[Besakt]

(Original post by mzayn)
Can someone give me a concise layout of how to answer all essay questions please?
P.S What do you think is most likely to come up in the essay?

Multiple choice questions - Just practice, a lot of them are repeated.

Data Question -

a) You need to know the definitions inside out, you can get all 5 marks with one sentence and just to be sure stick an example in there aswell.

b) Look for obvious points of comparison (Peaks/Troughs). Whether it is higher at the beginning of the period or at the end.

c) Make sure you know the diagrams and label everything, then just write about and talk through the shift in the diagram. You also get definition marks on this question so don't forget to define a word in the question.

d) I'm guessing this is going to be a market failure and government failure question and it will ask for methods to fix it.
Make 2/3 points about methods of correcting the failure state the advantages and disadvantages of it. And then just evaluate at the end by giving your opinion and back your opinion with some facts.

AQA Economics is 40% about knowing the actual content and basic theories and 60% about exam technique you just got to know where the marks are and how to pick them up.

[Besakt]

(Original post by SweetChilliSauce)
Ouch, you're a high aimer. I thought you needed A's in all the AS and A2 modules to get an A*, but still good luck for the exam.

I know. A lot of people said I shouldn't resit it but I didn't listen. Lets hope it was a good idea to resit it.

[SweetChilliSauce]

(Original post by Besakt)
I know. A lot of people said I shouldn't resit it but I didn't listen. Lets hope it was a good idea to resit it.

Well, if you get a higher grade or not, that A* will still be within reach.

[Besakt]

(Original post by SweetChilliSauce)
Well, if you get a higher grade or not, that A* will still be within reach.

Not really I messed up on unit 2 last year and got a C, so I I'll have to get 90%+ in unit 3 in a couple of weeks and then get an A grade in unit 2 resit in June and 90%+ in unit 4 in June, not out of reach but still very difficult.

[AspiringDoctor]

How's everybody feeling about tomorrow?

[SweetChilliSauce]

(Original post by mzayn)
Can someone give me a concise layout of how to answer all essay questions please?
P.S What do you think is most likely to come up in the essay?

Well, this is the way I usually lay it out:

- problems faced by the market
x For example, Long run trend of prices and short run instability of prices in agricultural markets

- list, if possible, if it's a merit or demerit good (with a definition of what it is), and also go on to say it releases negative/positive externalities with diagrams
x Let's say... Subsidising trains. Trains are a public, merit good which release positive externalities. [with diagrams if possible, and you need to put down definitions]

- if they're asking something like "Evaluate the case for and against Government Intervention", then list the possible interventions, such as buffer stock, minimum pricing, subsidies/taxation vs regulation and the possibility of the free market

- if asking about something like subsidies against another government intervention, still list the possible interventions

- talk about one of the ones listed below, unless the question specifically mentions an intervention, then talk about it. If you don't remember the diagrams, then don't worry since you won't get marked down if you can explain it. Talk about how it works, it's pros and cons as well as will it succeed in the long-run and is it easily prone to government failure. Do a mini-evaluation here: do you think it will work - yes or no?

- if you have enough time, quickly talk about another government intervention

- if asking "For and Against Government Intervention" then talk about the free market. No need for diagrams here, just talk about how it works, and the disadvantages and advantages

- evaluate. Simply an quick overview of what you talked about, and weigh out the pros and cons of each one. Then say which one you think the govt. should use (do this by saying which one would most likely fail, then say the other one should succeed).

--------------------------

So basically:

Introduction
- definitions
- problems faced by the market (usually from the Extracts)
- several govt. interventions that can be used

Main Body
- talk about one of the government interventions
- diagram if possible
- explain how it works
- it's pros and cons
- will it last in the long-run, could it cause govt. failure

Second Intervention
- the same as you did in the Main Body

Evaluation
- an overview of the interventions (you only have 25 minutes, so you only write two)
- weigh the pros and cons
- which one should the govt. use
- if enough time, quickly write about another intervention
- conclude in the last sentence

God, that was long to write, but that's the method I use, and I usually get around 17-13/25, so it should work.
Gl in tomorrows exam.

[SweetChilliSauce]

(Original post by AspiringDoctor)
How's everybody feeling about tomorrow?

Dead. Section B is easy, as long as I get my government interventions. The multiple choice is going to kill me, I need at least 18/25 to get around an A. :[

[AspiringDoctor]

(Original post by SweetChilliSauce)
Dead. Section B is easy, as long as I get my government interventions. The multiple choice is going to kill me, I need at least 18/25 to get around an A. :[

I'm sure you'll get that!

[cheesecake11]

where exactly is a susidy located on a diagram? for producers and consumers?

[vanger1]

(Original post by cheesecake11)
where exactly is a susidy located on a diagram? for producers and consumers?

Do you mean subsidy?
Does this help?

[cwalton]

hi guys 2 thing's,

1. my teacher has said that although monopoly is likely to come up on the multiple choice questions, it is studied in much more detail in unit 2 therefore it doesn't tend to be focused on in the data response questions.

2. if you're doing lots of last minute revision use these videos to give yourself a quick break from textbooks and past papers.

http://www.youtube.com/user/BrynJonesOnline/featured

[vanger1]

This guys a guru. Paj Holden- Legend!

[Besakt]

(Original post by cheesecake11)
where exactly is a susidy located on a diagram? for producers and consumers?

Subsidy is pretty much the opposite of taxes.

When tax is imposed there is an increase in production cost to the firm therefore shifting the supply curve up and to the left.
When a subsidy is imposed there is a decrease in production costs to the firm therefore shifting the supply curve down and to the right (increasing output and reducing price).

An advantages of a subsidy is that it benefits people on lower incomes, a disadvantage is that a large part of the subsidy is usually captured by the producer but of course this depends on factors such as elasticity of demand and supply.

I annotated an image on paint for you. The red bit is how much of the subsidy the producer receives and the green is how much the consumer receives.



The green and red sections together is how much the government (i.e the tax payer) pays for the subsidy

[cheesecake11]

(Original post by vanger1)
Do you mean subsidy?
Does this help?

yessss

[Besakt]

(Original post by AspiringDoctor)
How's everybody feeling about tomorrow?

Not good, I'm really nervous. My first exam.

[SweetChilliSauce]

(Original post by cwalton)
hi guys 2 thing's,

1. my teacher has said that although monopoly is likely to come up on the multiple choice questions, it is studied in much more detail in unit 2 therefore it doesn't tend to be focused on in the data response questions.

2. if you're doing lots of last minute revision use these videos to give yourself a quick break from textbooks and past papers.

http://www.youtube.com/user/BrynJonesOnline/featured

God, THANK YOU.

I have been doing past papers for the past 3 hours, and this is helpful. (since I learn better when people say it and I repeat it).
You sir/madam, are a life saver. <3

[JamesNeedHelp2]

(Original post by Besakt)
Subsidy is pretty much the opposite of taxes.

When tax is imposed there is an increase in production cost to the firm therefore shifting the supply curve up and to the left.
When a subsidy is imposed there is a decrease in production costs to the firm therefore shifting the supply curve down and to the right (increasing output and reducing price).

An advantages of a subsidy is that it benefits people on lower incomes, a disadvantage is that a large part of the subsidy is usually captured by the producer but of course this depends on factors such as elasticity of demand and supply.

I annotated an image on paint for you. The red bit is how much of the subsidy the producer receives and the green is how much the consumer receives.



The green and red sections together is how much the government (i.e the tax payer) pays for the subsidy

Could you please help me with the pros and cons of a monopoly. I think the Pros are Greater choice, innovation and Economies of scale.

However i dont know much about the disadvantages other than that monopolies can restrict supply so that higher prices are charged i think. What else could i talk about for disadvantages?

[buster121]

(Original post by JamesNeedHelp2)
Could you please help me with the pros and cons of a monopoly. I think the Pros are Greater choice, innovation and Economies of scale.

However i dont know much about the disadvantages other than that monopolies can restrict supply so that higher prices are charged i think. What else could i talk about for disadvantages?

Price discrimination

[JamesNeedHelp2]

(Original post by buster121)
Price discrimination

Could you please explain what price discrimination is?

[Besakt]

(Original post by JamesNeedHelp2)
Could you please help me with the pros and cons of a monopoly. I think the Pros are Greater choice, innovation and Economies of scale.

However i dont know much about the disadvantages other than that monopolies can restrict supply so that higher prices are charged i think. What else could i talk about for disadvantages?

Advantages:

Dynamically efficient in other words it has the money to invest in better technology so that in the long run it can reduce costs further. Contrast this to a perfectly competitive market where there is perfect knowledge it would be pointless for a firm to spend money on investing to gain a competitive edge because there is perfect knowledge and another will just copy it.

Economies of scale and productive efficiency.

Disadvantages:

Yes they can restrict supply and increase price so there would be allocative inefficiency.

It doesn't necessarily have to be dynamically efficient, there is no need for it to be. Lack of competition leads to a decrease in incentive to innovate.

Splitting up a natural monopoly will not necessarily lead to an increase in efficiency because prices are likely to be higher because average cost of production will be higher.


Tbh I don't think they will ask a question on monopoly in the 25 marker efficiency and different structures is studied in much more depth at A2 level but it doesn't hurt to be informed it will be more likely they will ask about government intervention or ways to correct market failure.