For Edexcel micro::::
What do questions mean when they say
'on the market'
For example in May 2012 last question (first data response) 'Discuss the economic effects of higher tuition fees on the market for University education'
Economics effects usually makes me think of price, quantity supply and demand but then the answers to this were about opportunity cost?
Also I had no idea what it meant by the market. It turns out you had to answer for students, universities and the government.
Anyone have any general tips on these two words? I always get confused about them
What does it mean by economic effects? Watch
- Thread Starter
Last edited by cyfer; 12-05-2013 at 17:04.
- 12-05-2013 16:46
- 18-05-2013 18:25
as this questions says market FOR UNIVERSITY EDUCATION... you need to apply your knowledge and think who is demanding higher education and who is providing higher education....and now just think increase in price will decrease demand...use Ex for help e.g low income students hit more than high income
BUT generally 'economic effects' means unemployment, price, supply, profits etc
btw the exams already happened..what you revising for?