22 November – IB Economics Study tips (may have heard in other classes) Go over the effects of a subsidy Apply subsidy concept to US/Brazil case (Student Workpoint 5.4) If time: Start to revise (review) * 2nd half in E102 What are subsidies and how do they impact markets?

Strategies for Exam Room Re-read the question. What is it asking? Check how many marks (points) are awarded for each question. Where should you focus your time? Don’t write down everything you know. Don’t try to answer everything in 5 minutes. Use spare time to review your answer. Label your Econ diagrams. Leave a margin on the answer sheet for the examiner to make comments. Consider answering the easiest questions first.

Study Tips Create your own questions. Do practice tests. Use flashcards for review. Spread your studying over a period of time. Form a study group. Don’t underestimate the study time required to do well.

How much study time does it take? “At the college level, my low-performing students frequently protest their low grades by telling me, ‘But I studied for three or four hours for this test!’ I know that the high-scoring students study about twenty hours.” - Professor Daniel Willingham of the University of Virginia

Note the following: You’ll have a few class periods for revision. The Economics course will be a bit lighter the next few weeks (i.e. not much out of class work). You’ll get the specific exam topics in early December.

1.3 Government intervention Indirect taxes Subsidies (today’s focus) Price controls

What is the difference between a subsidy and a tax?

Syllabus Items 28 Explain why governments provide subsidies, and describe examples of subsidies. Draw a diagram to show a subsidy, and analyse the impacts of a subsidy on market outcomes. Discuss the consequences of providing a subsidy on the stakeholders in a market, including consumers, producers+ government

http://blogs.yis.ac.jp/claireramsey/2013/01/07/economics-study-hall-assignment-6/

Syllabus http://ibeconomics-isd.weebly.com/