username1082804
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How are you all feeling about this exam?
How have you been preparing yourselves for this?
Any good revision tips/resources?
Best lucks to everyone!
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A-LevelEconomist
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I have just been going through the content in the Phillips book. Will start some past papers on Wednesday ready for Tuesday's exam.
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username1082804
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(Original post by A-LevelEconomist)
. Phave just been going through the content in the Phillips book. Will start some past papers on Wednesday ready for Tuesday's exam.
Yeah me too! I find the evaluation part very difficult!
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RobynJukes
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i found that the evaluation points are easy if you mention time lag, opportunity costs and inflation
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A-LevelEconomist
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Yes evaluation can be difficult but just imagine what the effects would be on you as a business owner- I= mIcroeconomics.


20 marks make up the evaluation marks for the Unit 1 paper. So be sure to identify where evaluation is needed. If they ask you to assess, discuss or evaluate- make sure you evaluate! Evaluation marks on each question can range from 2 marks to 4 marks (especially on the 14 markers).


A typical evaluation for unit one would be how demand/supply would be affected. If the price of milk rose by 10p, of course demand would decrease. However it depends on the elasticity of demand. As milk is seen as a necessity, it is price inelastic- the percentage change in demand is less then the change in price. There are very few inelastic goods because if a new good/service comes out, at first it will be price inelastic because there is only one if it, however substitutes will be made changing it to become price elastic.


It depends- a very good term when evaluating. If stuck on evaluation stick to opportunity cost (the next best alternative forgone), inflation (for example a higher wage rate allows employees to meet the inflationary pressures) and time lag (negative externalities is best).


Also don't forget to bring in any other knowledge you know in from the real world in terms of your evaluation. Keep it real, the examiner wants it to be relevant and a good balance.

Plus, in Unit 1 you can loose up to 18 marks (Average) and still get an A. That's not to say to not learn a key topic (a lot of the content is covered in the multiple choice), but don't worry too much and examiners will be lenient.


Good luck! Just keep learning the content and practice a few papers and you should be fine!
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A-LevelEconomist
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(Original post by RobynJukes)
i found that the evaluation points are easy if you mention time lag, opportunity costs and inflation
Very much so!!
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gideon123
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im retaking this exam. i origionally got a C as i never understood how to answer the data response. any help anyone????
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RobynJukes
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reference the data, a few marks for knowledge and application which is explaining economic key terms in the question
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A-LevelEconomist
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(Original post by gideon123)
im retaking this exam. i origionally got a C as i never understood how to answer the data response. any help anyone????
Focus on KAAE- Knowledge, Application, Analysis and Evaluation (key in gaining up to full marks). Make sure you reference the text, analyse your diagrams eg pe increases to p1 and qe decrases to q1, define a key term either in the question or if its relevant. Finally make sure you evaluate! Offer a balance argument that shows your understanding of the topic. It shows some way of overcoming the issue and the side effects of one economical issue too.

Good luck!
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gideon123
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(Original post by A-LevelEconomist)
Focus on KAAE- Knowledge, Application, Analysis and Evaluation (key in gaining up to full marks). Make sure you reference the text, analyse your diagrams eg pe increases to p1 and qe decrases to q1, define a key term either in the question or if its relevant. Finally make sure you evaluate! Offer a balance argument that shows your understanding of the topic. It shows some way of overcoming the issue and the side effects of one economical issue too.

Good luck!
thanks, are the main evaluations: opportunity cost, magnitude, depends on, extent, time lag, long/short term? are there any others?
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Helpmepass1
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(Original post by A-LevelEconomist)
Yes evaluation can be difficult but just imagine what the effects would be on you as a business owner- I= mIcroeconomics.


20 marks make up the evaluation marks for the Unit 1 paper. So be sure to identify where evaluation is needed. If they ask you to assess, discuss or evaluate- make sure you evaluate! Evaluation marks on each question can range from 2 marks to 4 marks (especially on the 14 markers).


A typical evaluation for unit one would be how demand/supply would be affected. If the price of milk rose by 10p, of course demand would decrease. However it depends on the elasticity of demand. As milk is seen as a necessity, it is price inelastic- the percentage change in demand is less then the change in price. There are very few inelastic goods because if a new good/service comes out, at first it will be price inelastic because there is only one if it, however substitutes will be made changing it to become price elastic.


It depends- a very good term when evaluating. If stuck on evaluation stick to opportunity cost (the next best alternative forgone), inflation (for example a higher wage rate allows employees to meet the inflationary pressures) and time lag (negative externalities is best).


Also don't forget to bring in any other knowledge you know in from the real world in terms of your evaluation. Keep it real, the examiner wants it to be relevant and a good balance.

Plus, in Unit 1 you can loose up to 18 marks (Average) and still get an A. That's not to say to not learn a key topic (a lot of the content is covered in the multiple choice), but don't worry too much and examiners will be lenient.


Good luck! Just keep learning the content and practice a few papers and you should be fine!
do you have any advice for Unit 2, i am very, very worried about the 30 mark answer as it is so big if i get it wrong then it will pull my overall grade down?
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A-LevelEconomist
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(Original post by Helpmepass1)
do you have any advice for Unit 2, i am very, very worried about the 30 mark answer as it is so big if i get it wrong then it will pull my overall grade down?
Please don't worry! For the 30 mark question, think of it as three ten-mark questions. It follows the same principles of KAAE (Knowledge, Application, Analysis and Evaluation). Open up your essay defining any key terms and showing your understanding of the topic. You get 6 marks for that. Usually in these questions, it asks for two/three reasons or factors to why something has done this (eg two factors of rapid economic growth on any of the other macroeconomic objectives). Therefore, state the first reason. Back it up with a diagram, analyse, then evaluate. Do it again for the second reason and again for the third (if they ask for three). If they ask for two just discuss the two in large detail. Evaluation is worth 12 marks in this question, so 4 for each reason or 6 for each reason (if you gave two reasons overall). Use this five point plan:

For general Unit 2 questions (works for Unit 1 as well)
1) Trigger word- is it evaluate, discuss- 30 markers always need evaluation
2)Key phrases- does it ask to refer to the text?
3)Context- usually the UK
4) Marks- is it a 4/6/12/30 mark question? This helps plot your knowledge
5) Topic- what is it about? Identifying topics helps with the KA part of KAAE
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A-LevelEconomist
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(Original post by gideon123)
thanks, are the main evaluations: opportunity cost, magnitude, depends on, extent, time lag, long/short term? are there any others?
Yes! Also, you can use the PPF diagram with evaluation on most things. Output changes and resources are either being used efficiently/inefficiently or not to their potential.
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username1082804
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(Original post by A-LevelEconomist)
Yes evaluation can be difficult but just imagine what the effects would be on you as a business owner- I= mIcroeconomics.


20 marks make up the evaluation marks for the Unit 1 paper. So be sure to identify where evaluation is needed. If they ask you to assess, discuss or evaluate- make sure you evaluate! Evaluation marks on each question can range from 2 marks to 4 marks (especially on the 14 markers).


A typical evaluation for unit one would be how demand/supply would be affected. If the price of milk rose by 10p, of course demand would decrease. However it depends on the elasticity of demand. As milk is seen as a necessity, it is price inelastic- the percentage change in demand is less then the change in price. There are very few inelastic goods because if a new good/service comes out, at first it will be price inelastic because there is only one if it, however substitutes will be made changing it to become price elastic.


It depends- a very good term when evaluating. If stuck on evaluation stick to opportunity cost (the next best alternative forgone), inflation (for example a higher wage rate allows employees to meet the inflationary pressures) and time lag (negative externalities is best).


Also don't forget to bring in any other knowledge you know in from the real world in terms of your evaluation. Keep it real, the examiner wants it to be relevant and a good balance.

Plus, in Unit 1 you can loose up to 18 marks (Average) and still get an A. That's not to say to not learn a key topic (a lot of the content is covered in the multiple choice), but don't worry too much and examiners will be lenient.


Good luck! Just keep learning the content and practice a few papers and you should be fine!
Wow, that's really great advice. Thank you so much! I feel so much more confident now! You are great
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A-LevelEconomist
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What does everyone find the hardest (topic wise)?, just tell me and maybe we could go through it on here...
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RobynJukes
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externalities mainly for me. like the diagrams and how to explain them
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Helpmepass1
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(Original post by A-LevelEconomist)
Please don't worry! For the 30 mark question, think of it as three ten-mark questions. It follows the same principles of KAAE (Knowledge, Application, Analysis and Evaluation). Open up your essay defining any key terms and showing your understanding of the topic. You get 6 marks for that. Usually in these questions, it asks for two/three reasons or factors to why something has done this (eg two factors of rapid economic growth on any of the other macroeconomic objectives). Therefore, state the first reason. Back it up with a diagram, analyse, then evaluate. Do it again for the second reason and again for the third (if they ask for three). If they ask for two just discuss the two in large detail. Evaluation is worth 12 marks in this question, so 4 for each reason or 6 for each reason (if you gave two reasons overall). Use this five point plan:

For general Unit 2 questions (works for Unit 1 as well)
1) Trigger word- is it evaluate, discuss- 30 markers always need evaluation
2)Key phrases- does it ask to refer to the text?
3)Context- usually the UK
4) Marks- is it a 4/6/12/30 mark question? This helps plot your knowledge
5) Topic- what is it about? Identifying topics helps with the KA part of KAAE

this is great! thank you so much!
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A-LevelEconomist
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(Original post by RobynJukes)
externalities mainly for me. like the diagrams and how to explain them
As a market, we are always producing goods. However, when we produce a good there are benefits and costs. For example, if a company produced tobacco for cigarettes they would have costs - these are called private costs - they are costs the producer will have. Private costs for tobacco include raw materials, rent for land to make tobacco and transportation of the produced product. These are the costs the producer will individually have to pay for. However, tobacco brings about external costs too, these a the negative third party effects or also seen as spillovers of production. For example, producing tobacco for cigarettes, means the tobacco released from cigarettes will be released to the rest of society when smoked by an individual who bought the pack of cigarettes. That is called passive smoking issues. Other external costs (away from the consumer who bought the cigarettes) include healthcare costs (more people smoking means this puts a strain on public resources like the NHS, and this means more taxes have to pay for that service) and also whilst your ill from smoking this reduces productivity in your work place. Finally, external costs is the difference between private costs and social costs. Social costs is basically the private cost + the external cost (MSC). The diagram would be two lines that are connected from the bottom left had side(normal diagram with price and quantity labelled), the top line is always labelled MSC and the bottom is MPC, and the middle section is called external costs as it is the difference between the two.

Next, we have private benefits and external benefits. These tend to deter away from producers. An example of a private benefit is consumers. Consumers only care about the benefit they receive from buying a good/service, so if the price is low then the private benefit is high. Private benefits are measured by the amount consumers are willing to pay for a good/service. Private benefits can be for producers too- eg the total revenue recieved from selling their output. We also have external benefits, these are benefits to society on the whole. An example would be that if there was more recycling of waste material then the external benefit would be that it reduces the amount of waste disposal for landfill sites as well as re-using materials for production. External benefits can also be individual to the consumer- if one person gets vaccinated, and consumers come into contact with the vaccinated person then they are less likely to become ill- that is a benefit to them. Private benefit + external benefits= social benefits (MSB), or the difference between private benefit and social benefit is the external benefit. The diagram would be two lines that are connected from the top left had side(normal diagram with price and quantity labelled), the top line is always labelled MSB and the bottom is MPB, and the middle section is called external costs as it is the difference between the two.
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Kelani
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Does anyone know what topics tend to come up in the 14 mark questions?
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A-LevelEconomist
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(Original post by Kelani)
Does anyone know what topics tend to come up in the 14 mark questions?
They like to focus on elasticities for the 14 markers. However my bet is trade pollution permits this year - carbon credits and also methods of correcting govt/markert failure.
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