Synoptic Knowledge

This paper tests synoptic knowledge. Thus if you have a thorough grounding in the rest of the syllabus you should be prepared to answer in an Economic way. The key is to match the areas of the whole syllabus with aspects of the case study.

Thus:

Competitive markets and how they work:

This occurs:

Supply and demand of butter (Ex 1)
Impact of changes in price of inputs (Ex 1)
Impact on world oil prices on biofuels (Ex 4a)
Impact of increase in biofuel production (Ex 4a)
Rise in world food prices (Intro)
Emissions Trading Scheme (Ex 5)
Low carbon technology (Ex 5)

Market structures

Impact of monopoly on food prices (Ex 3)

Economic efficiency

Market mechanism to solve problems (Intro)

Market failure

Market instability as the basis of agricultural support (Ex 2, Ex 3, Ex 4b)
Carbon emission as an externality (Ex 4b, Ex 5)
External costs of biofuels (Ex 4b)
The market and equity (Ex 3)

Government intervention in markets

EU Intervention or Buffer Stocks of butter (Ex 2)
Maximum price controls in Russia (Ex 3)
A return to planned economies and central control (Ex 3)
Market regulation (Ex 3)
Set aside and CAP (Ex 4b)
Production subsidies (Ex 4b)
Pollution permits (Ex 5)
Welfare benefits to reduce the impact of inflation (Intro)
Government failure (Intro)

Macro economic performance

Measuring inflation (Intro)
Consequences of inflation (Intro)

Macro economic processes and policies

Transport Infrastructure (Ex 4b)

International trade and protection

Removal of tariffs (Ex 3)

So the important thing is to revise those key areas of the WHOLE syllabus