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2016 Edexcel Economics A: Paper 1 Intro To Markets And Market Failure (May 16th)

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Original post by TaraMott
Wanted to drown myself in Lake Naivasha after that exam


Ahhaha banter


Anyojr wanna make a Hitler Reacts or are we all revising for C1?
That was fun but a few of my weak topics came up
Original post by KingOrange
Anybody else think the section A was harder than expected. Wasn't expecting them to ask about the functions of money


I wasn't expecting to apply that to the division of labour... Wtf :frown:



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I'm pretty sure it was just new-original over original x 100 so 23.3%
Original post by AsmaaMahamud97
I wasn't expecting to apply that to the division of labour... Wtf :frown:



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Apparently, you were supposed to define specialisation, say a function of money (e.g. medium exchange) and apply that to the exchange rate as specialisation influences trade - or something like that??? I was very confused by the wording!
What did you guys write for the 15 marker
Completely threw me that one
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Original post by lpjjohnson
Apparently, you were supposed to define specialisation, say a function of money (e.g. medium exchange) and apply that to the exchange rate as specialisation influences trade - or something like that??? I was very confused by the wording!


If you define specialisation and division of labour, can you still get 4/6 marks?
Original post by Dnkz7
If you define specialisation and division of labour, can you still get 4/6 marks?


On my paper it was only a three marker
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Original post by lpjjohnson
On my paper it was only a three marker


Yeah sorry i meant 2/3, what was I even talking about?!?!
But yeah.. did anyone accidently put -4 instead of +4 for the elasticity question
Original post by JMEisjames
What did you guys write for the 15 marker


If that was about the price mechanism, I defined that and then went on to talk about rationing, signalling and incentives. I don't think I drew a graph but I probably should have but I explained the effects on both consumers and producers and then evaluated with PED and PES. I can't remember what else I did tbh
Original post by lpjjohnson
Apparently, you were supposed to define specialisation, say a function of money (e.g. medium exchange) and apply that to the exchange rate as specialisation influences trade - or something like that??? I was very confused by the wording!


I defined and stated the functions then I tried to apply it but I got stuck.


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Original post by lpjjohnson
If that was about the price mechanism, I defined that and then went on to talk about rationing, signalling and incentives. I don't think I drew a graph but I probably should have but I explained the effects on both consumers and producers and then evaluated with PED and PES. I can't remember what else I did tbh



I went through each component of price mechanism and then examined how it effected the housing market
anyone else find that the first 3 marker was worded very badly? I found that the past papers from the old course were much easier
Original post by JMEisjames
I went through each component of price mechanism and then examined how it effected the housing market


I spoke about rationing incentivising and signalling, how the price mechanism may fail (evaluation) as this may not be the case for luxury housing and the prices are volatile so government will have to intervene etc
Original post by Bradkidd99
anyone else find that the first 3 marker was worded very badly? I found that the past papers from the old course were much easier




I thought so too. Aside from that, the rest of the multiple choice section wasn't so bad, and Section B was alright. I think the price mechanism question threw a lot of people off.
Original post by AsmaaMahamud97
I defined and stated the functions then I tried to apply it but I got stuck.


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Could you not just define specialisation, then proceed to explain that money can be used to purchase more efficient machinery and equipment to increase specialisation and money can be used to train workers in their skills and maybe increase their wages so that they can be even more productive?
Guys what do you think the grade boundaries would be? They have to be really low right?
Original post by zahanara
Guys what do you think the grade boundaries would be? They have to be really low right?


I think people are over exaggerating the paper's difficulty because of the tricky 15 marker and the stupid three marker. I would guess 62 for an A?
They will hopefully lower the grade boundaries. A 15 marker on the price mechanism; essentially a paragraph of information that we learnt towards the start of the year. I just wrote generically about incentivising, signalling and rationing. Will probably only get 3-4 marks since I didn't apply. Threw me off. I agree Q1 was worded badly too.

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