hi everybody we know how important it is to Interchange between micro and macro in paper 3 for the big essay question it's important when you're preparing that you know all the topic areas that could be micro macro questions and then for each of those topic areas you're writing down micro and macro effects this video is going to guide you with all the major topic areas that could feature in paper 3 as a big essay question but also know that it might not just be micro macro effects you need to talk about you might need to go into micro macro causes or policies or factors or reasons I'll be guiding you as well where that is something you need to do once you have these topic areas make your lists micro macro effects or whatever else you might need to do your brain will then be ticking you'll be able to do it very easily when paper 3 comes your way so let's dive in first one yes demand Supply shifts of course can have Micro effects but also macro effects when you're developing your micro effects you might even be shifting Revenue curves or cost curves here then government intervention policies to solve market failure in particular we're talking about here so policies like indirect taxes subsidies regulation tradable pollution permits State provision price controls yes they even have macro effects at a push you can get to macro effects there the micro macro effects of price volatility yes but also the causes of price volatility could be micro or macro in nature then we look at effects of a competitive market versus a concentrated Market have very strong macro effects as well as micro effect same with Monopoly regulation or competition policy and even privatization deregulation is more market-based approaches and then the extreme which is nationalization very big macro as well as micro effects there labor market themes are very commonly assessed in paper 3 themes like what the role of trade unions the impact of strikes the impact of Labor shortages the role of the gig economy and flexible labor markets uh wage differentials causes of those effects of wage differentials but also minimum wage you know the effects of an increase in the minimum wage or just the minimum wage being there in the first place inequality poverty you've got the effects of that or the consequences coming micro and macro nature but also causes and policies to reduce to bear in mind there too business growth the effects of that but also the reasons uh why businesses want to grow now into more kind of macro areas but also could be micro macro effects questions growth unemployment inflation deflation the micro macro consequences of this yes but also the causes macro policy but be able to disect this into minute detail so take fiscal policy that question could be the micro macro effects of a government spending cut or an increase in government spending it could be tax cut or a tax rise on the monetary policy side interest rates could could be higher interest rates or lower interest rates could be quantitative easing so you got to take all of those policies individually and consider your micro and macro effects same for free trade same for protectionism the effects but also the reasons for protectionism could be micro or macro in nature same for Global globalization the effects but also the causes of globalization current account will mainly be the micro macro causes of it exchange rate the effects of a depreciation or appreciation more generally a weaker or a stronger exchange rate but also causes of a weaker or stronger exchange rate development is a very very big paper 3 topic area it can be micro macro in so many different areas for example with factors with barriers to development policies or strategies that can be used to promote development are often micro or macro in nature and then the effects of those policies or strategies FDI the effect yes but also reasons why a company uh may want to invest in a country that isn't their own uh competitiveness we're talking about the effects of that but also the factors that can promote or improve competitiveness the effects of financial Market regulation and policies to regulate financial markets and also effects of a change in the terms of trade but also causes of a change in the terms of trade so there are all of the big paper three topic areas that could be micro macro questions effects yes but also you've seen in other areas too take all these topic areas is write your lists of micro macro effects or causes or reasons or barriers or policies whatever it might be get your brain ticking that way know that I've helped you so much already on the channel there are many videos where I go through these topic areas for you with micro macro effects watch all of the videos out there be able to do it on your own independently and then you're good to go for the big essay in paper through so thanks for watching this guys can't wait to see you in all those other videos as well see you then