Data extraction. Ensure that you use the data and information from the figures and tables provided. When using data from quotes or specific goods/economic entities mentioned in the article, reference the specific figures/tables or textual extracts to explain your points.
Whenever the instruction is 'With reference to the information provided/ article....', you must always prioritise the information given. You are unlikely to gain any marks if you use your own point even though they are sound. Remember that information needed for a single question might be scattered throughout the article, so find all relevant parts to form a complete answer. Do not just copy the information from the article; some parts may only describe economic performance. Expand on this using relevant economic concepts to explain why these trends are occurring.
When asked if there is a link/relationship between two variables, pay attention to the following points:
Whether they move in the same direction, positive or negative relationship? Does this align with theoretical expectations? For example, does unemployment rise during periods of negative growth?
Whether the changes are to the same extent. For example, does a country with significant negative growth also experience significantly high unemployment? Provide evidence of both support and against.
Analyzing figure:
Starting point? Ending point?
Overall trend: Did it rise or fall?
Magnitude of change
Overall volatility: Is it stable or fluctuating?
Performance during specific points or periods
Pay attention to whether it presents percentage changes or absolute values. Positive percentage changes indicate an increase in value.
For questions related to evidence, include supporting, opposing, and missing evidence.
Q: Whether the evidence in the article makes a conclusive case that xxx?
A: Does the article provide enough information to support the claim that xxx. Find the information related to xxx and explain why. Are there other influencing factors not mentioned in the article?
Q: Whether the evidence provided supports the significance of A as a contributor to B?
A: Does the information in the article indicate that A is a major cause of B? Find the relationship between A and Bin the article and explain why A causes B. Consider whether there are other influencing factors not mentioned in the article.
When asked what type of market structure it is, first state whether it is imperfect. Then analyze specifically which type it is. Common characteristics of imperfect competition include:
Number of firms
Size of firms
Barriers to entry
Control over price
Collusion
Branded products
Imperfect information
Advertising
Product differentiation
High profits
When looking for evidence to prove that the standard of living is very high or very low, pay attention to:
Comparisons between countries or regions
Comparisons over time
Other factors affecting the standard of living
Other measures such as MEW, MPI, HDI
For questions about whether merger or market power in a large firm is beneficial, consider the impact on suppliers, the firm itself, and consumers. Try to divide the analysis into short-run and long-run effects, discussing both the advantages and disadvantages.
For questions about profit, consider both revenue and cost aspects. For revenue, take into account both price and quantity, as well as Price Elasticity of Demand (PED) and Price Elasticity of Supply (PES), short run and long run.
If the question requires finding evidence in the extract to prove whether the market efficiently allocates resources, supportive evidence would be found in markets characterized by intense competition, indicating that closer approximation to perfect competition is preferable. On the other hand, opposing evidence would highlight the benefits of imperfectly competitive markets and government intervention.
Assess, extent, discuss, whether, always, likely, evaluate - these are all action words used in analyzing and evaluating economic scenarios. Expect four or five questions with at least two of them being evaluative in nature. One common error among students is to think that there is only one evaluation question and it will always be the last one with highest marks. This is totally untrue. First, it doesn't have to be the last question. Second, it need not be the one with the highest marks. Third, it doesn't have to begin with 'DISCUSS'. When responding to a question that includes these command terms, provide a conclusion based on your assessment of the situation. 1 mark will be lost if no conclusion is given.
4 marks - 1 yes + 1 no + 1 conclusion
5/ 6 marks - 2 yes + 1 no + 1 conclusion
7/ 8 marks - 2 yes + 2 no + 1 conclusion
On average, one analysis/ explained idea/ evaluation carries 2 marks. Each analysis is estimated to be around four or five lines and each subsequent line must add value to the previous line so that a complete/ coherent chain of analysis can be built.
Let's just say that you cannot finish the last question of Section A. In this case, you should 'salvage' by giving point-form answers for both analysis and evaluations. Three short sentences will do. Provided if they are correct, you may get up to 2/ 3 marks out of this (better than nothing right!). Cambridge has made it easier for you to gain low-level marks. However, it can be extremely difficult for you to gain high-level marks.
Ideal marks for an 'A' would be:
14/20 from Section A
14/20 for each essay under Section B
All would add up to 42/60, the 'standard' raw marks for an A (obviously better if you can score higher)
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