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Edexcel A2 Economics Unit 3 6EC03 (June 11th 2015) Exam Thread watch

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    Update from Dylann (August 21st 2015)
    Hey everyone! Last week I got my results and I'm very happy that I got an A* . If you're reading this you're probably going to be taking the 2016 exams, in which case this thread can still be quite useful (though someone should probably make a 2016 thread to avoid confusion). There might be some resources you'll find scattered throughout this thread (some might even be attached to this post). I have my own google drive which has some notes and stuff on it, you can access that here: https://drive.google.com/folderview?...Ek&usp=sharing
    Thanks to everyone who was in my Whatsapp group, especially those who helped contribute to the google drive.
    I also used Anki for some of my economics revision, if you would like my anki notes then please private message me (anki is a flashcard app).

    If anyone's interested, my breakdown of marks were:
    Unit 1: 93/100
    Unit 2: 100/100
    Unit 3: 69/80
    Unit 4: 115/120

    Edexcel A2 Unit 3 "Business Economics and Economic Efficiency"

    General thoughts: easy-ish paper, personally found 10d very difficult and wouldn't be surprised if I didn't score above 6/16. Stop worrying about 10b since it was a vague question, you could talk about either traditional or specialist ebike firms.

    Grade boundaries very similar to last year.


    Unofficial markscheme, can't remember exact order sorry.
    1. Question about Lloyds tsb, E high market share.
    2. Tablet computers, increase barriers to entry. Think the key was B? Not sure which key
    3. AR curve of perfect comp. Horizontal straight line, was D I think
    4. Shoe firm, monopolistic in long run was option D
    5. Motor industry was D 81.2 4cr or something.
    6. Sony and Microsoft, was B undercutting. Difficult to explain, should use knockout here.
    7. Price discrimination of old people train tickets, was A increase revenue.
    8. Network Rail and ORR performance targets was A improve quality.

    9 - for the 1% of you who did 9, lol why. Hope you enjoyed writing about Chinese babies and their milk for an hour.

    DEFINITELY DOESN'T COVER ALL POSSIBLE ANSWERS this is just what I wrote/heard others wrote.


    10a oligopoly/duopoly explain it then quote extract twice and explain again
    10b tricky question but if you referred to ebike specialists then profits increase, traditional decrease, though there was a lot of room to evaluate (traditional entering market, cost of batteries may offset profits if they rise etc)
    10c standard question. Advertising branding limit pricing predatory pricing etc etc
    10d quite difficult and the extract wasn't too helpful either. Barriers to entry, high sunk costs, limit pricing, entrance of traditional, likely to be making supernormal profits so firms from other industries might wanna diversify etc.




    Hey guys, I thought I'd start the A2 threads for Edexcel economics (lol the name of the unit was too big to fit in the title :rolleyes:)...feel free to discuss exam preparation or post questions that you're stuck with

    Remember that it is worth 40% of the A2-level and 20% overall.

    Unit 4 thread here: http://www.thestudentroom.co.uk/show....php?t=3154353

    Here is the very important specification, linked directly to the knowledge you need for Unit 3!

    ---> http://qualifications.pearson.com/co..._5.pdf#page=38
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    Grade boundaries for Unit 3: (72 raw marks available)

    Constant UMS grade boundaries
    80/80 = Full UMS
    72/80 = A*
    64/80 = A
    56/80 = B
    48/80 = C
    40/80 = D
    32/80 = E

    In the following table, numbers are the raw marks required and they are out of 72. The "80 UMS" column is the raw mark needed for 80/80 UMS.

    Name:  unit 3 gb.png
Views: 6152
Size:  3.1 KB

    So it looks like the 2011 and 2012 January papers had the lowest grade boundaries which could be interpreted as the harder papers!
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    I'm going to sit this exam!
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    (Original post by Olympiad)
    I'm going to sit this exam!
    Wooo that makes two of us! How's revision going? I also vaguely remember you on Skype last year...

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    (Original post by Dylann)
    Wooo that makes two of us! How's revision going? I also vaguely remember you on Skype last year...

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    Yesss I remember you too! Revision is going okayish - you? Really annoyed because I've done the june 2014 mock but our school are giving our results back on the 2nd week of march - which means I won't know where I went wrong until then. ergh. You?

    And you know what else I found out? I have 6 mutuals with you on Facebook, you are in my suggest friends list :ninja:
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    (Original post by Olympiad)
    Yesss I remember you too! Revision is going okayish - you? Really annoyed because I've done the june 2014 mock but our school are giving our results back on the 2nd week of march - which means I won't know where I went wrong until then. ergh. You?

    And you know what else I found out? I have 6 mutuals with you on Facebook, you are in my suggest friends list :ninja:
    Ah that's a shame. I've actually done very little revision for economics in comparison to my other subjects....last year I didn't start until after easter. Luckily though the exams went really well

    Hmm not sure quite how you're certain that it's me but lol anyway :awesome: add me if you're brave enough :cool:

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    (Original post by Dylann)
    Ah that's a shame. I've actually done very little revision for economics in comparison to my other subjects....last year I didn't start until after easter. Luckily though the exams went really well

    Hmm not sure quite how you're certain that it's me but lol anyway :awesome: add me if you're brave enough :cool:

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    You go to St Dominics, which is written on your profile. And then I asked one of my close friends whose a mutual and they clarified.

    Does your surname start with P? I am stalking you atm, you have photos with somebody I know but not friends with on facebook lolololol
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    (Original post by Olympiad)
    You go to St Dominics, which is written on your profile. And then I asked one of my close friends whose a mutual and they clarified.

    Does your surname start with P? I am stalking you atm, you have photos with somebody I know but not friends with on facebook lolololol
    Well it's obvious I go to Doms since I started a massive thread about it lol. Nope my surname doesn't begin with a P haha!
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    (from the Unit 4 thread)

    I want to do some A* Skype revision sessions closer to the exam time...I did it last year and it really (REALLY) helped. Essentially, we will go over the specification and ask each other questions, go over definitions and discuss exam techniques etc...last year we did it for a few hours at a time (with breaks now and then). They say you remember 90% of what you teach others...and by joining our Skype conversation you are almost guaranteed high marks! (We're friendly too and you can leave whenever you want to...and we won't intimidate or pressure anyone or anything! )

    However, since we'd be going for the highest marks I'd hope you were aiming for an A* (or an A I guess) too. Therefore, it would be beneficial if you were at least somewhat confident with most/all topics of whichever unit we would be focusing on...so it'd be a good idea to revise yourself and then come and join the chat to see if you've understood it all

    PM me if you'll be interested! We won't start until April/May though

    [UPDATE, May 2015]: Hey guys, I've made a WhatsApp revision group chat for Economics (all exam boards, both AS and A2). You can post questions, ask for explanations or help others if they are stuck. We have a few members already and it's been great, we've helped each other and improved our own understanding of content. Plus we share ideas on how essays could be structured and exam technique etc. We just need more people to make it even more effective - simply PM me your number and I'll add you

    UPDATE AUGUST 2015: NEITHER THE WHATSAPP GROUP CHAT OR SKYPE SESSIONS ARE CARRYING ON, I AM GOING TO UNIVERSITY TO DO CHEMISTRY LOL (don't message me about them!)
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    I'm doing unit 3 and unit 4 this June. Aiming for an A* hopefully
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    (Original post by Haleyparker)
    I'm doing unit 3 and unit 4 this June. Aiming for an A* hopefully
    Awesome. How's revision going?
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    (Original post by Dylann)
    Awesome. How's revision going?
    I've made short notes and stuff unit 3 is okay but unit 4 i've got to start
    hopefully i can manage. what about you?
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    (Original post by Haleyparker)
    I've made short notes and stuff unit 3 is okay but unit 4 i've got to start
    hopefully i can manage. what about you?
    Not very much at all, haven't really touched unit 3 since December. I want to finish Unit 4 first (learning) then when we're done go over everything, hopefully during easter
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    (Original post by Dylann)
    Not very much at all, haven't really touched unit 3 since December. I want to finish Unit 4 first (learning) then when we're done go over everything, hopefully during easter

    yea i haven't finished the unit 4 syllabus yet too
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    Can someone please help me with this 4 marker !!!

    Supermarkets selling freshly baked bread are operating in an oligopoly. They tend to
    keep prices stable for a popular, frequently compared product, an 800 gram white
    loaf. One reason for this might be


    A supermarkets know that the pricing decisions of one supermarket will impact on
    those of other supermarkets
    B supermarkets are independent and base their prices on costs alone
    C there is heavy regulation in the industry to prevent tacit collusion
    D supermarkets are unable to engage in non-price competition
    E if prices were cut by one supermarket then the others would leave prices
    unchanged
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    (Original post by nickdiaz)
    Can someone please help me with this 4 marker !!!

    Supermarkets selling freshly baked bread are operating in an oligopoly. They tend to
    keep prices stable for a popular, frequently compared product, an 800 gram white
    loaf. One reason for this might be


    A supermarkets know that the pricing decisions of one supermarket will impact on
    those of other supermarkets
    B supermarkets are independent and base their prices on costs alone
    C there is heavy regulation in the industry to prevent tacit collusion
    D supermarkets are unable to engage in non-price competition
    E if prices were cut by one supermarket then the others would leave prices
    unchanged

    The answer is A

    Oligopolies is when there are only a few firms in the market. Because the firms are interdependent, if one supermarket cuts prices, other supermarkets will cut prices and this may may trigger a price war. Also a loaf of white bread is also a fairly common product in supermarkets and therefore any cuts in price for the bread may lead to a price cuts in other supermarkets.


    Hope this helps... I kind of winged it at the end.... LOL but I should get around 3-4 marks? I think?
    1 for answer, 1 for definition, 1 for mention of interdependence and price war and 1 for using an example or applying it to context of question?
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    Anyone else started on papers yet? I can get through section A but I find section B so hard!
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    (Original post by Bustamove)
    Anyone else started on papers yet? I can get through section A but I find section B so hard!
    I'm still studying Unit 3
    Hi Bustamove..what sort of areas do I need to be well preapred in section B ?
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    (Original post by Dacia Lilac)
    I'm still studying Unit 3
    Hi Bustamove..what sort of areas do I need to be well preapred in section B ?
    I've just started doing papers, but I just find section B harder in unit 3 than from unit 1... I think it's the way they ask the question and maybe the content is still quite new to me which is why it's taking me ages to do section B

    Regarding the areas that you need to be prepared for, it kind of varies a little and depends on the question... I have only done one paper so far LOL so I can't really specify too much on what the specific areas are, sorry
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    (Original post by Bustamove)
    I've just started doing papers, but I just find section B harder in unit 3 than from unit 1... I think it's the way they ask the question and maybe the content is still quite new to me which is why it's taking me ages to do section B

    Regarding the areas that you need to be prepared for, it kind of varies a little and depends on the question... I have only done one paper so far LOL so I can't really specify too much on what the specific areas are, sorry
    -----------------------------------------------------------------------------------------------------------------------------------------
    That's totally fine. Yeah I know section B is really tough. We have to answer within 40 mins. :eek:
 
 
 
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