Predictions and exam chat for Edexcel (A) A level Economics 20th/23rd May 2019 Watch

ItzNico
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What are your predictions for the Economics Exams on the 20th and 23rd of May?
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Mr. sypherPB
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development can come up it has come up previously and also last year people struggled with the financial market question so something related to that maybe. cost and revenue always come up idk wbu?
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ItzNico
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Maybe something about nationalisation and privatisation, labour markets (gig economy) and well I agree with you market structures always comes up
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Mr. sypherPB
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nationalism wait thats in the spec lmao wtf
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Mr. sypherPB
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i doubt gig economy will come up its too vague
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Xooi200
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Yeah I agree. There’s isn’t anything specific on the spec which refers to the gig economy so highly unlikely.
(Original post by Mr. sypherPB)
i doubt gig economy will come up its too vague
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ChemEng456
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What else do you think will come up on Monday's exam?
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ItzNico
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I feel like there will be either a 15 marker or 25 marker based on externalities, and also feel like there will be a question on contest-ability as there hasn’t been a question on it for a while now! Also, I feel like there will be a question on monopoly as there isn’t much they could ask about perfect competition! Well don’t rely on what I’ve just said of course but make sure you revise everything!
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Rohhoe
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externalities came up as a 25 marker last year so hopefully doesn't again
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bye123
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(Original post by Rohhoe)
externalities came up as a 25 marker last year so hopefully doesn't again
yeah I don't think that will come up again but maybe something on the labour markets
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Mr. sypherPB
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bilateral monopoly will 100% come up it hasnt come up yet
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ChemEng456
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Who's ready for the exam?
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ItzNico
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Not at all :/
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sashavelour
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do we need to know about this in great detail???
(Original post by Mr. sypherPB)
bilateral monopoly will 100% come up it hasnt come up yet
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ItzNico
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Who knows what the boundaries were last year for each individual paper? I can’t find it individually
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mana_01
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https://qualifications.pearson.com/c...oundaries1.pdf
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Beamomom
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(Original post by ItzNico)
Who knows what the boundaries were last year for each individual paper? I can’t find it individually
Paper 1 and 2 both are worth 117.5 UMS, paper 3 is worth 100 UMS. I do not think they released information about boundaries for individual papers tho.. Hope that helps? Haha sorry if it didn't.
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ItzNico
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How would you answer the following:
Evaluate the factors that determine wages in competitive and non-competitive labour markets.
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PAJ1234
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(Original post by ItzNico)
How would you answer the following:
Evaluate the factors that determine wages in competitive and non-competitive labour markets.
Heya so for non competitive ( perfect competition ) labour markets I’d start off by saying that firms in this market are wage takers. They do not control the price they charge for wages, it is purely determined by where demand intersects supply. They hire workers up until where the MRP=Wage= marginal cost of labour. I would then draw a diagram for this and prehaps go on to explain what would happen if firms in a perfectly competitive market didn’t do this. I’d also mention how in this market, it is assumed workers have perfect mobility and are all homogenous. In my evaluation I’d go onto to critique this model, and how it basically just does not exist as people don’t have perfect occupational and geographical mobility. In the imperfect labour market, I’d talk about monopsony in the labour market, where there is only buyer of labour in the market. Like the market, a increase in wages for one increase wages for all and so the MC curve is twice as steep as the AC curve. There will therefore lower the quantity they employee and use lower wages ( as wage makers ) and say how this will be below the wage rate in the perfectly competitive market. In Other imperfect labour markets again wages will not be determined by where demand intersects supply. It will be based on a individuals diffrent MRP and supplies of labour. If labour supply is more inelastic due to greater skill set required for job wages are going to be higher. I’d mention how there is a 75% pay gap between those at uni and gcse level looking for a job. Wages may also be determined through discrimination, e.g, gender wage gap. I’d then go onto evaluate it say however their are laws such as equal pay act and minimum wage that restrict the extent to which these firms can determine and exploit wages. Hope this helps!,
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ItzNico
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(Original post by PAJ1234)
Heya so for non competitive ( perfect competition ) labour markets I’d start off by saying that firms in this market are wage takers. They do not control the price they charge for wages, it is purely determined by where demand intersects supply. They hire workers up until where the MRP=Wage= marginal cost of labour. I would then draw a diagram for this and prehaps go on to explain what would happen if firms in a perfectly competitive market didn’t do this. I’d also mention how in this market, it is assumed workers have perfect mobility and are all homogenous. In my evaluation I’d go onto to critique this model, and how it basically just does not exist as people don’t have perfect occupational and geographical mobility. In the imperfect labour market, I’d talk about monopsony in the labour market, where there is only buyer of labour in the market. Like the market, a increase in wages for one increase wages for all and so the MC curve is twice as steep as the AC curve. There will therefore lower the quantity they employee and use lower wages ( as wage makers ) and say how this will be below the wage rate in the perfectly competitive market. In Other imperfect labour markets again wages will not be determined by where demand intersects supply. It will be based on a individuals diffrent MRP and supplies of labour. If labour supply is more inelastic due to greater skill set required for job wages are going to be higher. I’d mention how there is a 75% pay gap between those at uni and gcse level looking for a job. Wages may also be determined through discrimination, e.g, gender wage gap. I’d then go onto evaluate it say however their are laws such as equal pay act and minimum wage that restrict the extent to which these firms can determine and exploit wages. Hope this helps!,
Thank you so much, that really helped, I basically understood labour markets quite late on as I didn’t really focus on it thinking’s it’s easy but questions on it are pretty hard, predictions say there’s a High chance for it to come up tomorrow too! Good Luck for tomorrow!
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