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Edexcel economics unit 1 may 13th

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Original post by A-LevelEconomist

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.

Please can you explain to me about the trade pollution permits and what we need to know? Because I really don't get it! :frown:

Reply 21

plainsoveralls

Original post by A-LevelEconomist

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.

LOL the one thing im not 100% on xD
Do you know if examiners stray from the mark scheme at all; sometimes when marking my own papers i dont see my eval on the mark scheme but still reckon its relevant enough to get the marks

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Reply 22

newguy101

Unit 1 is very easy. The concepts of section A is always the same, spend a day and go through EVERY section A part of the paper since 2008 and you'll see it's pretty damn easy. Section B is where everyone looses marks, and a good way to revise for that is obviously to make sure you have a good understanding of the concepts but also to go through all the past papers and look at the evaluation. For me and my friends, evaluation seems to be the tricky point where marks are easily lost - note down evaluation points for everything and revise of that and you'll be fine.

Reply 23

username1082804

For evaluation, you said the main three things to talk about are:
-Opportunity Cost
-Time Lag
-Inflation
But what would you say about inflation? And in which kind of questions can you talk about inflation?

Reply 24

zabi1

Hey guys im sitting this exam too. I was wondering if you put in something which isnt relevant to the question for the 12 or 8 marker, would they take marks off for irrelevant information? Or would they carry on marking to see if there is any relevant information which marks can be awarded for?

Reply 25

Chloe Chow

Original post by Kelani

Does anyone know what topics tend to come up in the 14 mark questions?

i wanna know as well...

Reply 26

Chloe Chow

Original post by A-LevelEconomist

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.

How about public good? They never test us on this topic which relative to market failure previously.

Reply 27

beastblue

Original post by zabi1

It's always positively marked so they will always look for relevant information. Examiners want u to do well as well :smile:

Reply 28

zabi1

Original post by beastblue

It's always positively marked so they will always look for relevant information. Examiners want u to do well as well :smile:

Phew thats good because i tend to write down whatever i can think of which also includes a bit of irrelevant information.

Reply 29

Qtj987

ped = -2 . i wrote thaat this good has an inelastic demand but mark scheme is saying elastic................ soooooooooooooooooooo confused..?

Reply 30

plainsoveralls

Original post by Qtj987

ped = -2 . i wrote thaat this good has an inelastic demand but mark scheme is saying elastic................ soooooooooooooooooooo confused..?

All goods have a negative PED because relationship between demand and price is inverse. A price inelastic good has a PED between 0 and -1

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Reply 31

Qtj987

Original post by Kelani

All goods have a negative PED because relationship between demand and price is inverse. A price inelastic good has a PED between 0 and -1

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omg thank you so much.. ok how about elastic demand? would be a value greater than 1 but negative then?

Reply 32

plainsoveralls

Original post by Qtj987

omg thank you so much.. ok how about elastic demand? would be a value greater than 1 but negative then?

Yep. Also, unit elastic goods have a PED of -1 and perfectly inelastic goods have a PED of 0 as no amount of price change causes a change in demand.

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Reply 33

Qtj987

Original post by Kelani

Yep. Also, unit elastic goods have a PED of -1 and perfectly inelastic goods have a PED of 0 as no amount of price change causes a change in demand.

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positive rep!!! thanks :biggrin: