Edexcel GCE 19 May Economics Unit 1 New Spec

19th of May? Well, mine was today. It was very hard. There was a 15 marker on the price mechanism in allocating answers. All I could think of was to explain the price mechanism and its 3 components generically. So I probably only got 3-4 marks, LOL. Everything else was okay, but the MCQ at the beginning was annoying because I didn't know how the functions of money links in w/ specialisation. Lucky to scrape a C/B to be honest. Hope they lower grade boundaries for the paper. :/

yeah mate, same :/ I think I'd be lucky to get C/B. Timing was horrendous

Same dude. You got maths this week? I'm trying not to think about this tbh.

yeah maths and FM, but I'll be aiming for full ums in them. I'm still on a low after this

Me too. Hoping and praying that theme 2 will save me. I'm confident that I can get high UMS in my other subjects. Good luck.

Guys what did you all put on the 15 marker,

I explained the price mechanism and drew a supply and demand diagram.
In my first point i said it is used to ration housing as prices are currently very high so firms will reduce price back to the equilibrium level, and evaluated by saying that supply is inelastic and explained it.
In my second point i talked by it acts as an incentive to enter the market, as firms will recieve higher prices and so will enter the market and supply and evaluated talking about short run and long run.
In my third point i talked about how it shows price signals in any economy, as shown by the increase in demand extended supply as firms can recieve more money and evaluated by saying that it depends how much demand increases by.

Would have written that if the question wasn't worded so badly. I wasn't expecting a price mechanism question either. I would have only got a max of 4 marks, if that, since I just defined it and said what would happen generically.

I knew they would out some crap in it, i wasn't expected that though, hope theme 2 goes better. Did anyone actually understand the first 3 marker, i iust talked about money as a method of exchange? I didn't know how to apply the rest.

Guys what did you all put on the 15 marker,

I explained the price mechanism and drew a supply and demand diagram.
In my first point i said it is used to ration housing as prices are currently very high so firms will reduce price back to the equilibrium level, and evaluated by saying that supply is inelastic and explained it.
In my second point i talked by it acts as an incentive to enter the market, as firms will recieve higher prices and so will enter the market and supply and evaluated talking about short run and long run.
In my third point i talked about how it shows price signals in any economy, as shown by the increase in demand extended supply as firms can recieve more money and evaluated by saying that it depends how much demand increases by.

i though it was way harder than the specimen paper and i was so annoyed there were no positive or negative externalities, tjose diagrams were bloody hard to learn!

also i had no time for a conclusion do i just wrote "its effective"

I thought it was harder than the specimen papertoo, I drew a positive externalities diagram for the government investing in housing and flood defences

19th of May? Well, mine was today. It was very hard. There was a 15 marker on the price mechanism in allocating answers. All I could think of was to explain the price mechanism and its 3 components generically. So I probably only got 3-4 marks, LOL. Everything else was okay, but the MCQ at the beginning was annoying because I didn't know how the functions of money links in w/ specialisation. Lucky to scrape a C/B to be honest. Hope they lower grade boundaries for the paper. :/