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Edexcel economics unit 1 and 2 retakes

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Hows everyone gona prep for eco2?
Last two questions was so rushed for myself, just wondering if you've made multiple points in one point (at least on mark scheme) but they are not distinguished as different points is there any chance of getting the marks.

After not doing unit 1 for two years I was aiming for 4 marks per point, instead I see it's more 1+1 so I have developed to much it may seem:/. Would quite literally make or break my exam as for the last 3 questions I made long KAA points.

Edit: as by not distinguished I mean I've developed into other points
(edited 7 years ago)
Original post by Princepieman
Same but time pressure vs not knowing

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It's horrible... Because I had 20 minutes left at the end when I could've done the question. And it's one that I easily could've gotten at least 10 marks in!
Original post by ThatIsNotMyName
It's horrible... Because I had 20 minutes left at the end when I could've done the question. And it's one that I easily could've gotten at least 10 marks in!


I had 5 minutes lol, just didn't bother. I used the extra 5 minutes to sweeten out my other 14 marker.
Anybody got their answers for the multiple choice by any chance?
Reply 185
Avatar for amg96
amg96
6
Original post by A-LevelEconomist
Alll i remember is that the opportunity cost for two of my right calculations were 80.


How did you calculate them?
Original post by econ-maths12
i practically did the same as you !!!!


Hopefully we gained all the marks :smile:
Reply 187
Avatar for amg96
amg96
6
Original post by Gigimini
Hopefully we gained all the marks :smile:


Hey, did you knockout one of the options for the first question on PPF, about the opportunity cost?
Original post by amg96
Hey, did you knockout one of the options for the first question on PPF, about the opportunity cost?

I did but I made a silly mistake where I said the opportunity cost was 70 when it was 80! ( I think)
Original post by amg96
How exactly did you calculate it? I got 10, because I remember that when consumer goods were at 0, capital goods were at 130 and when we moved to 50 consumer goods, capital goods were at 120, which led to 10 capital goods being given up.

Well if The ppf was exactly as you're saying then you're right! but I THINK the output of consumer good wasn't 50 as I'm sure it was much less than 120 capital goods were produced at the output of consumer goods mentioned in the question.
unit 2 retakes anyone
Original post by A-LevelEconomist
So for the MCQ we have answers to:

The PPF question- the answer was that producing more capital goods would lead to economic growth (OPTION D)

The YED question about meats- Fish has a higher YED than meat (or meat does - the answer was OPTION D)

The buffer stock question- the government would sell from its stockpile (OPTION B)

The price mechanism question- acts as a signal for firms to make production decisions

The question about Ibiza- decrease in revenue as demand is elastic

The question about a rise in producer surplus- increase in technology will increase producer surplus (OPTION B)

The externality question- there would be a net welfare gain

The free market/ market failure question- the under provision of public goods. (OPTION A)


Made a stupid mistake, for the producer surplus one, initially put the write answer down then crossed it, because I got the consumer surplus and the producer surplus the wrong way around on the diagram. Still should get 2 marks, for definition and knock-out hopefully.

Are you also sure about the free market/market failure question, I put down the free market ignores external benefits. I was also going to put down A at first, but then I realised that in a free-market economy all resources are allocated by the price mechanism and the price mechanism definitely ignores external benefits.

Also, the provision of public goods is done by the government and theoretically, in a free market there is no government intervention. So, I thought A wouldn't be right cause the government are not involved in a free market economy.
Original post by fkaclocksx
Yup
A) non-renewable cannot be used again e.g. coal, renewable can be used again wind energy (literally made it up :/)
B) less pollution, prevents shortage of energy as gas becomes less reliable p.s did you put any diagrams for a or b ??
C) i spoke about productivity and output :frown: and for eval mentioned staff turnover and costs
D) employment, revenue, eval- inefficiency and monopoly, magnitude and dependency
E) decrease in the value of homes nearby, negative effects on tourism and employment- eval difficult to attach monetary value, and the benefits such as the creation of 70,000 jobs

i just hope i done well :frown:(


Pretty much done exactly the same, just forgot to put the problem of assigning monetary value to external costs as evaluation for question E, hopefully should be okay though as I used other evaluation points.

Don't think I lost many marks on Section B, I'm predicting I lost around 8 max and maybe 4/5 marks in Section A. Hopefully it all goes well for everyone.
Original post by fizzwizz2016
unit 2 retakes anyone


i'm retaking unit 2 :smile: , how are you feeling about it ?
Unit 2 is going to bring my whole freaking grade down (Not that Unit 1 hasn't already done that) ffs...
im not too sure, i keep promising myself that the knowledge in unit 4 really does compliment and support answers in unit 2 , because some aspect are the same ahah wbu
Original post by fkaclocksx
i'm retaking unit 2 :smile: , how are you feeling about it ?
Original post by fizzwizz2016
im not too sure, i keep promising myself that the knowledge in unit 4 really does compliment and support answers in unit 2 , because some aspect are the same ahah wbu


yeah quite nervous, have a feeling we'll get something to do with inflation or unemployment this year so i'm trying to get my head around all things inflation aha
Original post by fkaclocksx
yeah quite nervous, have a feeling we'll get something to do with inflation or unemployment this year so i'm trying to get my head around all things inflation aha


Inflation was the main topic for May 2014 Q2, so may not come up so soon. But who knows...
How's everyone feeling for the unit 2 exam retake on Monday.

I'm feeling good, I'm getting 22/23 out of 25 on multiple choice, and I'm feeling good about the rest of the paper.:wink:
what does everyone think is likely to come up in the unit 2 resit?

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