define ‘monopoly’
A market with one seller/ single supplier
A price maker/ a firm with market power/ dominant firm/ has barriers to entry
Section V Role of Government in an Economy
What are the aims of government?
• full employment
• price stability
• economic growth
• redistribution of income
• stability of balance of payment
What are the types of direct taxes?
• income tax
• corporation tax
• capital gains tax
• inheritance tax
What are the types of indirect taxes?
• sale tax/ value added tax
• excise duties
• customs duties/ tariff
• licences
How supply-side policy measures could increase productivity?
• improved education/training, may raise workers’ skills, increase output per worker hour
• privatisation may increase competitive pressure on firms to keep costs low, encourage more investment, and increase output per factor hour
• reforming trade unions may reduce restrictive practices, this may allow firms to
use their workers more efficiently increase output per worker hour
• cutting corporation tax may increase profit, increase investment and increase
output per factor hour
• giving subsidies to encourage firms to invest in advanced technology, engage in
research and development and/or train workers
Section VI Economic Indicators
What are the types of unemployment?
• Cyclical
• Structural
• Frictional
• Seasonal/ Casual
What are the causes of inflation
• demand-pull
• cost-push
• monetary
What are the indicators of living standards?
• GDP per capita
• HDI takes into account income, education and life expectancy
Section VII Developing and Developed Countries
What is absolute poverty?
• A lack of access to basic necessities e.g. food/clothing/housing
• Living on less than e.g. US$1.25 a day
What are the characteristics of a rapidly developing economy?
• high increase in real GDP per head will increase living standards by investment
• significant improvements in healthcare will increase life expectancy cause by increased spending on hospitals
• significant improvements in education will raise workers skills
• high proportion of workers employed in the tertiary sector . as countries develops, workers tent to move from primary and secondary sectors to the tertiary sector
• low rates of population growth. as countries develop, the birth rate tends to fall faster than the death rate
• high spending on luxury products
• encouragement of MNCs to set up as it may reduce unemployment
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