IG经济考前基础知识

2018-05-30 10:19

来源:新东方国际学科

作者:隆雨佳

  点击查看》》2018留学考试备考规划

  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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