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**********OFFICIAL OCR ECONOMICS F581 13th MAY 2014 THREAD************

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HI every one for quick revision to support you and prepare for your exam on Tuesday i have put loads of revision on my website so visit it and good luck with the exam.
http://ahmedabokor.weebly.com
also does anyone know how to answer the business significance or comment on questions for elasticity?
Original post by becky345
also does anyone know how to answer the business significance or comment on questions for elasticity?

HI there if u go to the f581 video section of my website there are three videos which covers all elasticity.
here is link http://ahmedabokor.weebly.com/economics-videos.html
Hi, does anyone have a guide or a structure to apply to the 18 mark question?
Original post by fredhovis
Hi, does anyone have a guide or a structure to apply to the 18 mark question?


L1-key terms from question
L2-briefly say how it works
L3- diagram showing market failure or correction (e.g. tax) and annotated, then say how it works, apply it to the case study and real life, make sure you answer the question
L4-what it depends on, 3 detailed points, can use another diagram if you have time
conclusion-answer the question and explain roughly

but remember L3 is the most important!!
Haven't seen any past paper ask about various type of market, do u guys think that it's probably be one this time, or the question is just to weird to ask? :/


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Hope everyone's revision for F581 is going well :biggrin:

My question for anyone who can answer it is how do you go about achieving the full marks for L3. Do you explain what market failure is, add a diagram to illustrate it, then do the same for a method of correcting the market failure that is in question?

Also does the wording that examiners use for an 18 mark essay effect how you should structure your essay?
Is informal economy and black market the same thing?


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Original post by May-o2q
Is informal economy and black market the same thing?


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Yeah.. I'd say use black market in micro, and informal economy in macro..
would you be willing to let me see your notes on this. would be very useful
Original post by 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!


would you be able to share your notes on market failure with me? woud be very useful
Original post by lionelmessi19
Yeah.. I'd say use black market in micro, and informal economy in macro..


i see, thank you! :smile:
Original post by May-o2q
i see, thank you! :smile:


No problem! :smile:
Reply 53
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Knowing
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Original post by May-o2q
Is informal economy and black market the same thing?


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Original post by lionelmessi19
Yeah.. I'd say use black market in micro, and informal economy in macro..


I've been that you should try not to use the term "black market" as it is too slangy.

A better alternative would be "shadow economy/market" or "illegal market" :smile:
for the 18 marker do you have to actually relate it to real life settings?
Original post by Knowing
I've been that you should try not to use the term "black market" as it is too slangy.

A better alternative would be "shadow economy/market" or "illegal market" :smile:


Look at page 9 on the January 2011 Markets in Action mark scheme.. The second to last line states that "may lead to a black market".. shows that OCR use it.. why don't we? :smile:
Reply 56
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Original post by studentwiz
for the 18 marker do you have to actually relate it to real life settings?


You don't HAVE to, but you should definitely link it to the stimulus material provided
Reply 57
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Original post by lionelmessi19
Look at page 9 on the January 2011 Markets in Action mark scheme.. The second to last line states that "may lead to a black market".. shows that OCR use it.. why don't we? :smile:


Because as my teacher says "it may be on the mark scheme for one year, but it may not be credited for this year"

Although to be safe, just use both terms :wink:
thanks! so helpful
Reply 59
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clara16
8
Could someone mark my jan 2012 response for the 18m PLEASE. I think I got 15 but I'm not sure...

question is : Lines 19 to 28 give four ways in which the market failure arising from discarded chewing gummight be corrected. Discuss which of these ways might be the most effective in correcting this formof market failure.


amd the case study ref is : What can cities such as Peterborough do to reduce the market failure caused by discarded gum? A remote possibility is that they might ban the sale of chewing gum as was the case in 20Singapore in 1992. This ban, which includes imports, still applies, although it was loosened
in 2004 when therapeutic chewing gum was allowed following a free trade agreement with
the United States of America. More feasible is that Peterborough could join forces with othertowns, cities and pressure groups in order to make sure that those who chew gum are given
the information to make them more aware of the serious problems which they are causing 25daily to the urban environment. A more radical way of doing this would be to put a new, highindirect tax on sales of all forms of gum, whilst introducing heavy fines for anyone who iscaught discarding gum directly onto the streets.





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