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AQA Economics AS May 2015

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What tips would you give for the 25 markers and what do you expect to come up this year? Market Failure or government failure, for example ?

Reply 21

BBeyond

Original post by SamCricket1

What tips would you give for the 25 markers and what do you expect to come up this year? Market Failure or government failure, for example ?

Housing market!

Reply 22

SamCricket1

Original post by BBeyond

Housing market!

Thanks

Reply 23

IDK Tuition

Original post by SamCricket1

What tips would you give for the 25 markers and what do you expect to come up this year? Market Failure or government failure, for example ?

Hi SamCricket,

Every paper will have a question that allows you talk about both market failure and government failure. Essentially any question that involves merit/de-merit good and externalities, you need to mention that this will lead to market failure.

After this, you'd talk about how the government could intervene to correct market failure, then to evaluate you can say how the government might not restore the socially optimal equilibrium. I go into more detail on my exam technique videos below, though this may be removed by a moderator.

Reply 24

IDK Tuition

Hi SamCricket,

Every paper will have a 25 mark question that allows you talk about both market failure and government failure. Essentially any question that involves merit/de-merit goods and externalities requires you to mention this will lead to market failure.

After this, you'd talk about how the government could intervene to correct market failure, then to evaluate you can say how the government might not restore the socially optimal equilibrium.

Hope this helps,

Tom (IDK-Tuition.com)

Reply 25

SamCricket1

Original post by IDK Tuition

Cheers, that's great.

Reply 26

ridirahman

Why is the answer A and not B or C?
I'm confused..

untitled11.JPG82.4KB

Reply 27

Krollo

Original post by ridirahman

Why is the answer A and not B or C?
I'm confused..

The minimum price means firms much charge at least that amount for their product (in this case sugar), but they're still allowed to charge above it.

As the equilibrium price is still perfectly legal to charge, there is no reason for the situation to change.

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Reply 28

Joe4567

Original post by ridirahman

Why is the answer A and not B or C?
I'm confused..

The minimum price needs to be above the free market price otherwise won't have any affect

Reply 29

ridirahman

Original post by Joe4567

The minimum price needs to be above the free market price otherwise won't have any affect

Thanks

Reply 30

ridirahman

Why is the answer B and the other ones incorrect?

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Reply 31

saran12

Does anyone have the june 2014 paper unit 1 ??

Not long to go :eek:

Does anyone have a method to the data 8-marker? I've nailed the definitions, multiple choice and longer essays - just this damn question I struggle on every time! I just never know if I am comparing the right things I guess and what comparisons to make :-(

Reply 34

IDK Tuition

Original post by Aquaxo

Hi Aquaxo,

The following is pulled from my website.

Hope this helps,

Tom (IDK-tuition.com, free online economics resources and videos)

[h="3"]TYPES OF POINT OF COMPARISON[/h]1. Peaks: pick out the high point of each data series. Note down the dates and the corresponding values.
[INDENT]"THE PEAK ANNUAL CHANGE FOR FRUIT IS IN 2001 AT 8.7%, WHEREAS THE PEAK ANNUAL CHANGE FOR SUGARS IS IN 2011 AT 7.5%"
[/INDENT]2. Troughs: pick out the low point of each data series. Note down the dates and corresponding values.
[INDENT]"THE LOWEST ANNUAL CHANGE FOR FRUIT IS IN 2004 AT -2.4%, WHEREAS THE LOWEST ANNUAL CHANGE FOR SUGARS IS IN 2000 AT 0.8%."
[/INDENT]3. Trends: for each set of data, take the start point and end point of the time series. Comment on whether there's an increase, decrease or the level remains fairly stable. Note down the start date/end date and corresponding values.
[INDENT]"FOR SUGAR PRICES, FROM 2000 TO 2011, THERE IS AN INCREASE IN THE PERCENTAGE ANNUAL CHANGE FROM 0.8% TO 7.5%. FOR FRUIT PRICES, THERE IS ALSO AN UPWARD TREND: IN 2000 ANNUAL CHANGE IS 0.4% AND IN 2011 IT IS 5.8%."
[/INDENT]4. Absolute levels: state whether the level of one set of data is higher/lower/the same as the other data set across the entire time series. Either pick out one date to verify this and provide supporting figures:
[INDENT]"GENERALLY, THE PERCENTAGE ANNUAL CHANGE FOR SUGARS IS HIGHER THAN THE PERCENTAGE ANNUAL CHANGE FOR FRUIT ACROSS THE DATA SERIES e.g IN 2011 IT IS 7.5% FOR SUGARS AND ONLY 3.8% FOR FRUIT."
or state this is the case then give a date and supporting figures when this wasn't the case:
"GENERALLY, THE PERCENTAGE ANNUAL CHANGE FOR SUGAR PRICES IS HIGHER THAN THE PERCENTAGE ANNUAL CHANGE FOR FRUIT PRICES ACROSS THE DATA SERIES BUT IN 2001, THE FORMER WAS 1.7% AND THE LATTER WAS 8.5%."
[/INDENT]

Reply 35

ozzie2

Omg this is like my first exam and I am so scared, the multiple choice, 5, 8 and 12 marker are generally ok, but I worry about the 25 marker because it can be on anything. :eek:

Hopefully I get near full marks on the other sections so I can have an average essay

Reply 36

Krollo

Original post by ozzie2

Omg this is like my first exam and I am so scared, the multiple choice, 5, 8 and 12 marker are generally ok, but I worry about the 25 marker because it can be on anything. :eek:

Hopefully I get near full marks on the other sections so I can have an average essay

My thoughts exactly :redface:

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Reply 37

BBeyond

Original post by ozzie2

Omg this is like my first exam and I am so scared, the multiple choice, 5, 8 and 12 marker are generally ok, but I worry about the 25 marker because it can be on anything. :eek:

Hopefully I get near full marks on the other sections so I can have an average essay

I'm most worried about the 25 marker and the 5 marker tbh... I'd hate to throw away stupid marks on the 5 marker :/

Reply 38

IDK Tuition

Original post by BBeyond

I'm most worried about the 25 marker and the 5 marker tbh... I'd hate to throw away stupid marks on the 5 marker :/

Just remember diagrams and examples for the 5 marker and you should be ok!

For the 25 marker, my best piece of advice would be to choose the merit/de-merit goods question. Make sure you draw the tax/subsidy diagram as appropriate, include at least one reference to the extracts per paragraph and one evaluation point per paragraph.

Hope this helps,

Tom (IDK-tuition.com, free online economics resources and videos)

Reply 39

ozzie2

Original post by BBeyond

I'm most worried about the 25 marker and the 5 marker tbh... I'd hate to throw away stupid marks on the 5 marker :/

Yeah the 5 markers are annoying, I tend to make up my own definition in which I drop like 1-2 marks in it, our teacher always says to add an example because if your definition isn't fully right, an example can give you the extra marks :biggrin: