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AQA GCE Unit 1 Economics 20th May - Discussion thread

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    Discussion thread I saw several threads relating to the exam tomorrow so I thought I would make this so that all the questions and answers are in one place.
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    What do people rckon is going to come up?

    i got a feeling a question on monopolies has a preety decent chance
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    Is this correct?

    PED is elastic if between 0 and infinity and inelastic if between 0 and 1 (ignore minus sign)
    XED is elastic if between +1 and -1 and inelastic if greater than +1 or less than -1
    YED is elastic if greater than +1 and less than -1 and inelastic if between -1 and +1
    PES is elastic if between 0 and infinity and inelastic if between 0 and 1 (ignore minus sign)
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    (Original post by Limitless)
    Is this correct?

    PED is elastic if between 0 and infinity and inelastic if between 0 and 1 (ignore minus sign)
    XED is elastic if between +1 and -1 and inelastic if greater than +1 or less than -1
    YED is elastic if greater than +1 and less than -1 and inelastic if between -1 and +1
    PES is elastic if between 0 and infinity and inelastic if between 0 and 1 (ignore minus sign)
    PED is elastic between 1 and infinity not 0 and infinity
    PES elastic between 1 and infinity not 0 and infinity
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    (Original post by alexsmith_85)
    PED is elastic between 1 and infinity not 0 and infinity
    PES elastic between 1 and infinity not 0 and infinity
    Thanks and everything else is correct?
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    List three types of government intervention and give at least one advantage and disadvantage of each.
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    (Original post by Limitless)
    Discussion thread I saw several threads relating to the exam tomorrow so I thought I would make this so that all the questions and answers are in one place.
    I think Monopoly or externalities might come up. What do you think?
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    (Original post by sfs1012)
    I think Monopoly or externalities might come up. What do you think?
    Monopolies or government intervention.
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    Most probably monopoly and gov, intervention on a demerit good...or a question to do with merit good provision argue ( free market vs gov provision)
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    the best advice is to try and use as much of the final extract as possible
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    (Original post by dnumberwang)
    the best advice is to try and use as much of the final extract as possible
    Thanks, I'll keep that in mind as last time I used none and got a bad grade however that also may be due to going to the toilet every 10 minutes....
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    ive been looking through the papers over the past few years, and it seems in june they tend to include economic policies, would you think this could come up?
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    I know its a bit late but could anyone give some kind of general structure on how to answer a "should governments intervene" question , any help on that would be greatly appreciated as i'm very strong on the policies questions but much less so on this !
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    (Original post by mjg94)
    I know its a bit late but could anyone give some kind of general structure on how to answer a "should governments intervene" question , any help on that would be greatly appreciated as i'm very strong on the policies questions but much less so on this !
    For my introduction, I normally briefly talk about how the market can provide a good effeciently. Then I talk about how the good in question may break the rules of the price mechanism which justifys governent intervention.

    Talk about why it is a problem for the market to provide the good.

    Then list the policies the government may use to tackle the problem and whether this may lead to government failure.

    Finally give a judgement about whether the government should intervene the market.
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    (Original post by mjg94)
    I know its a bit late but could anyone give some kind of general structure on how to answer a "should governments intervene" question , any help on that would be greatly appreciated as i'm very strong on the policies questions but much less so on this !
    The question would probably be asking something like should government intervene if there was [ENTER REASON HERE].

    In my introductory paragraph I would start off defining the reason so if the reason was market failure I would define it. Then I would say 3 different methods of government intervention, which are direct provision, subsidising, regulating.

    I would then go into detail such as pros of direct provision that the government control supply cons is that there is no incentive for state workers to be efficient therefore raising the costs.

    Subsidising pro is that the market mechanism deals with it and help the poor people in society the con is that it could be just captured by the producer and consumers receive no benefit.

    Regulating pro is that it creates efficiency as consumers will shop around for a good deal and requires relatively no tax payers money the con would be that it will affect the poor people in society quiet badly and some people might just ignore it altogether even though it is breaking the law.

    I would end with a final conclusion evaluating what the best method is and why.

    For each method of intervention I would draw a graph and explain it.

    REMEMBER EVALUATING IS THE KEY TO MAXIMIZE MARKS. DEFINITIONS GET YOU 2 EASY MARKS. YOU WILL ALSO BE CREDITED FOR STUFF LIKE DIAGRAMS.
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    would someone be able to give me GOOD definitions for price mechanisms and market mechanisms?
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    also, does anyone have a good tips for answering the mutlipe choice questions?
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    Is it true that we now only get a maximum of 4 marks for the diagram in part c?
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    how do ppl usually answer their data response?
    part a ? define maybe with example or equation
    part b? 2 comparisons each backed up with evidence from data
    part c? digram , labelled, shift etc... ? ( how many marks do you get for this cos i'm not sure?) then backed up with explanation as to why their are shifts?
    would you need to relate to the data? or reason be specific to the topic e.g. crops could say inelastic supply cos of coniditions in the country....
    part d ?
    define key words
    then 2/3 points of methods used if it was gov interven or arguments for / against something
    then for each point a evaluation of pro and cons of it
    then a final conclusion summing up ?

    help i dunno if that good enough for high marks
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    (Original post by Tesh16)
    how do ppl usually answer their data response?
    part a ? define maybe with example or equation
    part b? 2 comparisons each backed up with evidence from data
    part c? digram , labelled, shift etc... ? ( how many marks do you get for this cos i'm not sure?) then backed up with explanation as to why their are shifts?
    would you need to relate to the data? or reason be specific to the topic e.g. crops could say inelastic supply cos of coniditions in the country....
    part d ?
    define key words
    then 2/3 points of methods used if it was gov interven or arguments for / against something
    then for each point a evaluation of pro and cons of it
    then a final conclusion summing up ?

    help i dunno if that good enough for high marks
    part a) I do the same
    part b) I do the same
    part c) I do the same you get 4 marks for diagrams now it use to be 6. Yeah then you just explain the shifts. e.g increase in income increased demand for normal good therefore shift to right.
    Part d) Define key word introductory paragraph about what I will write about the a paragraph for each method and evaluate each point and then a final conclusion.

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