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

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/content/dam/pdf/A%20Level/Economics/2013/Specification%20and%20sample%20assessments/UA035227_GCE_Lin_Econom_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) :smile:

Edexcel 2014 grade boundaries
http://qualifications.pearson.com/content/dam/pdf/Support/Grade-boundaries/A-level/1406_GCE_A_level_Grade_Boundaries.pdf

This paper has 80 Raw marks

Raw 80 61 54 48 42 36 0
UMS 100 80 70 60 50 40 0

(edited 9 years ago)

Reply 1

Bustamove

OP

19

anyone? LOOOL
Banter if I'm the only one taking this exam

Reply 2

epic within

9

Original post by Bustamove

anyone? LOOOL
Banter if I'm the only one taking this exam

You're not the only one :biggrin:

Reply 3

raymondthepoon

5

Hi, just wondering if anyone had any eco revision notes, really struggling atm

Reply 4

Bustamove

OP

19

Original post by raymondthepoon

Hi, just wondering if anyone had any eco revision notes, really struggling atm

which topics do you struggle most with?

Reply 5

raymondthepoon

5

Original post by Bustamove

which topics do you struggle most with?

govt failure and the labour market especially

Reply 6

Hai_Ann

4

Do you guys have any predictions of what topics might appear in the exam?

Reply 7

kenan_tenzing

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 :smile:

)

Reply 8

Bustamove

OP

19

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 :smile:

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!)

Reply 9

jshep000

15

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 :frown:

Reply 10

Magnesium

17

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 :redface:

Reply 11

jshep000

15

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 :redface:

the what

Reply 12

Magnesium

17

Original post by jshep000

the what

It's just the way you answer Unit 2 questions :biggrin:

Like this effected AD, which led to this increasing, and that decreasing, leading to increase in gdp etc etc :tongue:

Reply 13

member1753327

11

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.

Reply 14

Allison.

3

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 :redface:

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 :smile:

Unit 1 is okay too, but now macro is so much easier for me than micro haha

Reply 15

Bustamove

OP

19

If any of you have a question regarding this exam or regarding revision, please feel free to post it here :smile:

Reply 16

y0shigonewilde

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 :smile:

(edited 8 years ago)

Reply 17

epic within

9

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

Reply 18

jocelynpreko

1

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?!

Reply 19

raymondthepoon

5

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 :smile:

.

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

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