🔥 Hot Topics for Economics Paper 1 Micro 2024 | Aiming for A-A* Economics
In this video, Geoff walks through a selection of important Economic issues that either haven't been tested fully in recent years or which are super-topical for questions on market failure, market structures, labour markets, government intervention and government failure.
VIDEO SUMMARY
This video is about potential microeconomics exam topics for Paper One in 2024.
Geoff emphasises that revising across the entire specification is important because the exam can cover any topic.
Here are the key topical areas that might be used to focus revision:
Consumption externalities and demerit goods: This could be linked to information failure, like in the case of vaping. The negative externalities of vaping, such as the health risks, could be a topic for the exam.
Government intervention in markets: The regulation of industries like energy drinks and fast fashion, where there are externalities from production and consumption, could be covered. Public goods, like clean air zones, and how the government intervenes to regulate them are also potential topics.
Business costs: Understanding short-run and long-run costs, including economies and diseconomies of scale, is important. The impact of the pandemic on industries and how businesses responded with pricing strategies could also be a question.
Labour market: Labour demand and the factors affecting it, such as automation, robotics, and trade unions, are all hot topics.
Housing market: This is a common context in microeconomics exams. The factors affecting housing supply and demand, as well as government interventions to address housing shortages, should be covered.
Economic decision-making: Behavioral economics, like why consumers might make irrational choices, and how this can affect welfare, could be a question.
Market structures: Oligopoly, monopoly, and contestable markets are all potential areas for questions. The video mentions that monopolistic competition, like craft beer brewing, could be a specific example covered in the exam.
Impact of AI: The effect of artificial intelligence on jobs and the labour market could be a question.
Privatization and deregulation: The arguments for and against privatising industries, such as water and sewage, could be covered.
Nationalisation: This is a potential hot topic, especially regarding the water industry in the UK.
Price controls and subsidies: The use of price controls, rent controls, and minimum wages, as well as subsidies for renewables, are all areas that could be covered in the exam.
Carbon trading: How the UK will replace the EU carbon trading system is a potential topic.
In conclusion, revising across the entire syllabus is key for success in Paper One
#edexceleconomics #aqaeconomics #ocreconomics #exams2024
VIDEO SUMMARY
This video is about potential microeconomics exam topics for Paper One in 2024.
Geoff emphasises that revising across the entire specification is important because the exam can cover any topic.
Here are the key topical areas that might be used to focus revision:
Consumption externalities and demerit goods: This could be linked to information failure, like in the case of vaping. The negative externalities of vaping, such as the health risks, could be a topic for the exam.
Government intervention in markets: The regulation of industries like energy drinks and fast fashion, where there are externalities from production and consumption, could be covered. Public goods, like clean air zones, and how the government intervenes to regulate them are also potential topics.
Business costs: Understanding short-run and long-run costs, including economies and diseconomies of scale, is important. The impact of the pandemic on industries and how businesses responded with pricing strategies could also be a question.
Labour market: Labour demand and the factors affecting it, such as automation, robotics, and trade unions, are all hot topics.
Housing market: This is a common context in microeconomics exams. The factors affecting housing supply and demand, as well as government interventions to address housing shortages, should be covered.
Economic decision-making: Behavioral economics, like why consumers might make irrational choices, and how this can affect welfare, could be a question.
Market structures: Oligopoly, monopoly, and contestable markets are all potential areas for questions. The video mentions that monopolistic competition, like craft beer brewing, could be a specific example covered in the exam.
Impact of AI: The effect of artificial intelligence on jobs and the labour market could be a question.
Privatization and deregulation: The arguments for and against privatising industries, such as water and sewage, could be covered.
Nationalisation: This is a potential hot topic, especially regarding the water industry in the UK.
Price controls and subsidies: The use of price controls, rent controls, and minimum wages, as well as subsidies for renewables, are all areas that could be covered in the exam.
Carbon trading: How the UK will replace the EU carbon trading system is a potential topic.
In conclusion, revising across the entire syllabus is key for success in Paper One
#edexceleconomics #aqaeconomics #ocreconomics #exams2024
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