Edexcel Economics unit 1, January 12th 2012.

Original post by lubij18

I say a possible question could be these;

Examine the likely economic effects of the olympics coming to the UK. (12 marks)

Explain how the funding of the olympics might occur an opportunity cost. Provide a relevant diagram with your answer. (6 marks)

second question would you draw a PPF graph?
and maybe for the first one a labour graph because there is going to be an increase in demand for builders and other workers-Derived demand

Reply 82

jdthemagicman

2

Original post by Anonymous12345

please upload it on third party website :frown:

exams is tomorrow :eek:

heres the 2 upload links for the best resources in the world :

http://www.2shared.com/document/Yi3zfIoH/Revision_presentation_-_market.html

http://www.2shared.com/fadmin/25161319/1b957132/Unit_1_markets_revision_2011.pdf.html

I did the exam last year and got 96 % UMS with help from these resources.

few quick tips :

ALWAYS knock out marks if you have time ( you can nearly guarantee yourself marks). This involves saying in the multiple choice, why one of the answers is incorrect.

2. ALWAYS define key words before you answer the question, in both multiple choice and data response. You are guaranteed marks 80 % of the time for definitions.

Good luck all :smile:

Reply 83

Ashilash

Original post by lubij18

I say a possible question could be these;

Examine the likely economic effects of the olympics coming to the UK. (12 marks)

Explain how the funding of the olympics might occur an opportunity cost. Provide a relevant diagram with your answer. (6 marks)

How would you answer this questions: Examine the likely economic effects of the olympics coming to the UK. (12 marks)?

Reply 84

0utdoorz

1

Original post by lubij18

I say a possible question could be these;

Examine the likely economic effects of the olympics coming to the UK. (12 marks)

Explain how the funding of the olympics might occur an opportunity cost. Provide a relevant diagram with your answer. (6 marks)

How would you answer that?
What labels would you use on the ppf diagram?

Reply 85

10,000 jar of jam are demanded per day at a price of £2 per jar. If the PeDfor these jars is -2 and the price is raised by 20%, the number of jars demanded will fall to

what is the answer to this?

Demand would fall to 8000?

(edited 12 years ago)

Reply 86

0utdoorz

1

Original post by Jack_Smith

10,000 jar of jam are demanded per day at a price of £2 per jar. If the PeDfor these jars is -2 and the price is raised by 20%, the number of jars demanded will fall to

what is the answer to this?

Demand would fall to 6000?

Yes, Demand = 6000.
For every Price: +1 QD: -2
Price: +20 QD: -40

60% of 10,000 = 6000

Reply 87

Original post by 0utdoorz

Yes, Demand = 6000.
For every Price: +1 QD: -2
Price: +20 QD: -40

60% of 10,000 = 6000

i always struggle with these questions...i dont understand how you got the answer!

i though it was 8000 i changed it from 6000

I worked out how much it would raise by...it would be 2.40 after the raise.
AND THEN I DONT KNOW WHAT TO DO!

Reply 88

lubij18

Original post by Ashilash

How would you answer this questions: Examine the likely economic effects of the olympics coming to the UK. (12 marks)?

Define External Benefits ( Positive spillover effects of third parties) (1 mark)
Diagram of positive externality ( 4 marks) ( shift MSB to the right of MPB, remember to label the welfare gain)

Explanation points:

Increase in total revenue for firms as there is an increase in tourism, especially those firms located near the sites, for example Stratford Westfeilds. This could lead to firms expanding as they have more revenue which could lead to more jobs i suppose? So in all business confidence will rise. From the governments perspective, it could see an increase in tax revenue as there is an increase in sales, the tax revenue gained could go to other government funded programmes such as education.

Unemployment will decrease as the olympics will bring new jobs to the economy, so living standards improve.

Evaluation points:

Opportunity cost, should the government fund the NHS instead of the olympics?

In the short run though it will be in constant use by the olympics, how about in the long run? Will sports teams use the stadium and all the other olympic sites? So it could be a waste of resources/

Environment, as there is an increase in tourism, the environment is affected. This is because these tourist at likely to be travelling by plane, which contributes to carbon emissions.

I hope thats right :/

Reply 89

lubij18

Original post by 0utdoorz

How would you answer that?
What labels would you use on the ppf diagram?

I was thinking of olympic games on the Y axis, and some other good which are funded by the government so NHS?

Forgive me if im wrong.

Reply 90

Original post by rsamani1

ok yes, also price mechanism functions and how it gets rid of excess demand and supply

and seriously how do u answer section b qns like the 8, 12 and 14 markers xxx

Definition of price mechanism is the interaction of demand and supply to allocate resources. it functions are signalling, rationalise and incentives and allocation
It gets rid of demand by allowing market price to increase and it eliminate excess supply by allowing the market price to fall.

If i am not wrong, the questions will be in 4 marks, 6 marks, 10 marks, and 2 14 marks. Thats how i think they gonna set it out since it has been set that way for the last two exams. 4 and 6 marks is only explanation bit. They could ask for evaluation in 6 marks question but doubt it. Whenever you see JEDATE in the questions, they are asking you to evaluate.
J=Justify
E=Evaluate
D=Discuss
A=Assess
T=To what extent
E=Examine

the rules are for 14 marks question, 6 marks will go for evaluation.
for 10 marks question, 4 marks will go for evaluation.

How i handle 10 marks question is if there are something I can define, I would define it. Thats 1 mark. Then, if the question say something like "With reference to extract 2", then make sure you include something from extract 2 to back up the theory you are trying to apply to the case study.

For evaluation, I have created a mindmap on what you can talk about. I basically look at all the mark schemes on what you need to talk about to gain evaluation marks and make it into a mindmap. If you want, pm me and I will send you a copy.

Most importantly, after doing all the things about points and evaluation, write a conclusion.
Your conclusion can be answering the question. If the question are asking will imposing tax on demerit good be effective? After stating all your points and evaluation, you can answer the question in your conclusion.

Reply 91

Original post by ryanboi

Definition of price mechanism is the interaction of demand and supply to allocate resources. it functions are signalling, rationalise and incentives and allocation
It gets rid of demand by allowing market price to increase and it eliminate excess supply by allowing the market price to fall.

If i am not wrong, the questions will be in 4 marks, 6 marks, 10 marks, and 2 14 marks. Thats how i think they gonna set it out since it has been set that way for the last two exams. 4 and 6 marks is only explanation bit. They could ask for evaluation in 6 marks question but doubt it. Whenever you see JEDATE in the questions, they are asking you to evaluate.
J=Justify
E=Evaluate
D=Discuss
A=Assess
T=To what extent
E=Examine

the rules are for 14 marks question, 6 marks will go for evaluation.
for 10 marks question, 4 marks will go for evaluation.

How i handle 10 marks question is if there are something I can define, I would define it. Thats 1 mark. Then, if the question say something like "With reference to extract 2", then make sure you include something from extract 2 to back up the theory you are trying to apply to the case study.

For evaluation, I have created a mindmap on what you can talk about. I basically look at all the mark schemes on what you need to talk about to gain evaluation marks and make it into a mindmap. If you want, pm me and I will send you a copy.

Most importantly, after doing all the things about points and evaluation, write a conclusion.
Your conclusion can be answering the question. If the question are asking will imposing tax on demerit good be effective? After stating all your points and evaluation, you can answer the question in your conclusion.

is it okay if you send that to me as wel please!

Reply 92

rsamani1

ok is anyone esle slightly worried?

Reply 93

I think what we can do as a group is set a topic up and everyone trying to answer it so we can exchange idea? sounds good everyone?

Reply 94

Original post by ryanboi

I think what we can do as a group is set a topic up and everyone trying to answer it so we can exchange idea? sounds good everyone?

Great!

Reply 95

Original post by rsamani1

ok is anyone esle slightly worried?

I AM TERRIFIED!! i think i can cope if it is an average paper just please not let it be out of the ordinary!!

Reply 96

Extricated

OP

17

Original post by jdthemagicman

Gime somee thumbs up baby, cos if your lucky enough to see this post, heres the resources St Pauls private boys school use ( the one that get half there students into Oxbridge).

Good luck, and much love

x

p.s. the other two resources won't attach as they are too large!

PM ME THE OTHER resources please

Reply 97

okay then lets start with Olympics then since people are predicting that olympic might come up !

Reply 98

franzk

11

Original post by 0utdoorz

Yes, Demand = 6000.
For every Price: +1 QD: -2
Price: +20 QD: -40

60% of 10,000 = 6000

Could you explain in more detail please

Reply 99