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    (Original post by Kiranjott)
    Ahh that's so unfair. We weren't given any instructions regarding it
    Neither were we, you're supposed to read the instructions by yourself...
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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? :/
    Haven't seen the exact question/extracts but this sounds pretty spot on. Difficult question given it introduces monopoly as a concept- you don't look at this analytically until A2.

    Tom (IDK-tuition.com, free online economics videos and resources)
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    (Original post by IDK Tuition)
    Haven't seen the exact question/extracts but this sounds pretty spot on. Difficult question given it introduces monopoly as a concept- you don't look at this analytically until A2.

    Tom (IDK-tuition.com, free online economics videos and resources)
    The 12 marker was something like explain how market forces allocate scarce resources, would this diagram be valid?



    (I did this except I did the opposite (excess demand))
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    (Original post by Chris_Wriiight)
    For Context 1 the 12 marker it talks about the rationing of scarce resources so due to the fact they are scarce I shifted supply to the left which showed an increasw in price and a reduction in availability and demand. I talked about how income inequality comes into play as the poorest 20% would not possess the money to be able to afford the higher prices meaning the scarce resources would be purchased by the richest.
    I wrote pretty much exact same, quite worried that everyone else wrote something different though


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    I think i messed up too, you should get B

    For the 5marker i wrote what you did and said it created market failure and an example i used was regressive tax
    8 marker i talked about volatility and highest points
    12 marker - standard demand curve to the right and talked about signalling, incentive and price controls
    25 markers - mucked up..mainly wrote policies
    Intro i defined the 3 and market failure
    Para 1 equality- used context, talked about max price control pros and cons, progressive taxes and subsidies abit
    Para 2 monopolies - what they are and how they cause market failure, used regulation which is wrong i think and pros and cons of it
    Para 3 neg externality - what they are how they cause market failure, drew diagram, I talked about taxes its pro and con and PED...
    Used 4/5 diagrams all together
    Conclusion - generally government intervention vs free market

    HOW MUCH DO YOU THINK I GOT??
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    Did you have to fill the boxes in or circle them ?-edit you did have to colour them in it just depends how many times you change your answer for the rest, so they should just take the answer with pen on it if there isn't another answer you've chosen
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    Your quite right unfortunately.

    Up to question 3 you look okay, the income inequality def was a little odd but you should get 4/5 for that! Same for the 8 mark, a significant trend is valid along with the significant peak point you made, so you should be looking at 10 to 13/13 marks for that!

    However! question 3 sounds quite terrible 'no offense' as you was simply just meant to talk about how the market forces allocating scarce resources, not inelastic goods, oil and wheat or whatever. You did defined scarce resources and price mech, so you should be looking at 6/12 I would say. "But I'm no examiner."

    Then question 4 like you said was tricky, but a clear structure e.g. def - 'market/gov failure or neg ext' then the MPC/MSC and MPB/MSB diagram to explain the reason for gov intervention, 'because of market failure / miss allocation of resources due to MSB 'Q' being lower than MPB 'Q' not meeting social optimum ect.....then the types of gov intervention of which can address the problem e.g. tax and regulations and just evaluate them, followed by a final judgment conclusion. 'I would say you may push level 3 for that one:/ so best case scenario 5+8+6+13=32/50 that a C!!! and with low GB maybe a B who knows!!!

    Oh and the effectiveness of a Tax depends on PED and PES not 'hiding money':/ I know teachers say "stay in-touch" with the world and it helps, but theory is key in this s**tty subject.

    Theory Is KEY!!!
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    (Original post by Kiytt)
    I was so pushed for time I didn't even read the extracts properly. I made no mention of gambling, just "demerit goods"
    Same!!!! When the time was up that's when I remembered that I forgot to mention the extracts in the essay question! I was so upset because I felt like I could've gotten full marks for that question, I made a lot of good points about demerit goods. But I found out that you can still get around 18-19 marks if you didn't mention gambling etc, as long as your points about demerit goods were good

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    (Original post by ridirahman)
    Did you pick showing the goods and services a firm/economy can make with its limited resource at this this period of time (or something similar) or only showing the goods and services a firm/economy can make with its limited resources? because these two were quite similar..
    Did it say something along the lines of CAPABLE to produce?


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    context 1 is what i did, and from what I've read i have seen quite a few answers that id say aren't the top end ones.. asking for some help here! i took it as a resit from my D last year but with another year under my belt.
    5 marker i defined it as 'the unequal distribution of income across a population/ economy' then an example...
    12 marker i defined price mechanism then demand. i shifted supply to the left, increasing price and decreasing output. The signalling function of high prices to consumers is to deter demand and for producers to enter the market. However as goods are scarce, to allocate the scarce resources, the rationing function is used which means price increases to reduce demand, and therefore reduce output to obtain scarce resources.

    hopefully, did ok. i found the exam good, as govt. intervention is a strong point of mine... but, i panicked a little bit and said the govt. should tax gambling advertisement to reduce supply meaning the lower incomes aren't aware of certain offers etc so less gambling is consumed reducing the negative externality etc etc etc

    can some good person please let me know if I'm on the right track or if all this is a load of sh*te! cheeeers!
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    Would appreciate someone sending me the questions/answers for multiple choice? I need to know now, get it over with
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    (Original post by jameskenny)
    context 1 is what i did, and from what I've read i have seen quite a few answers that id say aren't the top end ones.. asking for some help here! i took it as a resit from my D last year but with another year under my belt.
    5 marker i defined it as 'the unequal distribution of income across a population/ economy' then an example...
    12 marker i defined price mechanism then demand. i shifted supply to the left, increasing price and decreasing output. The signalling function of high prices to consumers is to deter demand and for producers to enter the market. However as goods are scarce, to allocate the scarce resources, the rationing function is used which means price increases to reduce demand, and therefore reduce output to obtain scarce resources.

    hopefully, did ok. i found the exam good, as govt. intervention is a strong point of mine... but, i panicked a little bit and said the govt. should tax gambling advertisement to reduce supply meaning the lower incomes aren't aware of certain offers etc so less gambling is consumed reducing the negative externality etc etc etc

    can some good person please let me know if I'm on the right track or if all this is a load of sh*te! cheeeers!
    Yours sounds good! I wrote very similar on the 12 marker but did not include any definitions.
    Does anyone know if you had to mention all 3 market failures in the 25 marker? I mainly spoke about income inequality as I rushed it and thought that the sentence they involved from Extract B above the question was about income inequality, I also mentioned monopolies but did not mention negative externalities or demerit goods much, only that income inequality can lead to more consumption of demerit goods like gambling...
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    (Original post by erikawilliams)
    Yours sounds good! I wrote very similar on the 12 marker but did not include any definitions.
    Does anyone know if you had to mention all 3 market failures in the 25 marker? I mainly spoke about income inequality as I rushed it and thought that the sentence they involved from Extract B above the question was about income inequality, I also mentioned monopolies but did not mention negative externalities or demerit goods much, only that income inequality can lead to more consumption of demerit goods like gambling...
    I included all three, but I probably lost some depth by doing so. I imagine you'd be fine even with one, you'll almost certainly be OK with two of them.
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    (Original post by CMSFun)
    Your quite right unfortunately.

    Up to question 3 you look okay, the income inequality def was a little odd but you should get 4/5 for that! Same for the 8 mark, a significant trend is valid along with the significant peak point you made, so you should be looking at 10 to 13/13 marks for that!

    However! question 3 sounds quite terrible 'no offense' as you was simply just meant to talk about how the market forces allocating scarce resources, not inelastic goods, oil and wheat or whatever. You did defined scarce resources and price mech, so you should be looking at 6/12 I would say. "But I'm no examiner."

    Then question 4 like you said was tricky, but a clear structure e.g. def - 'market/gov failure or neg ext' then the MPC/MSC and MPB/MSB diagram to explain the reason for gov intervention, 'because of market failure / miss allocation of resources due to MSB 'Q' being lower than MPB 'Q' not meeting social optimum ect.....then the types of gov intervention of which can address the problem e.g. tax and regulations and just evaluate them, followed by a final judgment conclusion. 'I would say you may push level 3 for that one:/ so best case scenario 5+8+6+13=32/50 that a C!!! and with low GB maybe a B who knows!!!

    Oh and the effectiveness of a Tax depends on PED and PES not 'hiding money':/ I know teachers say "stay in-touch" with the world and it helps, but theory is key in this s**tty subject.

    Theory Is KEY!!!
    okay thank you and yeah for the 12 marker i reduced supply, not demand, to show how the quantity bought is different and okay, i can relax now, that C doesnt sound too bad
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    HELP!!!!!for context 1 the 12 marker i only talked about monopolies and economies of scale and how lower prices and higher output leads to misallocation of resources i defined a few terms at the start and did an economies of scale diagram. I didnt mention any factors of the price mechanism. How many marks am i likely to get?? Stuff about monopolies was in the extract
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    I think there is no point in panicking with what you wrote now since it has been done. I messed up and now I can't really do anything about it so i'm just focusing on my exams ahead :dry:
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    for the 25 marker context 1
    I defined monopolies and negative externalities and talked about income inequality quoted extract etc basically raised the issue in my first paragraph and talked about government intervening due to 3 market failures through taxes, regulations to break monopoly power and increase competition. Then alternative us leaving it to free market as they could work well in long run.
    I then drew a negative externalities diagram for the gambling which led to health problems etc etc for the low income groups. Then said government should intervene through taxes to increase costs fkr gambling companies and move output to socially optimal level. However some blacks markets may emerge where some and some will still gamble which will increase government costs and lead to go failure
    then talked about monopoly and drew diagram of output decreased and higher prices and how coca cola and ipad use monopoly power and it leads to market failure. Gov could intervene through regulations and subsidise small firms to enter market and break barriers but subsidies have opp cost . However I said benefits of monopolies is economics of scale can be used for research and development possibly plus gives competitive advantage to economics of countries.
    Then alternative of leaving it to free market. Wrote like a paragraph then said it may not work well in reducing income inequality.
    Then concluded saying Gov should intervene to reduce negative externalities, income inequality and monopoly power. But market can work well if given time
    Wrote like 2 pages. Tbh could have wrote more points but didn't have time
    what do you think this would roughly get ?

    Thanks guys 😀
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    (Original post by saran12)
    for the 25 marker context 1
    I defined monopolies and negative externalities and talked about income inequality quoted extract etc basically raised the issue in my first paragraph and talked about government intervening due to 3 market failures through taxes, regulations to break monopoly power and increase competition. Then alternative us leaving it to free market as they could work well in long run.
    I then drew a negative externalities diagram for the gambling which led to health problems etc etc for the low income groups. Then said government should intervene through taxes to increase costs fkr gambling companies and move output to socially optimal level. However some blacks markets may emerge where some and some will still gamble which will increase government costs and lead to go failure
    then talked about monopoly and drew diagram of output decreased and higher prices and how coca cola and ipad use monopoly power and it leads to market failure. Gov could intervene through regulations and subsidise small firms to enter market and break barriers but subsidies have opp cost . However I said benefits of monopolies is economics of scale can be used for research and development possibly plus gives competitive advantage to economics of countries.
    Then alternative of leaving it to free market. Wrote like a paragraph then said it may not work well in reducing income inequality.
    Then concluded saying Gov should intervene to reduce negative externalities, income inequality and monopoly power. But market can work well if given time
    Wrote like 2 pages. Tbh could have wrote more points but didn't have time
    what do you think this would roughly get ?

    Thanks guys 😀
    I basically did the same so glad someone did similar to me..hopefully we get 16-18 out of it because MCQ was hard


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    (Original post by IDK Tuition)
    Haven't seen the exact question/extracts but this sounds pretty spot on. Difficult question given it introduces monopoly as a concept- you don't look at this analytically until A2.

    Tom (IDK-tuition.com, free online economics videos and resources)
    This guy is a LEGEND! Never knew you were on the student room but your videos really help, my analysis of Market failure and evaluation through the question was done with the structure you highlighted and I also followed your tips for the 5,8 and 12


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    Couldn't focus the entire 25 Marker on demerit goods however due to the way they presented the question


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