OFFICIAL OCR ECONOMICS F581 13th MAY 2014 THREAD**

Hi,

I am sitting this exam on Tuesday and I am finding it really hard to understand Market Failure and I know the 18 marker is always on this so does anyone have any revision work or power points that would really help me?

Reply 21

May-o2q

14

Original post by maisiemorris

Hi,

I am sitting this exam on Tuesday and I am finding it really hard to understand Market Failure and I know the 18 marker is always on this so does anyone have any revision work or power points that would really help me?

What part of market failure do u find difficult? Market failure occurs when the free market mechanism failed to achieve economic efficiency. Maybe u can ask yr question to be more specific and I'm happy to help u if yr problem is what I understand. :smile:

)

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Reply 22

asiqma

Original post by tomixox

Hi Guys,
I have attached a few resources that I think will be helpful for you guys!
First is an A grade script
Second is a presentation that covers all the types of questions that come up in a F581 exam and states exactly how to answer them in a way that WILL GET YOU THE MARKS.
Finally I have attached some photographs of an 18 mark question that got full marks. This DOES NOT belong to me, I found it off TSR (really sorry cant remember the user)
EIGHT DAYSSSSSS

thank you

Reply 23

A level sufferer

18

Can someone please name the benefits and drawbacks for both regulation and tradeable pollution permits, would be much appreciated......... Also when talking about Negative and Positive externalities, should we label the diagrams as S and D or should we do the whole MPC,MSC and MPB?..... Answers would be greatly appreciated

Reply 24

May-o2q

14

Original post by A level sufferer

Can someone please name the benefits and drawbacks for both regulation and tradeable pollution permits, would be much appreciated......... Also when talking about Negative and Positive externalities, should we label the diagrams as S and D or should we do the whole MPC,MSC and MPB?..... Answers would be greatly appreciated

Regulation
Advantage:
- easy to implement
- enforced by law
- can modified the consumer behaviour rather than using market based intervention
Disadvantage:
- cost of enforcement could be high
- opportunity cost
- May lead to black market

Tradable permits
Advantage:
- polluter pay principle
- producer internalise the externality
- increase government revenue
Disadvantage
- difficult to enforce the pollution which emit by firm => opportunity cost
- difficult to calculate and distribute the permit

I used MSC MPC and MSB MPB for my own diagram but I saw in the text cook they used S and D which I am not sure about. But I am sure that u will not be penalised by using the MS and MP.
I hope it helps and good luck!

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Reply 25

May-o2q

14

I am in need of someone who could help me correct my 18marks essay. I would be happy to correct any of yours too in return. Anyone willing to do this? I think we could learn from each other mistake too!! :smile:

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Reply 26

nh1601

Go through your textbook on all aspects of market failure. The text book is very helpful. I have managed to dilute each aspect of market failure that could possibly come up in an essay to one page, with key points for and against and potential comment (L4) points. I have found it helpful going through the mark scheme and picking out the exact points that are specified. From now until the exam just practise past papers and looking at the examiner's report whilst comparing with the mark scheme! Hope this helps!

Reply 27

chocolattelee

Original post by May-o2q

I am in need of someone who could help me correct my 18marks essay. I would be happy to correct any of yours too in return. Anyone willing to do this? I think we could learn from each other mistake too!! :smile:

Posted from TSR Mobile

Im willing to have a try if you do not mind, most of my essays are already marked but Im willing to show you so you can understand my teacher marking technique. Im not sure if shes lenient or strict... :smile:

Reply 28

becky345

2

i find the F581 paper much easier than the F582!
i would be happy to look over the essay, its good practice for me! i think the key in the essay is the L3 as without it done properly you cant score level 4 and will only get 10-12 marks.

also quick question, on PPC questions does it matter which axis you label which resource e.g. health and education, can you label them either way??

Reply 29

May-o2q

14

Original post by becky345

i find the F581 paper much easier than the F582!
i would be happy to look over the essay, its good practice for me! i think the key in the essay is the L3 as without it done properly you cant score level 4 and will only get 10-12 marks.

also quick question, on PPC questions does it matter which axis you label which resource e.g. health and education, can you label them either way??

I don't think it's matter either way u label your axis as long as u analyse it correct in your answer.
So I will pm you my essay? Please don't mind, cus I am not so good.

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Reply 30

lionelmessi19

3

Original post by chocolattelee

Im willing to have a try if you do not mind, most of my essays are already marked but Im willing to show you so you can understand my teacher marking technique. Im not sure if shes lenient or strict... :smile:

Hey, can you possibly share some of your very good essays with me.. I just wanted more ideas for what to write in Level 3.
Thank you very much! :smile:

Reply 31

chocolattelee

Original post by lionelmessi19

Hey, can you possibly share some of your very good essays with me.. I just wanted more ideas for what to write in Level 3.
Thank you very much! :smile:

Sure, if you have some too can we exchange? xD I can send it to you on whatapps

Reply 32

lionelmessi19

3

Original post by chocolattelee

Sure, if you have some too can we exchange? xD I can send it to you on whatapps

I don't have whatsapp, can you pm them? And yeah.. we can exchange them.. :smile:

(edited 9 years ago)

Reply 33

poma123

1

What solutions could you write about for market failure arising from public goods if it comes up as an 18 marker?
Isn't it just direct government provision funded through tax revenues but how can you expand on that and what diagrams can you use?

(edited 9 years ago)

Reply 34

JoelHopkins

IMO it will be on global warming and definitely tradeable permits and regulations will be in the 18 mark question

Reply 35

Knowing

1

I really doubt they'd ask about tradeable permits directly in the 18-marker - there just isn't enough content there to fill.

It would most likely be evaluating a certain solution to a market failure (one that would be in the stimulus).

This can be regulation, state provision, taxes, subsidies,....etc. The only time I've ever used tradeable permits in an answer is during the evaluation, where I mentioned it briefly as an alternative solution.

Also I have a question to ask: what would be your definition of information failure? or is there no specific definition?

Reply 36

lionelmessi19

3

Original post by Knowing

I really doubt they'd ask about tradeable permits directly in the 18-marker - there just isn't enough content there to fill.

It would most likely be evaluating a certain solution to a market failure (one that would be in the stimulus).

This can be regulation, state provision, taxes, subsidies,....etc. The only time I've ever used tradeable permits in an answer is during the evaluation, where I mentioned it briefly as an alternative solution.

Also I have a question to ask: what would be your definition of information failure? or is there no specific definition?

Yeah.. I think it might be on regulation or taxation... For the extra marks, they may be looking students to provide tradeable pollution permits as the alternative option.

Information failure is a lack of information resulting in consumers and producers making decisions that do not maximise welfare.
That is the textbook definition..
Hope that helps :smile:

Reply 37

chelseafan

21

Retaking this. Got a C last time, aiming for an A.

Reply 38

Knowing

1

Original post by lionelmessi19

Information failure is a lack of information resulting in consumers and producers making decisions that do not maximise welfare.
That is the textbook definition..
Hope that helps :smile:

Thank you

Reply 39

becky345

2

Original post by May-o2q

I don't think it's matter either way u label your axis as long as u analyse it correct in your answer.
So I will pm you my essay? Please don't mind, cus I am not so good.

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yeah just pm me!