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

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    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?
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    (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. )


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    (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
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    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
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    (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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    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!!


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    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!
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    (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!!


    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...
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    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??
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    (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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    (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...
    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!
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    (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!

    Sure, if you have some too can we exchange? xD I can send it to you on whatapps
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    (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..
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    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?
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    IMO it will be on global warming and definitely tradeable permits and regulations will be in the 18 mark question
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    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?
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    (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
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    Retaking this. Got a C last time, aiming for an A.
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    (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
    Thank you
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    (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!
 
 
 
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