RedamnTion
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Any general advice/tips on how to tackle this?
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Nirgilis
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Moved to Economics help
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gr8wizard10
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(Original post by RedamnTion)
Any general advice/tips on how to tackle this?
Here's my trusty plan. Source: Got me an A at AS :lol:

25 mark structure would usually consist of

-2 solid definitions explaining the relevant keywords the question is asking (backed with examples if applicable)

-An introduction to the topic at hand, depending on whether it's macro refer back to macroeconomic objectives

-1st Diagram / Explanation of what's happening (from the text)
-Analysis of first diagram, (Chain Links) words such as 'therefore, in hindsight'
-Evaluation of first diagram, words such as 'although, other factors effect' talk about stakeholder's affected
(Evaluation is where you use your own knowledge to assess the impact of the ongoing of your analysis)

-2nd Diagram / Explanation of what's happening (from the text)
-Analysis of second diagram
-Evaluation of second diagram

-3rd Diagram / Explanation of what's happening (from the text)
-Analysis of second diagram
-Evaluation of second diagram

-Conclusion
This is where you weigh up your argument to come to a finalized conclusion; taking into account you're evaluation of the 3 Analysis points you've made. You say what overall effects may occur, the effect on the economy and add relevant concluding factors in regard to the question. Argue different viewpoints and say which you think has the higher weighting.

ALWAYS DIRECT YOUR ANSWER TO WHAT THE QUESTION IS ASKING.

All the best.

If you need the explanation of any concepts don't hesitate to PM me, I'll gladly clarify anything you struggle with at AS.
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Doc_Ruks
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Thanks, this is very useful.
What do you mean by talk about the effect on stakeholders?
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gr8wizard10
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(Original post by Doc_Ruks)
Thanks, this is very useful.
What do you mean by talk about the effect on stakeholders?
Stakeholders are the different groups of people affected by any decision. For instance, if the government decide to raise income tax, this will effect Consumers (as they'd have less disposable income) / Businesses (as Consumers would have less money, so consume less).

It's just good to show an understanding of whether a policy (or the likes) are particularly widespread and which groups of people are affected, and by how much.
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joshy1997
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I just read your structure and i was just wondering, do you just explain all your points through the use of graphs or do you have separate paragraphs for explanations?
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JorjaB
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(Original post by joshy1997)
I just read your structure and i was just wondering, do you just explain all your points through the use of graphs or do you have separate paragraphs for explanations?
Diagrams get you analysis marks. I always try to answer the question, using both the extract and my own knowledge, and then use a diagram to support. It's also best to explain what's happening in the diagram, rather than describe
Then I always follow on with a separate paragraph to evaluate (dependent of the question)

Good luck!
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IDK Tuition
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PARAGRAPH 1- "INTRODUCTION"
1. Start with your written definitions and add relevant examples (similar to Q1 or Q3). If you've chosen your question sensibly, you'll be able to define merit goods/de-merit goods and private/social/external benefits/costs. This targets your knowledge and application marks:
2. Add in an explicit reference to the extract, either as an example linked to your definition or as a means of introducing your main argument.
3. Introduce the concept of market failure as the key theme running through your essay i.e good X is underprovided or overprovided.

PARAGRAPH 2- "MARKET FAILURE"
1. Draw the relevant externalities diagram depending on whether the question refers to a merit/de-merit good. Explain what this shows.
2. Evaluate this point. Is the good in question really a merit/de-merit good? Don't forget you want to be making at least one reference to the extracts per paragraph.

PARAGRAPH 3- "CORRECTING MARKET FAILURE"1. How can the government address this market failure? If the good is a de-merit good, the government will impose a tax; if it is a merit good, the government will impose a subsidy. Draw the relevant diagram.
2. Evaluate this point. Talk about the significance of elasticities i.e if demand is inelastic, the size of the tax/subsidy will have to be greater to bring about a given change in quantity. You can also draw a diagram to illustrate this.

PARAGRAPH 4- "ALTERNATIVE FORMS OF GOVERNMENT INTERVENTION"
1. What else could the government do to address this market failure? Education/awareness, regulation, permits?
2. Evaluate this point. Introduce the concept of government failure- this is when the government intervenes but fails to restore the socially optimal quantity. Can use this as an evaluation point for any form of government intervention.

PARAGRAPH 5- "OTHER" (OPTIONAL)
1. Include anything else that you haven't already mentioned here. If you've covered all the bases, can skip to your concluding remarks (see below).
2. Evaluate this point.

PARAGRAPH 6- "CONCLUDING REMARKS"
  • Keep it open ended
  • Summarise key points
  • Recap evaluative points "government could do this, but it depends on X, Y and Z."
  • Can introduce equity vs efficiency arguments here
I flesh this out further on my website where I've also got an example of a full mark response.

Hope this helps,

Tom (IDK-tuition.com, free online economics resources and videos)
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MrT123
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(Original post by IDK Tuition)
PARAGRAPH 1- "INTRODUCTION"
1. Start with your written definitions and add relevant examples (similar to Q1 or Q3). If you've chosen your question sensibly, you'll be able to define merit goods/de-merit goods and private/social/external benefits/costs. This targets your knowledge and application marks:
2. Add in an explicit reference to the extract, either as an example linked to your definition or as a means of introducing your main argument.
3. Introduce the concept of market failure as the key theme running through your essay i.e good X is underprovided or overprovided.

PARAGRAPH 2- "MARKET FAILURE"
1. Draw the relevant externalities diagram depending on whether the question refers to a merit/de-merit good. Explain what this shows.
2. Evaluate this point. Is the good in question really a merit/de-merit good? Don't forget you want to be making at least one reference to the extracts per paragraph.

PARAGRAPH 3- "CORRECTING MARKET FAILURE"1. How can the government address this market failure? If the good is a de-merit good, the government will impose a tax; if it is a merit good, the government will impose a subsidy. Draw the relevant diagram.
2. Evaluate this point. Talk about the significance of elasticities i.e if demand is inelastic, the size of the tax/subsidy will have to be greater to bring about a given change in quantity. You can also draw a diagram to illustrate this.

PARAGRAPH 4- "ALTERNATIVE FORMS OF GOVERNMENT INTERVENTION"
1. What else could the government do to address this market failure? Education/awareness, regulation, permits?
2. Evaluate this point. Introduce the concept of government failure- this is when the government intervenes but fails to restore the socially optimal quantity. Can use this as an evaluation point for any form of government intervention.

PARAGRAPH 5- "OTHER" (OPTIONAL)
1. Include anything else that you haven't already mentioned here. If you've covered all the bases, can skip to your concluding remarks (see below).
2. Evaluate this point.

PARAGRAPH 6- "CONCLUDING REMARKS"
  • Keep it open ended
  • Summarise key points
  • Recap evaluative points "government could do this, but it depends on X, Y and Z."
  • Can introduce equity vs efficiency arguments here
I flesh this out further on my website where I've also got an example of a full mark response.

Hope this helps,

Tom (IDK-tuition.com, free online economics resources and videos)
Are all 25 markers aimed at market failure and government intervention/failure?
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IDK Tuition
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(Original post by MrT123)
Are all 25 markers aimed at market failure and government intervention/failure?
Nope, not all of them but one out of the two 25 markers will be.

Hope this helps,

Tom (IDK-tuition.com, free online economics resources and videos)
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PAPADAPADOPOLOUS
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(Original post by IDK Tuition)
Nope, not all of them but one out of the two 25 markers will be.

Hope this helps,

Tom (IDK-tuition.com, free online economics resources and videos)
How are you so sure?
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zennadesigns
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any idea of what topic for the context can come as ?
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JorjaB
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(Original post by zennadesigns)
any idea of what topic for the context can come as ?
Maybe the housing market? That has been a popular theme in the news over the past year (the papers were made/written a year ago).

Don't hold me to it! I was advised to know at least a little just in case it comes up
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zennadesigns
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(Original post by JorjaB)
Maybe the housing market? That has been a popular theme in the news over the past year (the papers were made/written a year ago).

Don't hold me to it! I was advised to know at least a little just in case it comes up

but what government intervention can i talk about if a housing market comes up - its a merit and public good so ... subsidy on the builders to produce more , max price of the private rent and one more ? regulation but regulation on what
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JorjaB
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(Original post by zennadesigns)
but what government intervention can i talk about if a housing market comes up - its a merit and public good so ... subsidy on the builders to produce more , max price of the private rent and one more ? regulation but regulation on what
Regulations on:
Health and safety regulation
Housing planning controls: There is a shortage of housing due to companies not wanting to build on brown field sites
Also, there is no shortage of land in the UK, just a shortage of land which is possible to build on. By a loosening of planning controls, there will be a loosening of green belt restrictions.


Good luck
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youngmuslimah
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plan your work first. always evaluate whenever you mention a point. e.g " however, it depends"
(Original post by RedamnTion)
Any general advice/tips on how to tackle this?
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