10 MARKER – PAPER 1 & PAPER 2  Short essay (approximately 10 minutes) 2 paragraphs – one analysis paragraph and another evaluation paragraph If the question says ‘Assess / examine TWO factors…’ – need two analysis paragraphs 1. First paragraph – analysis paragraph           – depth           […]

EDEXCEL ECONOMICS AS LEVEL EXAM STRUCTURE 90 minutes per paper 2 sections in each paper Section A 1. 5 multiple choice questions – one mark for each one 2. Short questions:           – ‘define’           – ‘calculate’           – ‘illustrate’       […]

Mark Scheme definition of a ‘judgement’ – a balanced, well reasoned, effective ANSWER TO THE QUESTION 1. Answer the question explicitly – start by restating the question and add your answer to it 2. Justify why you believe that is the right answer – weigh up your point and prioritise the arguments at the heart […]

AQA Paper 3 Advice and Walkthrough 1. Recap your knowledge of Micro (Paper 1) and Macro (Paper 2) as this will be essential for Paper 3 2. Ensure you do enough QUESTION PRACTICE – practice the unique elements of paper 3 – multiple choice questions – planning 10 markers – using extracts when analysing data […]

THEME 4 – A LEVEL – DEFINITIONS Absolute Poverty The minimum amount of resources a person needs to meet basic human needs such as food, clean water, shelter and clothing Absolute Advantage This occurs when a country can produce a good or service more efficiently than another Comparative Advantage This occurs when a country can […]

THEME 2 – A LEVEL – DEFINITIONS Aggregate Demand The total demand for goods and services within an economy It consists of the economy’s total levels of consumption, investment, government spending and net exports Approximately 60% of Aggregate Demand is made up of consumption Aggregate Supply The total amount of goods / services that firms […]

THEME 3 – A LEVEL – DEFINITIONS Allocative Efficiency Occurs where P=MC and is where the right quantity is being produced at the right price There is maximum social welfare and maximum utility Productive Efficiency Occurs on the lowest point of the average cost curve and firms are most productive where their average costs are […]

THEME 1 – A LEVEL – DEFINITIONS Scarcity & The economic problem Scarcity occurs due to there being a finite amount of resources and unlimited wants. Opportunity Cost This is the next best alternative forgone (given up). Ceteris Paribus All other factors remaining the same PPF Curves A PPF curve shows the maximum combination of […]