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Biz-omics
เข้าร่วมเมื่อ 6 ธ.ค. 2016
Biz_omics offers free mini-lessons. Every topic considered is designed to provide the key skills required by exam-boards. Including:
- Knowledge and understanding
- Application
- Analytical consideration
- Evaluative consideration
In the majority of videos, I offer contextual examples to illustrate the topic.
All topics are appropriate for the majority of business studies and economics GCSE & A-level exam-boards, as well as IB.
- Knowledge and understanding
- Application
- Analytical consideration
- Evaluative consideration
In the majority of videos, I offer contextual examples to illustrate the topic.
All topics are appropriate for the majority of business studies and economics GCSE & A-level exam-boards, as well as IB.
Supply Side Policies
What are supply side policies, the type of supply side policies and differences between them. Analyses and evaluates the effectiveness.
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วีดีโอ
AQA Economics Paper 3 2023 10 Marker
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Sri Lanka’s GDP per capita means that, on average, individuals have more income and purchasing power. This is because the country has higher value of output per head compared with Bangladesh. As a percentage of Sri Lankas, Bangladesh’s is only 53% and Pakistan’s is 32%. This should translate in Sri Lankan citizens having a higher average income to afford goods and services, which enhance their ...
Evaluate in OCR GCSE Business Studies
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Ways to support evaluation in OCR GCSE Business Studies. The example in the final part of the video, would be that of a judgement only.
10 Mark Question Quick Tips
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Quick tips for the 10 mark question as part of the AQA A-Level Economics Paper 3. For greater insight in to how to tackle the question, check out the channel
OCR GCSE Business 9 Mark Data Question
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With reference to the data, found in GCSE Paper 1
AQA Business 3.10.3
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Based on Managing Strategic Implementation. - Critical Path Analysis - Product-Based Organisational Structure - Matrix Structure - Regional Structure - Functional Structure
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Managing organisational culture considering Handy and Hofstede
Government provision of healthcare
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Considers the diagram to highlight allocative inefficiency
Difference Between Merit and Public Goods
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Video summarising the differences between a merit and public good, considering the difference in: - characteristics - diagrams - types of market failure
Average Rate of Return GCSE OCR Business Studies
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Average Rate of Return GCSE OCR Business Studies
Public Goods, The Free Rider Problem and Complete Market Failure
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Public Goods, The Free Rider Problem and Complete Market Failure
GCSE OCR Business Studies Financial Calculations 2
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OCR GCSE Business Studies Financial Calculations 1
Lyda Wells
gr8 m8
Another great video! Would recommend for anyone wanting to do well in their A-levels!
hey what type of limitations can u normally talk about|?
Very much depends on what is given but my advice would be to look for inconsistencies and consider what’s missing
hi sir, just a few questions. we were told to have strictly one point referring to macro points and another to discuss micro - is this valid? , also there was not any diagrams used in your answer so are they necessary for 25 markers?
100% not! Unfortunately not the greatest advice! You base it on what the question asks. Do not try to tick a box by doing one macro and one micro, you’ll notice that none of the mark schemes consider this! Regarding diagrams, I would recommend a diagram! In my answer I could have included the following: - AJ/LF curve - Lorenz Curve - PPF shift or LRAS - economic cycle with automatic stabilisers - crowding in effect - AD double shift to highlight accelerator
Here is an example: Year: June 2020 Question: After considering Extract D, and the original evidence in Extracts A, B, and C, would you recommend that the government implement a further substantial increase in the National Living Wage? Justify your recommendation [25} I have marked a paper and felt the feedback given would be useful. Accurately said that such a policy, based on the information presented in the data would result in real-wage unemployment. The argument was well analysed and backed up with evidence but only focused on a macro aspect when there were micro arguments, which may have provided greater insight. As the NLW is the central focus and it is the legal minimum amount you can pay a worker, it goes across all different labour markets in that given country. So yes, it could result in real-wage unemployment, but would it create greater unemployment in certain markets and should we consider the wage elasticities? Could we even consider impact in potential monopsony markets? This then enables greater analytical and evaluative insight. This therefore takes on both a macro and micro outlook, which is relevant and not forced.
Super helpful. Thanks!
Of course! Video helps as always
Hi! Please can u make a similar video for Paper 3 Qs 15m, 25m. Super helpful and straight to the point. Loved this content and all ur videos. Thanks a lot!!!
Quite challenging to do for 15 and 25 because they can be so different but what I would say is for a 15 marker, aim for three issues! For paper 3, it’ll be data response so respond to the data. Find the clues in the extracts to drive your points and then let the theory take over within your chains of analysis! Might not say you need a diagram but examiner most likely expects one! For a 25 marker, ensure you break the question down, what is the examiner asking for? Again, find the information in the extracts to drive your arguments! Remember to evaluate throughout, this doesn’t simply mean a counter point but evaluative language and considering the bigger picture, for example what do these points depend upon?
@biz-omics8348 God Bless You!! Thanks to all your videos, I felt very confident in my exam! Thanks for the speedy reply as well.
good video man, i feel like i would rather just hope most of these dont come up in the exam, but i rlly appreciate summary's like this
hey, I wanted to ask for the 25 marker if the question is more of macro are u able to talk about micro content or just macro.
So, you’ll have to very much base it on what the question asks. Whatever you do, don’t force both macro and micro content. Just consider what the question is asking, what evidence is in the extracts and use that to guide your analytical arguments and evaluation. If it lends itself to both macro and micro then perfect! Often it’s based on policy decisions and usually the policies are mentioned in the case study but clearly, we won’t know until the time you sit the exam! If the issue is very much macro but micro market decisions are needed then just ensure you link back to what the question is asking and the wider, macro issue!
@@biz-omics8348 thank youu.
Great video! Wish i saw ur channel soon enough. Super helpful! Thanks a ton🎉
*many
I am so grateful to you for this video! Absolute masterpiece! You are going to may great places. Thank you for this ❤
is there any case for these 10 markers where we would need to do an introductory paragraph outlining the points we will make?
Doubt you’d have time. But if you wanted to quickly introduce it, only do so by defining the key concept e.g economic development in 2023
@@biz-omics8348 okay thank you, so we can get full marks without it?
Thanks mate watching this right before my exam lol
you are an absolute legand. gona clutch my test tmw fr
Now going through your videos for son number 2!
I hope they helped with son 1! And continue to help with son 2!
Do we just do 3 paragraphs similar to that shown at 10:36 and then a final conclusion summarising? Also, Thank you so much for this video. : )
3 issues needed for L3, so I would say that equates to 3 analytical paragraphs. Make sure to USE the data, not just quote it and offer reasoning. The 4th paragraph is your overall judgement and include at least one limitation to the data.
Hello sir . Would you please mind summarizing the budget please . I don’t really understand how we can include this context in our exams
This last budget? Sorry, not sure what you mean?
@@biz-omics8348 the Spring budget announcement by Jeremy hunt a couple of days ago ?
Could you please do mcqs based on each topic?? You explained an mcq in 15 secs that my teacher couldn’t in 15 mins 😅would mean a lot
Have you been on the tik tok account?
@@biz-omics8348Yess that’s how I found you. Keep up the good work mate!!! Recommended u to my friends, u helping a whole bunch of us now 😊
Hi i did this querstion in a mock and i said the following things but my teacher gave it a 6/10. He did not provide feedback. Would you agreee with his mark. In my exam i get extra time so i mak sure i spend around 30 minutes on this question as i find this question hardere than the next 15 marker. So i dedicate 30 minutes to this: Ive put my essay below- and it would be highly appreciated if you can skim through it as an AQA Examiner and just give me anty feedback you can or a mark you would give it. Thanks a lot!!!!!! ANything tyhat is underlined or has. a line going through it is just an error with my keybboard, so dont think i cxrossed it out. Thanks!! From Extract B it is evident that the uk sector is in decline since 2003 because the index of manufacturing output in 2003 was at around 97.5 and decreased to around 96 in 2015. This therefore shows that the UK manufacturing sector is in decline since 2003. The decline in manufacturing output May have arose due to a loss of productivity of workers in y rate the UK. The uk’s manufacturing sector has around a 20% lower productivity rate than the g7 members and so therefore due to a fall in productivity of manufacturing workers this might help explain the decline in manufacturing output. Furthermore it is known that since 2003- the uk economy has restructured moving away from the manufacturing sector to the tertiary ( service) sector and so perhaps this could explain the decline in manufacturing output. However what is Significant to note is that whilst manufacturing output has declined suggesting that the uk manufacturing ase ctor has declined, one cannot say that it has majorly decline d according to extract b, This is because the Index of manufacturing output 2003 to 2015, only declined by 1 an index of 1.5 , and so one cannot argue that is has declined Massively. Furthermore there has been a recovery for the manufacturing industry for instance after 2008 where manufacturing output fell from an index of 100 to just above 90, towards the end of 2009 there was a recovery period where manufacturing output rose from just above an index of 90 to around 97, where it has remained there until 2015 suggesting that whilst it did decline from 2003-2015, it has also recovered and remained the same. Secondly, ,manufacturing employment has declined between 2003-2015 suggesting that the uk manufacturing industry is indeed in decline and has been in decline. In 2003 employment was just above 36000000 but it has declined to to around 32000000 in 2015. A decline of over 400 thousand workers. Therefore this shows that as demand for UK manufacturing has decreased due to the rise of Chinese manufacturing as it is more desired by the world as it is cheaper, due to derived demand ( demand for uk manufacturing declines) so unemployment in the manufacturing industry rises. However, this data was only carried out until 2015 and so since then the data could have changed. Perhaps a wider variety of years would have been useful to see a bigger trend in unemployment, Moreover, a future forecast would be beneficial to see, ie from 2015 onwards, which could therefore help us predict the future of the uk manufacturing industry, Perhaps it might recover again back to 2003 levels or even further in the future, and so the uk manufacturing industry won’t be in a decline. Furthermore the average annual growth rate in uk manufacturing output in a % has declined from 3.4% between 1949-1973 to 1.1% between 2010- 2015. This suggests that due to a decline by 2.3% in UK manufacturing the manufacturing industry in the uk was in decline. ts might be because of a loss of international demand for uk manufactured goods, evidenced by figure 3’s rise in imports in the uk from 2003-2015 from 239.5 billion to 4.10.7 billion. Therefore due to the fall in the demand for uk manufactured goods ie due to them being less internationally competitve than other countries g/s ie China, the uk’s imports rose increasing the current account deficit between 2003-2015 due to the fall in manufacturing competitiveness, evidenced by trhe fall in the Annual average rate of growth in UK manufacturing output. However whilst it has declined from 1949-2015 , there were periods of growth. Ie between 1974-2007 uk manufacturing on average grew from 0.1-0.9% an increase of 0.8%. And also following the negative growth of -9.4% in 2009, manufacturing greowht on average grew massively to 1.1% between 2010-2015 An increase of 8.3% removing the manufacturing industry from a period of negative growth, This therefore indicates that whilst the uk manufacturing has shrunk on average if we just comparer 1949-2015 ,, thjere were periods of growth as well. Sine it ionkty end wsin 2015- wer don’t know how the uk manufacturing industry is in 2024- or has changed since 2015-2024. Perhaps it has rose from a 1.1%growth rate now and perhaps now it could be even greater than that of 1949. Thereofre this is a limitation of the data provided. Overall based on the evidence provided by extract b. the data supports the idea toa very large extent that the UK manufacturing sector has been in decline since 2003. This because of the fall in the average growth rate in uk manufacturing shown in figure 4, the rise in imports in the uk due to a perhaps loss in Uk manufacturing competitiveness, so less uk produced manufactured goods are exported round the world. Additionally the fall in manufacturing employment, and finally the fall in manufacturing output shown in figure 1. Whilst all this suggests that the uk manufacturing sector is in decline however, extract B could have provided a forecast to the future predicted/expected growth rate or decline rate of the uk manufacturing industry which would be helpful in seeing the future for the Uk’s manufacturing industry. Perhaps in the future it might not be in a decline. Perhaps the uk government could introduce supply side policies to make the manufacturing industry more productive and efficient and thus it might grow in the future. However the evidence clearly supports the idea toa very large extent that the UK manufacturing sector has been in decline since 2003.
I would recommend asking your teacher for feedback. Asking them what they would recommend for you to do to get L3 on this answer and then perhaps share with me their comments.
Hi ive just spread your channel acrosss and my friend wanted me to ask you , for the 10 marker in P3, is 1 piece of evidence/extract per point you m,ake enough. ie this is how we do it: Define key terms P1) The data supports the argument that ( ...) because the data shows that GDP rose by ...... ( quote what exactly the data shows). --) - this therefore shows that..- Thisis becuase ( use Economic theory) do i then have to being in another piece of evidence from the extract or is 1 per point enough? Thanks. P2) same thing P3) same thing P4) Evaluation of data. P5) Judgement. ---does the data provided in the extracts answer the question that youve been asked - IF SO Clearly state yes to the examminer and explain why. Thanks.
So for the 10 marker, I wouldn’t bother defining key terms. I would have 3 analytical paragraphs, and one evaluative paragraph. Where you include the limitation of the data is up to you…final paragraph or in one of your earlier! How much data you use is dependent on the paper! How many figures are presented in the data? Clearly it has to be realistic to time allocated. My advice would be, as you’re reading the figures, calculate and annotate a plan whilst doing so!
Hi and for the 25 marker, where your given an exteract and told to use it ie for P1-3, is using 1 piecve of data/contezt per paragraph enbough for level 5 ( assuming that the knowledsdge is good and the diagrams are drawn and evlauaiton is included, With a final paragaph includign a judgement. Thanks.
One piece of evidence per paragraph?
@@biz-omics8348 sorry . So for the 25 marker is using 1 piece of data and context from the extracts provided per paragraph I do enough. Ie INTRO- define terms and give judgement P1) Point because therefore THEN USE CONTEXT ? so is 1 piece of Evidence from the extracts per Paragraph enough ? Thanks a lot your a absolute savior from your videos
For a 25 marker I would: Small P1: intro, define key concepts. P2: argument 1: point, reasons behind the point, use evidence (data) to support your point, then offer logical chains of analysis. P3: evaluation of argument, e.g. what does this depend upon? P4: argument 2 P5: evaluation of such argument P6: overall judgement! Make sure there is weighted justification! Regarding diagrams, very dependent on the question. Majority of the time, there will be plenty of diagrammatical opportunities.
Hi- to get level 5 for 25 marker it says , good use of relevant economic principals to the given context and where aprporiate good use of data to support the response. Now - what is the difference here between data and context- isnt this the same??- and also what is the harm of using your own real life examples for the questions in section 1 for p1 and p2 ( the ones that give you an extract). If they give you context could you add on what you want from your real life examples bank as long as it is reelvant to the question asked. - iE - If the questipon asked speciifcally asks in relation to the uk but you brought up an exasmple that occured to spain for instnace would you be discredited. ? Thanks a lot. !!
So if it is a data response, you should respond to the data. There should be enough key data for you to apply your points to. There is nothing wrong with using your own contextual knowledge but just don’t neglect the case study presented. The case studies are designed in such a way on purpose, lots of clues, which should drive and support your analytical and evaluative arguments and provide evidence!
What are the points you would include ikn the part where you would alk abotu the limitatiso of the data. ie how long ago it was produced, the timre frame ti was prodiuced between, missing thinfgs that could have been included ie ....
I would focus my limitations on figure 3, which considers profit before tax and interest. As both airlines originate from different countries, they would have different tax systems and also as we don’t know the airline’s level of gearing, we’re unsure on the amount of interest charged and how both might impact retained profits and R&D.
You’re a legend keep it up
cheers mate
hidden gem
good video, very helpful
Great video
Just be careful with the wording of ARR questions. If for example it says net profit for machine, then this profit is specific to the machine so cost has already been deducted!
@@biz-omics8348 okay thank you for letting me know I hope I do well in the exam tomorrow
Thanks man, very helpful
bit late to be finding this vid the morning of but wow its absolutely amazing. so helpful and will be using tips from this :)
Whats a cyclical fluctuation in demand ?
Fluctuations in demand due to changes in the economic cycle! For example if there’s a downturn in the economy, demand falls for the sector!
Would you say this 15 marker is most similar ?
What are the bits in red writing showing for the exemplar 10 marker ?
Evaluative consideration
so for exmaple if its asking if further intervention in a market is neccary but intevtion is already taking place should my FOR points focus on e.g a higher subisdy not just a subsidy?
I would but examiner would most likely accept subsidy in general but to show higher level of evaluation and analysis, it would be stronger to consider a pre-existing subsidy.
helpful
Also, do you only mention the limitations of the data sets in the final judgement at the end ?
Up to you! Doesn’t have to be in the final judgement.
Do you need to do chains of analysis. I find that for 10 marks, a huge amount of writing is expected for such a small amount of marks.
Chains of analysis are needed but not to the depth, seen in 15 markers!
@@biz-omics8348 Hi Sir, thanks for the rapid response. Appreciate it allot !
absolutely quality video mate
So you don't have to include a limitation for all 3 of your points?
No, time management might make that hard and also the limitations of the data might be the inconsistency between the figures or what’s missing, for example what data is not included but could help with your decision
hi, I wonder in paper 3, is it acceptable to like, take a few phrases from the paragraphs from extracts as my application in the 25 marker, instead of using the main opinions expressed in those extracts? For example, if extract A talks about subsidies being useless in a sector, can I still argue for it in a paragraph, but later use the lines in extract A to evaluate it? Or maybe, my entire point is simply based on one very small sentence in the extract, is that ok?
Yes, sounds absolutely fine. But let’s say it suggests subsidies are useless, you would have to consider why they’re intervening with subsidies in the first place! That will be your main analytical argument and then you can use the phrase about it being useless as your counter, evaluative point!
These run throughs are really useful. Thank you!
saving me here with these videos
can you do some other years before the exam on monday?
You're absolute class, I just watched the 2017 one, you're the only person who's actually done an example 👏
Please can you do a video going through a paper 3 15 marker?
Done - check the channel.
You’re a goat, not many people have videos like this. Ty
Can you repeat evaluation points in the final judgement or should they be new evaluation points ?
No need to repeat! Why write it twice? Examiner has read it once, won’t want to read it again! Also, consider time management! If you want to offer evaluation throughout then perhaps focus on limitations.
For the 10 marker, do you only use the data from the extract mentioned in the question ?
I understand that other extracts can be used, but for time, would the use of one extract limit the marks you can get ?
The data in the extract mentioned is the most important and you can get full marks with using that alone!