Individuals, firms, markets and market failure exam tips

Exam tips

• Perfect competition, imperfectly competitive markets and monopoly Economics exam tip 1

  Start with a precise AO1 definition of perfect competition, then apply it to the market, policy or data context before analysing. Apply this to explain AQA section 3.1.5.6 Monopoly and monopoly power..

  This keeps AO1, AO2, AO3 and AO4 separate and prevents unsupported evaluation or generic Business-style wording.

• Perfect competition, imperfectly competitive markets and monopoly Economics exam tip 1

  Start with a precise AO1 definition of perfect competition, then apply it to the market, policy or data context before analysing. Apply this to explain AQA section 3.1.5.10 Market structure, static efficiency, dynamic efficiency and resource allocation..

  This keeps AO1, AO2, AO3 and AO4 separate and prevents unsupported evaluation or generic Business-style wording.

• The labour market Economics exam tip 1

  Start with a precise AO1 definition of labour markets, then apply it to the market, policy or data context before analysing. Apply this to explain AQA section 3.1.6.1 The demand for labour, marginal productivity theory..

  This keeps AO1, AO2, AO3 and AO4 separate and prevents unsupported evaluation or generic Business-style wording.

• The labour market Economics exam tip 1

  Start with a precise AO1 definition of labour markets, then apply it to the market, policy or data context before analysing. Apply this to explain AQA section 3.1.6.3 The determination of relative wage rates and levels of employment in perfectly competitive labour markets..

  This keeps AO1, AO2, AO3 and AO4 separate and prevents unsupported evaluation or generic Business-style wording.

• The labour market Economics exam tip 1

  Start with a precise AO1 definition of labour markets, then apply it to the market, policy or data context before analysing. Apply this to explain AQA section 3.1.6.6 The National Minimum Wage..

  This keeps AO1, AO2, AO3 and AO4 separate and prevents unsupported evaluation or generic Business-style wording.

• The market mechanism, market failure and government intervention in markets Economics exam tip 1

  Start with a precise AO1 definition of externalities, then apply it to the market, policy or data context before analysing. Apply this to explain AQA section 3.1.8.4 Positive and negative externalities in consumption and production..

  This keeps AO1, AO2, AO3 and AO4 separate and prevents unsupported evaluation or generic Business-style wording.

• The market mechanism, market failure and government intervention in markets Economics exam tip 1

  Start with a precise AO1 definition of government intervention, then apply it to the market, policy or data context before analysing. Apply this to explain AQA section 3.1.8.7 Competition policy..

  This keeps AO1, AO2, AO3 and AO4 separate and prevents unsupported evaluation or generic Business-style wording.

• The market mechanism, market failure and government intervention in markets Economics exam tip 1

  Start with a precise AO1 definition of government intervention, then apply it to the market, policy or data context before analysing. Apply this to explain AQA section 3.1.8.10 Government failure..

  This keeps AO1, AO2, AO3 and AO4 separate and prevents unsupported evaluation or generic Business-style wording.

• Economic methodology and the economic problem Economics exam tip 1

  Start with a precise AO1 definition of Economic methodology and the economic problem, then apply it to the market, policy or data context before analysing. Apply this to explain AQA section 3.1.1.1 Economic methodology..

  This keeps AO1, AO2, AO3 and AO4 separate and prevents unsupported evaluation or generic Business-style wording.

• Economic methodology and the economic problem Economics exam tip 1

  Start with a precise AO1 definition of Economic methodology and the economic problem, then apply it to the market, policy or data context before analysing. Apply this to explain AQA section 3.1.1.2 The nature and purpose of economic activity..

  This keeps AO1, AO2, AO3 and AO4 separate and prevents unsupported evaluation or generic Business-style wording.