80daysofproductivity

[80daysofproductivity]

Prepping for tmrws math exam 5 hours beforee woooo!!!!

[80daysofproductivity]

Today’s post is for HL English (Lang and Lit) Paper 2!

One of my preparation tools for this exam specifically is creating a “Cheat Sheet” or a “Toolbox” which sums up everything that is important. (There are two books we need to know for this paper, so I have a cheat sheet for each) Now I don’t write this cheat sheet as I take notes, or use it as a note taking tool etc, instead I have all my notes in another place, and I’ve spent the past week creating notes and learning/ research more about the book. After my notes are complete, I get a sheet of paper, and write down everything which I think is important from my notes (and most of the time simply based off of memory and not just copying down from my notes so I know what I actually know! 

Colour coding is also really helpful especially with memorization. As you can see in this one; I have quotes down in red, simple explanations in orange (so I know that I understand the quotes and their purpose), then in blue I have two sections, one for context of creation and one for context of interpretation, with the respective lenses I’m exploring, finally on the bottom, there’s a techniques section for themes. This Sheet thus has everything that is significant to me and that I can use on this exam! I find this super helpful especially as it shows you whether you really know the stuff or not. That way, I can also memorize the quotes I chose, simply by looking at this sheet, instead of going through all my notes and all quotes (10,400 words document). 

That’s it for today’s study tip! 

My first exam (HL ECON PAPER 1) is in less than 24 hours, so I will probably be spending the rest of my day studying for that!!! 

[80daysofproductivity]

Loving economics rn so much tbh! It’s even making me consider what I wanna pursue LOL!

Today’s been very productive in terms of economics, but nothing else! I’m officially done all my notes, and studying for my exam, all that’s left is that I continue to review and do practice papers until my exam which is in THREE DAYS! 

My math exam on the other hand is in 5 days, but I’m barely even 10% into studying or reviewing! I’m hoping I’m motivated to do math tmrw, or monday, if I’m planning on passing the course! (IF YOURE IN IB, YOU KNOW HL MATH SUCKS)

Hopefully I’ll post another Definitions post for Macroeconomics & Int’l trade in the next few days if I’m not too lazy!  

[80daysofproductivity]

IB Economics - Definitions:  Microeconomics

1.1 & 1.2 *Demand and Supply and Elasticity 

Price Mechanism: is the means for allocating resources through supply and demand in a market arriving at an equilibrium price.  Prices act as a signal to firms and consumer to adjust their economic behaviour.

Demand: is the relationship between quantity, and the price consumers are willing to and able to offer each quantity at, over a period of time, ceteris paribus. 

Supply: is the relationship between quantity, and the price at which producers are willing to offer and produce each quantity at, over a period of time, ceteris paribus. 

Parallel Market (black or informal):  Is unrecorded activity where no tax is paid and regulations can be avoided

Allocative Efficiency:  Refers to the efficiency with which markets are allocating resources.  A market will be efficient when it is producing the right goods for the right people at the right time.  Another way of looking at it is you cannot make someone better off without making someone else worse off.

Price mechanism: is the process by which prices rise or fall as a result of changes in demand and supply.  Signals and incentives are given to producers and consumers to produce more or less or consume more or less.

*1.3 Government Intervention 

Subsidy:   Financial assistance made by governments to enterprises which will lower the price and increase production, effectively a negative tax

Direct tax:  is a tax upon income – it directly taxes wages, rent, interest and profit.

Indirect tax:  is an expenditure and sales tax upon goods and services – collected by sellers and passed onto governments. Can be avoided. 

*1.4 Market Failure 

Externalities:  Costs or benefits of economic activity which are met by a third party (that wasn’t involved in the process of decision making). 

Positive externalities (also called social benefits):  Benefits of economic activity that are not accounted for in production costs or price. i.e.  Vaccination for flu will benefit all.

Negative externalities (also called social costs):  Costs of economic activity that are not accounted for in production costs or price, i.e pollution from nearby chemical factory is imposed on others outside the economic activity.

Public goods:  Goods and services that everyone can consume at the same time, and are non-rivalrous and non-excludable. 

Merit good:  A good with positive externalities that benefit other people, i.e education – the market will only provide at a private optimum level and hence under produce (provide) the socially optimum level.  There’s an under provision of merit goods. 

Demerit good:  A good with negative externalities that has costs for society. There’s an overprovision of demerit goods.

Asymmetric information: When one party to a transaction has access to relevant information that the other party doesn’t. 

Allocatively efficient output:  This occurs where marginal social cost equals marginal social benefit (MSC = MSB). 

Market mechanism:  The process by which prices rise or fall as a result of changes in demand and supply.  Signals and incentives are given to producers and consumers to produce more or less or consume more or less.

1.5 *Market Structures 

Law of diminishing returns:  when one or more factors are fixed, there will come a point beyond which the extra output from additional units of the variable factor will diminish

Marginal cost:  the cost of producing one more unit of output

Long-run:  the period of time where all factors to be variable

Constant returns to scale:  this is where a given percentage increase in inputs will lead to the same increase in output

Increasing returns to scale:   this is where a given percentage increase in inputs will lead to a larger percentage increase in output

Decreasing returns to scale:   this is where a given increase in inputs will lead to a smaller percentage increase in output

Economies of Scale:  when increasing the scale of production leads to a lower cost per unit of output

– so if a firm is getting increasing returns to scale from its factors of production then smaller and smaller amounts of factors per unit are needed – therefore average cost must be reduced.

Diseconomies of Scale:  where the costs per unit of output increase as the scale of production increases.  

Fixed costs:  total costs that do not vary with the amount of output produced

Variable costs:  total costs that do vary with the amount of output produced

Total cost:  the sum of total fixed costs and total variable costs

TC = TFC + TVC

Price taker:  a firm that is too small to influence the market price i.e. it has to accept the price given by the intersection of demand and supply in the whole market

Price maker: a firm that has some power to dictate the price it charges for its product – a situation where there is little competition e.g. an oligopolistic or monopolist market structure

Normal Profit:   returns or earnings needed to keep a firm operating

- this profit is needed to cover fixed and variable costs as well as opportunity cost

Productive Efficiency: is achieved when firms produce at the lowest possible average cost curve

Allocative Efficiency:  is achieved when resources are allocated in a way which maximizes consumers satisfaction - sometimes called economic efficiency; MC = AC

Perfect competition:  A market structure where there are many small firms, there is freedom of entry into the industry, all firms produce an identical product, and all firms are price takers. 

Monopolistic competition:  a market structure where, like perfect competition there are many firms and freedom of entry, but where each firm produces a differentiated product, and thus they have some control over the price. Examples: restaurants, hairdressers. 

Oligopoly:  a market structure dominated by only a few firms or where a product is supplied by only a few firms (there may be many firms but it is dominated by only a few) examples: car industry in the USA, mobile phone industry.

Collusive oligopoly:  where oligopolies agree (formally or informally) to limit competition between themselves

– they may set output quotas, fixed prices, limit product promotion or development or agree not to poach each others markets – they do this to reduce uncertainty, and to maintain industry profits.

Non-collusive oligopoly:   where oligopolies have no agreement between themselves (thus results in a kinked demand curve). 

Kinked Demand Curve:  A model developed to show price inflexibility of firms that do not compete. 

Monopoly:  where is there is only one dominant firm in the industry and very high barriers to entry / exit – remember they don’t have to control 100%, example: Microsoft is a monopoly – sometimes hard to define. – extent of monopoly power depends on the closeness of substitutes.

Price Discrimination:   where a firm sells the same product at different prices. 

~moretocome~

[80daysofproductivity]

IB MOCK EXAMS 2017

Here’s my progress after 5 days of studying for each course - p.s my first exam is in 5 days ahh! 

For progress: I’m behind in half the courses, but ahead in the other two lool! 

HL ECONOMICS  (I’m ahead of my schedule for econ, and hopefully plan to be done everything TMRW) 

1.1 - DONE 1.2 - In progress 1.3 - Tmrw 1.4 - Tmrw 1.5 - In progress 2.1 - DONE 2.2 - DONE 2.3 - DONE 2.4 - DONE 2.5 - DONE 2.6 - DONE 3.1 - DONE 3.2 - In progress 3.3 - DONE

HL MATH (p.s my progress here is sorta funny, I only started a little bit of trigonometry but haven’t done much yet)

Core 1 - NO Core 2 - NOT YET Core 3 - In progress Core 4 - NAH Core 5 - NOPE Core 6 - ALSO NOPE

SL FRENCH (also funny, because I’ve done nothing)

Oral Individuel Vocabulary - nope  Epreuve 1 practice #1 - nope Epreuve 1 practice #2 - nope

HL ENGLISH

Full Things fall apart review, summaries, context, themes, and quotes - DONE Full Persepolis review, summaries, context, themes, and quotes - DONE Practice Essays - (for the weekend)

[80daysofproductivity]

HL MATH: Was doing some question bank question for CORE 3 (TRIG) but realized I’ve basically forgotten everything since most of the stuff was done in grade 10 and first semester of hl math - so decided to go back and make some notes and review some old notes too! 

Trig is probably one of my least favourite topics (along with the CORE 1 & 2 too LOOL). Anywho, hoping to get it all done today! Since I’m ahead of my schedule for economics, I decided to take a break from it today and just stick to math!

And for CORE 3 Here’s the syllabus stuff!!!

3.1 The circle: radian measure of angles. Length of an arc; area of a sector.

3.2 Definition of cosx, sinx, and tanx and  in terms of the unit circle. Exact values of sin, cos and tan of 0,π/6, π/4, π/3, π/2 and their multiples. Definition of the reciprocal trigonometric ratios secx, cotx, and cscx  and  the Pythagorean identities:  .

3.3 Compound angle identities. Double angle identities. Not required: Proof of compound angle identities.

3.4 Composite functions and Applications.

3.5 The inverse functions  arcsin, arccos, and arctan ; their domains and ranges; their graphs.

3.6 Algebraic and graphical methods of solving trigonometric equations in a finite interval, including the use of trigonometric identities and factorization. Not required: The general solution of trigonometric equations.

3.7 The cosine rule. The sine rule including the ambiguous case. Area of a triangle as 1/2 (absinC). Applications.

[80daysofproductivity]

This is what happens when it’s snowing, and is -13Cº outside - Officially finished Macroeconomics todayyy!!

Economics progress so far: 

Macroeconomics - DONE International Development - DONE Microeconomics - INPROGRESS 

[80daysofproductivity]

Have to go over macro objectives tmrw then all of macro is done!

[80daysofproductivity]

It’s 2pm and I’ve just started studying which is pretty late! Yesterday was super hectic, didn’t get a chance to get work done, so hoping today I can catch up on what I was supposed to do yesterday too! 

Hoping to finish all of macroeconomics tonight so I can start reviewing micro starting tomorrow! I also finished international development notes, and will review it closer to my exam date!

[80daysofproductivity]

Spent all day doing economics to avoid math~ Honestly just find it easier to stick to one or two subjects a day, that way I actually get a good amount of work done in each! Decided to do economics unit 3 today, and a bit of 2! Also got some of my english notes done for my paper 2 mock exam! Overall pretty productive day☺️

[80daysofproductivity]

HL ECON: printed all the typed up syllabus and well go over it again but by hand and do annotations! That way youre writing the important stuff from the already summarized information! I also re write definitions on the border to ensure I remember them!!

[80daysofproductivity]

I decided to type up my syllabus annotations for the International Development unit instead to be more efficient.

This is how it looks like / how I organize it! I have the syllabus statement on the far left, and on the right I have explanations! The very right column is more for things I have to remember, acronyms to help me remember, or definitions/ statements I should know!

[80daysofproductivity]

HL MATH : started hw for my options!

[80daysofproductivity]

HL MATH: started studying for my math exam which is in 2 weeks ahh!!!!

Here’s what you need to know for CORE 1

1.1 Arithmetic sequences and series; sum of finite arithmetic series; geometric sequences and series; sum of finite and infinite geometric series. Sigma notation. Applications.

1.2 Exponents and logarithms. Laws of exponents; laws of logarithms. Change of base.

1.3 Counting principles, including permutations and combinations. The binomial theorem: expansion of  (a+b)^n, n E R.

1.4 Proof by mathematical induction.

1.5 Complex numbers: the number i=√-1 ; the terms real part, imaginary part, conjugate, modulus and argument. Cartesian form z=a+ib . Sums, products and quotients of complex numbers.

1.6 Modulus–argument (polar) form z= r(cosx + isinx) = rcisx = re^(ix) . The complex plane.

1.7 Powers of complex numbers: de Moivre’s theorem. nth roots of a complex number.

1.8 Conjugate roots of polynomial equations with real coefficients.

1.9 Solutions of systems of linear equations (a maximum of three equations in three unknowns), including cases where there is a unique solution, an infinity of solutions or no solution.

[80daysofproductivity]

HL ECON~ Continued working on 2.3~

Today’s been a very lazy and unproductive day, I just started working and this is all I got!

I also have a math test tmrw which I haven’t started studying for yet! 

[80daysofproductivity]

HL MATH : Chapter 25&26 Review!

[80daysofproductivity]

Day 22: HL ECON - Still working on Macroeconomics 2.3 in my syllabus! Hoping to get done all of Macro by Thursday this upcoming week so I can get started on MICRO & then INT’L DEVELOPMENT!

Exam is already in less than 3 weeks!!