"Examine the likely economic effects of X" ?? Watch

Demesne7
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When an exam question asks this question (usually essay) what things should we focus on that will be affected???

I find such questions really open and vague, i end up rambling on about certain specific things that are not included in the mark scheme and end up losing a lot of marks as a result!

This is especially the case for MICRO, in Macro i'll usually focus on the macroecon objectives, and AD&AS etc... but i'm struggling massively to approach these types of questions on the Micro paper

Could someone help me out please? what areas should i be examining when discussing economic effects?

thanks guys
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lmaoowut
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(Original post by Demesne7)
When an exam question asks this question (usually essay) what things should we focus on that will be affected???

I find such questions really open and vague, i end up rambling on about certain specific things that are not included in the mark scheme and end up losing a lot of marks as a result!

This is especially the case for MICRO, in Macro i'll usually focus on the macroecon objectives, and AD&AS etc... but i'm struggling massively to approach these types of questions on the Micro paper

Could someone help me out please? what areas should i be examining when discussing economic effects?

thanks guys
Economic growth, balance of payments, unemployment and inflation are the main macroeconomic objectives that you should focus on.

Ineguality, budget balance, living standards, environmental sustainability are possible others.

For a level 3 answer and top marks, youre going to need contextualised details that focus on economic agents.
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Demesne7
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(Original post by lmaoowut)
Economic growth, balance of payments, unemployment and inflation are the main macroeconomic objectives that you should focus on.

Ineguality, budget balance, living standards, environmental sustainability are possible others.

For a level 3 answer and top marks, youre going to need contextualised details that focus on economic agents.

hey, wouldn't these only work for the macro paper? my main weakness is with micro responses Any further suggestions?


thanks for actually bothering to respond
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lmaoowut
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(Original post by Demesne7)
hey, wouldn't these only work for the macro paper? my main weakness is with micro responses Any further suggestions?


thanks for actually bothering to respond
You dont get "economic" effects in a micro paper though.
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Demesne7
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(Original post by lmaoowut)
You dont get "economic" effects in a micro paper though.
Do you do Edexcel??

I've come across several questions like that before.. for example like this:

Attachment 637364

Unless I'm completely misunderstanding what the questions are expecting of me?







Posted from TSR Mobile
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lmaoowut
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(Original post by Demesne7)
Do you do Edexcel??

I've come across several questions like that before.. for example like this:

Attachment 637364

Unless I'm completely misunderstanding what the questions are expecting of me?







Posted from TSR Mobile
Your attachment doesnt work, send a link from physicsandmaths
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Demesne7
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(Original post by lmaoowut)
Your attachment doesnt work, send a link from physicsandmaths
sorry about that aha

Both questions 9e and 10e are the types of questions i am referring to

http://pmt.physicsandmathstutor.com/...%20A-level.pdf
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asdfghjkl2609
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Micro is all about impacts on firms, consumers, workers and governments. If say it was an increase in min wage, talk about how it would effect consumers in terms of increasing incomes then link to higher demand and so more demand for labour to increase supply. Also, more workers means more tax income for government etc. Try to choose one point and stick with it - don't ramble on about multiple things, just choose one, give an example, analyse (make use of a graph if you can) and then evaluate!
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lmaoowut
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(Original post by Demesne7)
sorry about that aha

Both questions 9e and 10e are the types of questions i am referring to

http://pmt.physicsandmathstutor.com/...%20A-level.pdf
Ahh I see. In this instance, theyve specified the economic effects to a certain market e.g. higher education. You could potentially draw a S&D diagram to demonstrate how raising prices leads to excess supply (i.e. not enough students use it). This is something that is on your edexcel spec. alternatively you can refer to the extract which talks about the people affected. Main thing is consideration of economic agents such as students, govt, suppliers (i.e. universities themselves) and what effects they will feel. Two points on how it affects students may be penalised.
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Demesne7
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(Original post by lmaoowut)
Ahh I see. In this instance, theyve specified the economic effects to a certain market e.g. higher education. You could potentially draw a S&D diagram to demonstrate how raising prices leads to excess supply (i.e. not enough students use it). This is something that is on your edexcel spec. alternatively you can refer to the extract which talks about the people affected. Main thing is consideration of economic agents such as students, govt, suppliers (i.e. universities themselves) and what effects they will feel. Two points on how it affects students may be penalised.
That puts it so well, wow I finally understand what areas to tackle

thanks a lot for helping me out dude
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lmaoowut
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(Original post by Demesne7)
That puts it so well, wow I finally understand what areas to tackle

thanks a lot for helping me out dude
No worries, and good luck w/ your exams
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alfieldau
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(Original post by Demesne7)
When an exam question asks this question (usually essay) what things should we focus on that will be affected???

I find such questions really open and vague, i end up rambling on about certain specific things that are not included in the mark scheme and end up losing a lot of marks as a result!

This is especially the case for MICRO, in Macro i'll usually focus on the macroecon objectives, and AD&AS etc... but i'm struggling massively to approach these types of questions on the Micro paper

Could someone help me out please? what areas should i be examining when discussing economic effects?

thanks guys
I am often told to refer back to the impact on the main macroeconomic objectives:

-stable inflation
-steady economic growth
-minimising unemployment
-balanced of payment of current account
-reducing wealth disparity
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keynes24
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(Original post by lmaoowut)
You dont get "economic" effects in a micro paper though.
It has been tested before, "economic effects of negative externalities..." edexcel
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keynes24
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(Original post by Demesne7)
hey, wouldn't these only work for the macro paper? my main weakness is with micro responses Any further suggestions?


thanks for actually bothering to respond
I think you are taking the wording too literally. You need to concentrate on what the question is asking you. If a micro question refers to the market you usually refer to consumers and firms. If the question refers to marker failure you refer to specific market failures present in the industry. The wording "economic effects..." wouldn't change your approach.
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lmaoowut
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(Original post by keynes24)
It has been tested before, "economic effects of negative externalities..." edexcel
My point is that the word "economic" is being taken too literally by OP. Learn to read.
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keynes24
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(Original post by lmaoowut)
My point is that the word "economic" is being taken too literally by OP. Learn to read.
And you need to be rude because? I am providing information, if you don't like it sorry. Have a nice day.
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