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Sep 19, 2023 · 4. Real-World Example. Example: Investment in new manufacturing machinery (a capital good) can increase a country's production capacity, while an increase in consumer spending on luxury cars (consumer goods) does not directly contribute to long-term economic growth.
Revision notes on 1.1.4 Production Possibility Frontiers for the Edexcel A Level Economics A syllabus, written by the Economics A experts at Save My Exams.
A-Level Edexcel Economics: Theme 1 (Questions by topic) past papers are available to download for free from various exam boards and school boards including AQA, Edexcel, OCR and Eduqas (WJEC)
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I recommend the following answer structure: 1. Definition of one or two key terms, usually those in the question. 2. Basic point. 3. Evidence from extract. 4. Draw diagram 5. Explain / chain of analysis, including referring to the diagram.
This question is adapted from practice papers for the 2022 summer exams. You can buy the 2024 practice papers by checking out the link below: The question is: “Using extract B, explain why pollution may represent a market failure” I have picked a relatively simple 9 mark question to illustrate the principles.
Market failure is when the market does not allocate resources efficiently. Pollution can cause a negative externality in production. A negative externality is a harm to a third party not directly involved in the transaction. Pollution from the production process of a car plant could spill into nearby rivers. This could harm the fish supply in the r...
The answer starts with two definitions of key terms. Then it follows with a worded explanation, then a diagrammatic explanation. The explanations are sound and the answer also refers to the context. This answer would likely be worth full marks or close to it. For more exam technique advice (including 9 markers, 15 markers and 25 markers), click the...
Writing too much. There is an opportunity cost to answering in more detail than necessary in the 9 mark question. You give up time you can spend on the more valuable 25 mark questions and the 15 ma...Not referring to extract. For some reason this is one of the components students typically tend to forget. One reference to the extract, which can either be a quote or the use ofForgetting one of the other major components, such as the chain of analysis and a diagram where required.How should you answer 25 mark questions?
You should know what a model answer looks like for the 25 mark questions. Application, analysis and evaluation are the key skills to master. I recommend looking at sample answers, writing your own answers and getting your answers reviewed by teachers. To learn more about evaluation and other key exam skills, see the links below:
How can I get more practice at 9 mark questions?
Check out the link below for more practice questions in AQA Economics style:
For more tips on exam technique for A-level Economics, or if you are applying to economics courses at university, check out the links below:
- Label the Axes. Since graphs are two-dimensional, economists make the simplifying assumption that the economy can only produce 2 different goods. Traditionally, economists use guns and butter as the 2 goods when describing an economy's production options, since guns represent a general category of capital goods and butter represents a general category of consumer goods.
- Plot the Points. The production possibilities frontier is constructed by plotting all of the possible combinations of output that an economy can produce.
- Inefficient and Infeasible Points. Combinations of output that are inside the production possibilities frontier represent inefficient production. This is when an economy could produce more of both goods (i.e.
- Opportunity Cost and the Slope of the PPF. Since the production possibilities frontier represents all of the points where all resources are being used efficiently, it must be the case that this economy has to produce fewer guns if it wants to produce more butter, and vice versa.
May 7, 2024 · A production possibilities curve is an economic model that measures production efficiency based on available resources. Learn more about how it works.
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Part (a) questions Part (a) of each optional question is worth 2 marks. This part should be answered briefly. What is important is accuracy and precision. For example, in answering question 2(a) an answer such as ‘a budget deficit is too much spending’ is too vague and would not gain any marks.
