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# Opinions on Edexcel Economics Paper 1 (new spec)? watch

1. (Original post by zayn008)
For 1a you should've defined money as a medium of exchange but the part about trade is correct.

I did 23% (370), I'm not sure if you'll get away with that because the line was clearly under BUT that big dot did confuse it and because of it I would think they'd accept it providing you showed your working.

Sadly I do think you've lose marks for the 15 marker, you should've used the 3 functions as your 3 points, used ext. benefits as the evaluation with a diagram.. You should've looked to squeeze in a diagram even if it just showed a contraction/extension in supply & demand

But there's still macro to look forward to and I do strongly believe the grade boundaries will be lower so don't give up and smash unit 2
The answer is actually 35%. Lots of people got this wrong because hardly anyone acknowledged that the values were INDEX numbers with a base year of 1993. So you have to take away 100 from the values to get the actually percentage change.. For example an index number of 104 actually means a 4% increase, so a 375 index number is only 275% increase, so you use those values
2. (Original post by keenafied)
The answer is actually 35%. Lots of people got this wrong because hardly anyone acknowledged that the values were INDEX numbers with a base year of 1993. So you have to take away 100 from the values to get the actually percentage change.. For example an index number of 104 actually means a 4% increase, so a 375 index number is only 275% increase, so you use those values
NO SHUT UP?? I DID THIS AND THEN CROSSED IT OUT DHCHSHXYHSSHA I actually got 35% but then I did the inverse and it didn't seem to work so I just went for the obvious way

Edit: maybe I made the right choice by changing it
http://www.nuffieldfoundation.org/si...20earnings.pdf
http://www.cso.ie/en/media/csoie/sur...tagechange.pdf
3. (Original post by zayn008)
NO SHUT UP?? I DID THIS AND THEN CROSSED IT OUT DHCHSHXYHSSHA I actually got 35% but then I did the inverse and it didn't seem to work so I just went for the obvious way
Lmao at first I got like 23.33% so cos it wasnt a whole number it made me rethink like **** is this correct, but when I tried the other I got exactly 35%, so I knew this must of been correct lool
4. (Original post by keenafied)
Lmao at first I got like 23.33% so cos it wasnt a whole number it made me rethink like **** is this correct, but when I tried the other I got exactly 35%, so I knew this must of been correct lool
Read my edit 🌚
5. (Original post by zayn008)
Read my edit 🌚
Oh wow this isn't what both my econ teachers told us.. stressing now lol im not sure
6. (Original post by keenafied)
Oh wow this isn't what both my econ teachers told us.. stressing now lol im not sure
I can see your point and method though, you will secure marks for the correct working method at least providing you showed you unindexed them. It's hard to explain why it doesn't work but if you unindex it you're pretty much assuming from 97-09 and 97-2015 it was 100% which isn't possible. Ask your statistics teacher for the reason why, I'm struggling to explain it lol
7. It was quiet literally the worst paper ever. I got completely flustered on the XED one, but at first was talking about demand in general then shifted to XED but the answer was plain crap. Didn't know what to write for private surplus as I was so flustered so babbled about something. Messed up the maths one. Missed out the 15 as I have done nothing on it and only got to points and evaluation on the 20. So all set for a good fail.
8. (Original post by Danielprickett)
It was quiet literally the worst paper ever. I got completely flustered on the XED one, but at first was talking about demand in general then shifted to XED but the answer was plain crap. Didn't know what to write for private surplus as I was so flustered so babbled about something. Messed up the maths one. Missed out the 15 as I have done nothing on it and only got to points and evaluation on the 20. So all set for a good fail.
I hope the grade boundaries are low . It all went fine until the 20 marker, everyone mentioned subsidies and i just increased supply talked about emloyment, revenue and demand and drew like 3 diagrams. I hope there generous at marking.
9. (Original post by keenafied)
Sorry to burst your bubble but it isn't really government failure, however it may be on the slight slide as its an unintended consequence, but I doubt it.
Governement failure is a miss allocation of resources due to government intervention
10. (Original post by Habibibibi)
For the 20 i said that since the housing market and rented market are substitute goods. Subsidising loans would cause an increase in demand for the housing market which lowers demand for the rented market. This could lead to government failure as there is a mis allocation of resources, and landlords will revieve less and drew the externality.

Is there any truth in that? Lol.
I mean if you watch the news you'd know rent prices are out the roof and first time buyers were struggling really bad, you should've been in favor of the subsidy and said however, first time buyers can purchase a home and put it on the rented market. I mentioned government failure when I spoke about maximum prices because of the excess demand it created. But so long as you analyzed what you said and backed it up, you should be good

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