Common Paper 1 and 2 topics: Usually there is something on Supply and Demand, Price externalities or Market failure.
Price elasticities of supply and demand.....
Paper 1:
Define, Explain, Apply, Examples and Graphs (correctly labeled).
Evaluate: Give both sides of the story and tell why both sides are right
Conclusion: I believe this perspective is better because......
Paper 1: Section 1 and 2. For each you have 2 choices. Part a is worth 10 pts and part b is worth 15 so more time should be spent on part 2. (15 min and 30 min respectively)
Guide for answering the questions for paper 1
Acronym: A good D.E.E.D.
Answer the question
good: do a good job
Diagrams (correctly labeled and explained)
Examples
(E)valuation
Definitions of any economic terms in the question
Paper 2: Like an IA, except they give you the article/document to use.
Be sure to reference the source given. You are not required to give outside examples. Be sure to use diagrams that are properly labeled. Evaluate different perspectives as are asked of you and come to a clear decision that you explain based on economic principles.
Mid-term Review: How to approach paper 1 and paper 2
Make sure you are answering the question! Think about what you really need to know to answer the question that is being posed.
Tips for Paper 1 on Slideshare Presentation
Evaluate: Organize your responses for evaluation around Advantages/Disadvantages and the stockholders involved. THEN make an evaluation based on the advantages and disadvantages that you have explained for each aspect of your response.
Practice Paper 1 Questions from 2006-2013
Example evaluation of Price Controls from Welker:
For Paper 2, YOU MUST REFER TO SPECIFIC PARTS OF THE EXTRACT PROVIDED OR YOU WILL AUTOMATICALLY BE MARKED TO A LEVEL 2!!!!!
HW: Fix your mid-term. Re-do your Paper 1 and Paper 2 responses so that they would get better marks. See me if you have questions about how to approach this.