4th short answer question (1 Viewer)

[mushroom_head]

Hey, you know that 5 mark question at the end of the short answers asking you how productivity is increased, what did u guys write? i think i stuffed up that Q...5 marks!

 

[Shuter]

I thought the one at the end was the economic growth vs nature.

Anyway I wrote about that it promotes a free market economy with no articial barriers to production. This means that firms will compete to sell the most and thus want to make their goods the cheapest in order to do this. This requires increases in efficiency to make sure they can produce goods for the lowest possible cost and be the most competative. Since there are no artificial barriers resource distribution accurately reflects the demands of consumers or something.

I can't quite remember but that was the gist.

 

[Mannix]

??????????????

 

[dritz2003]

??????????????

Exactly....... I can't remember anything about this question, or economics for that matter.... all I know is, Johnny Howards' doin a real good job keeping our 'rates low

 

[mushroom_head]

ahhh...alrighty..
i hope i got at least 3/5 for that Q cuz i had no idea what i was rambling on about when i was writing

 

[Mannix]

what was the question? roughly?

 

[Rorix]

I thought the one at the end was the economic growth vs nature.

Anyway I wrote about that it promotes a free market economy with no articial barriers to production. This means that firms will compete to sell the most and thus want to make their goods the cheapest in order to do this. This requires increases in efficiency to make sure they can produce goods for the lowest possible cost and be the most competative. Since there are no artificial barriers resource distribution accurately reflects the demands of consumers or something.

I can't quite remember but that was the gist.

i see you ignored labour market and financial market deregulation
just like me

 

[Shuter]

Yeah this was one of my weaker areas, but honestly I had trouble even fitting what I wrote into the space.

 

[Rorix]

i just had a mind blank regarding labor market and financial so i shitted on about industry deregulation, pretty sure i'll lose 2 there (although i sorta mentioned wages being productivity linked)

 

[ar5ena1]

you're suppose to say dereg --> creates a situation where only market forces operate and hence a more effiecent allocation of resources exists. Furthmore that deregulation of markets, such as telecommunications ie. telstra, or aviation ie. qantas have led to increased competition leading to more productivity as firms and industry much compete with new rivals.

And crap on.. 5/5!

 

[Mannix]

yeah, I did it a bit differently.

I talked about deregulation in the context of labour market and financial markets.
Labour Markets - leads to productivity based on wage bargaining, less industrial disputes as well will keep productivity increasing.
Financial Markets - Easier flow of funds, makes investment better allowing for increased business activity -> increased productivity


is that ok?

 

[Rorix]

i wouldn't give you 5/5 for that shit lol

you still havent explained why deregulation makes Australia more productive, and the answer isn't just 'greater competition'. More efficient allocation of resources is borderline and just having 'greater competition' doesnt mean better allocation of resources - larger firms have economies of scale anyway.

Plus you've ignored labour and financial deregulation.

 

[Rorix]

I talked about deregulation in the context of labour market and financial markets.
Labour Markets - leads to productivity based on wage bargaining, less industrial disputes as well will keep productivity increasing.
Financial Markets - Easier flow of funds, makes investment better allowing for increased business activity -> increased productivity

is that ok?

yeah your labour markets is pretty good, for financial saying something about how investment encourages the sharing of technical expertise would have been good, and a mention of deregulation of industry would have been good too

that's probably a 4, if you mentioned industries it would have probably been a 5

 

[Mannix]

fair enough, thanks champ

 

[mushroom_head]

damn! i don't think i even got 3/5 then!! =(

does talking about a decentralised labour market count?

 

[ay_caramba]

labour mkt- had linked wage increases to prody increases- greater incentive for workers to maximise prody... also how more flexible for employers to make working arrangements that maximise prody
financial mkt- financial firms face increased competition from overseas banks, encourages them to innovate and improve services-> greater prody
telecommunications mkt- greater competition, very competitive in offering long distance calls-> lower prices ...

um and thats all i could fit in..
didnt really like this question much...it was 'iffy'

 

[Rorix]

yeah, you should try to link to 'deregulation' rather than 'decentralisation' though

 

[mushroom_head]

argh...now i'm desperately praying for 2 marks. i didn't mention anything about financial markets. i had no idea what this quesiton was asking so i just said something about increased technology leading to greater productivity since machinery can work at a faster rate than people. i'm sooo screwed.

by the way..do u think i'll get a mark for providing a definition of deregulation?...?......please?

 

[ar5ena1]

lucky your not the marker then

 

[Rorix]

unfortunately my teacher with about 20 something years experience to the point where the BoS rejects him from marking because he's 'too experienced' is....

because i did the same things as you

mushroom: yes, defining should get you one..but (for others) it's not necessary to get 5/5.