OCR F581 Markets in Action - 11 May 2015 Watch

nadsss
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#1041
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#1041
Any ideas on what the 18 mark question may be for tomorrow's exam? What are the possibilities?
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KhamZ_98
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#1042
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(Original post by MrJwal1)
can someone explain to me what the diagram would look like if state provision came up as the essay question??
Vertical Supply curve with demand intersecting like normal

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nadsss
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#1043
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(Original post by 2014_GCSE)
What are the full 2-mark definitions for:

"Positive Externalities", "Negative Externalities" & "Externalities"

Positive Externalities: Where the social benefit of an activity exceeds the private benefit

Negative Externalities: Where the social cost of an activity exceeds the private cost.

Externalities: An effect where by the third party are affected by the decisions of others.
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MrJwal1
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#1044
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(Original post by KhamZ_98)
Vertical Supply curve with demand intersecting like normal

Thank you for the reply, lastly how would you explain the diagram as there isn't a shift?
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Gelion
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#1045
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I don't think there were one, due to elimination of winter exams. There is only F581 June 2014 paper. Maybe i am wrong, but this what happens with Maths papers.
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nadsss
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#1046
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(Original post by anndz3007)
I think it depends, for example in May 2011 paper, after talking about subsidy, we can say that the product is also a merit good since it's under consumed because of consumer's lack of information, so alternatively, the government can provide more information.

Another example in Jan 13, beside subsidy, the government can use regulation, relaxing in regulation will encourage firms to increase production.

I've done these 2 questions and got 18 mark(teacher marked it ), i can send you that if you want, just give me your email
What advice would you give on answering the 18 mark question, I always seem to get 12 marks and never any more...
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KhamZ_98
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(Original post by MrJwal1)
Thank you for the reply, lastly how would you explain the diagram as there isn't a shift?
You just say something along the lines of
"This diagram shows how if the government were to provide healthcare , supply would be limited (shown by S being vertical).
However since it is being offered for free, the demand curve would intersect at the point where price is 0 (i.e the quantity axis).
This means that, due to the limited supply. there would be excess demand for the free healthcare. This can have negative effects such as long waiting times in NHS clinics.
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NooNoo1
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#1048
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hiya.....What is state provision?? In the specification it says only about information provision and also there is nothing about privitisation in market failure.
Would these questions still come up....i have done no prep for either so slightly panicking....any help would be great
Thanks
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OrionMusicNet
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(Original post by MrJwal1)
Thank you for the reply, lastly how would you explain the diagram as there isn't a shift?
At the point of consumption the good is free so that means price = 0. If you remember how disequilibrium works that will mean when the price hits supply and then demand will be different so quantity supplied will be less than quantity demanded meaning there is a shortage as there is excess demand over supply. The way to deal with this in the example of healthcare is by providing waiting lists or deciding who gets treatment based on severity of illness but due to the subjectivity of severity of an illness, waiting lists are usually more appropriate.
In the case of education it can actually be possible to provide it to everyone but what you mention is that in order to provide it for everyone the quality of education is likely to decrease greatly. The same could be done with healthcare as well.
Hope that helps but if what I wrote didn't make sense I suggest watching this:
https://www.youtube.com/watch?v=Sda6dR_3o5M
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keynes24
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(Original post by mickel_w)
Could someone give a list of pros/cons if the 18 marker is on public vs private sector? This is the only thing I wouldn't be sure about if it came up, thank you in advance
Pros public sector: not profit motivated more allocative efficient, considers market failure such as externalities or imperfect information
Con government intervention /advantages of private sector: government failure, opportunity cost, private sector provision could improve quality of service or eliminate excess demand
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keynes24
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#1051
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(Original post by NooNoo1)
hiya.....What is state provision?? In the specification it says only about information provision and also there is nothing about privitisation in market failure.
Would these questions still come up....i have done no prep for either so slightly panicking....any help would be great
Thanks
If it is not part of the syllabus then it shouldn't come up
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2014_GCSE
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#1052
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(Original post by nadsss)
Positive Externalities: Where the social benefit of an activity exceeds the private benefit

Negative Externalities: Where the social cost of an activity exceeds the private cost.

Externalities: An effect where by the third party are affected by the decisions of others.
Thank you
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nadsss
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#1053
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Are there any practice papers for economics Markets in Action as I have done all of the past papers for OCR.
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A level sufferer
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#1054
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Is state direct provision even on the spec?
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OrionMusicNet
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#1055
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(Original post by A level sufferer)
Is state direct provision even on the spec?
I don't think so but there was an 18 marker back in 2009 or 2010 that was asking whether or not the health service should be provided by the private or public sector which is basically the same as asking whether or not it should be provided by the state or not. It is unlikely to come up but it certainly is possible.
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BigFreakyGinger
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#1056
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#1056
Does specialisation within an economy cause the PPC to shift outwards? (considering it encourages exchange which will increase the amount of resources at the economy's disposal)
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Anon606
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#1057
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Can anyone guess what the 18 mark question is going to be on, and has anyone got a decent essay structure plan for the last question?
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Sohfie
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#1058
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#1058
Does anyone have any predictions on what will come up? Resitting this and i've been going to year 12 lessons in my free but still feel so unprepared...
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mickel_w
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#1059
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(Original post by keynes24)
Pros public sector: not profit motivated more allocative efficient, considers market failure such as externalities or imperfect information
Con government intervention /advantages of private sector: government failure, opportunity cost, private sector provision could improve quality of service or eliminate excess demand
thank you!
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stresso
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#1060
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#1060
(Original post by nadsss)
Are there any practice papers for economics Markets in Action as I have done all of the past papers for OCR.
Even last year's paper?
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