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    (Original post by Schmitzel)
    25 MARKER - CONTEXT 1

    What would people give this? Level 3, Level 4, or Level 5?

    Attachment 396045
    can't see why you wouldn't get 5
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    (Original post by Schmitzel)
    25 MARKER - CONTEXT 1

    What would people give this? Level 3, Level 4, or Level 5?

    Attachment 396045

    Looks 20+ to me.
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    Hi guys, I know this isn't any help to you but I was thinking of taking as economics so is it worth it? I want to be in finance so I assumed economics would be a good option. Any advice?
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    Guys I did context 1 and for my 25 mark I talked about why governments should intervene - referred to gambling as a demerit good and talked about negative externalities. I said its market failure and then explained how monopolies were able to charge high prices due to a lack of competition and talked about how resources were not allocate efficiently as P>MC. I then suggested that government could enforce price capping , so a maximum price could be applied. For my second para , i talked about how free market will readjust , so said in the future people will become more aware of the negative effects on gambling. Also said , monopolies can exploit economies of scale - feed through low prices for consumers - therefore govt doesnt have to intervene. For my conc , I said to protect consumer welfare govt should intervene but could result in opp cost.

    what mark would i roughly get? ://

    ANYONE HAVE A ROUGH IDEA ON WHAT MARK I WOULD GET? :/
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    (Original post by adz3691)
    Hi guys, I know this isn't any help to you but I was thinking of taking as economics so is it worth it? I want to be in finance so I assumed economics would be a good option. Any advice?
    Which other subjects do you have?
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    Does anyone have a copy of the multiple choice questions?
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    For the 12 marker for context 1. I said if prices increase the effect would be an decrease in demand as consumers ration so demand contracts d1 to d2(drew demand shifting to the left diagram) then said it leads to prices decreasing less incentive for suppliers to supply etc. I basically talked about the 3 functions working to allocate resources. i also defined demand and supply.

    But then I realised a price increase at the start will provide incentive for suppliers to supply more, so added that in at the end. But I could have drawn a diagram shifting supply to the right but just decided to shift demand left as stated above. Is that fine ?
    How much do you think this will get me?

    Thanks guys ������
    someone reply I'm so stressed!
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    (Original post by FHL123)
    What was the 25 marker for context 1 ??
    it was about whether govts should intervene with monopolies,income inequality and neg externalities
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    (Original post by adz3691)
    Hi guys, I know this isn't any help to you but I was thinking of taking as economics so is it worth it? I want to be in finance so I assumed economics would be a good option. Any advice?
    i took it because i did business at GCSE and thought it would be similar! its not! but i suppose it would be a good one to have for finance it is one of th hardest subjects and i have struggled over the year but if your good at essays and maths then yeah take it!
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    i did really badly.
    i think the mpc was okay, and i got around 18, but i can either be optimistic or pessimistic with my judgement there.
    however, i did supply shifting right for the context 1 diagram, and prices increasing. i described the price incentive functions. i had a lot to write for the 12 marker, i wished the 12 marker was worth 25 marks as i would have aced that.
    i think i ruined the 8 marker, as it said significant "changes", therefore i stated trends such as a general increase in income for both earners stating beginning and end of the period, and for my second point i went for something like in 1995 income increased for low groups but fell for high income earning groups then i stated figures. i didn't do peaks and troughs and now i don't know if i should of done, as it said changes not comparisons between the 2.
    also for the 25 marker, i only got so far as defining monopoly and market failure, which is 2 definitions and i tried to write an introduction about why market failure exists which was for 4 sentences. i think i only achieved 3/4 marks on the essay.
    definitely resitting this exam.
    I had so much to write about, but there is not even enough time to read the context.
    I took 5 minutes deciding which context to do as they were both weird.

    definitely require more time to finish that question paper. theres not enough time at all.
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    (Original post by bobmarley123)
    i did really badly.
    i think the mpc was okay, and i got around 18, but i can either be optimistic or pessimistic with my judgement there.
    however, i did supply shifting right for the context 1 diagram, and prices increasing. i described the price incentive functions. i had a lot to write for the 12 marker, i wished the 12 marker was worth 25 marks as i would have aced that.
    i think i ruined the 8 marker, as it said significant "changes", therefore i stated trends such as a general increase in income for both earners stating beginning and end of the period, and for my second point i went for something like in 1995 income increased for low groups but fell for high income earning groups then i stated figures. i didn't do peaks and troughs and now i don't know if i should of done, as it said changes not comparisons between the 2.
    also for the 25 marker, i only got so far as defining monopoly and market failure, which is 2 definitions and i tried to write an introduction about why market failure exists which was for 4 sentences. i think i only achieved 3/4 marks on the essay.
    definitely resitting this exam.
    I had so much to write about, but there is not even enough time to read the context.
    I took 5 minutes deciding which context to do as they were both weird.

    definitely require more time to finish that question paper. theres not enough time at all.
    I done the supply curve shifting as well, and definitely agree that more time is needed at least another 30 mins needed
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    Can someone please tell me if this is right?!!??? I'm stressing!!
    For the context 1: 12 marker:
    I drew a diagram with just the demand curve (similar to the monopoly diagram) no shifts and no supply curve. I used the diagram to state that if there's excess demand prices will rise etc. and talking about the three functions of the price mechanism. How many marks would I get? Is my diagram correct? Or is it wrong? Also for the essay question: I talked about demerit goods however I made up my own ( i said alcohol and pollution) and only used two references from the data given. I evaluated throughout however my conclusion was just:
    Gov intervention can reduce marker failure however it may result in a further mid allocation of resources. Will this limit me to a small number of marks and my conclusion isn't one sided? And it's so short?!?????
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    For the context 2 25 marker, I wrote:

    Point 1 - Adam Smith's Free Market
    Point 2 - Risk of Government Failure
    Point 3 - Benefits of subsidisation in increasing employment
    Point 4 - Benefits of subsidisation in helping firms survive

    I also did evaluation points throughout, will this be okay?
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    (Original post by Wombat11)
    Why didn't the 12 marks state that a diagram was needed like usual?
    It wasnt needed
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    (Original post by legolas_09)
    Guys I did context 1 and for my 25 mark I talked about why governments should intervene - referred to gambling as a demerit good and talked about negative externalities. I said its market failure and then explained how monopolies were able to charge high prices due to a lack of competition and talked about how resources were not allocate efficiently as P>MC. I then suggested that government could enforce price capping , so a maximum price could be applied. For my second para , i talked about how free market will readjust , so said in the future people will become more aware of the negative effects on gambling. Also said , monopolies can exploit economies of scale - feed through low prices for consumers - therefore govt doesnt have to intervene. For my conc , I said to protect consumer welfare govt should intervene but could result in opp cost.

    what mark would i roughly get? ://

    ANYONE HAVE A ROUGH IDEA ON WHAT MARK I WOULD GET? :/
    I think you'd get around 20, but don't take my word for it. The issue is that the question asked you to evaluate the view government intervention was required and not the different ways they could intervene. Personally, I found the MCQ's easy but on the 25 marker I wrote about the income inequality being a market failure, and so the government could use progressive income taxes from which the revenue could be spent on benefits to reduce the inequality. Also the income tax would reduce the huge disposable income that richer individuals have thus reducing the high rate of infaltion which has contribued to the income inequality. I also mentioned the drawbacks, which include richer indicvidulas emigrating and thus causing govt failure where the government loses on tax revenue and demand in the economy.

    Secondly, I wrote about the minimum wage, which again would be a more direct method, this would increase income and so the individuals would not enagage in risk taking demerit activies such as gambling. However the raise in wages = rise in production costs= rise in retail prices and inevtably making british firms less competitive in the international market.

    I then wrote about leaving it to the free market - this was a 3 line paragrah on how the rising incomes amongst the rich would increase tax revenue and so the governemtn could spend more on providing benefits.

    I concludded with, the govermnet must intervene however it must not be instrusive such a large progressive income tax as this can lead to potentinal govermnet failure. Instead they should raise the minimum wages, and also increase income tax slightly
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    the entire exam was really difficult, i'm hoping for a B but will probably get a C or a D.

    the multiple choice was really hard, hoping for 15 but will probably score lower as I did the long answer questions first so I had to rush it.

    I did context one and for the 5 marker, i said that money that is earned is distributed unequally. I think my answer may be a 2/5 idk

    for the 8 marker, i think that went smoothly. i spoke about how they had both increase over the years and then stated what the highest index number was for both.

    for the 12 marker, i think i screwed up really bad. i defined scarce resources and price mechanism. then i used oil as an example of a scarce resource for an inelastic good then wheat for an elastic good, then drew 2 graphs showing each one. Is this correct because i havent heard of anyone talking about this? also i reduced demand on both diagrams.

    the 25 marker was tricky and i felt cheated at income inequality, negative externality and monopolies are big topics to talk about and i was running out of time. i said that tax may reduce the power monopolies have but this doesnt work as they can hide their money like google and starbucks. obviously i did a intro with definitions. for income inequalities i wrote about benefits and for negative externalities i spoke about demerit goods.

    what would i get for each question???? im really worried that ive failed because ive worked so hard and this was so different and tricky??? HELP
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    sOMEONE TELL ME IF MY POINTS R OK I AM PANICKING SSO MUCH

    context 1:

    - defined govt intervention
    - taxation (on monopolies to incr prices so reduction in consumption of goods with negative externalities; however, this is dependent upon PED)
    - subsidising, so prices decr making good/service more accessible to poor; however, this has an opportunity cost

    then I did a rushed paragraph on govt failure and like 1 sentence for my concl

    I WANTED TO WRITE MORE (holy crap, I hardly even mentioned market forces!?) BUT TIME WOULDN'T ALLOW

    oh and I probably screwed up the mcq's too (had no time to re-check)

    dang u AQA
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    (Original post by KhalidGulzar)
    I think you'd get around 20, but don't take my word for it. The issue is that the question asked you to evaluate the view government intervention was required and not the different ways they could intervene. Personally, I found the MCQ's easy but on the 25 marker I wrote about the income inequality being a market failure, and so the government could use progressive income taxes from which the revenue could be spent on benefits to reduce the inequality. Also the income tax would reduce the huge disposable income that richer individuals have thus reducing the high rate of infaltion which has contribued to the income inequality. I also mentioned the drawbacks, which include richer indicvidulas emigrating and thus causing govt failure where the government loses on tax revenue and demand in the economy.

    Secondly, I wrote about the minimum wage, which again would be a more direct method, this would increase income and so the individuals would not enagage in risk taking demerit activies such as gambling. However the raise in wages = rise in production costs= rise in retail prices and inevtably making british firms less competitive in the international market.

    I then wrote about leaving it to the free market - this was a 3 line paragrah on how the rising incomes amongst the rich would increase tax revenue and so the governemtn could spend more on providing benefits.

    I concludded with, the govermnet must intervene however it must not be instrusive such a large progressive income tax as this can lead to potentinal govermnet failure. Instead they should raise the minimum wages, and also increase income tax slightly
    For the 1st context : 12 marker:
    I drew a diagram of just the demand curve. I didn't shift it or include a supply curve. It looked like the monopoly diagram? I talked about the three functions of the price mechanism? Is the diagram correct?

    Also, for the 8 marker, I said index value?? I used the word it said in the title??? Apparently you lose marks if you say index value instead of index point? Or something like that?

    For the essay, I talked about demerit goods however they were unrelated to the text I also talked about gov failure etc. I evaluated throughout however my conclusion was only : gov intv may reduce market failure but may result in a further mid allocation of resources. Is this alright? Will I lose a lot of marks for having a two sided conclusion that's short?
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    (Original post by Schmitzel)
    Context 1: 12 Marker

    Defined: Demand, Supply, Scarce Resources
    (2 Marks)

    Showed a diagram, with a shift in demand to the right, and a price increase. Labelled excess demand at intital equilibrium price.
    (4 Marks)

    Explained the adjustment process.
    'When the demand curve shifts to the right, there is excess demand at the initial equilibrium price, followed by an extension along the supply curve. This causes prices to rise, and quantity sold to increase.
    (4 Marks)

    Explained what happens when prices rised.
    'An increase in price, causes the market to send a signal to suppliers to enter the market, who are incentivized by the higher price so enter the market.'
    (4 Marks)

    Explained what happened when prices fell.
    'If prices fall, possibily caused by a demand side shock, then the market will signal to producers to reallocate their scarce resources in the production of another good or service.'
    (4 Marks)

    That's what I put - hopefully I get 12 marks.


    Is this diagram completely wrong? The question asked to explain what happens when the price changes, so I firstly decreased the price from P1 to P2, which created excess demand. I then said that suppliers would be incentivised to increase supply to meet the excess demand to earn more revenue, so I shifted supply to the right.

    Is this completely wrong??
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    I've seen a few people ask something similar so please can someone help!?

    For Context 1, 12 Marker:

    I only drew a demand curve, showing movement along the demand curve leading to a higher price and lower quantity demanded and explained the rationing function of price. I didn't mention incentives or signals.

    Please could someone tell me roughly what mark that would get!?
 
 
 
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