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edexcel economics B paper 3 (Market Failure and Gov Intervention)

There was no thread so i thought i would start one!

Our teacher hasn't given us much guidance on the paper three exam, all i know is its based around market failure and government intervention.
Is it a synoptic unit that includes everything we have learnt over the course or is it solely on market failure? Is there any case studies anyone would recommend?
Thanks for the help!
Reply 1
Avatar for daffy1
daffy1
You will need all the units to answer this paper. The market failure can either come from externalities such as housing, education, obesity, environmental pollution, transport, smoking, alcohol, etc. Where you can put positive and negative externalities. Using the AQA set of market failure diagrams can help with this. If you google them you'll find the diagrams showing welfare loss etc. The other side they could ask is market failure within a market place -ie through monopoly power etc and the problems of productive and allocative ineffiiciency in a broken marketplace, e.g. the energy market. IN the past this spec has had a topic which it has focused on but sometimes it has asked pure macro questions in it so be ready for anything but especially for the two types of market failure above.
Reply 2
Avatar for dan2808
dan2808
OP
1
Thank you!! That's really helpful. Is it a similar structure to the paper 1 and 2 with a section a and b and similar question lengths?

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