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    Hello guys,

    I am a Year 13 student and I'm currently studying A2 AQA Economics and I feel that past papers are essential to getting the top grade. The content in the book is fairly easy to learn (maybe not to retain) but the hard part is past papers where it's not generalised and in context and students often fail to answer the questions or use inappropriate concepts and get inadequate marks in exams.

    The essays will be posted here and we can decide as a group where to combine them all e.g. word document on dropbox, google docs massive document etc. Regardless, I'll always make a folder with the individual essays so people can scan through and pick and choose which ones they need. Essentially, I want to focus on the AQA exam board as that's what I do at school but if this becomes popular and people from different exam boards contribute and the demand really hits high for other exam boards too, we will start writing essays for Edexcel, OCR etc too. Most essays will overlap in terms of topics just the style of the question will be different, but that's the best practice - answering those styled questions that you haven't seen before.

    Information written when posting an essay (AQA only atm):

    Year/Exam Series:
    Micro or Macro:
    Question #:
    Marks available:
    Topic:

    How to write the actual model essay:

    Context (what the extract is about):
    Topic:
    Link to topics in the news: e.g. Income Inequality in the UK

    Start off the essay by writing the key points in the mark schemes and extending them slightly, so write a few lines about the areas of discussion that could be talked which are written in the mark scheme. Then we can start writing the actual answer - as some people ignore the bullet points in the mark scheme because they don't often know how this can be used to answer the question. The more ways you know to answer the question, the better. In Economics, if you run out of ideas and links - it's not a good sign.

    Intro/Important Definitions:

    Talk about the key terms or definitions given in the question or talk about the definitions that link the most to the question.
    Talk about the issue of the question briefly in a few lines showing the examiner you understand what the question is about. This should be a good start to the essay, getting into brief detail about what you are going to be writing in the next few paragraphs.

    Areas of discussion with extended logical chains of reasoning:

    Talk about both sides of the discussion and different policies that could be used to deal with the issue in the question. Use in-depth analysis using concepts you've learnt in the specification content, use application from the real-world to talk about the uses of these policies and their effectiveness (helps with evaluation). Use diagrams to help with the analysis and possibly with the real-world application you talked about (if you can). Evaluate the effectiveness of the policies or measures taken to deal with the issue in the question. This is essential for the top marks, you will be capped heavily without evaluation hence why you do it within each paragraph and not all at the end.

    Conclusion/final evaluation:
    Answer the question in clear and detailed matter, leaving no doubt for the examiner - talk about the best policy and why the others wouldn't be the best. Justify this by weighing your points and focussing your arguments. Sometimes a policy on its own won't work - talk about why and why it's better to use policies in tandem. Provide balance in the conclusion and don't just talk about why this is the best policy only, talk about why the others are not the best equally. Talk about the short run/long run effects (most important and critical EV point in the conclusion - can be talked about anywhere). Use evidence in your final conclusion through application again and talk about recent successes or failures for the policies talked about.
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    Thanks so much
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    (Original post by timif2)
    Thanks so much
    No worries
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    (Original post by Chittesh14)
    Hello guys,

    I am a Year 13 student and I'm currently studying A2 AQA Economics and I feel that past papers are essential to getting the top grade. The content in the book is fairly easy to learn (maybe not to retain) but the hard part is past papers where it's not generalised and in context and students often fail to answer the questions or use inappropriate concepts and get inadequate marks in exams.

    The essays will be posted here and we can decide as a group where to combine them all e.g. word document on dropbox, google docs massive document etc. Regardless, I'll always make a folder with the individual essays so people can scan through and pick and choose which ones they need. Essentially, I want to focus on the AQA exam board as that's what I do at school but if this becomes popular and people from different exam boards contribute and the demand really hits high for other exam boards too, we will start writing essays for Edexcel, OCR etc too. Most essays will overlap in terms of topics just the style of the question will be different, but that's the best practice - answering those styled questions that you haven't seen before.

    Information written when posting an essay (AQA only atm):

    Year/Exam Series:
    Micro or Macro:
    Question #:
    Marks available:
    Topic:

    How to write the actual model essay:

    Context (what the extract is about):
    Topic:
    Link to topics in the news: e.g. Income Inequality in the UK

    Start off the essay by writing the key points in the mark schemes and extending them slightly, so write a few lines about the areas of discussion that could be talked which are written in the mark scheme. Then we can start writing the actual answer - as some people ignore the bullet points in the mark scheme because they don't often know how this can be used to answer the question. The more ways you know to answer the question, the better. In Economics, if you run out of ideas and links - it's not a good sign.

    Intro/Important Definitions:

    Talk about the key terms or definitions given in the question or talk about the definitions that link the most to the question.
    Talk about the issue of the question briefly in a few lines showing the examiner you understand what the question is about. This should be a good start to the essay, getting into brief detail about what you are going to be writing in the next few paragraphs.

    Areas of discussion with extended logical chains of reasoning:

    Talk about both sides of the discussion and different policies that could be used to deal with the issue in the question. Use in-depth analysis using concepts you've learnt in the specification content, use application from the real-world to talk about the uses of these policies and their effectiveness (helps with evaluation). Use diagrams to help with the analysis and possibly with the real-world application you talked about (if you can). Evaluate the effectiveness of the policies or measures taken to deal with the issue in the question. This is essential for the top marks, you will be capped heavily without evaluation hence why you do it within each paragraph and not all at the end.

    Conclusion/final evaluation:
    Answer the question in clear and detailed matter, leaving no doubt for the examiner - talk about the best policy and why the others wouldn't be the best. Justify this by weighing your points and focussing your arguments. Sometimes a policy on its own won't work - talk about why and why it's better to use policies in tandem. Provide balance in the conclusion and don't just talk about why this is the best policy only, talk about why the others are not the best equally. Talk about the short run/long run effects (most important and critical EV point in the conclusion - can be talked about anywhere). Use evidence in your final conclusion through application again and talk about recent successes or failures for the policies talked about.
    Isn’t the highest mark question in econ 15 marks? That’s not really an essay
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    I do WJEC AS
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    (Original post by Reece.W.J)
    Isn’t the highest mark question in econ 15 marks? That’s not really an essay
    In most exam boards it's 20/25 marks.
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    (Original post by Chittesh14)
    In most exam boards it's 20/25 marks.
    Oh yeah I just looked at past papers and AS the highest is 10 some 8 markers then same A unit 1 but A level unit 2 is technically 30 but split into 20 and 10 3 of those in that paper and that’s it (rip me next year)
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    (Original post by Reece.W.J)
    Oh yeah I just looked at past papers and AS the highest is 10 some 8 markers then same A unit 1 but A level unit 2 is technically 30 but split into 20 and 10 3 of those in that paper and that’s it (rip me next year)
    Lol no worries, you are very lucky then.
    It's fine, next year will be fine if you work hard.
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    (Original post by Chittesh14)
    Lol no worries, you are very lucky then.
    It's fine, next year will be fine if you work hard.
    Yes I want to do economics or accounting and finance at uni
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    (Original post by Reece.W.J)
    Yes I want to do economics or accounting and finance at uni
    I'm sure you'll get there. I wish you all the best, good luck.
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    (Original post by Chittesh14)
    I'm sure you'll get there. I wish you all the best, good luck.
    Ty. Do you think this is good even though I do WJEC? https://www.cgpbooks.co.uk/Student/b...ook.book_MHN71
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    (Original post by Reece.W.J)
    Ty. Do you think this is good even though I do WJEC? https://www.cgpbooks.co.uk/Student/b...ook.book_MHN71
    Np. Yes, Maths is the same - just the style of the questions are different. I'd still recommend another exam board-specific textbook as well. This can be used as an additional revision guide for further questions to be practised.
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    (Original post by Chittesh14)
    Np. Yes, Maths is the same - just the style of the questions are different. I'd still recommend another exam board-specific textbook as well. This can be used as an additional revision guide for further questions to be practised.
    Well this isn’t exam board specific but I’ll look at OCR MEI because we use resources from there quite a lot
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    It's such a shame that no one is contributing to this thread. I'm lazy myself, but I thought the community would contribute and we could make this thread big and full of resources.

    Anyway, I'll start off with a question:

    Using examples to illustrate your answer, explain how imperfect informaton might affect individual's decision making with regard to spending and/or saving.

    Imperfect information is a situation in which the parties to a transaction have different information. An example is when the seller of a used car has more information about its quality than the buyer, known as asymmetric information. Imperfect information leads to irrational decision making and leads to economic agents making different decisions than if they had full information. An example is when companies advertise products successfully to their own benefit, swaying consumers away from the true information of the product. Firms will focus on the advantages and specific 'new' features that differentiate it from previous products sold, misleading consumers to changing their opinions on the product. It may lead to changing consumer's tastes and preferences and attracting them to buying the product, building brand loyalty, despite knowing the true value or information about the product. This leads to a scenario of asymmetric information where the firm has successfully attracted consumers through advertising, without the consumer analysing the product with closely related substitutes or alternatives. This is an example of a cognitive bias where the problem of bounded rationality occurs, the consumer focuses on the limited information provided by the firm, which only focuses on the benefits of the product and act rationally to find out its disadvantages through reviews or even the substitutes available and how much the product differs from its alternatives, showing bounded self-control. This is further reinforced by the limited time constraint in which consumers don't often have the time to do their research on a product because the opportunity cost of using the time is very high. As a result, this leads to the overconsumption of the product and excess demand, and therefore market failure because allocative inefficiency occurs. The advertising 'oversells' the benefits of the product, leading to consumers overstating the marginal utility they will receive from consuming the product and therefore will consume beyond P = MU, at a point where P > MU, yet they think P = MU due to the framing of information. A strong example would be on the framing of food products, a food may have a label reading "90% fat-free" rather than its alternative reading "10% fat". Successful advertising frames information in a way, that despite the information means the same, the way it is presented has differing effects on the human mind. Consumers often switch to 'System 1', thinking fast where they think intuitively or automatically and are amazed by the large number "90%" and not actually realising that 10% fat is the same as 90% fat-free.

    APPLICATION: iPhone X – special features such as facial authentication, but consumers don’t know that other significant features have been removed or diminished e.g. battery efficiency etc. that may be better in cheaper phones.

    Another major factor is inflation. Inflation is defined as the persistent increase in the general price level. As price level increases, the real disposable income of individuals is falling and without consumers realising the effects of inflation due to imperfect information, they will continue to make irrational decisions which don’t maximise their utility. Instead of following the law of demand which is decreasing quantity demanded as price increases, they will continue to consume the same quantity of the product because they don’t realise their purchasing power has fallen, leading to the overconsumption of the product. Furthermore, behavioural biases can play a large role in this. For example, the bandwagon effect leads to people doing something primarily because other people are doing it, regardless of their own beliefs, which they may ignore. If other people continue spending despite general price level increases, consumers may follow the ‘herd’ behaviour, despite knowing that they are spending a larger proportion of their income and the opportunity cost has risen, reducing their disposable income for other consumption activities.


    APPLICATION: Bandwagon effect – mostly in investment (shares and stocks). An investor will feel more reassured if he knows that he is making the same trading decision as many others. Often a stock will be rising gradually over a period before suddenly skyrocketing, with little to fundamentally explain such a steep trajectory. The bandwagon effect, however, can often be the underlying reason. Investors fear being left out of the stock as they see it rise; instead of examining the fundamentals of the company, they start buying the stock as they believe everyone else is doing the same. Indeed, anyone who has invested in a “hot stock” because it was popular is effectively being influenced by the bandwagon effect. It is used to explain irrational exuberance.
    Also, it can be in movies - if most people says the movie is good, other people will definitely go to watch it whether it meets their favourite genre or not.
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    Oooh very good essay! Thanks!
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    (Original post by Chittesh14)
    It's such a shame that no one is contributing to this thread. I'm lazy myself, but I thought the community would contribute and we could make this thread big and full of resources.

    Anyway, I'll start off with a question:

    Using examples to illustrate your answer, explain how imperfect informaton might affect individual's decision making with regard to spending and/or saving.

    Imperfect information is a situation in which the parties to a transaction have different information. An example is when the seller of a used car has more information about its quality than the buyer, known as asymmetric information. Imperfect information leads to irrational decision making and leads to economic agents making different decisions than if they had full information. An example is when companies advertise products successfully to their own benefit, swaying consumers away from the true information of the product. Firms will focus on the advantages and specific 'new' features that differentiate it from previous products sold, misleading consumers to changing their opinions on the product. It may lead to changing consumer's tastes and preferences and attracting them to buying the product, building brand loyalty, despite knowing the true value or information about the product. This leads to a scenario of asymmetric information where the firm has successfully attracted consumers through advertising, without the consumer analysing the product with closely related substitutes or alternatives. This is an example of a cognitive bias where the problem of bounded rationality occurs, the consumer focuses on the limited information provided by the firm, which only focuses on the benefits of the product and act rationally to find out its disadvantages through reviews or even the substitutes available and how much the product differs from its alternatives, showing bounded self-control. This is further reinforced by the limited time constraint in which consumers don't often have the time to do their research on a product because the opportunity cost of using the time is very high. As a result, this leads to the overconsumption of the product and excess demand, and therefore market failure because allocative inefficiency occurs. The advertising 'oversells' the benefits of the product, leading to consumers overstating the marginal utility they will receive from consuming the product and therefore will consume beyond P = MU, at a point where P > MU, yet they think P = MU due to the framing of information. A strong example would be on the framing of food products, a food may have a label reading "90% fat-free" rather than its alternative reading "10% fat". Successful advertising frames information in a way, that despite the information means the same, the way it is presented has differing effects on the human mind. Consumers often switch to 'System 1', thinking fast where they think intuitively or automatically and are amazed by the large number "90%" and not actually realising that 10% fat is the same as 90% fat-free.

    APPLICATION: iPhone X – special features such as facial authentication, but consumers don’t know that other significant features have been removed or diminished e.g. battery efficiency etc. that may be better in cheaper phones.

    Another major factor is inflation. Inflation is defined as the persistent increase in the general price level. As price level increases, the real disposable income of individuals is falling and without consumers realising the effects of inflation due to imperfect information, they will continue to make irrational decisions which don’t maximise their utility. Instead of following the law of demand which is decreasing quantity demanded as price increases, they will continue to consume the same quantity of the product because they don’t realise their purchasing power has fallen, leading to the overconsumption of the product. Furthermore, behavioural biases can play a large role in this. For example, the bandwagon effect leads to people doing something primarily because other people are doing it, regardless of their own beliefs, which they may ignore. If other people continue spending despite general price level increases, consumers may follow the ‘herd’ behaviour, despite knowing that they are spending a larger proportion of their income and the opportunity cost has risen, reducing their disposable income for other consumption activities.


    APPLICATION: Bandwagon effect – mostly in investment (shares and stocks). An investor will feel more reassured if he knows that he is making the same trading decision as many others. Often a stock will be rising gradually over a period before suddenly skyrocketing, with little to fundamentally explain such a steep trajectory. The bandwagon effect, however, can often be the underlying reason. Investors fear being left out of the stock as they see it rise; instead of examining the fundamentals of the company, they start buying the stock as they believe everyone else is doing the same. Indeed, anyone who has invested in a “hot stock” because it was popular is effectively being influenced by the bandwagon effect. It is used to explain irrational exuberance.
    Also, it can be in movies - if most people says the movie is good, other people will definitely go to watch it whether it meets their favourite genre or not.
    Is this an AS question or A2. I’m in year 12 and currently covering types of information.
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    (Original post by stressedteen)
    Oooh very good essay! Thanks!
    No worries.

    (Original post by gerib17)
    Is this an AS question or A2. I’m in year 12 and currently covering types of information.
    The topic is A2, the question is styled as AS lol. This is a behavioural economics styled question.
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    1. Hey

      I got an A* in (AQA) Economics in 2016, i got 98 in the Unit 3 paper and 100 on the Unit 4 paper
      I have 2 sets of extensive and detailed revision notes i made throughout the year and is the key reason for my success
      I am willing to give those to anyone that needs it, but i would sell it for a reasonable price as the notes i made had taken a lot of effort

      Unit 3 notes total roughly 70 pages
      Unit 4 notes total 75 pages

      Message me if you are interested
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    (Original post by georgew1996)
    1. Hey

      I got an A* in (AQA) Economics in 2016, i got 98 in the Unit 3 paper and 100 on the Unit 4 paper
      I have 2 sets of extensive and detailed revision notes i made throughout the year and is the key reason for my success
      I am willing to give those to anyone that needs it, but i would sell it for a reasonable price as the notes i made had taken a lot of effort

      Unit 3 notes total roughly 70 pages
      Unit 4 notes total 75 pages

      Message me if you are interested

    Surely you'd just let them go for free? You made them two years ago...
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    It took me a lot of effort to build up a solid set of notes, why should I give it away for free? i can atleast reap some reward for making another students life much easier
 
 
 
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