Edexcel A Level Economics A Paper 3: 9EC0 03 - 13 Jun 2022 [Exam Chat]

Any one know how exchange rate or elasticity will fit in the paper since I predicated labour and development will be the 25 markers..?

Reply 21

anonymous1904

4

as the data response

Original post by Caprisan

Any one know how exchange rate or elasticity will fit in the paper since I predicated labour and development will be the 25 markers..?

Reply 22

jxn2234

9

Original post by drowninalevels

How would they ask the questions on development? Like surely it won't be as simple as "Discuss/evaluate/assess the factors influencing development" or "Discuss/evaluate/assess the strategies influencing development" Does anyone have any ideas how the questions might be worded?

it definetely can be there have been questions exactly like that in the past

Reply 23

Lujxin.

10

what would ur points for this be?

Original post by drowninalevels

How would they ask the questions on development? Like surely it won't be as simple as "Discuss/evaluate/assess the factors influencing development" or "Discuss/evaluate/assess the strategies influencing development" Does anyone have any ideas how the questions might be worded?

Reply 24

anaturner

12

Does anyone know whether we have to know the MRP theory in labour markets? I can't find it in the textbook and it's not specifically named on the spec under labour markets, but I remember learning about it and watching econplusdal's video on it so idk??

Reply 25

adxmakgunnn

4

Original post by anaturner

Does anyone know whether we have to know the MRP theory in labour markets? I can't find it in the textbook and it's not specifically named on the spec under labour markets, but I remember learning about it and watching econplusdal's video on it so idk??

It's not on the spec and you wouldn't get punished for not using it (I don't think) but it's good to have knowledge on it - i.e. it is a key factor driving wage differentials.

Reply 26

ahhaha

1

Original post by adxmakgunnn

It's not on the spec and you wouldn't get punished for not using it (I don't think) but it's good to have knowledge on it - i.e. it is a key factor driving wage differentials.

how would u use MRP to explain wage differentials?

Reply 27

marghe.sacchi14

8

Original post by ahhaha

how would u use MRP to explain wage differentials?

It is marginal revenue product of labour- which is Marginal physical product multiplied by marginal revenue. MPP has to do with people’s education, skills and qualifications- a major factor determining Demand for labour. Whilst MR has to do with the demand for the product itself- again another major factor for demand for labour as it is a derived demand. Differences in people’s productivity and the demand for the product they produce affect their wage rate.

Reply 28

en4ml

8

Original post by jcnjkwenc

anyone know what last years paper 3 questions were?

9EC0_03_que_20211015.pdf844.1KB

Reply 29

en4ml

8

any predictions for the 25 markers?

Reply 30

r312789

11

Original post by en4ml

Do you have the mark scheme and examiner report? If so, please can you send them :smile:

Good luck guys!

How would you answer a question about development to include micro economics?
Is it not just a macro topic?

Reply 33

DanS_2302

4

Original post by R S

How would you answer a question about development to include micro economics?
Is it not just a macro topic?

For strategies influencing development, you could talk about the process of industrialisation and how that will can increase wages for people who are partaking in rural-urban migration (the Lewis model). Increased wages = increased disposable income = increases in luxury good purchase = increase in quality of life = development, also pos. multipliers as a result of increased disposable incomes through spending in local firms, increasing the circular flow of income. However, cost of living could be higher in urban areas so you could question whether this migration to industrialised areas would actually change much for workers, as both their wages and spending increases. Also, investment is required for this process to occur and this is potentially unlikely in a less developed economy as education/skills are likely lower, as well as the initial sunk costs for a firm to invest in a ldc. This could be combatted with initial subsisides for firms willing to invest however i think that becomes another point entirely.

that's the chain i would follow anyways

Reply 34

DanS_2302

4

Original post by DanS_2302

For strategies influencing development, you could talk about the process of industrialisation and how that will can increase wages for people who are partaking in rural-urban migration (the Lewis model). Increased wages = increased disposable income = increases in luxury good purchase = increase in quality of life = development, also pos. multipliers as a result of increased disposable incomes through spending in local firms, increasing the circular flow of income. However, cost of living could be higher in urban areas so you could question whether this migration to industrialised areas would actually change much for workers, as both their wages and spending increases. Also, investment is required for this process to occur and this is potentially unlikely in a less developed economy as education/skills are likely lower, as well as the initial sunk costs for a firm to invest in a ldc. This could be combatted with initial subsisides for firms willing to invest however i think that becomes another point entirely.

that's the chain i would follow anyways

to add to that, think about the different economic agents that development effects. It doesnt just effect the economy as a whole, but it can be spurred on by firms investing, workers getting jobs and potentially increased pay... the effects of this on consumers, government, etc.