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- A trough is the lowest point in the business cycle, marking the end of a recession and the beginning of an economic recovery. During a trough, economic indicators such as GDP, employment, and consumer spending reach their lowest levels before starting to improve.
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A-level Paper 1: Markets and Business Behaviour . Example answers. Specimen paper. 6a) Explain why the price of the ‘average top-price ticket has risen by almost £10’ (Extract A, line 2). Use a supply and demand diagram in your answer. (5) The average top price ticket has risen for two reasons.
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Economics. Answers and commentaries. A-level (7136) Paper 1: Markets and market failure. Marked answers from students for questions from the June 2022 exams. Supporting commentary is provided to help you understand how marks are awarded and how students can improve performance. Version 1.0 April 2024. The below content table is interactive.
Step 1 Determine a level. Start at the lowest level of the mark scheme and use it as a ladder to see whether the answer meets the descriptor for that level. The descriptor for the level indicates the different qualities that might be seen in the student’s answer for that level.
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How to use paper 1 diagrams – basics
Use diagrams to make your analysis easier and think of points. If you’re unsure what point to make in a 25 marker, ask yourself: “what diagram could I draw here?”. The basics of diagrams – use the acronym SCALE: 1. S for shift. Show the shift of curve in your diagram if a shift is needed (it often is) 2. C for coordinates. Show the coordinates of any key points. 3. A for axes– make sure the axes are labelled (price, quantity for example) 4. L for label– label all lines or curves e.g. S and S1...
High level diagrams
High level diagram use often involves labelling areas. This could include producer and consumer surplus, revenue for government or firms, welfare loss or gain, the price mechanism and supernormal profit for example. When writing 25 markers with 2 analysis points only, you need to extend the diagram analysis. To do so, consider these methods: 1. For supply / demand, extend by showing the price mechanism or consumer / producer surplus changes. 2. For cost / revenue diagrams, can extend by discu...
The above list of diagrams is not comprehensive. It covers almost all diagrams but not every diagram. Other diagrams that are not included above, but that you may wish to revise, include (but are not limited to): 1. Marginal, average and total product 2. Lorenz curve (AQA micro, Edexcel A macro). 3. Short run to long run elasticity change e.g. on a...
The diagram below shows a perfectly competitive market and individual firm in that market. a Label the curves. b Label the area on the firm diagram where it makes “no sense” for them to set their price
1. Define the difference between normative and positive questions. 2. Differentiate between intermediate and final goals. 3. Discuss the relationship between economics and well being. 4. Define the four essential economic activities. 5. Illustrate tradeoffs using a production possibilities frontier. 6. Explain the concept of opportunity costs ...
1. Use a diagram to illustrate the business cycle, label the current position of your country’s economy within this cycle. [4 marks] 2. Indicate the impact on an economy’s level of exports, imports, government revenue, investment, growth and employment during a peakin the business cycle. Justify your answers.
