Summary A Level Edexcel A Economics Exam Guide 2020

Section A : Multiple Choice & Short Answer Questions There s not much to say on ’ Section A except that it s an , ’ opportunity to pick up some easy marks. Best way to ensure you answer the questions correctly is to follow the D s Rule “3 ’ ”: 1. DEFINITIONS: Have a clear understanding of the definitions See page for . 12 a worked example . 1 2. DATA: Determing what the data ( ’ ) you re presented with is telling you about the question as a whole? 3. DETAILS: Focus on the specifics of the question to eliminate some of the options . The “3 D’s Rule” PAPER 1 M I C R O If the question asks you to eval - uate discuss assess the impact , , or effects of a policy or meas - ure e g a tax minimum wage ( . . , ), there are groups you need to 4 take into account you : 1. Consumers 2. Producers 3. Government 4. Workers Also known by the acronym C P G W . . . . Think of how the policy action or measure impacts each one using , the buzzwords on the right in your answer . 2 Sections B & C : Data Responses & Essays “C.P.G.W” CONSUMERS How does the policy action affect / : - - CONSUMER SURPLUS does it go up or down ? - - CONSUMER WELFARE any impact on the cost of living / inflation? - , CONSUMER CHOICE QUALITY and CUSTOMER SERVICE PRODUCERS How does it affect : - - COSTS OF PRODUCTION consider impact on firm or industry efficiency - PRODUCER SURPLUS - - PRODUCER PROFITABILITY does it increase or decrease Any ? efficiency savings Does change ? in profitability affect prospects of long term survival ? - MARKET SHARE - , INVESTMENT in new factories employee training etc . - - STAKEHOLDERS how are shareholders management , teams affected ?