Economics Help for first mid terms exams on Economics

[ibmadness]

Hello guys, we are writting our first mid terms exams on Economics, I wanted to ask if there are any SOS parts to be careful,and possible questions that might be asked. 

P.S.: our content is up to the end of Chapter 4(Price controls) 

 

[paschalisk]

Hello there ibmadness, you should be careful about:

 

-Demand/Supply

-Market Equilibrium

-Price Mechanism

-PED,XED,YED and PES

-Government Intervention

 

Good luck there with your mid-term exams!! Hope you accomplish your goals!

[Djsporting]

Remember this: 

 

D-Definition 

D-Diagram 

E-Explanation

E-Examples (Use real life examples which relate to the question asked but do not go off topic) 

 

This is the order which it should be in, but if you re-arrange it turns out to be "DEED" which can be easier to memorize. 

[Pink97]

For 10 mark questions (Part A) - follow the above structure: define relevant terms (but don't over do this, just define 2-3 words max), draw diagrams to explain the theory/policy etc, and make sure to give one or two relevant examples that you'll use to analyse. The analysis component is v. important for this part of the question. So explain everything you know about the theory that is important, in detail (basically everything your textbook mentions about the theory that is applicable). 

 

For 15 mark questions (Part B) - you need to do everything I mentioned above, plus evaluate the theory you talked about. Evaluation is critical as you will not get above 9 marks if you only analyse. Evaluation is quite tricky and will require practice to get the hang of. You basically have to question everything you wrote about the theory, solutions etc (e.g. whether subsidizes are effective). Things you should take into consideration when evaluating include (CLASPP):

 

-C: Conclusions - what can you conclude from the theory you explained in your analysis

-L: Long term and short term effects 

-A: Assumptions 

-S: Stakeholders

-P: Priorities 

-P: Pros and cons

 

http://www.timwoods.org/classes/ib-economics/evaluation-in-economics/

 

That only applies to paper 1, btw. We haven't done any paper 2 practice yet so I can't advise you on how to going about answering the questions in that paper. 

 

For paper 3 (if you're doing HL economics), just go over linear suppy/demand, equilibrium price and quantity, elasticity (PED/PES, XED,YED) taxes/subsidies and price floors and ceilings. This is definitely the easiest paper so you shouldn't find it too hard, just go over the working out that is in your textbook, memorize the formulas and know how to apply them. That should be enough to do well in this paper. The link I've provided below is a workbook that contains explanations/questions for all the things that may show up on Paper 3 - my teacher gave it to us, it's extremely useful as it goes through every step one by one. 

 

http://www.tutor2u.net/blog/files/temp_file_IB_HL_P3_Questions3.pdf