Useful Articles for preparing Paper 3 in CIE Pre-U Economics (China Section) *** New27 May 2015
China to launch 1043 public private partnership (PPP) projects Source: Infra PPP 13 Apr 2015 China to overtake US as top cause of global warming Source: Reuters 23 Mar 2015 2500 Dangerous products withdrawn from EU market, China remains the number one of the origin Source: EU News 19 Mar 2015 China announces massive boost in solar energy to fight pollution Source: SCMP 5 Mar 2015 China to invest US$128 Billion on rail construction to facilitate regional development Source: Bloomberg 23 Feb 2015 Global factories closing factories in China - loss of cost advantage - market not expanding as expected Source: Arirang News 12 Feb 2015 China trashes 8.82 million metric tons ocean waste per year Source: CNN 6 Feb 2015 January's top stories: China's CNR and CSR merge, $200bn to fund Gulf railways - State-owned companies merges - An evaluation to China's path of privatisation Source: Railway Technology 4 Feb 2015 The People;s Bank of China lower its required reserve ratio to 19.5% to boost economic growth Source: CNBC 20 Jan 2015 Chinese growth lowest in 24 years at 7.4% Source: Financial Times |
Video Classes
Indifference curve Analysis (Part 1) - Substitution effect and income effect - Normal good
Indifference curve Analysis (Part 2) - Substitution effect and income effect - Inferior good
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GCE AS/AL Econ (Edexcel)
Course content
AS level: Unit 1 and 2
A2 level: Unit 3 and 4
Unit 1: Competitive Markets – How they work and why they fail
· Foundation of economics
o Scarcity
o PPC
o Specialization
o Types of economies
· Demand and supply analysis
o Elasticity
o Labour market
· Market failure
o Externalities
o Public goods
o Imperfect market information
o Labour immobility
o Unstable commodity market
· Government intervention and failure
o Indirect taxation
o Subsidies
o Buffer stock
o Tradable pollution permits
o Extension of property rights
o State provision
o Regulation
Unit 2: Managing the economy
· Macroeconomic objectives
o Economic growth
o Inflation
o Employment
o Balance of payment
o Conflicts between objectives
· Measurement of development
o HDI
· AD-AS model
o Multiplier
· Policies
o Monetary
o Fiscal
o Supply-side
Unit 3: Business economics and economic efficiency
· Firms’ objectives
· Firms’ growth
· Cost and revenue
· Efficiency
· Market structure
o Perfect competition
o Monopoly
o Monopsony
o Oligopoly
o Monopolistic competition
· Contestability
· Government policy to maintain competition
o Price capping
o Monitoring of prices
o Performance targets
o Public private partnership
Unit 4: The global economy
· Globalisation
· International Trade
o Comparative and absolute advantage
o WTO
o Protectionism
· Balance of payment
o Current account
o Exchange rate
· Trading bloc
· International competitiveness
· Growth and development
o Poverty
o Inequality
o Policy to achieve development
· Macroeconomic policy
o Fiscal
o Monetary
o Supply-side
o Taxation and public debt
Exam format
Unit 1
1 ½ hour
Students are required to answer supported multiple-choice questions and one data response question out of a choice of two. Questions are consist of short answered and extended response.
Unit 2
1 ½ hour
Students are required to answer supported one data response question out of a choice of two. Questions are consist of short answered and extended response.
Unit 3
1 ½ hour
Students are required to answer supported multiple-choice questions and one data response question out of a choice of two. Questions are consisted of short answered and extended response.
Unit 4
2 hours
Students are required to answer one essay question with two parts from a choice of three and one data response question out of a choice of two.
AS level: Unit 1 and 2
A2 level: Unit 3 and 4
Unit 1: Competitive Markets – How they work and why they fail
· Foundation of economics
o Scarcity
o PPC
o Specialization
o Types of economies
· Demand and supply analysis
o Elasticity
o Labour market
· Market failure
o Externalities
o Public goods
o Imperfect market information
o Labour immobility
o Unstable commodity market
· Government intervention and failure
o Indirect taxation
o Subsidies
o Buffer stock
o Tradable pollution permits
o Extension of property rights
o State provision
o Regulation
Unit 2: Managing the economy
· Macroeconomic objectives
o Economic growth
o Inflation
o Employment
o Balance of payment
o Conflicts between objectives
· Measurement of development
o HDI
· AD-AS model
o Multiplier
· Policies
o Monetary
o Fiscal
o Supply-side
Unit 3: Business economics and economic efficiency
· Firms’ objectives
· Firms’ growth
· Cost and revenue
· Efficiency
· Market structure
o Perfect competition
o Monopoly
o Monopsony
o Oligopoly
o Monopolistic competition
· Contestability
· Government policy to maintain competition
o Price capping
o Monitoring of prices
o Performance targets
o Public private partnership
Unit 4: The global economy
· Globalisation
· International Trade
o Comparative and absolute advantage
o WTO
o Protectionism
· Balance of payment
o Current account
o Exchange rate
· Trading bloc
· International competitiveness
· Growth and development
o Poverty
o Inequality
o Policy to achieve development
· Macroeconomic policy
o Fiscal
o Monetary
o Supply-side
o Taxation and public debt
Exam format
Unit 1
1 ½ hour
Students are required to answer supported multiple-choice questions and one data response question out of a choice of two. Questions are consist of short answered and extended response.
Unit 2
1 ½ hour
Students are required to answer supported one data response question out of a choice of two. Questions are consist of short answered and extended response.
Unit 3
1 ½ hour
Students are required to answer supported multiple-choice questions and one data response question out of a choice of two. Questions are consisted of short answered and extended response.
Unit 4
2 hours
Students are required to answer one essay question with two parts from a choice of three and one data response question out of a choice of two.
OCR Econ
AS level
F581 and F582
A2 level
F583 or F584 and F585
Content
F581: Markets in Action
1) Foundation of economics
· Economic problems
· Scarcity
· Opportunity cost
· PPC
2) Demand and supply analysis
· Allocative efficiency
3) Elasticity
· PED
· YED
· XED
· PES
4) Market failure and government intervention
· Externalities
· Merit goods and demerit goods
· Public goods
· Information failure
· Indirect taxes
· Subsidies
· Regulations
· Pollution permit
· Provision of information
F582: The National and International economy
1) AD-AS model
· Circular flow income model
2) Macroeconomic objectives (The meaning, measurement, limitation, causes and consequences)
· Economic growth
· Unemployment
· Inflation
· The balance of payments
· Income redistribution
· Economic stability
3) Macroeconomic policy
· Fiscal
· Monetary
· Supply side
· Possible conflict between policies
4) International trade
· Advantages of trade
· Tariff and non-tariff methods of protection
F583: Economics of Work and Leisure
1) Trends of employment and earnings
· Structure of UK employment
· Unit labour cost and productivity
2) Market structure in leisure market
· Cost in the short run and long run
· Economies and diseconomies of scale
· Firm’s objectives
· Monopoly
· Oligopoly
· Monopolistic competition
· Contestability
· Efficiency
· Regulations
3) Labour demand, supply and wage determination
· Interaction of labour demand and supply
· Elasticity of demand and supply for labour
· Transfer earnings and economic rent
4) Labour market failure and the government and Labour union
· Monopsony
· Union power
· Segmented labour market
· Inequality and poverty
· Tax and benefit system
· The minimum wage
· Ageing population
· Migration
F584: Transport economics
1) Transport trend
· Different transport modes
· Transport demand
· Forecasting demand and limitations
2) Market structure in transport markets
· Cost in the short run and long run
· Economies and diseconomies of scale
· Firm’s objectives
· Monopoly
· Oligopoly
· Monopolistic competition
· Contestability
· Efficiency
· Regulations
· Privatization
· Franchising
3) Market failure in transport market
· Negative externality
· Placing monetary value on the externalities
· Role of government in solving market failure
· Sustainable modes of transport
4) Transport economics and government policy
· Cost-benefit analysis
· Positive and Negative externality
· Integrated transport policy
· Quasi public good
F585: The Global Economy
1) Macroeconomic performance
· Recent UK performance
· Short-run and long-run economic growth
· Economic cycle
· Multiplier and Accelerator
· International competitiveness
· Policies and Policy rule (fiscal rule, inflation targeting)
2) Trade and Integration
· Comparative and absolute advantage
· International trade pattern
· Exchange rate system
· Purchasing power parity
· Balance of payment
· Protectionism
· Economic integration
3) Development and sustainability
· Economic growth and development
· HDI
· Policies to promote development
· ISEW
· Policies to promote sustainability
4) The economics of globalisation
· Features, causes and consequences of globalization
· International financial flows
· FDI
· MNCs
· WTO, IMF and World bank
· Trade disputes
Exam format
F581
60 marks, 1.5 hr
Students are required to answer questions based on a case study, including some short questions and data-interpretation questions, plus one 18 marks essay.
F582
60 marks, 1.5 hr
Students are required to answer questions based on a case study, including some short questions and data-interpretation questions, plus one 18 marks essay.
F583 or F584
60 marks, 2 hr
Section A: Students are required to answer questions based on a case study, including some short-questions, plus one 8 marks short essay.
Section B: Students are required to answer one structured essay from a choice of three. Each structured question is split into two parts.
F585
60 marks, 2 hr
Students are required to answer questions based on a pre-released stimulus material, including some short questions and data-interpretation questions, plus two 10 marks and one 20 marks essay.
F581 and F582
A2 level
F583 or F584 and F585
Content
F581: Markets in Action
1) Foundation of economics
· Economic problems
· Scarcity
· Opportunity cost
· PPC
2) Demand and supply analysis
· Allocative efficiency
3) Elasticity
· PED
· YED
· XED
· PES
4) Market failure and government intervention
· Externalities
· Merit goods and demerit goods
· Public goods
· Information failure
· Indirect taxes
· Subsidies
· Regulations
· Pollution permit
· Provision of information
F582: The National and International economy
1) AD-AS model
· Circular flow income model
2) Macroeconomic objectives (The meaning, measurement, limitation, causes and consequences)
· Economic growth
· Unemployment
· Inflation
· The balance of payments
· Income redistribution
· Economic stability
3) Macroeconomic policy
· Fiscal
· Monetary
· Supply side
· Possible conflict between policies
4) International trade
· Advantages of trade
· Tariff and non-tariff methods of protection
F583: Economics of Work and Leisure
1) Trends of employment and earnings
· Structure of UK employment
· Unit labour cost and productivity
2) Market structure in leisure market
· Cost in the short run and long run
· Economies and diseconomies of scale
· Firm’s objectives
· Monopoly
· Oligopoly
· Monopolistic competition
· Contestability
· Efficiency
· Regulations
3) Labour demand, supply and wage determination
· Interaction of labour demand and supply
· Elasticity of demand and supply for labour
· Transfer earnings and economic rent
4) Labour market failure and the government and Labour union
· Monopsony
· Union power
· Segmented labour market
· Inequality and poverty
· Tax and benefit system
· The minimum wage
· Ageing population
· Migration
F584: Transport economics
1) Transport trend
· Different transport modes
· Transport demand
· Forecasting demand and limitations
2) Market structure in transport markets
· Cost in the short run and long run
· Economies and diseconomies of scale
· Firm’s objectives
· Monopoly
· Oligopoly
· Monopolistic competition
· Contestability
· Efficiency
· Regulations
· Privatization
· Franchising
3) Market failure in transport market
· Negative externality
· Placing monetary value on the externalities
· Role of government in solving market failure
· Sustainable modes of transport
4) Transport economics and government policy
· Cost-benefit analysis
· Positive and Negative externality
· Integrated transport policy
· Quasi public good
F585: The Global Economy
1) Macroeconomic performance
· Recent UK performance
· Short-run and long-run economic growth
· Economic cycle
· Multiplier and Accelerator
· International competitiveness
· Policies and Policy rule (fiscal rule, inflation targeting)
2) Trade and Integration
· Comparative and absolute advantage
· International trade pattern
· Exchange rate system
· Purchasing power parity
· Balance of payment
· Protectionism
· Economic integration
3) Development and sustainability
· Economic growth and development
· HDI
· Policies to promote development
· ISEW
· Policies to promote sustainability
4) The economics of globalisation
· Features, causes and consequences of globalization
· International financial flows
· FDI
· MNCs
· WTO, IMF and World bank
· Trade disputes
Exam format
F581
60 marks, 1.5 hr
Students are required to answer questions based on a case study, including some short questions and data-interpretation questions, plus one 18 marks essay.
F582
60 marks, 1.5 hr
Students are required to answer questions based on a case study, including some short questions and data-interpretation questions, plus one 18 marks essay.
F583 or F584
60 marks, 2 hr
Section A: Students are required to answer questions based on a case study, including some short-questions, plus one 8 marks short essay.
Section B: Students are required to answer one structured essay from a choice of three. Each structured question is split into two parts.
F585
60 marks, 2 hr
Students are required to answer questions based on a pre-released stimulus material, including some short questions and data-interpretation questions, plus two 10 marks and one 20 marks essay.
