AQA A-level Economics new 7136 - 06, 13 & 19 Jun 2017 [Exam Discussion]

Don't wanna be that person but 2 weeks to go! Whos ready I am not. Still need to prepare for poverty and labour market stuff. 99% have forgotten my key diagrams and need to go over everything and re write notes ughhhh why I am so lazy

I'll try and create a question by topic, and do a superpost but idk

Feeling unprepared. Really can't wait till the 19th of June
I can't even write a decent essay

That's not true! Maybe it's just structure, if I know vague ideas I can score around 17, if I actually revise I can score quite highly on the essays but I don't know what I'm writing.

What kind of essay questions do you struggle with, we could make a model answer!

Sorry for the late reply. But yeah I think that'd be a great idea, since im absolutely clueless and the exam is in two weeks

I doubt it! It's just the stress of a-levels

Okay how do you feel about these questions: what is the worst?
I've tried to pick a question from every topic
1) Explain why profit maximisation may not be the sole objective of a firm (25 Mark)
2) Discuss the extent to which a divorce of ownership from control might influence the objectives of private sector organisations. (25 M)
3) To what extent might a monopolistically competitive market be more beneficial to consumers than a monopoly market? (found these two gems on an edexcel paper)
4) Evaluate the policies that can be used to intervene in a monopoly/oligopoly market? (25 M)

AQA SPEC PAPER:

“Traditional economic theory assumes that consumers make rational decisions that maximise their economic welfare, but behavioural economists disagree.”

1. Using examples to illustrate your answer, explain how anchoring and loss aversion can affect an individual’s choices when deciding how to spend or save their income. [15 marks2. The Government would like to improve the well-being of the population by encouraging people to adopt a healthy diet. Using your knowledge of both traditional economic theory and behavioural economics, assess alternative policies that the Government might adopt to try to achieve its objective (25)

Explain two reasons for wage differentials in a labour market (15)
Explain how marginal revenue product can help to determine both wage rates and employment in particular occupations. (15 marks)

To what extent is inequality caused by government actions necessarily bad? (25 Marks)

I doubt it! It's just the stress of a-levels

Okay how do you feel about these questions: what is the worst?
I've tried to pick a question from every topic
1) Explain why profit maximisation may not be the sole objective of a firm (25 Mark)
2) Discuss the extent to which a divorce of ownership from control might influence the objectives of private sector organisations. (25 M)
3) To what extent might a monopolistically competitive market be more beneficial to consumers than a monopoly market? (found these two gems on an edexcel paper)
4) Evaluate the policies that can be used to intervene in a monopoly/oligopoly market? (25 M)

AQA SPEC PAPER:

“Traditional economic theory assumes that consumers make rational decisions that maximise their economic welfare, but behavioural economists disagree.”

1. Using examples to illustrate your answer, explain how anchoring and loss aversion can affect an individual’s choices when deciding how to spend or save their income. [15 marks2. The Government would like to improve the well-being of the population by encouraging people to adopt a healthy diet. Using your knowledge of both traditional economic theory and behavioural economics, assess alternative policies that the Government might adopt to try to achieve its objective (25)

Explain two reasons for wage differentials in a labour market (15)
Explain how marginal revenue product can help to determine both wage rates and employment in particular occupations. (15 marks)

To what extent is inequality caused by government actions necessarily bad? (25 Marks)

Can we start with the 15 markers? I don't mind which one, you choose
Or if we can try and get through all of them?

Did you pick the harder ones or something? Because I'm looking at these I seriously have no idea how I would answer most of these...

Who's well prepared for this, because it just hit me how close it is

I'm determined to do them all and I have plenty more XD Btw I am no economics genius I will be using my notes, I'll start with the behavioural econ one, XD seems difficult for a 15 marker

Firstly anchoring can be defined as when an individual places too much emphasis on one piece of information, usually the first piece of information they receive. Whereas, loss aversion refers to the idea tat an individual may place more focus on potential losses rather than potential gains.

Anchoring may impact whether a consumer decides to spend or save because for example the first price quote a consumer receives in the cost of an electricity bill on their house, may become their anchor price, even if they are offered a higher or lower price, they may be only likely to spend money on electricity at the first quote, hence not acting as arational consumer by choosing the lower price quote which is what traditional economic theory would suggest.

Other examples of the effect of anchoring may even include an individuals reaction to a change in interest rates, a consumer may be anchored that a particular rate of interest is the only rate in which they will put more of the money into the bank, even if interest rates increase and the reward of saving is much higher and more in the interest of the consumer to save, they may be unlikely too because they have that anchor in the mind telling them at only at a particular rate they should save more. It may even lead to a situation where they consume more which goes against traditional rational thinking.

In addition loss aversion may explain a decision a consumer makes when choosing where to save their money or what kind of isa for example, a consumer may choose the safest rate even if it produces a low return, rather than a more risky choice with a higher return. This is because they fear the potential loss if something were to go wrong, which therefore goes against rational thinking that the consumer looks for the best option.

Wow I think that sort of explains the question XD Ill do the rest later, got to revise for my maths exam XD

Anybody have tips for paper 3 because I've tried some questions and it hasn't seemed great.

That was quick! What do I do? Write one myself and then we put our answers together?
Btw, how do i structure a 15 mark question
Not prepared at all On a plus side I actually think I enjoy economics, but I only realised today so it might be a little late

Yeah we could put our answera together btw if there's any question you would also rather do you do that too.

15 marker is like a 9 marker only you are explaining more points in detail. Start with a definition and then go explaining 3 of 4 points that answer the question Depends on the question tho

Yeah we could put our answera together btw if there's any question you would also rather do you do that too.

15 marker is like a 9 marker only you are explaining more points in detail. Start with a definition and then go explaining 3 of 4 points that answer the question Depends on the question tho

Is it just definition, point, context and then explain for each point?
Will try and do it by tonight

3 or 4 points is a lot. 2 well developed points should do. It is not about the quantity of points but depth of analysis as it is marked in a holistic approach with level based marking.