AQA GCE Unit 1 Economics 20th May - Discussion thread

it was define market mechanism i put ( not sure if its right ) the market mechanism is the allocation of scarce economic resources by the free market using the mechanisms of price which include rationing, signalling and incentives.
you?

I found the multiple choice difficult aswell

i did question 27, but i didnt really know the proper defintion for market mechanism, but i wrote that the pricing mechanism allocates resources in the market?, is that correct.

then for the 12 mark question i did 2 supply curves with the supply curve shifting to the right because of no govenrment intervention, and a steep demand curve, but only 1 demand curve, is that right?

and this is what i got for the mulitple choice which i though was quite hard.

1. A
2. D
3. B
4. D
5. C
6. B
7. D
8. A
9. C
10. B
11. D
12. D
13. A
14. D
15. D
16. C
17. C
18. C
19. B
20. C
21. D
22. B
23. D
24. B
25. A

does anyone know what the answers are to the multiple choice

How did you manage to remember those answers?

i did the almost the same answer as you, but i researched it, and it said it is demand and supply that allocate resources, so i dont know whether what we said is fully correct

it was define market mechanism i put ( not sure if its right ) the market mechanism is the allocation of scarce economic resources by the free market using the mechanisms of price which include rationing, signalling and incentives.
you?

Pretty much the same as yours.

I did not know the exact definition.

I wrote something like market mechansim is a system which allocates resources based on consumers' self interest. It is composed of three functions namely, incentive, signalling and rationing. The price is determined solely by the interaction between demand and supply.

Not sure if that's actually correct.

Pretty much the same as yours.

I did not know the exact definition.

I wrote something like market mechansim is a system which allocates resources based on consumers' self interest. It is composed of three functions namely, incentive, signalling and rationing. The price is determined solely by the interaction between demand and supply.

Not sure if that's actually correct.

I know you guys are calling them Q26 and Q27 but they weren't labelled as that were they? I did the alcohol question and just put 05, 06, 07 and 08 in the margin because the housing Market Q would have been 01, 02, 03 and 04.
I know it's a stupid thing to be worrying about but I heard the exam boards are quite pissy stuff like that...

Failed it. Got up to part d of question 1-4, and had 10 minutes left. Did 2 paragraphs, 2 points of comparison and flaws and time ended. Managed to write about 1 page.

Failure is imminent.

I feel the same way. My brother, who has sat the exams years ago, gave me some advice and said that if you do not have enough time to write an essay then make quick bullet points scrape some more marks. I wished he told me this before the exams. But I will start with the data response Q's in Unit 2 leaving myself enough time as the MC were ok for me.