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Edexcel Economics A: Paper 1 Intro To Markets And Market Failure (May 16th) Watch

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    Hiya,

    I'm really struggling with the timing aspects of 20 markers. Could you send me a couple of model answers, preferably Macro?

    Cheers
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    could you show the mind maps you made with the evaluation points please?
    (Original post by thinkecon)
    Hey, I self-studied my AS in Economics last year and got 100%.

    Now have an offer to read economics at Cambridge and wanted to help other students who might need help with their AS (helps me too because I need to revise AS content because it repeats at A2).

    I've been helping a lot of students out with the new spec, here are some resources I've made/found:

    1. Mind maps with all definitions + evaluation points (attached).

    2. Free online revision course (pretty much just used this to get 100%): www.uplearn.co.uk

    3. Edexcel detailed syllabus (page 20 on):

    http://qualifications.pearson.com/co..._Guide_new.pdf

    4. I also compiled the past papers for Edexcel (before 2015) here:

    https://drive.google.com/folderview?...W8&usp=sharing

    I also have model answers to all the past paper questions.

    Literally any questions and I'm happy to provide a detailed answer to assist

    PS: Mods, please delete the other thread with same title in Exam Study Help - thanks!
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    (Original post by dfagbenro)
    could you show the mind maps you made with the evaluation points please?
    Yep, sure!
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    Thank you!
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    Could you please give model for answering exam questions
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    Would you possibly mind just giving a brief summary of your 15 and 20 marker structure? Would be a great help, thanks!
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    (Original post by BadundeBrian)
    Would you possibly mind just giving a brief summary of your 15 and 20 marker structure? Would be a great help, thanks!
    Remember that is level based now. You should look at the sample assessment material mark scheme and look at the description of each levels. Having the structure is good for planning but without a good development you are going to get stuck at a low level
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    (Original post by keynes24)
    Remember that is level based now. You should look at the sample assessment material mark scheme and look at the description of each levels. Having the structure is good for planning but without a good development you are going to get stuck at a low level
    Yeah I know, would you possibly mind giving 1 of youre 20 mark questions (any i dont mind)? Like take a picture of it?
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    (Original post by BadundeBrian)
    Yeah I know, would you possibly mind giving 1 of youre 20 mark questions (any i dont mind)? Like take a picture of it?
    http://qualifications.pearson.com/co...ar_Booklet.pdf
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    Thank you very much, didn't even realise this existed! Thanks for your time!
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    Yo big man - 'thinkecon' can you please help me out here. I dont really understand these few points about the evaluation of the fiscal policy, and was wondering if you could help me out, thanks much appreciated:

    When a government deliberately sets out to expand its spending, peple will try to cash in on this y increasing their pay demands, and the effect will be increased wages rather than expanded output

    - There are also crowding-out effects of increased GOV spending. If the government decides to pay for a service (e.g. a hospital) there is less scope for a private company in the vicinity to offer essentially the same service.

    - There is also crowding out in the sense that when the government runs a deficit it needs to raise finance, which, in times when credit is less readily available, stifles private initiative. (IT can be argued that the expansionary fiscal policy simply causes inflation because the debt issued to finance the expanse is so liquid that it acts like printing money.
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    (Original post by Hot&SpicyChicken)
    Yo big man - 'thinkecon' can you please help me out here. I dont really understand these few points about the evaluation of the fiscal policy, and was wondering if you could help me out, thanks much appreciated:

    1. When a government deliberately sets out to expand its spending, peple will try to cash in on this y increasing their pay demands, and the effect will be increased wages rather than expanded output

    2. There are also crowding-out effects of increased GOV spending. If the government decides to pay for a service (e.g. a hospital) there is less scope for a private company in the vicinity to offer essentially the same service.

    3. There is also crowding out in the sense that when the government runs a deficit it needs to raise finance, which, in times when credit is less readily available, stifles private initiative. (IT can be argued that the expansionary fiscal policy simply causes inflation because the debt issued to finance the expanse is so liquid that it acts like printing money.
    Sure, have labelled your points 1, 2 and 3 and explanations below:

    1. Moral Hazard: when the government announces an new project, those in charge of organising will not be paying for the project themselves —> no, tax payers will be paying! —> so the organisers have little incentive to keep costs low —> if costs rise, they don't pay, the tax payers do (this is called moral hazard) —> as a result, builders/architects etc. employed by the gov. will take advantage and demand higher wages —> after all, the gov. organisers won't care because the tax payers are the ones paying —> so gov. organisers will agree to increase these employees wages —> creates wage inflation —> higher wages —> higher production costs for businesses —> SRAS shifts in —> inflation higher + lower growth

    2. Crowding Out: ↑ government spending on infrastructure —> increases demand for land, labour, capital and borrowed money —> ↑ in rent costs, wages, cost of capital and ↑ the interest rate (the price of borrowed money) —> costs of production for private firms ↑ —> private firms are less able to supply —> SRAS shift in + ↑ interest rate —> reduces investment (more costly to borrow for investing) —> less investment in new machinery —> long run growth will suffer, too

    3. Already covered in crowding out^, the gov. needs to borrow funds, it does that buy increasing demand for borrowed money —> increases the interest rate etc. (I can explain it properly if you want, but this is going a little beyond the scope of the A Level course and involves price-yield relationships - you can look it up under "fiscal theory of the price level", don't bother if you just want 100% at AS Level)

    I hope that helps
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    Hi there mate, I have my Economics Paper 1 AS in two weeks from tomorrow, just wondering whether it would be possible for you to have a look at my 10,15 and 20 mark answers to a paper I did the other day if I were to type them up? I adapted 3 questions from an old spec paper to the new format and answered them.
    Would this be something you were willing to do? As is tell me what mark you think they would have achieved and how I could improve, just asking before I type them up? Thanks a lot!
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    (Original post by BadundeBrian)
    Hi there mate, I have my Economics Paper 1 AS in two weeks from tomorrow, just wondering whether it would be possible for you to have a look at my 10,15 and 20 mark answers to a paper I did the other day if I were to type them up? I adapted 3 questions from an old spec paper to the new format and answered them.
    Would this be something you were willing to do? As is tell me what mark you think they would have achieved and how I could improve, just asking before I type them up? Thanks a lot!
    Sure go ahead!


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    (Original post by thinkecon)
    Sure go ahead!
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    Thanks so much man, you don't understand how much this will help. I'll send them in about an hour and you can mark them whenever's convenient.Thanks again !
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    Right, I've attached my answers to the adapted questions for Section B of the old Edexcel GCE Economics AS spec Unit 1 May 2012 Q's 10 (c) (d) and (e)
    (the markscheme is here:http://qualifications.pearson.com/co...s_20120816.pdf)
    Rather than using the old mark allocation I changed these three questions to 10, 15 and 20 mark questions.
    Would it be possible for you to read my answers and give me a mark and some advice for what to do better for these high mark questions?
    Thank you a lot for your time
    Attached Files
  1. File Type: docx qs for econ tut.docx (185.8 KB, 298 views)
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    (Original post by thinkecon)
    Sure go ahead!


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    Any update on when you think you'll get around to doing this? Thanks.
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    (Original post by BadundeBrian)
    Any update on when you think you'll get around to doing this? Thanks.
    Will allocate it to an hour with a low opportunity cost, will have it done before your exam on the 16th obviously.
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    (Original post by thinkecon)
    Will allocate it to an hour with a low opportunity cost, will have it done before your exam on the 16th obviously.
    (Original post by BadundeBrian)
    Any update on when you think you'll get around to doing this? Thanks.
    (Original post by Hot&SpicyChicken)
    Yo big man - 'thinkecon' can you please help me out here. I dont really understand these few points about the evaluation of the fiscal policy, and was wondering if you could help me out, thanks much appreciated:

    When a government deliberately sets out to expand its spending, peple will try to cash in on this y increasing their pay demands, and the effect will be increased wages rather than expanded output

    - There are also crowding-out effects of increased GOV spending. If the government decides to pay for a service (e.g. a hospital) there is less scope for a private company in the vicinity to offer essentially the same service.

    - There is also crowding out in the sense that when the government runs a deficit it needs to raise finance, which, in times when credit is less readily available, stifles private initiative. (IT can be argued that the expansionary fiscal policy simply causes inflation because the debt issued to finance the expanse is so liquid that it acts like printing money.
    Economics Whatsapp group:
    http://www.thestudentroom.co.uk/show...1#post64565151
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    (Original post by thinkecon)
    Will allocate it to an hour with a low opportunity cost, will have it done before your exam on the 16th obviously.
    Honestly , I don't expect you to spend a whole hour on this, more of a quick 15 minute job would be sufficient - just a quick skim read and some pointers of how to improve. Thank you.
 
 
 
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