Preparing for the Synoptic Economics Exam

The synoptic paper tests your understanding of both micro and macroeconomic theories and concepts. The content you have revised for the first two papers remains the same but now questions will range across the specification and in some cases will make it clear that you need to bring both micro and macroeconomic aspects into your answer.

Check carefully across the first two papers that your exam board has set for this year and think about which main areas of the specification (micro and macro) have not yet been covered. This might help you narrow down a little the areas for renews focus in the 24-36 hours before the paper.

Synoptic reminders

Try POPSICLE for micro aspects

• Prices: Prices for consumers, paid to growers
• Output: Production for individual firms / sectors
• Profits: Supernormal, normal, subnormal
• Structure of Market: Oligopoly, monopoly, contestable market
• Inefficiency: Allocative, productive, dynamic, X-inefficiency
• Competition: Price and non-price competition in markets
• Labour Market: Impact on levels / pattern of jobs, real wages
• Externalities: Effects on social costs and benefits

Remember that markets and market failure and theory of the firm / market structures usually figure highly in the micro questions.

Try DIGESTIF for macro aspects:

• Development: Human development, sustainability
• Inflation: Cost push / demand pull factors, expectations
• Growth: Impact on short run / long run growth paths
• Employment: Jobs, natural rate of unemployment
• Structure of Economy: Pattern of GDP, jobs, investment, incomes
• Trade: Trade balance, current account, capital flows
• Inequality: Effects on income and wealth inequality
• Fiscal Balance: Impact on state borrowing, debt, tax burdens

View our comprehensive playlist of SYNOPTIC ESSAY VIDEO GUIDES over on the Tutor2u Youtube Channel:

https://www.youtube.com/playli...