A2 AQA Economics Unit 3 (ECON3) 11th June 2015

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Just write more for the 15

for the 10 marker :

use the full 10 mins when answering te question:
maybe throw in a definition
use the extra thats key
diagram
and most 10 markers ask for 2 points !

DONT EVALUATE - no marks for this

15 marker - use the full 15 mins , maybe a quick 1/2min plan
definition
use the extra and say what your trying to answer
make your point
application
graph
analyse
should be like a 2 point question
no need to evaluate no marks

Reply 381

Miser101

Original post by cenxo

Section A

1) 5/5
2) 10/10 (you wrote a little too much, but that's fine as long as your timing's okay)
3)17/25 - good analysis, i feel you can take your evaluation further though (talk more about dynamic efficiency/economies of scale)

Section B

1) 15/15 (good, you included some good points with good analysis & your definition was fine)
2) 17/25 (good analysis, but felt in your first main point a diagram would've helped to show productive inefficiency, felt like you could've talked about pollution permits too. but your paragraphs about indirect taxes were great and pushed your mark up a fair bit)

Total: 64/80 (will definitely be an A, possibly an A*, you can check yourself if you're interested)
Hope this helps, open to interpretation from others of course but that's my thoughts.

You star thank you, just hope market failure and market structure comes in the paper on thursday, avoiding labour market like the plague

Reply 382

annaelizabet

Original post by Miser101

You star thank you, just hope market failure and market structure comes in the paper on thursday, avoiding labour market like the plague

Me too! I HATE labour markets -.-, unless it's a question of evaluating the effectiveness of trade unions. I kinda hate market failure too though :frown:

Reply 383

Schmitzel

how important is real world examples for level 5.

I'm pretty sure as long as your refer to 1 or 2 examples your good to go?

Reply 384

WM97

Is it just me who finds the way the questions are worded really confusing?

Reply 385

Anymorefor123

Hello

could anyone currently in A2 please advise which revision guide I should purchase for A2. Im really aiming for an A/hopefully an A* and I feel like my revision guide for AS wasn't the best. Any advice would be great :smile:

good luck to everyone doing their exams

Reply 386

Shanahey

How can you define monopsonistic demand for labour?

Reply 387

M1711

2 days left ... anyone confident about the exam ? .. AQA UNIT 3 ... needed the multiple choices back , wouldbe been calm still

Reply 388

jking2711

Original post by Anymorefor123

good luck to everyone doing their exams

Have a look at this powerpoint.

https://www.dropbox.com/s/4qumljf9hqewlhd/A2%20Full%20Presentation%20Apl%202015.pptx?dl=0

Reply 389

WM97

Original post by M1711

2 days left ... anyone confident about the exam ? .. AQA UNIT 3 ... needed the multiple choices back , wouldbe been calm still

Not at all haha I just hate how the questions are worded they really confuse me :/ and yeah I would love multiple choice I swear I got full marks on them last year xD

Reply 390

Sameepa

Hi, does anyone have access to Jan 2011 paper???
Also I'm not in school and I'm retaking econ 3 so any tips on this years paper that ur teachers mentioned/ potential questions???

Reply 391

WM97

Hey has anyone got any tips for getting an A on the 25 markers? Is it just make sure you have enough application, evaluation and use quotes from context for context questions?

Reply 392

User1536861

Original post by Dukeofhazzard

I have no doubt that the grade boundaries would reflect the difficulty (I hope), but my heart goes out to all the people that sat the exam!

Just had a look at the grade boundaries for it. 66/80 for an A* and 60/80 for an A. Jan 12 was a much much easier paper and it's also 66/80 for A* and 59/80 for A... :frown:

Reply 393

WM97

Any chance of a question on strength of UK competition policy?

Reply 394

annaelizabet

Original post by Shanahey

How can you define monopsonistic demand for labour?

It's basically when there is one buyer of labour. ? monopsonistic supply for labour is when there is one seller of labour and occurs when there is a trade union in the market :smile:

Reply 395

annaelizabet

Anyone else feel that some of the 25 markers on the extract section are a little difficult on some exam papers? :s-smilie:

Reply 396

jking2711

Original post by annaelizabet

Anyone else feel that some of the 25 markers on the extract section are a little difficult on some exam papers? :s-smilie:

There are at least 2 analysis and 2 evaluation points in every extract

Reply 397

M1711

Original post by WM97

Not at all haha I just hate how the questions are worded they really confuse me :/ and yeah I would love multiple choice I swear I got full marks on them last year xD[/QUOT

same with me man hahah , i gotta read it 10 times before i even attempt them !

Reply 398

Shanahey

Original post by annaelizabet

It's basically when there is one buyer of labour. ? monopsonistic supply for labour is when there is one seller of labour and occurs when there is a trade union in the market :smile:

Thanks

Reply 399

aramen105

Evaluation examples:

oligopoly:

Oligopolistic markets can be seen as bad for consumers as they aren't typically allocatively and productivley efficient, there is a loss in economic welfare. Furthermore oligopolies reduce consumer choice and soverienty.

Oligopolists may erect barriers to entry such as limit or predatory pricing (which can be seen as beneficial to consumers as it makes the market more allocatively and productivley efficient - similar to prefect competition) or exclusive contracts and patents (which make the market more difficult to enter - how can I make a product if you have the patent for it?). this may result in the market becoming more like a monopoly as there is low contestability.

Solutions for an oligopolistic market could include deregulation, this would reduce the barriers to entry, but while in theory this may work it may result in more cartel like behaviour (there are 3 types overt, covert and tacit), which will makes consumers worse off (at least in the short run). this is because Gov policies may not be effective when the barriers are very high - e.g in pharmaceuticals to be competitive you will need to have high R+D funding to be competitive in the long run (e.g investing in drug research) and how many potential entrant would be able to do that?

Another solution to the problems of oligopolies could be increased regulation to make the market more statically efficient and operate in the public interest. However we may get the problem of 'regulatory capture' where the regulator is influenced by the industry and doesn't operate in the public interest.

Another solution could be a 'free market approach'. while in the short term cartel like behaviour will make consumers worse off it may have long term returns. a cartel may invest their profits (big IF) and be dynamically efficient thus giving an output greater and price lower than in a competitive market scenario.

Oligopolies are advantages in the fact that they act to stabilize the market price and this may allow consumers to plan ahead better. Furthermore they are able to exploit the benefits of economies of scale, Tesco is a lot cheaper than the corner store. while there are few firms in the industry the market can still be very competitive exspecially in a price war scenario.

hope this helps