Economic Environment of Business Lecture Ten Exam Advice and Tips

Exam Detals 2 hour exam (120 minutes) Answer any two from five READ through and choose = 5 minutes READ through at end =5 minutes Leaves @ 1 minute per mark!

Exam Paper 2010 QUESTION ONE Define. (20 marks) Discuss . (30 marks)   QUESTION TWO Briefly outline reasons (10 marks) Why have .....? Outline some of the problems they have encountered. (30 marks) QUESTION THREE Identify the main .... Consider their relative merits. (30 marks) What do you understand by the ...? Identify the main policy instruments used by the UK government and comment on their effectiveness. (20 marks)  QUESTION FOUR  Briefly outline.... (15 marks) Discuss the .... (25 marks) Explain why the .... (10 marks)  QUESTION FIVE  Explain what is meant by the .... (5 marks) Explain .... (20 marks) Why might a ...? (25 marks)

Example Define what is meant by an incorporated firm? The key aspect of an incorporated firm is that it enjoys a separate legal identity from the owner. This is important as it allows for limited liability for investors in the company, allows for a firm to be taken over, and thus enables firms to grow. An example would be a PLC such as William Hill PLC, or Segger GmbH.

Explain To obtain full marks you should: Write a continuous essay containing: An introduction stating how you will answer the question A discussion of arguments for/against where appropriate A conclusion summing up your main arguments

Example Explain the argument for convergence with reference to regional problems? Need to explain terminology and how you will answer the question The main body will be split into two sections – convergence and divergence Use diagrams if it helps you explain clearer. Say how likely convergence is. Sum up the arguments in the conclusion

Discuss Spend one minute per mark Your answer should again be in essay form You should provide your terms of reference in your introduction You should outline key arguments You should provide a summary

Example Discuss the effect of development of the internet on employment prospects. First; you need to define terms and explain how you are going to answer the question. Second; your main body will need to include a clear outline of the type of work that will be created by these developments and that which will be lost. You need to discuss the role of the internet in spreading information, and the effect that this has directly and indirectly. E.g. for research and development etc. Mention of derived demand and the effects that these developments create. Finally; you need a summary of your findings.

Plan for Introduction Main Body Conclusions How am I going to answer the question? Main Body What is the case for? What is the case against? Which is superior and why? Conclusions What were my main findings

What sort of topics can come up? You need to answer 2/5 questions. You should therefore revise 3 or 4 blocks of topics in case you do not understand a particular question. The following list of topics shows groups of topics which can formulate a question:

Topics Possible revision strategy: Any four of six blocks Mergers and Competition policy Privatization and nationalisation Regional and Urban issues Sectors; deindustrialisation Structures and Objectives; legal stuff and Owners and managers (SRM, etc.); small firms Globalisation, GATT etc.; Multinationals NB there is no guarantee that there will be a question from each block

Referred/ Deferred It is usual to cover different topics in a resit paper. Advice will be given at the appropriate time.

Revision Do not spend too long in each session. It is better to do little but often. Plan your sessions and do not be distracted. Try the ‘blank paper method’. Finally, good luck with the exam.