Edexcel AS Economics unit 1 (11th May 2015) - Competitive Markets Exam thread

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Bustamove
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Edexcel AS Economics unit 1 - Competitive Markets


Haven't been able to find a thread for unit 1 for this year, so I decided to make one myself. Feel free to discuss exam preparation and post any questions that you may need help with.


This is worth 50% of your total AS marks and 25% of total GCE marks

Specification is over here:
http://qualifications.pearson.com/co...om_Issue_5.pdf

Revision resources:
Pajholden from youtube: https://www.youtube.com/user/pajholden
Tutor2u :http://www.tutor2u.net/economics/revision-notes/

(if there are any more, please quote me)



Edexcel 2014 grade boundaries
http://qualifications.pearson.com/co...Boundaries.pdf

This paper has 80 Raw marks

Raw 80 61 54 48 42 36 0
UMS 100 80 70 60 50 40 0
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Bustamove
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anyone? LOOOL
Banter if I'm the only one taking this exam
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epic within
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(Original post by Bustamove)
anyone? LOOOL
Banter if I'm the only one taking this exam
You're not the only one
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raymondthepoon
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Hi, just wondering if anyone had any eco revision notes, really struggling atm
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Bustamove
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(Original post by raymondthepoon)
Hi, just wondering if anyone had any eco revision notes, really struggling atm
which topics do you struggle most with?
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raymondthepoon
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(Original post by Bustamove)
which topics do you struggle most with?
govt failure and the labour market especially
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Hai_Ann
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Do you guys have any predictions of what topics might appear in the exam?
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kenan_tenzing
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Yeah, last year's paper seemed to have had the easier topics so will we just see what didn't come up last year? (new to TSR btw )
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Bustamove
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My advice is not to just assume things that came up last year to not come up this year..... you should be prepared for everything, better safe than sorry

I'm doing a retake on this paper... (need to fix up on timings, ran out of time last year which made me get a B, 5ums from an A.. ahhhh!)
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jshep000
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Struggling on getting the max marks on the second part of the paper. Multiple choice is really easy so hoping for at least 30/32 marks on that. But I find it hard to gain the max marks on evaluating the 14/12 markers
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Magnesium
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Maybe it's just me but Unit 2 is just so much more straightforward right now - the transmission mechanisms really make sense with the rollover effect on the whole economy :') Definitely need to revise Unit 1 again to get back into the Unit 1 kind of questions
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jshep000
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(Original post by Magnesium)
Maybe it's just me but Unit 2 is just so much more straightforward right now - the transmission mechanisms really make sense with the rollover effect on the whole economy :') Definitely need to revise Unit 1 again to get back into the Unit 1 kind of questions
the what:eek:
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Magnesium
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(Original post by jshep000)
the what:eek:
It's just the way you answer Unit 2 questions Like this effected AD, which led to this increasing, and that decreasing, leading to increase in gdp etc etc
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member1753327
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If anyone has any kind of questions regarding knowledge, evaluation or essays feel free to ask here, I will consider this my revision and do my best to answer.
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Allison.
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(Original post by Magnesium)
Maybe it's just me but Unit 2 is just so much more straightforward right now - the transmission mechanisms really make sense with the rollover effect on the whole economy :') Definitely need to revise Unit 1 again to get back into the Unit 1 kind of questions
I completely agree - I'm actually retaking this unit, and last year I found it so hard...but somehow I ended up scoring so much higher in unit 2 than unit 1! Unit 2 is easier imo because as long as you understand the concepts and have good general knowledge, you can basically say anything
Unit 1 is okay too, but now macro is so much easier for me than micro haha
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Bustamove
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If any of you have a question regarding this exam or regarding revision, please feel free to post it here
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y0shigonewilde
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Hey,
@Magnesium for Unit 2 could you elaborate on how to answer questions better? Rollover effect and 30 markers etc

For Unit 1 its all good just
- Getting full marks on short questions. Tips?
- Anyone have general evaluations and analysis which can be used most of the time?
- Predictions

Good luck all
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epic within
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Always define, draw a diagram and reject incorrect answers
Learn all diagrams usually you get 4 marks in data response
Evaluation
Magnitude
Short term long term effects
For subsidies and taxes it depends on the amount of the subsidy
External cots / benefits you can't put a monetary value on the external costs or benefits
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jocelynpreko
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Hi!
I have this exam on Monday also and I'm this close to going into full panic. I thought I was okay and I keep getting papers back saying otherwise...I'm really struggling to understand buffer stocks graphs and externalities graph. In addition, market failure...I can define it but I don't fully understand it to apply it! Help?!
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raymondthepoon
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(Original post by jocelynpreko)
Hi!
I have this exam on Monday also and I'm this close to going into full panic. I thought I was okay and I keep getting papers back saying otherwise...I'm really struggling to understand buffer stocks graphs and externalities graph. In addition, market failure...I can define it but I don't fully understand it to apply it! Help?!
Buffer Stock schemes are really easy to understand. Theyre a policy(a form of govt intervention) to reduce fluctuations and thus gives farmers a stable income.
There is a ceiling (where price cant exceed this) and a floor (where prices cant go below this). If the price exceeds the ceiling the buffer stock releases crops from last year to decrease market price (increase supply decreases the price).
If the price goes below the floor price the buffer stock buys up crops to decrease supply- and therefore increase the price.


You also need to know why they do not always work, e.g most of the goods used in the bufferstock scheme are perishable so the buffer stock cant resell the goods if they die out from the previous harvest. Another one is transport cost - this is passed on to producers (cost of production increases).
hoped this helps your understanding of buffer stock schemes .
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