Opinions on Edexcel Economics Paper 1 (new spec)?

I linked directly to the housing market. Anything in macroeconomic you can apply to theme 1 as long as you talk on a small scale i.e.the housing market.

that's not really the case. I wouldn't advice you to approach micro questions with macro concepts. Circular flow of income, multiplier effect are not micro topics.

Reply 21

3121

21

Original post by amelienine

I misunderstood the 20 marker (I did the government intervention one). I didn't realise we didn't have to reference the extract but I referenced a lot from the extracts given. I spoke a lot about how the government subsidised the flooding project etc and how this caused positive externalities. (I'm completely wrong, I know).

Then I evaluated and said that subsidies are an opportunity cost to the government, and it's how it's difficult to quantify the positive externalities from government intervention.

I put in definitions for government intervention and subsidy. And diagrams for subsidies and positive externality.

Would I still get marks for that? I know it's not much but I don't want a 0 either.

You should've referenced the subsidisation of mortgages, the extract for floods seemed quite irrelevant to government intervention for housing, it was for 6g only I believe

Reply 22

17lina

3

Original post by zayn008

For 1a you should've defined money as a medium of exchange but the part about trade is correct.

I did 23% (370), I'm not sure if you'll get away with that because the line was clearly under BUT that big dot did confuse it and because of it I would think they'd accept it providing you showed your working.

Sadly I do think you've lose marks for the 15 marker, you should've used the 3 functions as your 3 points, used ext. benefits as the evaluation with a diagram.. You should've looked to squeeze in a diagram even if it just showed a contraction/extension in supply & demand

But there's still macro to look forward to and I do strongly believe the grade boundaries will be lower so don't give up and smash unit 2

Thanks so much...
May I ask you how you study Economics generally...?

Reply 23

TheProKi

2

Original post by 17lina

Hi guys I have a few questions
For question 1a. Would it be wrong if i said for specialisation trade needs to be enabled therefore money will act as a measure of value to exchange good and services as people specialise in different goods?

For the 4 marker calculation question, is it wrong if I say its a 25% increase I just used 375 as the value of jan 2015...

For the 6 marker question, the producer surplus one, is it alright if I just write the definition with a diagram and identify the area increased? I didn't put much other analysis on it

For the 15 marker question, I explained there were 3 functions and wrote only about 2 of them.. Without a diagram..Do you think I would lose marks? This was horrible anyway ;(

Micro was just so horrible it just keeps whizzing arorund my head but hope we get on to macro soon and c1.. And fp1... Haha

Question 1 im not really sure i left that out, only question i was unable to answer

6 marker im guessing that should get you the marks becuase normally the diagram is worth 4 marks for those questions.

4 marker i got exactly the same :/ i was rushing so i didnt realise the number was not on the line and it wasnt 375, hopefully they should be a range and if even if its wrong you will get method marks.

15 marker you won't loose marks you just wont get above 10 marks im guessing depending on how much u evaluated them.

Btw whats the diagram for Price Mechanism never heard of this...

Reply 24

MadMarv

Original post by amelienine

I misunderstood the 20 marker (I did the government intervention one). I didn't realise we didn't have to reference the extract but I referenced a lot from the extracts given. I spoke a lot about how the government subsidised the flooding project etc and how this caused positive externalities. (I'm completely wrong, I know).

Then I evaluated and said that subsidies are an opportunity cost to the government, and it's how it's difficult to quantify the positive externalities from government intervention.

I put in definitions for government intervention and subsidy. And diagrams for subsidies and positive externality.

Would I still get marks for that? I know it's not much but I don't want a 0 either.

I did the exact same thing, a positive externality diagram should be fine because flood defences are under provided due to the 'free-rider problem'. The question included "such as flood defences and housing" so it should count towards KAA!

I'm just hoping unit 2's essay questions are less broad :s-smilie:

Reply 25

BigBadAsh

12

Which 20 marker did you do Zayn? I did the same as you with regards to the questions you've answered above.

Reply 26

3121

21

Original post by 17lina

Thanks so much...
May I ask you how you study Economics generally...?

I've self taught it and while I was learning it I just simply copied from the textbook but I'd read the economist and financial times and see how I could apply my knowledge to it, unit 1 was quite easy to learn because of Uplearn but unit 2 was a struggle at first. I'm not really a fan of flash cards unless it's definitions, I think essay plans are the best! If you had an essay plan for Max prices and Subsidies you could've easily scored 17+ marks in 6f, I didn't do one for maximum prices so I struggled towards the end and didn't get above 17 for sure. I think do as many papers as you can for unit 2 (pm me your email and I can share some adjusted papers) but go through it under exam conditions and when you're done rewrite it into an essay plan from the mark scheme as topic based rather than question based so if something similar comes up you've got it in your head what to write

Best of luck for next week, hopefully we can all recover from today's tragic events

Reply 27

amelienine

OP

12

Original post by zayn008

You should've referenced the subsidisation of mortgages, the extract for floods seemed quite irrelevant to government intervention for housing, it was for 6g only I believe

Oh no... I've cried multiple times since that paper... I'm so worried. I don't know if I did so well for the rest of the paper either.

Reply 28

Bruce267099

5

Original post by keynes24

that's not really the case. I wouldn't advice you to approach micro questions with macro concepts. Circular flow of income, multiplier effect are not micro topics.

Thanks for advice, so would employment in the housing sector, increased revenue in the housing market and an extension in demand be micro concepts?

(edited 7 years ago)

Reply 29

3121

21

Original post by amelienine

Oh no... I've cried multiple times since that paper... I'm so worried. I don't know if I did so well for the rest of the paper either.

So long as you got the basics in and nailed section A, 4,5,6 & 10 mark questions, you only need about 20/35 (60%) from the 15 and 20 markers to skim an A under the old boundaries which I'm pretty certain will fall, also macro is a chance to redeem yourself

Reply 30

3121

21

Original post by BigBadAsh

Which 20 marker did you do Zayn? I did the same as you with regards to the questions you've answered above.

I did 6f, the one on government intervention

Reply 31

17lina

3

Original post by zayn008

I've self taught it and while I was learning it I just simply copied from the textbook but I'd read the economist and financial times and see how I could apply my knowledge to it, unit 1 was quite easy to learn because of Uplearn but unit 2 was a struggle at first. I'm not really a fan of flash cards unless it's definitions, I think essay plans are the best! If you had an essay plan for Max prices and Subsidies you could've easily scored 17+ marks in 6f, I didn't do one for maximum prices so I struggled towards the end and didn't get above 17 for sure. I think do as many papers as you can for unit 2 (pm me your email and I can share some adjusted papers) but go through it under exam conditions and when you're done rewrite it into an essay plan from the mark scheme as topic based rather than question based so if something similar comes up you've got it in your head what to write

Best of luck for next week, hopefully we can all recover from today's tragic events

Ohh I admire your study methods its just so structured organised. Thank you so much :smile:

Could you send any helpful information to [email protected] please?
Hope you score like a 100% in macro x

Reply 32

iconnor

Original post by Dabiri

Isnt that Macroeconomic obejctives though?

I wrote about each way of intervention and then said how it could apply to housing market (e.g maximum/minimum pricing, subsidies, taxes, permits). then did some evaluation by saying things like help to buy wouldnt affect completely as it finishes in 2017. I dont know if its right but although i referenced economic growth etc to me that seemed macroeconomic as opposed to micro?

Reply 33

TheProKi

2

I honestly think i got at max a B and min a C id be suprised if i got anything lower or higher (depending on Grade Boundaries), need to revise Macro hardcore and atleast get a B/A on that so i can overall my grade to a B :/

Reply 34

alhamzahh

Original post by Bruce267099

1.

On the 20 mark question it talked about the microeconomic effects.

I defined government intervention and then i went straight into my points.

In point 1 i talked about an extension in demand as supply is increasing, i applied it to the housing market and said that they will have more wealth and evaluated saying has inelastic supply so demand won't change much

In point 2 i talked about an increase in revenue for firms, i drew another demand and supppy diagram and said it will lead to more investment.I evaluated saying saying 10000 new houses isn't that much.

In point 3 i talked about increased employment as the 10000 new houses will need building which i said will cause more revenue in an economy, which will be multiplied in the circular flow. I evaluated saying that in the short run there will be no work but in the long run there will be very little and it will only benefit cambridge and not the whole economy.

Conclusion i talked about short run and long run and explained it in relation to all my points and evaluations

Have i done it right?

isn't circular flow of income unit 2?

Reply 35

Mohammed Saadat

1

did any one else notice for the four mark calculation u had to divide by the base year that was given (1993 = 100). you would get the same answer but seeing as it was a four mark question surely this step was required to get the full marks?

Reply 36

TheProKi

2

Original post by Mohammed Saadat

did any one else notice for the four mark calculation u had to divide by the base year that was given (1993 = 100). you would get the same answer but seeing as it was a four mark question surely this step was required to get the full marks?

I Didn't understand that in the exam :/ can you explain it?

Reply 37

Mohammed Saadat

1

Original post by TheProKi

I Didn't understand that in the exam :/ can you explain it?

basically, they wanted you to compare 2 years but they needed to disregard any changes eg inflation etc. so to do that you first compare both to a base year which in this case was 1993. once you do that its just your normal percentage change difference equation. i hope that was helpful, its kind of hard explaining it :/

Reply 38

akil97

1

this is the same case for me :frown:

Reply 39

alhamzahh

Original post by Mohammed Saadat

did any one else notice for the four mark calculation u had to divide by the base year that was given (1993 = 100). you would get the same answer but seeing as it was a four mark question surely this step was required to get the full marks?

im sure if you recieve the right answer and show some working you will still be able to recieve full marks.

Opinions on Edexcel Economics Paper 1 (new spec)?

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