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AQA A-level Economics new 7136 - 06, 13 & 19 Jun 2017 [Exam Discussion] Watch

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    (Original post by GGHarambe)
    Anybody have tips for paper 3 because I've tried some questions and it hasn't seemed great.
    Section B of paper 3 is similar to paper 1 and 2 apart from the 10 marker.
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    (Original post by BintM)
    That was quick! What do I do? Write one myself and then we put our answers together?
    Btw, how do i structure a 15 mark question :rofl:
    Not prepared at all On a plus side I actually think I enjoy economics, but I only realised today so it might be a little late :lol:
    Yeah we could put our answera together btw if there's any question you would also rather do you do that too.

    15 marker is like a 9 marker only you are explaining more points in detail. Start with a definition and then go explaining 3 of 4 points that answer the question Depends on the question tho
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    (Original post by physicsamor)
    Yeah we could put our answera together btw if there's any question you would also rather do you do that too.

    15 marker is like a 9 marker only you are explaining more points in detail. Start with a definition and then go explaining 3 of 4 points that answer the question Depends on the question tho
    Is it just definition, point, context and then explain for each point?
    Will try and do it by tonight
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    (Original post by physicsamor)
    Yeah we could put our answera together btw if there's any question you would also rather do you do that too.

    15 marker is like a 9 marker only you are explaining more points in detail. Start with a definition and then go explaining 3 of 4 points that answer the question Depends on the question tho
    3 or 4 points is a lot. 2 well developed points should do. It is not about the quantity of points but depth of analysis as it is marked in a holistic approach with level based marking.
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    (Original post by BintM)
    Is it just definition, point, context and then explain for each point?
    Will try and do it by tonight
    Yeah It is
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    (Original post by keynes24)
    3 or 4 points is a lot. 2 well developed points should do. It is not about the quantity of points but depth of analysis as it is marked in a holistic approach with level based marking.
    I mean that's true but like I guess I tend to overwrite in case one of my points is wrong :/ I do try and explain each point though.
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    What Is Purchasing Power Parity? (PPP)
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    (Original post by physicsamor)
    I mean that's true but like I guess I tend to overwrite in case one of my points is wrong :/ I do try and explain each point though.
    Under exam conditions I don't think is possible to do 4 points that are well developed. I am referring to a half page analysis and with use of diagrams when needed. Remember that points do not accumulate, if your points are not well developed that will be just L2 regardless of how many you do.
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    (Original post by keynes24)
    Under exam conditions I don't think is possible to do 4 points that are well developed. I am referring to a half page analysis and with use of diagrams when needed. Remember that points do not accumulate, if your points are not well developed that will be just L2 regardless of how many you do.
    Yeah you are right I still manage to score quite highly but I need to cut my answers down I just never know where how many points for a 25 marker
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    (Original post by IXxi HIIDA ixXI)
    What Is Purchasing Power Parity? (PPP)
    I think its the exchange rate to buy the same quantity of products in different countries, not sure though.
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    (Original post by physicsamor)
    Yeah you are right I still manage to score quite highly but I need to cut my answers down I just never know where how many points for a 25 marker
    Also keep in mind that the paper you are taking this summer is the first set and there is no reference on how much depth is required for each analysis. Your score should be a reference but I will be cautious just thinking that just because your teacher gives you a high score it means doing 4 points is fine.
    For 25 marks it depends on your time management, 2 or 3 points of analysis 2 or 3 evaluations.
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    (Original post by keynes24)
    Also keep in mind that the paper you are taking this summer is the first set and there is no reference on how much depth is required for each analysis. Your score should be a reference but I will be cautious just thinking that just because your teacher gives you a high score it means doing 4 points is fine.
    For 25 marks it depends on your time management, 2 or 3 points of analysis 2 or 3 evaluations.
    I know to just keep practising! Thank you for the advice
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    (Original post by physicsamor)
    x
    Using examples to illustrate your answer explain how anchoring and loss aversion can affect an individuals choices when deciding how to spend or save their income

    Anchoring is a cognitive bias which is when individuals rely too heavily on the first piece of information they receive when making decisions. Loss aversion is also a cognitive bias when people tend to rely to focus on the potential loss more than potential gain when making decisions.

    Anchoring may affect an individual when deciding how to spend or save their income in many ways. People tend to compare and contrast only a limited set of items and this predictable bias allows an individual to make choices to suit their needs best. For example, when going to a restaurant , a menu will feature expensive dishes, more reasonably priced ones and also some cheaper options. Automatically, we are lured into choosing the more reasonably priced options as it is what stands out to us the most. In this way a consumer saves by choosing the 'cheaper' option but does not miss out on economic welfare gained by choosing the 'middle item'. In other words, when estimating a value we often anchor upon a value we have seen previously as it is the safer option for a consumer when deciding how to spend or save income.

    Loss aversion will affect an individual when deciding how to spend or save as it is the concept of people feeling potential losses more than potential gains. Loss aversion is common in financial markets when shareholders do not sell their shares below the price they paid for even if the value of the share will continue to depreciate. This is because shareholders feel as if they they will lose out more than gain despite the market conditions at the time. This cognitive bias affects an individual when deciding how to spend or save as they are hesitant in making decisions which may result in a loss, even if it necessarily isn't true.

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    I have no idea what i'm on about :/
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    (Original post by BintM)
    Using examples to illustrate your answer explain how anchoring and loss aversion can affect an individuals choices when deciding how to spend or save their income

    Anchoring is a cognitive bias which is when individuals rely too heavily on the first piece of information they receive when making decisions. Loss aversion is also a cognitive bias when people tend to rely to focus on the potential loss more than potential gain when making decisions.

    Anchoring may affect an individual when deciding how to spend or save their income in many ways. People tend to compare and contrast only a limited set of items and this predictable bias allows an individual to make choices to suit their needs best. For example, when going to a restaurant , a menu will feature expensive dishes, more reasonably priced ones and also some cheaper options. Automatically, we are lured into choosing the more reasonably priced options as it is what stands out to us the most. In this way a consumer saves by choosing the 'cheaper' option but does not miss out on economic welfare gained by choosing the 'middle item'. In other words, when estimating a value we often anchor upon a value we have seen previously as it is the safer option for a consumer when deciding how to spend or save income.

    Loss aversion will affect an individual when deciding how to spend or save as it is the concept of people feeling potential losses more than potential gains. Loss aversion is common in financial markets when shareholders do not sell their shares below the price they paid for even if the value of the share will continue to depreciate. This is because shareholders feel as if they they will lose out more than gain despite the market conditions at the time. This cognitive bias affects an individual when deciding how to spend or save as they are hesitant in making decisions which may result in a loss, even if it necessarily isn't true.

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    I have no idea what i'm on about :/


    I think you really underestimate yourself! Your points are very clear
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    Hey Guys , I have been trying to answer this question. Explain whether profit maximisation is always the most important objectives of firms ( 25 marker ) . But, I can't think of a point other than to keep the shareholders happy that profit maxmisation is an important objective. Can someone help ?
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    (Original post by samy616)
    Hey Guys , I have been trying to answer this question. Explain whether profit maximisation is always the most important objectives of firms ( 25 marker ) . But, I can't think of a point other than to keep the shareholders happy that profit maxmisation is an important objective. Can someone help ?
    Entrepreneurs tend to be rewarded with profits for taking risks.
    Retained profits can be used to reinvested back into the firm or into research and development if the firm is dynamically efficient.
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    (Original post by samy616)
    Hey Guys , I have been trying to answer this question. Explain whether profit maximisation is always the most important objectives of firms ( 25 marker ) . But, I can't think of a point other than to keep the shareholders happy that profit maxmisation is an important objective. Can someone help ?
    Just think of the functions of profits in markets in terms of wages, dividends, investment survival.
    I would then go on to say however profit maximization is not always a key objective of firms they may choose to sales maximise, revenue maximise, cost minimise, profit satsifice and think about the divorce of ownership of control
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    (Original post by BintM)
    Using examples to illustrate your answer explain how anchoring and loss aversion can affect an individuals choices when deciding how to spend or save their income

    Anchoring is a cognitive bias which is when individuals rely too heavily on the first piece of information they receive when making decisions. Loss aversion is also a cognitive bias when people tend to rely to focus on the potential loss more than potential gain when making decisions.

    Anchoring may affect an individual when deciding how to spend or save their income in many ways. People tend to compare and contrast only a limited set of items and this predictable bias allows an individual to make choices to suit their needs best. For example, when going to a restaurant , a menu will feature expensive dishes, more reasonably priced ones and also some cheaper options. Automatically, we are lured into choosing the more reasonably priced options as it is what stands out to us the most. In this way a consumer saves by choosing the 'cheaper' option but does not miss out on economic welfare gained by choosing the 'middle item'. In other words, when estimating a value we often anchor upon a value we have seen previously as it is the safer option for a consumer when deciding how to spend or save income.

    Loss aversion will affect an individual when deciding how to spend or save as it is the concept of people feeling potential losses more than potential gains. Loss aversion is common in financial markets when shareholders do not sell their shares below the price they paid for even if the value of the share will continue to depreciate. This is because shareholders feel as if they they will lose out more than gain despite the market conditions at the time. This cognitive bias affects an individual when deciding how to spend or save as they are hesitant in making decisions which may result in a loss, even if it necessarily isn't true.

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    I have no idea what i'm on about :/

    Apologies if this is a tad brutal, but, I'm sure it will be useful.

    It just seems as if you're not answering the question. Remember, this is just a 15 marker and so there's no need for any evaluation or any of that crap. Just pure economic theory.

    You said
    Code:
    "Anchoring may affect an individual when deciding how to spend or save their income in many ways."
    But what's the point? We know that anchoring can do this, why don't you just say how anchoring can effect an individuals spending or saving.

    You should say something along the lines of:
    One way in which anchoring will affect an individuals choice to save will be if there was a significant change in the interest rate.

    That's all you do to open up your point. You open up and then from there, you explain your point and create chains and apply using your examples.
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    (Original post by luciferhf)
    Apologies if this is a tad brutal, but, I'm sure it will be useful.

    It just seems as if you're not answering the question. Remember, this is just a 15 marker and so there's no need for any evaluation or any of that crap. Just pure economic theory.

    You said
    Code:
    "Anchoring may affect an individual when deciding how to spend or save their income in many ways."
    But what's the point? We know that anchoring can do this, why don't you just say how anchoring can effect an individuals spending or saving.

    You should say something along the lines of:
    One way in which anchoring will affect an individuals choice to save will be if there was a significant change in the interest rate.

    That's all you do to open up your point. You open up and then from there, you explain your point and create chains and apply using your examples.
    No i appreciate it, thanks. Could you explain the significant change in interest rate point please?
    Did my points make sense? :/

    (Original post by physicsamor)
    I think you really underestimate yourself! Your points are very clear
    I feel like i didn't answer the question, i'm so not ready
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    (Original post by BintM)
    No i appreciate it, thanks. Could you explain the significant change in interest rate point please?
    Did my points make sense? :/



    I feel like i didn't answer the question, i'm so not ready
    tbh I don't think anyone is ready , I certainly am not. I disagree I think you have the knowledge, I think your point on anchoring was good (I mean that's what I would have explained, maybe I am just as bad as this question ) just maybe go to say that it is this anchor or default choice that makes a consumer only to spend on x item, because it is the first and only information they are likely to consider despite being offered alternatives.
 
 
 
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