Edexcel A-level Economics(A) Paper 3 15th June 2018 [Exam Discussion]

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Captainbikini
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To be honest, I have not even looked at the structure of paper 3 yet... It's a 50 mark case study and 2 25 mark essays right? And will we have to use Micro+Macro on every question or will some questions be pure macro, some pure micro and some mixed?
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rhaegar448
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If someone can give a list of the topics that barely came up, that'd be nice!

Paper 3 is gonna be hard for timing, luckily have 2 papers to practise so it should hopefully be okay.
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Ollie1999
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There are two sections A and B 50 marks in each
Each is composed of a 5, 8 and 12 marker with a choice of two 25 mark essays.

There will be a case study and data given for each section but you are also expected to use outside knowledge/facts etc.

You can use pure micro or pure macro or a mix on the lower mark questions but for the 25 markers you need to use both, high level answers will start in micro and end in macro or vice versa (apparently, I'm only a student)
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KJ21_
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These are the macro topics which did not come up in any detail in Paper 2 (so they are worth revising for Paper 3).



Theme 2
2.1.1 Limitations of using GDP to compare living standards (and alternative measurements e.g. HDI, National Happiness Index)
2.1.2 Inflation
2.1.3 Unemployment
2.4 The Circular flow of income
2.4.1 The Multiplier effect

2.5 Economic growth - Output Gaps. The Trade cycle.
2.6 MEPO’s Macro Economic Policy objectives and 2.6.4 Trade-offs / conflicts between policies
2.6.2 Monetary policy (including the wider role of the Central bank in regulating the finance sector)



Theme 4
4.1 Trading blocs and the World Trade Organisation (WTO)
4.1.6 Restrictions on free trade (tariffs, Quotas, subsidies)
4.1.9 International competitiveness (including labour productivity)
4.3 Emerging and Developing economies:
- measures of development
- limits to growth and development e.g. primary product dependence etc
- strategies to overcome these limits e.g. market oriented vs interventionist strategies

4.4 The Financial sector

- market failure in the financial sector
- role of central banks




These are the micro topics which did not come up in any detail in Paper 1 (so they are worth revising for Paper 3).



Theme 1

1.2.1 Rational decision making (consumers aim to maximise utility, firms aim to maximise profits)

1.2.10 Alternative views of consumer behaviour (consideration of the influence of other people’s behaviour, the importance of habitual behaviour, consumer weakness at computation)

1.4.1 Government intervention in markets (tax, subsides, max and minimum prices)

1.4.2 Govt failure – eg unintended consequences



Theme 3

3.1 Business Growth (types of firm, how businesses grow, demergers)

3.3 Costs (fixed/variable, short run/long run, economies of scale)

3.4 Market structures (Perfect competition, monopolistic competition, oligopoly, monopsony)

3.5 Labour market (immobility in supply of labour did come up in paper 1, but demand for labour and Wage determination have still not come up)
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Captainbikini
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https://www.youtube.com/watch?v=yNbcvLkjotU

Yet another good video by EconplusDal on paper 3
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M_student
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Guys just a quick question for paper 3 Edexcel economics
We have to mention both macro and micro points right, so could we pick one point and write for micro and for macro??
Example:
Fall in the value of pound-higher exports-investment- abnormal profits- spending in R&d ‘ all of micro points

Then with the same concept for macro : fall in the value of pound-higher exports- more investment- jobs-living standards-more -corporation tax ‘all of macro points

My concept was exports- for micro point and macro point.

Will I be able to do that?? Or do I have to change the concept for one of them?[/QUOTE]
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JamieTheb
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(Original post by M_student)
Guys just a quick question for paper 3 Edexcel economics
We have to mention both macro and micro points right, so could we pick one point and write for micro and for macro??
Example:
Fall in the value of pound-higher exports-investment- abnormal profits- spending in R&d ‘ all of micro points

Then with the same concept for macro : fall in the value of pound-higher exports- more investment- jobs-living standards-more -corporation tax ‘all of macro points

My concept was exports- for micro point and macro point.

Will I be able to do that?? Or do I have to change the concept for one of them?
[/QUOTE]

Yo i wanna know this too, like do you make distinct macro/micro points and then do analsysis using both ?
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M_student
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(Original post by JamieTheb)
Yo i wanna know this too, like do you make distinct macro/micro points and then do analsysis using both ?
Yeahh anyone please?? Let me know if you get to know abt it
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LewisJones28
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For the 5,8,12 it does not require both. You can do either macro/micro or a mix, unless specified. In 25 markers it will ask for both macroeconomic and microeconomic where you will be required to answer with a micro effect and macro effect. A balance would be required to achieve top marks. I believe the above example should be fine because they are the same effect but explained in different terms, and the main chain of analysis is different. Hope this helped
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rhaegar448
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Dal is WRONG. You need a judgement for all 25 markers. Effects is easy, just prioritise and you'll be fine.
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Demesne7
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anyone can confirm if we need to write a judgement then? mixed responses everywhere
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Ollie1999
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(Original post by Demesne7)
anyone can confirm if we need to write a judgement then? mixed responses everywhere
Yeh you do, or very in depth evaluation at each point but its way easier to have an informed judgement at the end, write 3 well developed points and if you have time a fourth and a judgement if not just a judgement

You need to say which of the effects is most likely regardless of impact there will always be effects more/less likely than others!!
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hsbsbsh
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(Original post by Demesne7)
anyone can confirm if we need to write a judgement then? mixed responses everywhere
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The mark scheme says you can include an informed judgement to back up your points
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Failedalevels1
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Yo i wanna know this too, like do you make distinct macro/micro points and then do analsysis using both ?[/QUOTE]
That’s absolutely fine cause the question says show micro and macro effects which you have done, as long as you link it to macro and micro effects clearly it doesn’t matter
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joet101
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potential essay nationalisation? if so what are the macro effects got 1 i.e increasing deficit, and the micro one are fine ---you usually need to link two points anyone know any other macro effects of nationalisation?? pls help
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Shakir-C-SG
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Dont beg it
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peanotto
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(Original post by KJ21_)
These are the macro topics which did not come up in any detail in Paper 2 (so they are worth revising for Paper 3).



Theme 2
2.1.1 Limitations of using GDP to compare living standards (and alternative measurements e.g. HDI, National Happiness Index)
2.1.2 Inflation
2.1.3 Unemployment
2.4 The Circular flow of income
2.4.1 The Multiplier effect

2.5 Economic growth - Output Gaps. The Trade cycle.
2.6 MEPO’s Macro Economic Policy objectives and 2.6.4 Trade-offs / conflicts between policies
2.6.2 Monetary policy (including the wider role of the Central bank in regulating the finance sector)



Theme 4
4.1 Trading blocs and the World Trade Organisation (WTO)
4.1.6 Restrictions on free trade (tariffs, Quotas, subsidies)
4.1.9 International competitiveness (including labour productivity)
4.3 Emerging and Developing economies:
- measures of development
- limits to growth and development e.g. primary product dependence etc
- strategies to overcome these limits e.g. market oriented vs interventionist strategies

4.4 The Financial sector

- market failure in the financial sector
- role of central banks




These are the micro topics which did not come up in any detail in Paper 1 (so they are worth revising for Paper 3).



Theme 1

1.2.1 Rational decision making (consumers aim to maximise utility, firms aim to maximise profits)

1.2.10 Alternative views of consumer behaviour (consideration of the influence of other people’s behaviour, the importance of habitual behaviour, consumer weakness at computation)

1.4.1 Government intervention in markets (tax, subsides, max and minimum prices)

1.4.2 Govt failure – eg unintended consequences



Theme 3

3.1 Business Growth (types of firm, how businesses grow, demergers)

3.3 Costs (fixed/variable, short run/long run, economies of scale)

3.4 Market structures (Perfect competition, monopolistic competition, oligopoly, monopsony)

3.5 Labour market (immobility in supply of labour did come up in paper 1, but demand for labour and Wage determination have still not come up)
? Financial sector came up. There was literally a 15 marker on it....
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joet101
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(Original post by Shakir-C-SG)
Just give up on life, you will definitely fail tomorrow's paper with ideas like that. Come on mate, Nationalisation - are you serious??? Theres a better chance of Suadi Arabia winning the world cup then that coming up.
my teacher put it on the list of potential essays for it lol, he guessed pound depreciation and energy so yeah! just trying to cover all bases and its quite topical in the uk so you never know?
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xsojin
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Can you get marks for points that aren't on the mark scheme?
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Failedalevels1
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(Original post by peanotto)
? Financial sector came up. There was literally a 15 marker on it....
Probably meant financial markets
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