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How to answer Exam Questions. Sam is a year 11 student and he enjoys drama, public speaking and being in the schools juggling club. He has a part time job mowing lawns on Saturdays which sometimes clashes with drama rehearsals. 1. State two of Sam's limited means Family, Income, Time Skills
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Sam is a year 11 student and he enjoys drama, public speaking and being in the schools juggling club. He has a part time job mowing lawns on Saturdays which sometimes clashes with drama rehearsals • 1. State two of Sam's limited means Family, Income, Time Skills • Describe the conflict Sam faces on Saturday Sam only has a limited amount of time. Because of this he faces the conflict of not being able to attend both the drama rehearsals and mow lawns 3. Last Saturday Sam had drama rehearsals. state his opportunity cost. Opportunity cost is defined as the next best alternative forgone. If Sam chooses drama rehearsals then his opportunity cost is to mow the lawns The rule to remember limited means is FITS • To answer exam questions • Read the question • Highlight command words • Write notes • Answer the question • Check you answer
Answering Explain Questions • Sam buys three ice-creams when the price is $2 and four ice creams when the price is $1. Explain how the information above demonstrates the Law of Demand. Write I E R next to each line in the answer I E R Identify economic concepts in the question and define them. Law of demand is when price increases and quantity demanded decreases vice versa, ceteris paribus. Start Explain sentence with because Because, as price decreases consumers become more able to purchase the good as it is now more affordable. Relate the answer back to the question Sam’s demand for ice cream demonstrates the law of demand. When the price was $2 the quantity demanded was 3 when the price was $1 the quantity demanded was 4
Plotting a demand curve _(who’s)_ demand curve for _(what)_ Demand curve No overruns or extensions to the curve Sam’s demand curve for texting Price $ per text Price $ per text Show plotted points (make them large) Label Price $ (and units) Label curve with a D The line graph of data is called a demand curve Label origin Scale even and constant Label quantity (and units) shows different quantity demanded at different prices D Quantity (minutes)
Illustrating a Movement Sam’s demand for phone minutes per week The price of texting falls from $1 to 20c. Sam's original quantity demanded was 30minutes now Sam's demand is 60 minutes show this on a demand graph How to show a movement: • Dotted lines • Arrows • P–P1 and Q–Q1 Price $ per min Draw arrows next to axes to make sure they don't overrun past Q and Q1 or P and P1 $1 P 20c P1 Quantity (minutes) Q Q1 30 60
Revise Content a movement of demand All NON PRICE changes MOVE the demand curve TICS T=tastes and preferences I= Income C= Complements S= Substitutes DAL Dotted lines Arrows Labels Price $ P D1 D Q Q1 Quantity • Increase in demand will be caused by • Increase in the price of a substitute • Decrease in price of complement • Increase in Income • Increase in preference for that good
Common mistakes for illustrating a shift Drawing a movement along the curve when it should have been a shift Forgetting to label with arrows, dotted lines and P1 and Q to Q1 Over –running arrows (only between Q and Q1, not beyond) Shifting the curve the wrong way Forgetting to label new curve or draw arrows between curves
Now try for yourselves • Workbooks • Page 32 • Page 38 • Page 53 • Page 58 • Try two of these pages. Then go through and write definitions to all your words in your vocab list. • Then write some cue cards and test each other (see me for help)
