gr8wizard10
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#1
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#1
After a lot of requests, I've decided to make a generic structure for the AQA Economics AS syllabus. This will be for the 5, 12 & 25 mark questions. The 8 marker (comparison/identify key points) is relatively straight forward. Once you understand the fundamentals and what the examiners want to see, you can garuntee yourself them top marks. I wish everyone the best with their exams.

5 marker
There's not much to know, other than the definitions. To ensure you get 5 marks, give examples (if applicable). A detailed and precise definition is what the examiner is looking for. This question is to test your knowledge on understanding what the economic terms are.

E.g: Define 'Interest rates' : Interests rates refers to the cost of borrowing and the return on savings. The general trend for UK interest rates are set via the Monetary Policy Committee who aim to control inflation levels.

12 marker:
1) Maximum (preferably) 2 definitions from the Question to open with.
2) Read the extract thoroughly and extract a point which you can make analysis links with. (Use a diagram to support links within the chain).. 5/6 analysis points should solidify your marks
3) Select another point which can address the question (Use a diagram).. another 5/6 analysis (chain links).

Remember to read the question and direct your answer in accordance (common mistake people make is to stray into irrelevance)

25 marker:

-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.

Example 25 mark structure:


Here's a quick plan for a 25 mark essay structure (microeconomics)

I'll provide you with a basic plan of how I'd probably go about tackling the question.

"Using the data and your economic knowledge, assess the case for
and against government intervention in the markets for food and drink to encourage a healthy diet." (25 marks)

I would define Government intervention (just state their role and the tools they have i.e Fiscal Policies, direct provision, tax rates, information provision)

I'd also define the free market. Operates according to the laws of supply and demand where firms use the signalling/incentive function to price goods and services at the equilibrium price level.

Point 1:
Line 5 states "One option is to tax junk foods". Show this on a graph (supply curve shifts left) or a negative externality graph .
Analysis 1: By taxing junk food > it will increase the production costs of firms who supply junk food > this will lead to a reduction in supply of junk food > this will internalise the externality > prices for consumers would increase > leading to a potential reduction in junk food intake > people may switch to healthier goods
Evaluation 1: As producers may just pass the tax onto consumers, a tax on junk food would be 'regressive' as those with lower incomes have to pay a larger proportion of their earnings. Also there's no garuntee that it will help reduce the consumption of demerit goods, as it depends on the elasticity of junk food.

Point 2: Line 5 also states the government could subsidise healthy food companies. Show this on a graph (Supply curve shifts right)
Analysis 2: Subsidising healthy food companies > results in firms lowering their production costs > may encourage new entrants into healhy food markets > supply curve shifts to the right > results in a lower equilibrium price level > consumers are likely to purchase more healthy produce
Evaluation 2: Subsidising is expensive (especially with the current budget deficit). There's an opportunity cost as governments could spend money elsewhere (schools, NHS). Healthy food firms may not reduce prices and keep the subsidies as a revenue intake. It doesn't have any strong direct effect on the demand for junk food (assuming its inelastic)

Point 3: Without government intervention the free-market will rectify itself in the long-term. (Diagram showing demand decrease).
Analysis 3: As demand for goods are operated by the laws of supply and demand > In the long-term, people may start becoming more aware of the dangers of fast food (as a result of more junk-food related deaths > this will decrease the demand for junk food > also make it more elastic, as people would be willing to substitute junk food for healthier goods > causing a decrease in the consumption of junk food > and a potential increase in consumption of healthier goods
Evaluation 3: This is only a theoretical assumption and its very difficult to calculate the timescale in which this possibility could occur. It's prevalent now that junk food causes problems, yet people choose to ignore the warning signs. The free-market allocation of goods and services fails to take into account negative externalities causing market failure.

Conclusion: (Personally I'd say) Although it is quite clear that liberal economists such as Milton Friendman and Fredrick Hayek found positives to leaving the market by itself. It's clear that the problems associated with having non-healthy diets (such as obesity) are widespread amongst the western world. Consumers fail to take into account the long-term costs of having unhealthy diets, and firms are unwilling to limit their supply, as long as there's demand. I believe leaving the free-market to itself may be detremental in trying to resolve the issues regarding health as there's no clear time-scale of when the free market can rectify itself (or even if it ever will). Whereas government intervention has the potential for a more immediate effect. By taxing fast foods and subsidising healthy food companies, as stated in line 5, may help people consume more healthier goods. Etc.. etc.. you can be creative here and justify which policies work best and why.
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username1208923
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#2
Report 7 years ago
#2
Very helpful, thanks for this post.
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gr8wizard10
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#3
Report Thread starter 7 years ago
#3
(Original post by Stoicism)
Very helpful, thanks for this post.
You're welcome.
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chatty
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#4
Report 7 years ago
#4
(Original post by Abdul-Karim)
After a lot of requests, I've decided to make a generic structure for the AQA Economics AS syllabus. This will be for the 5, 12 & 25 mark questions. The 8 marker (comparison/identify key points) is relatively straight forward. Once you understand the fundamentals and what the examiners want to see, you can garuntee yourself them top marks. I wish everyone the best with their exams.

5 marker
There's not much to know, other than the definitions. To ensure you get 5 marks, give examples (if applicable). A detailed and precise definition is what the examiner is looking for. This question is to test your knowledge on understanding what the economic terms are.

E.g: Define 'Interest rates' : Interests rates refers to the cost of borrowing and the return on savings. The general trend for UK interest rates are set via the Monetary Policy Committee who aim to control inflation levels.

12 marker:
1) Maximum (preferably) 2 definitions from the Question to open with.
2) Read the extract thoroughly and extract a point which you can make analysis links with. (Use a diagram to support links within the chain).. 5/6 analysis points should solidify your marks
3) Select another point which can address the question (Use a diagram).. another 5/6 analysis (chain links).

Remember to read the question and direct your answer in accordance (common mistake people make is to stray into irrelevance)

25 marker:

-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.

Example 25 mark structure:


Here's a quick plan for a 25 mark essay structure (microeconomics)

I'll provide you with a basic plan of how I'd probably go about tackling the question.

"Using the data and your economic knowledge, assess the case for
and against government intervention in the markets for food and drink to encourage a healthy diet." (25 marks)

I would define Government intervention (just state their role and the tools they have i.e Fiscal Policies, direct provision, tax rates, information provision)

I'd also define the free market. Operates according to the laws of supply and demand where firms use the signalling/incentive function to price goods and services at the equilibrium price level.

Point 1:
Line 5 states "One option is to tax junk foods". Show this on a graph (supply curve shifts left) or a negative externality graph .
Analysis 1: By taxing junk food > it will increase the production costs of firms who supply junk food > this will lead to a reduction in supply of junk food > this will internalise the externality > prices for consumers would increase > leading to a potential reduction in junk food intake > people may switch to healthier goods
Evaluation 1: As producers may just pass the tax onto consumers, a tax on junk food would be 'regressive' as those with lower incomes have to pay a larger proportion of their earnings. Also there's no garuntee that it will help reduce the consumption of demerit goods, as it depends on the elasticity of junk food.

Point 2: Line 5 also states the government could subsidise healthy food companies. Show this on a graph (Supply curve shifts right)
Analysis 2: Subsidising healthy food companies > results in firms lowering their production costs > may encourage new entrants into healhy food markets > supply curve shifts to the right > results in a lower equilibrium price level > consumers are likely to purchase more healthy produce
Evaluation 2: Subsidising is expensive (especially with the current budget deficit). There's an opportunity cost as governments could spend money elsewhere (schools, NHS). Healthy food firms may not reduce prices and keep the subsidies as a revenue intake. It doesn't have any strong direct effect on the demand for junk food (assuming its inelastic)

Point 3: Without government intervention the free-market will rectify itself in the long-term. (Diagram showing demand decrease).
Analysis 3: As demand for goods are operated by the laws of supply and demand > In the long-term, people may start becoming more aware of the dangers of fast food (as a result of more junk-food related deaths > this will decrease the demand for junk food > also make it more elastic, as people would be willing to substitute junk food for healthier goods > causing a decrease in the consumption of junk food > and a potential increase in consumption of healthier goods
Evaluation 3: This is only a theoretical assumption and its very difficult to calculate the timescale in which this possibility could occur. It's prevalent now that junk food causes problems, yet people choose to ignore the warning signs. The free-market allocation of goods and services fails to take into account negative externalities causing market failure.

Conclusion: (Personally I'd say) Although it is quite clear that liberal economists such as Milton Friendman and Fredrick Hayek found positives to leaving the market by itself. It's clear that the problems associated with having non-healthy diets (such as obesity) are widespread amongst the western world. Consumers fail to take into account the long-term costs of having unhealthy diets, and firms are unwilling to limit their supply, as long as there's demand. I believe leaving the free-market to itself may be detremental in trying to resolve the issues regarding health as there's no clear time-scale of when the free market can rectify itself (or even if it ever will). Whereas government intervention has the potential for a more immediate effect. By taxing fast foods and subsidising healthy food companies, as stated in line 5, may help people consume more healthier goods. Etc.. etc.. you can be creative here and justify which policies work best and why.

Many thanks for the format. It's a great help.
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Bethany12345
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#5
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#5
Thanks for that!
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samboJ
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#6
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#6
Great example. How often do you relate to the extract in the 25 marker? Does it matter? If you use the extract more does that equal higher marks?
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Student296
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#7
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#7
Excellent post, thanks.
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gr8wizard10
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#8
Report Thread starter 7 years ago
#8
(Original post by samboJ)
Great example. How often do you relate to the extract in the 25 marker? Does it matter? If you use the extract more does that equal higher marks?
For each paragraph, I'd recommend finding atleast one key point to discuss and base your analysis on. Then you can add extra text reference to counter-argue your analysis for instance:

Extract C states that "China's economy is growing and they're demanding more foreign goods." (Do the analysis)

When it comes to evaluation you could say However, the reality is (as Extract C states in line 22), the UK have no strong trade links with China, therefore their economic development is less likely to effect our export markets.
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samboJ
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#9
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#9
(Original post by Abdul-Karim)
For each paragraph, I'd recommend finding atleast one key point to discuss and base your analysis on. Then you can add extra text reference to counter-argue your analysis for instance:

Extract C states that "China's economy is growing and they're demanding more foreign goods." (Do the analysis)

When it comes to evaluation you could say However, the reality is (as Extract C states in line 22), the UK have no strong trade links with China, therefore their economic development is less likely to effect our export markets.
Thanks
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NikolaT
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#10
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#10
For the definitions in the 12 and 25 mark questions, can we use definitions themselves from the other unit?

For example, in a 12 mark question on ECON 2 on explaining 2 factors which can cause a recession, and you want one of those factors to be about lack of demand, can you define demand (a traditionally micro concept)?
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gr8wizard10
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#11
Report Thread starter 7 years ago
#11
(Original post by NikolaT)
For the definitions in the 12 and 25 mark questions, can we use definitions themselves from the other unit?

For example, in a 12 mark question on ECON 2 on explaining 2 factors which can cause a recession, and you want one of those factors to be about lack of demand, can you define demand (a traditionally micro concept)?
In this case you'd talk about a decline in Aggregate Demand (macro-concept).

For this particularly question you could define recession and AD, but tailor your definitions to what the question is asking.

A recession is a period in the economic cycle in whereby there's two consecutive quarters of economic decline usually measured by GDP statistics. The UK has seen a double dip recession after the sub-prime mortgage crises of 2008.

A fall in Aggregate Demand or the total expenditure in an economy is a dominant cause of a recession and refers to a fall in the following: Consumption + Investment + Government Spending + (Exports - Imports).

That should be fine for any definitions.
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NikolaT
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#12
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#12
(Original post by Abdul-Karim)
In this case you'd talk about a decline in Aggregate Demand (macro-concept).

For this particularly question you could define recession and AD, but tailor your definitions to what the question is asking.

A recession is a period in the economic cycle in whereby there's two consecutive quarters of economic decline usually measured by GDP statistics. The UK has seen a double dip recession after the sub-prime mortgage crises of 2008.

A fall in Aggregate Demand or the total expenditure in an economy is a dominant cause of a recession and refers to a fall in the following: Consumption + Investment + Government Spending + (Exports - Imports).

That should be fine for any definitions.
Yeah, I realised that would be what was expected. But looking ahead in the paper, I thought those definitions would have better impact there, and I wasn't sure on repetitions of definitions. Thus resorting to defining demand.

Thanks though.
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gr8wizard10
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#13
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#13
(Original post by NikolaT)
Yeah, I realised that would be what was expected. But looking ahead in the paper, I thought those definitions would have better impact there, and I wasn't sure on repetitions of definitions. Thus resorting to defining demand.

Thanks though.
25 markers aren't marked on a point to point basis so definitions aren't a must for them. The essay is marked as a whole based on Analysis (chain links), Application of text & knowledge (so referring back to the text and picking out the relevant points) and Evaluation (making sure you can discuss the points you made taking into account stakeholders effected, long-term/short-term effects etc..).

The beauty with the 12 mark questions is that, supposing you didn't get the definitions. As long as you have enough links in your analysis, you can gain marks.
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Sano16
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#14
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#14
This is fantastic! Exactly what I needed...


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samthemiller
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#15
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#15
Is it actually possible to get 25/25 on that essay?

Never got past that 24 mark.
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gr8wizard10
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#16
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#16
(Original post by samthemiller)
Is it actually possible to get 25/25 on that essay?

Never got past that 24 mark.
Usually examiners will award a maximum of 23 or 24/25, it's just the way the marking works.
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Swaany
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#17
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#17
If you're not taking AQA economics, but instead the Edexcel version, here's the link to unit 1 micro:

http://www.thestudentroom.co.uk/show...1#post47121201
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Alex_Aits
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#18
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#18
I'd appreciate if anyone can help: Are there any set assumptions that we are expected to make in the multiple choice section? I often find that you can reason with more than one answer and AQA try to cover this by saying "the most likely."
For example in the June 13 Unit 2 multiple choice, question 10, C can arguably be the right answer, despite the mark scheme stating B. (Rising real incomes could be spent on imports depending on the propensity to import)
Anyone got any ideas?
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gr8wizard10
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#19
Report Thread starter 7 years ago
#19
(Original post by Alex_Aits)
I'd appreciate if anyone can help: Are there any set assumptions that we are expected to make in the multiple choice section? I often find that you can reason with more than one answer and AQA try to cover this by saying "the most likely."
For example in the June 13 Unit 2 multiple choice, question 10, C can arguably be the right answer, despite the mark scheme stating B. (Rising real incomes could be spent on imports depending on the propensity to import)
Anyone got any ideas?
Unless stated otherwise, the exam question will always be under the assumption cetaris paribus (everything else stays constant).
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Alex_Aits
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#20
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#20
(Original post by Abdul-Karim)
Unless stated otherwise, the exam question will always be under the assumption cetaris paribus (everything else stays constant).
Yes, I understand that, but are we expected to hold prerequisite knowledge regarding, for example, the UK consumer spending trends? Okay, the example above wasn't the best, but you get what I mean - answers can be argued in various ways in economics.
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