the perfect extended answer
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Copyright © 2015 Active Educationpeped.org/economicinvestigations
The Perfect Extended Answer
Copyright © 2015 Active Educationpeped.org/economicinvestigations
The Perfect Extended Answer• Should you start with a plan?• Should you draw a spider diagram• Should you question spot?• What skills do you need to demonstrate?• Is it good to include diagrams?
Copyright © 2015 Active Educationpeped.org/economicinvestigations
The Perfect Extended Answer• Is it appropriate to use bullet points?
• Are there right and wrong answers?• Should you start with a plan?• Should you draw a spider diagram?
Copyright © 2015 Active Educationpeped.org/economicinvestigations
• It may help you to provide a structure for your • work. A good plan can help you to focus your• work and to manage your time more• effectively.
• A good plan is only of use if you stick to it!
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Can you prepare an extended answer?• This can be a dangerous strategy. • Students may rely too much on a prepared answer and
may be unable to adapt if their question does not appear on the paper
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• On a previous exam paper students were asked to consider the effect of the Business cycle on business decisions
• Many students chose to answer a different question.
Copyright © 2015 Active Educationpeped.org/economicinvestigations
• Read the question carefully
• Rush headlong into answering the question and you could misinterpret the question
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Q. Evaluate the likely impact of the business cycle on computer manufacturers
What’s important?
Q. Evaluate the likely impact of the business cycle on computer manufacturers
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Evaluate the likely impact of the business cycle on computer manufacturers – Questions to ask
• What is the business cycle?• How might it affect firms in general?• How might the business cycle affect computer
manufacturers?• What strategies might computer manufacturers employ
in order to reduce the impact changes in the business cycle have upon their business?
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Evaluate: -
• Demonstrate an ability to examine the arguments critically
• Highlight different points of view
• Weigh up the strength of different factors or arguments
Copyright © 2015 Active Educationpeped.org/economicinvestigations
• Impact of the business cycle –
• What is the business cycle?
• How will it affect firms?
• Will the affects be positive or negative?
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• Computer manufacturers –
• Arguments must be linked to the computer industry
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Getting started – demonstrate your knowledge
Definition – The business cycle (trade cycle) is the pattern of growth and contraction within an economy. It is measured by the change in GDP from one quarter to the next.
BoomRecession
Slump
RecoveryRecession
Slump
Recovery
Copyright © 2015 Active Educationpeped.org/economicinvestigations
Copyright © 2015 Active Educationpeped.org/economicinvestigations
•Increase in profit margins?•Rise in profitability?•Economies of Scale as firms operate at or near full capacity?•Firms may seek to expand sales and distribution networks
Remember - answers are seldom black and white. They are usually differing shades of grey.
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Candidates who fail to recognise the dangersof generalised assertions may lose marks.
Not all firms are the same.Some firms are better organised, better managed
Some firms have better products, better marketing and better distribution networks
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Copyright © 2015 Active Educationpeped.org/economicinvestigations
Strategies
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Slump
• Cut overtime• Seek to cut costs• Reduce staffing• Offer incentives to attract customers• Aggressive marketing• Emphasis on budget and value systems
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Maximising your marks• Contextualise• What happened to Tiny when sales slowed • Down?• How will recession affect suppliers?• What strategies have suppliers adopted?• Could they be applied to computer • Manufacturers?
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• Draw on concepts• Supply and demand• Economies of scale• Product lifecycle• AD/AS• Theory of the firm• Inventory cycle
Copyright © 2015 Active Educationpeped.org/economicinvestigations
• What questions might you ask yourself in order to help you answer this question?
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