How do I revise E2E stub topic for WJEC A-Level?

Always define key terms precisely in the introduction of your essay or short-answer response.

What exam tips are there for E2E stub topic? (2)

Use diagrams to support your analysis, ensuring they are accurately labelled and referenced in your text.

What exam tips are there for E2E stub topic? (3)

In evaluation, consider the assumptions and limitations of economic models, such as rationality and perfect information.

What mistakes should I avoid in E2E stub topic?

Confusing scarcity with a shortage; scarcity is a universal condition, not temporary.

What are common errors in E2E stub topic exams? (2)

Mislabeling axes on the PPF or failing to show attainable vs unattainable points.

E2E stub topic

WJEC

A-Level

This subtopic introduces the fundamental economic problem of scarcity, where unlimited wants exceed finite resources, necessitating choices and opportunity cost. Students explore how individuals, firms, and governments allocate resources to satisfy competing needs and wants. Practical applications include budget constraints, production possibility frontiers, and the basis of economic decision-making.

Objectives

Exam Tips

Pitfalls

Key Terms

Mark Points

What You Need to Demonstrate

Key skills and knowledge for this topic

Award credit for precisely defining scarcity and linking it to unlimited wants and limited resources.
Expected to illustrate opportunity cost with a clearly labelled PPF diagram and calculations.
Must demonstrate understanding that choices involve trade-offs, and evaluate real-world examples.
For high marks, use marginal analysis to show how rational decision-making occurs at the margin.

Marking Points

Key points examiners look for in your answers

Award credit for precisely defining scarcity and linking it to unlimited wants and limited resources.
Expected to illustrate opportunity cost with a clearly labelled PPF diagram and calculations.
Must demonstrate understanding that choices involve trade-offs, and evaluate real-world examples.
For high marks, use marginal analysis to show how rational decision-making occurs at the margin.

Examiner Tips

Expert advice for maximising your marks

💡Always define key terms precisely in the introduction of your essay or short-answer response.
💡Use diagrams to support your analysis, ensuring they are accurately labelled and referenced in your text.
💡In evaluation, consider the assumptions and limitations of economic models, such as rationality and perfect information.

Common Mistakes

Pitfalls to avoid in your exam answers

Confusing scarcity with a shortage; scarcity is a universal condition, not temporary.
Mislabeling axes on the PPF or failing to show attainable vs unattainable points.
Ignoring the concept of ceteris paribus when applying economic models.

Key Terminology

Essential terms to know

Scarcity and finite resources

Opportunity cost and trade-offs

Production possibility frontiers

Economic agents and incentives

Marginal analysis

Ready to test yourself?

Practice questions tailored to this topic

E2E stub topic

What You Need to Demonstrate

Marking Points

Examiner Tips

Common Mistakes

Key Terminology

Ready to test yourself?

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