[blade63]

(Original post by Ecomax)
^^ hate to be the bearer of bad news, but you can't get 12 ..
As your first definition was 'scarce resources' you'll get no marks for that as you already defined it in the first part of the context

However with a correct second definition you could still land 10 marks .. I'm still unsure on the correct diagram but along as you have labelled all of your axis and curves you can still get 4 marks just from the diagram .. A quote from the extracts could also get you two marks as well

I would expect up to 10 marks for what you've done, but if your explanation was good possibly more

How would you define scarce resources? I didn't think to put limited supply and said that there use has an opportunity cost, would i get any marks for this? :s

[alex7892]

I defined excess demand for the third party sorry you must of mistaken me... But I mean would I get marks for the definition of scarce resources in the first part of the context. Thanks though!

[GSB]

(Original post by venenecinema)
I don't think it will matter at all. I did the range from 2000 to 2012 and didn't mention that the last values were forecasts, I just said how much they change over time. It is literally just a data comparison and therefore you should be fine.

Yeah hopefully we both get good marks for it

[Ecomax]

Ahh I understand, if you're worried look at the mark scheme for a general 12 mark question with a demand and supply diagram .. That lays out how many marks you get for each area ..


For scarce resources definition .. I put,
'scarce resources are resources that are limited, the use of them requires an opportunity cost (economic resource) 'and gave examples

[Eep!]

(Original post by like a boss)
I'm not being funny, but you forgot your ruler and then spent 10 minutes sorting it out?

lol.

LOL! i kno sounds really silly buh i panic..A LOT

[Skilled]

Does anyone have the January 2012 nation economy aqa multiple choice questions? (need it for revising macro) thankx in advance

[minijoe3]

I did the healthcare question,

for the 25 marker intro I said it was a merit good, can't be public because it is both excludable and rivalry.

Then i discussed how the government had conflicting objectives to correct the partial market failure (increasing demand) and irradiating the excess demand (decreasing demand), going through methods for each.

Then concluded and said that the government should actually try to mange consumer's expectations, therefore people will be willing to pay for services and thereby correcting both excess demand and market failure..

have I gone completely down the wrong route?

[Ecomax]

^^

I'm not sure whether you've gone down the wrong route, but I think you have gone off on a tagent and forgotten the question a little bit

The question was "evaluate the economic case for and against the NHS charging for its services"

Therefore it was a for and against argument really ..

This was my structure -

Definition

Arguments for -
Advantages of free market - ration signal incentive
Disadvantages of direct provision - government failure

Argument against -
Market failure .. Externalities, inequality in the distribution of income and wealth
Advantages of direct provision funded by tax

Conclusion .. Answer the question
..

In your conclusion you haven't really answered the question, if you know what I mean ?
However as I have said to a few before .. Evaluation marks count for up to 75% of the 25 mark question

So aslong as you have evaluated everything you have said and made a correct argument you should be fine

your first paragraph is correct though, however you have stated the market failure without explaining where it comes from, which is to do with the price function.
..

For anyone else that chose this question, I think it's important to mention that no government intervention needed to be proposed, the only intervention that you needed to mention was direct provision.
..


Hope that helped

[legacybomba]

(Original post by Ecomax)
^^ hate to be the bearer of bad news, but you can't get 12 ..
As your first definition was 'scarce resources' you'll get no marks for that as you already defined it in the first part of the context

However with a correct second definition you could still land 10 marks .. I'm still unsure on the correct diagram but along as you have labelled all of your axis and curves you can still get 4 marks just from the diagram .. A quote from the extracts could also get you two marks as well

I would expect up to 10 marks for what you've done, but if your explanation was good possibly more

Well if he talked about the elasticity of supply and pointed out the excess demand on the graph and explained it then he can still get full marks

[legacybomba]

(Original post by Ecomax)
Ahh I understand, if you're worried look at the mark scheme for a general 12 mark question with a demand and supply diagram .. That lays out how many marks you get for each area ..


For scarce resources definition .. I put,
'scarce resources are resources that are limited, the use of them requires an opportunity cost (economic resource) 'and gave examples

That's what I put and it's only 4 marks... unless you wrote about the factors of production, then you get 5 marks.

[Ecomax]

In fairness, I did contradict myself in the last part 'but if your explanation was good possibly more'

You can generally get up to 6 marks for diagrams yes, and yes I agree if elasticity of supply was mentioned and defined they may pick up some marks .. I'm going off mark schemes and the words of a wise economics teacher

..

I personally disagree, I think it's possible to get 5 marks for that definition .. Considering the textbook definition is "resources which are limited in supplyso that choices have to be made about their use" (opportunity cost)
With examples, it shows a good understanding of the term and if you look at any mark scheme it states 5 marks will be awarded to anyone showing a good understanding of the term .. Also 5 marks are given usually for one sentence definitions

[Mystic Creature]

(Original post by Skilled)
Does anyone have the January 2012 nation economy aqa multiple choice questions? (need it for revising macro) thankx in advance

Here you go..question paper and mark scheme

[Skilled]

(Original post by Mystic Creature)
Here you go..question paper and mark scheme

Thank u so much!

[rakibm]

How did people find the unit 2 exam today?! I did context one, and found it really difficult:/


This was posted from The Student Room's iPhone/iPad App

[alex7892]

Does anyone know where I can find this paper?!

[bestfriends33]

Anyone taking this exam in jan?

[Homeboy Hotel]

(Original post by bestfriends33)
Anyone taking this exam in jan?

Indeed.

[BobTheBuilder94]

(Original post by Mystic Creature)
Hey there guys! I'm also doing both units in may

Pointers for 25 markers

Unit 1: There are two main types of questions that come up:
1. "Evaluate the different policies that the government can use to *insert action here* -" Firstly, define any key words you need to, set the scene, talk about market failure. Then, talk about all of the RELEVANT different policies. This could include subsidies, taxes, min prices, max prices, buffer stocks, regulation etc. Don't take too long on this as this is still just ANALYSIS. To get the top marks, you must EVALUATE, and that should be ongoing. So, once you explain a policy, discuss how effective it would be in leading to a better allocation of resources. So why may subsidies not be effective? - well, if the supply was very inelastic. Why may buffer stocks not be a good idea? - well, because buffer stock agencies may dry up after a few years etc. For a max price ceiling - the emergence of black markets. At the end, come to a well-rounded judgement. Make sure you are drawing graphs all of the time, and explaining.

2. The other type could be a simple "Market forces vs government intervention" essay. So, intro - set the scene, define key terms, recognise the type of good it is (merit, public, demerit etc). Then:

Market forces - for: signalling, incentive and rationing functions of price can lead to an efficient allocation of resources. Market forces may lead to productive efficiency (remember to define terms). Government intervention could lead to govt failure (and expand on that). With government intervention, there is an opportunity cost.

Govt intervention - for: Use graphs to show how subsidies/taxes could be used to correct market failure - MSC/MSB. Market forces doesnt take into account ext costs and benefits, and so can lead to market failure. Talk about different govt policies (as above).

Then, come to a conclusion saying which you think is more effective - there is no right answer, but just make sure you have reasons to back up your choice. So, for example, market forces are more effective, as govt intervention can lead to govt failure and an even further misallocation of resources.

And sorry, I havent really started revising unit 2, so I wouldnt be of much help there

Oh, and one question: in microeconomics, is it necessary to talk about the price adjustment process?

Found that really helpful! I'm resitting econ1 in jan and doing econ3 also. Any tips for econ3?

[BobTheBuilder94]

(Original post by Homeboy Hotel)
Indeed.

yes i am resitting - econ3 also

[Skilled]

(Original post by bestfriends33)
Anyone taking this exam in jan?

I am retaking econ1 for jan, I got a C first time. I was wondering, have you got the econ 1 june 2012 paper by any chance?