Economics Help (1 Viewer)

[thisbetterwork]

Well, we have our yearly economics exam tomorrow, and the teacher has given us some areas to study (where the short and extended responses will come from)

They are

Types of Markets
Government role in circular flow model
Fiscal Policy
Monetary Policy
Elasticity and inelasticity of supply and demand
Externalities
Effect of rising and falling interest rates
The business cycle
Successes and failures of different types of markets

In the half yearly he gave us the same with different things, and there was a option from 3 choices for the extended response. Im assuming that 1 option this time would be the last one - Successes and failures of different types of markets.

What type of markets would they be? The wording isnt to direct... And what sort of stuff would I write in it? Im thinking of preparing one today for it.

Personally, I interpret it from "Chapter 15: The Limits of Markets," with free markets and ones with government intervention, but there are other areas it could refer to depending on how you read it. However, it could also refer to the types of competition, or the markets in general (labour, financial etc).

 

[Elisa.the.Sweda]

I'm not completely sure of what you're asking, here.
In the HSC economics exam you'll get two extended response questions, and for each you'll have two choices. I assume that your teacher, like mine, would probably give you that same layout.

What types of markets would they be?

I'm thinking he means the different market structures (perfect competition, oligopoly, monopoly etc), and their advantages/disadvantages. Just revise that chapter in your textbook and make sure you know the difference and how they work (how many firms; level of product differentiation; ease of entry etc)

Did that answer your question?

 

[thisbetterwork]

I'm not completely sure of what you're asking, here.
In the HSC economics exam you'll get two extended response questions, and for each you'll have two choices. I assume that your teacher, like mine, would probably give you that same layout.

Possibly, but I doubt it. Hes given us 50 mins for 2 extended responses in class (with question beforehand, as a assment task.) Id guess in this one there would be more short ones, and only 1 extended (Its a 2 hour exam.) We were not told if it was 1 or 2, nor was the question asked.

You sort of answered the question, but there still may be other types (as in free market etc...) Had perfect competition, oligopoly, monopoly etc as one of the options in the half yearly, so I think he may be refereing to something else (although he may not be.)

Thanks for your response, and I'd still like to see what other people interpret it as.

 

[thisbetterwork]

Other perspectives of what the question wants would be appreciated.

 

[kaz1]

Well, we have our yearly economics exam tomorrow, and the teacher has given us some areas to study (where the short and extended responses will come from)

They are



In the half yearly he gave us the same with different things, and there was a option from 3 choices for the extended response. Im assuming that 1 option this time would be the last one - Successes and failures of different types of markets.

What type of markets would they be? The wording isnt to direct... And what sort of stuff would I write in it? Im thinking of preparing one today for it.

Personally, I interpret it from "Chapter 15: The Limits of Markets," but there are other areas it could refer to depending on how you read it.

I'm quite confused about what you are asking for.

Market failure is when market forces cannot supply a good efficiently or simply won't provide the good. An example of this is street lighting because a private enterprise would make significant losses if they provided the electricity.

We didn't learn about Market success but I think it might be the opposite of Market failure.

 

[thisbetterwork]

I'm quite confused about what you are asking for.

Market failure is when market forces cannot supply a good efficiently or simply won't provide the good. An example of this is street lighting because a private enterprise would make significant losses if they provided the electricity.

We didn't learn about Market success but I think it might be the opposite of Market failure.

Im asking:

What type of market is it referring to when it says "Successes and failures of different types of markets"

 

[thisbetterwork]

Anyone understand it? I'd like to start writing it soon, but more time spent on short answers wont hurt either...

 

[munchiecrunchie]

its a pretty open ended area, it could be referring to a range of things. . .

maybe the operation of different markets such as the labour market and the financial market, and the differing successes and failures (can talk about unions, regulations for protection of rights, and then for financial markets can go into the US' rescue package + financial turmoil).

I think you're better off just studying everything rather than wasting time guessing what the question is.

 

[thisbetterwork]

its a pretty open ended area, it could be referring to a range of things. . .

maybe the operation of different markets such as the labour market and the financial market, and the differing successes and failures (can talk about unions, regulations for protection of rights, and then for financial markets can go into the US' rescue package + financial turmoil).

I think you're better off just studying everything rather than wasting time guessing what the question is.

Yeah, thats what I was thinking. But, there would be another (1, maybe 2) choices for extended response, which of the other options do you think it would most likely come from? Effect of rising and falling interest rates?

 

[ttong]

jst know your stuff, the outlines the teacher gave you pretty much cover everything that you need to know. better safe then sorry. good luck

 

[nlibardo]

ive got my prelims atm
and the markets we have to study for
is just markets, labour markets and financial markets

hope that helps!

 

[thisbetterwork]

Because of lack of understanding, I have decided I wont even study that area.

If its the extended response, depending on questions available and if I remember it, I might go for it.

If its a short answer, well, unless I remember it im :angry: