Lower Sixth Homework : Test Topics

Your third formal assessment will take place on Tuesday 8th November.

Question 1 - 10 marks - the command word is "Assess"
Question 2 - 12 marks - the command word is "Evaluate"

So, both questions will require you to evaluate.

Revise the following topics:

• Elasticity as a way of evaluating a change in price or quantity
• Magnitude of changes as an evaluation theme
• Tax incidence and the diagram
• Subsidy diagram

In an uncharacteristic act of generosity, I have put the diagrams that you need to learn onto a Google Doc.  You can view them by clicking here

Lower Sixth Homework - Subsidies

HW due Monday 31st October 2011.

Now that the staffing issues have been resolved here at Ignatian Economics Towers,  I can publish the overdue homework task, which is based on the lesson last Tuesday. Remember to like this post on Facebook: they've been trying to link to their most-feared rival for years.

Thank you for making this a great half term.  You have been a brilliant class to teach.

Evaluate the likely benefits of the government subsidising bus and rail travel.

Use an appropriate diagram to support your answer

(Jan 2010)

10 marks

The Role of the Price Mechanism

Subsidising Bus Routes

BBC News - Charity claims two-thirds of councils aim to cut bus routes:

'via Blog this'

Lower Sixth Homework : Price Elasticity of Supply

The homework can be downloaded from here.

Cartels and influence on supply

BBC NEWS | Business | Opec agrees record oil output cut:

HW due Weds 5/10/11 : Research another cartel and explain how their decisions have affected supply

'via Blog this'

Price Elasticity of Supply

There are two things an economist would be thinking when watching this advert:
Why has this firm converted to organic produce?
What might be the PES for this farmer?

And of course, why oh why would you use a rapping farmer to promote anything?

Oil Cartels

http://www.economist.com/blogs/dailychart/2010/09/oil

1) Click on the link above
2) Read the article
3) Draw a supply and demand diagram which will illustrate this sentence: "The Gulf states that dominate OPEC have the biggest reserves and lowest costs, so can most easily turn the taps on and off when required to keep prices high."
4) Challenge : find other cartels that operate in the world

Due : Tuesday 2nd November

BBC NEWS | Wales | Low milk price for dairy farmers

BBC NEWS | Wales | Low milk price for dairy farmers

Cotton Price: Cost Hike Could Mean End Of Cheap Clothing As Bargain Chains Raise Shop Prices | Business | Sky News

cotton picking

Cotton Price: Cost Hike Could Mean End Of Cheap Clothing As Bargain Chains Raise Shop Prices | Business | Sky News

Great for supply and demand factors of cotton

Lower Sixth homework - Digit Loss Aversion

last student to fail this test

Test on Monday 27th Sept      period 1 on:

1. the difference between movements and shifts of the demand curve
2. factors affecting demand
3. meaning of real disposable income
4. complements and substitutes
5. the demand curve
6. the blog

Lower Sixth Homework - Water Pricing

Have a look at this post on our rival's blog

Economics - Searching for the right price for water

Then write two sides to answer this question :

To what extent do you agree with the view that there should be a price on water

Assessment Criteria : arguments for and against, makes good use of economics terminology , judgement made and fully justified, flows well

And............if you are finding some of these concepts difficult, help is available here

Lower Sixth Homework

By Friday's "The Weekend Starts Right Here in R25" lesson:

1. Find out who Malthus is and be able to answer the question : "how does the work of Malthus relate to what we discussed in Tuesday's lesson"

The next topic is markets, so the next part of the homework focuses on that:

2. Write (do not type) at least one side of A4 on each of these mini-essays:

• Bull and Bear markets should be regulated to stabilise prices? Useful post earlier on this blog
• Should the 'World's largest arms fair' (which is an example of a market) take place in London this September? see link here and here

How Financial Markets Work

Financial markets, like all other markets, are determined by supply and demand. For financial markets the demand factors are fear and greed. If speculators fear that prices are going to fall and that they are going to lose money, then demand will fall.

A bull market is where prices are rising ; a bear market is where prices are falling

So, that explanation should make the following article more digestible:

FT.com / Markets - Bulls take charge as fears recede

Veblen Goods

Conspicuous consumption is a phrase invented by an Economist called Veblen. It is where consumers only spend and purchase goods, not for their own satisfaction, but to set themselves apart from others in society. Mr Maxim's latest yacht is an example of a Veblen good. He does not need another one.

More from the Guardian here, which relates it to that wooly area called 'Happiness Economics'

Essential Revision Material for unit 1

Click here to download the examiners' report for the June 2009 exam. It's brilliant. it shows you a candidate's response then one of them criticises it and tells you how to do better. Great revision resource. Nearly as great as........

......click here to download a document called "evaluating unit 1". I've used the mark-schemes and examiners' reports to give you ideas on how to evaluate. It's complex and ideally I would have discussed it with you in a lesson. Instead, please leave comments or questions here and I shall answer your question. Let's try and get a mini-forum going.

Enjoy the snow ........... from your bedroom window as you sit and revise for the hardest, but most rewarding exam, of your school career.

Is Supply and Demand still baffling you?

Bized have a great resource for those of you who need to revise or secure knowledge regarding supply and demand.  It is a step-by-step and interactive resource, which encourages you to actively learn all supply and  demand factors as well as elasticity.

If you were disappointed with your test result, use it!

The resource from Bized is here

Essay on Housing

Essay Title for Lower Sixth Economists:
With reference to the graph below and using information in the article we discussed in lessons, explain why house prices are rising. Use at least one supply and demand diagram

Remember : include analysis of the graph, but do avoid the Classic Schoolboy Error (CSE) of misreading the Y-Axis. Only half the graph may be shown on the blog (Google error) so just double click on it and you will see all of it.

Sugar and Milk

Dear Lower Sixth

This week's homework is some practise on supply and demand factors.  It is in two parts.  The first is to answer ALL the questions on a previous post about sugar.  The post and questions are here.

The second is this :

This BBC article explains that the price of milk in the EU is falling

http://news.bbc.co.uk/1/hi/business/8289976.stm
http://news.bbc.co.uk/1/hi/business/8289972.stm video

a) Using a diagram, explain why the price of milk is falling
b) Why are farmers dumping milk and witholding supplies?
c) Using a diagram, show the effect of farmers witholding supplies on the price of milk

Is Sugar the new oil?

The price of sugar has soared. This - as always - can be explained by various supply and demand factors. We will not see a change in sugar prices here as our prices are protected by the EU, which some might say is an unfair advantage.

Read the article here

a) Explain the 2 factors that have lead to a decrease in the supply of raw sugar
b) Explain what has happened to the demand for sugar
c) Using your answers to a) and b) and a diagram, explain what has happened to the sugar market
d) Define price elasticity of supply
e) Given the 2 statements below, discuss whether the price elasticity of supply will be elastic or inelastic
"The sugar available now is dependent upon the sugar planted last year": "Stockpiles of sugar are available"
f) Define price elasticity of demand
g) Do you believe the price elasticity of demand for sugar to be elastic or inelastic? Explain your reasoning

updated with this video on sugar