Economics AS AQA exam tomorrow 16/05/2016

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Reply 80

alibaba124

I havent even started revising :frown:

Reply 81

sweetsss

Complete market failure so no market exists

Reply 82

mallows23

Original post by Kenzar234

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

Just wondering what sort of question that would be like, like what would they ask

Reply 83

elllbabe

Original post by IKEAPanda37

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:

(Also doesn't help that I have another exam immediately afterwards)

Can someone tell me what a missing market because I don't remember covering it?

there are two types of market failure complete and partial
a partial market failure is when say a firm produces 100 of a product but there is demand for 200 of that product

whereas a complete market failure is where there is demand for a good or service but it isnt in existence, this usually occurs for goods which have the problem of the free rider ie you cant stop someone using it without paying for it such as street lighting, or national defence, thus usually when there is a missing market you will find that it becomes government provided

Reply 84

raspberr1es

Original post by cathartic

hey how prepared do you guys feel for economics tomorrow?
I still need to go over market failure and government intervention.
Also what topics do you guys predict? I think market failure and the topic on production/economies of scale

I still havent revised loooooooooooool kill me

Reply 85

username2571271

Original post by elllbabe

Thank you, that makes much more sense now :smile:

Reply 86

rosemondtan

Guys how do you explain adverse selection and moral hazards?

Reply 87

zwatkins66

Original post by grfsbsv

Looking for very sophisticated evaluation or analysis????

What?

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Reply 88

mallows23

Anyone know any good data about the current state of economy to put in??

Reply 89

elllbabe

Original post by rosemondtan

Guys how do you explain adverse selection and moral hazards?

what is that? are you sure its AQA spec???

Reply 90

Marisolox

Went through all topics but not 100% on government failure.

Reply 91

Danielprickett

I'm completely f****d. What would recommend to focus on tonight so I can at least pass.

Reply 92

cutelady

ANY PREDICTIONS PLEASE

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Reply 93

elllbabe

Please can someone give a quick rundown of government failure, you will be ma best mate for life x

Reply 94

Exonomicsgirl

Hey, basically Governments intervene in a market when there is a market failure, whether that be monopolies or missing markets. Government failure then occurred when the government intervention makes the problem worse. They can include distortion of price signals(in the price mechanism) for example a government could subsidise a industry which is failing or has few prospects, that firm then relies on the subsidy. Another example could need was administrative costs as the social benefits of a policy may not be worth the financial cost of admistering the policy. You can also have unintended consequences and information gaps :smile:

I hope that helps!!!

Reply 95

Exonomicsgirl

I have a feeling that taxes may come up, maybe the definition for indirect and then a diagram, and one of the 25 markers is to do with Government intervention :smile:

Reply 96

grfsbsv