Economics AS AQA exam tomorrow 16/05/2016

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Yeh I'm year 13 and retaking aqa. Focus on OT their the hardest past of the exam. Hoping for a type of policies question.

What's OT?

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Reply 61

Shafy97

I think if you've done the sample assessment paper for AQA, the actual one tomorrow will have the same structure as the sample one.

Reply 62

zwatkins66

Original post by theD0N

is that not just merit and demerit goods then?

Merit goods are goods which create positive externalities and demerit creates negative externalities

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Reply 63

hxrrict

Original post by James7373

On the specimen paper for AQA AS Econ it says: "do NOT use pencil". Does this mean we have to use pen for the diagram question because I don't want to use pencil and end up losing 4 marks but with pen I will make a mistake and not be able to rub it out!

i was thinking the same thing so i'll probably initially do it in pencil then when i'm happy with it go over it in pen

Reply 64

theD0N

is price mechanism a form of market failure?

Reply 65

Shafy97

Original post by theD0N

is price mechanism a form of market failure?

No, the different types of market failure consist of Externalities, Merit/Demerit Goods, Public Goods, Monopolies and Imperfect Information.

Reply 66

limadima

Do we need to know Marginal stuff for the new aqa spec?

Reply 67

MrT123

Anyone have any predictions for the resit tomorrow?

Reply 68

zwatkins66

Original post by theD0N

is price mechanism a form of market failure?

Not really. A form is missing markets (public goods) as the price function has been broken down.. Also, a monopoly who is a price maker...

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Reply 69

zwatkins66

Original post by Shafy97

No, the different types of market failure consist of Externalities, Merit/Demerit Goods, Public Goods, Monopolies and Imperfect Information.

And Information failure - where there is a lack of perfect information about the good or service for both parties involved

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Reply 70

ameliawx

Original post by Nimrahk123

Does anyone have any ways to remember if demand is elastic or inelastic?

if the answer is between 0 and 1, it is inelastic
if the answer is more than 1, it is elastic

for example if the change in quantity demanded/ change in price = 2, the good is elastic

Reply 71

Nim_123

Original post by ameliawx

if the answer is between 0 and 1, it is inelastic
if the answer is more than 1, it is elastic

for example if the change in quantity demanded/ change in price = 2, the good is elastic

Thanks, I think I finally understand

Reply 72

ameliawx

PLEASE can someone explain price floors and price ceilings?

TIA X

Reply 73

Shafy97

Original post by zwatkins66

And Information failure - where there is a lack of perfect information about the good or service for both parties involved

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But isn't that government failure as well...

Reply 74

Shafy97

Original post by ameliawx

PLEASE can someone explain price floors and price ceilings?

TIA X

Price floors are minimum prices that are set above the price equilibrium so that to make sure suppliers get a fair price on their goods.

Price ceilings are maximum prices set below the market equilibrium to increase consumption of a merit good ie Education or Healthcare.

Reply 75

Kenzar234

Dude, I'm pumped for tomorrow. Please, let there be no questions on Speed cameras or something silly. :biggrin:

Reply 76

zwatkins66

Original post by Shafy97

But isn't that government failure as well...

Government failure based on information is called 'inadequate information' Basically they don't have full knowledge of what they are doing.. rather than information failure which is a form of market failure that is when a firm is witholding information from a consumer to sell the good/service basically (I think). Sorry probably doesn't make any sense...

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Looking for very sophisticated evaluation or analysis????

Reply 79

username2571271

I'm doing AQA and I'm trying to be optimistic about it. The thing is, I was encouraged to take a 4th subject so I took Economics and it is clearly my weak subject. I'm pretty secure with Microeconomics but I generally don't know anything about Macroeconomics, so that will be fun :frown: