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OCR_Economics_GCSE_Question_Types_and_Key_Points

The document outlines various question types and key points related to economics for GCSE, including main economic groups, the basic economic problem, market roles, demand and supply, price allocation, and competition. Each section specifies question types, examples, specific points, and factors that influence economic concepts. It serves as a guide for understanding essential economic principles and preparing for exam questions.

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adinazma26
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20 views

OCR_Economics_GCSE_Question_Types_and_Key_Points

The document outlines various question types and key points related to economics for GCSE, including main economic groups, the basic economic problem, market roles, demand and supply, price allocation, and competition. Each section specifies question types, examples, specific points, and factors that influence economic concepts. It serves as a guide for understanding essential economic principles and preparing for exam questions.

Uploaded by

adinazma26
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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OCR Economics GCSE - Question Types and Key Points

1. Main Economic Groups and Factors of Production

- Question Type: Explain (2-4 marks), Analyse (6 marks), Evaluate (6 marks)

- Example: "Explain the role of consumers/producers/government in the economy."

- Specific Points:

- Consumers: Buy and use goods/services, influence demand.

- Producers: Supply goods/services, aim to maximize profit.

- Government: Collects taxes, regulates markets, provides public goods.

- Depends Upon Points:

- Consumer income levels affecting demand.

- Production costs impacting supply.

- Government budget constraints influencing public spending.

2. The Basic Economic Problem

- Question Type: Explain (2-4 marks), Evaluate (6 marks)

- Example: "Evaluate the impact of scarce resources on economic choices."

- Specific Points:

- Scarcity: Limited resources vs unlimited wants.

- Opportunity Cost: Next best alternative forgone.

- Economic Sustainability: Efficient resource use for future growth.

- Depends Upon Points:

- Level of resource scarcity (e.g., non-renewable vs renewable).

- Alternative uses of resources.


- Long-term impacts on future generations.

3. The Role of Markets and Money

- Question Type: Analyse (6 marks), Evaluate (6 marks)

- Example: "Analyse how markets allocate resources efficiently."

- Specific Points:

- Price Mechanism: Signaling, rationing, and incentive functions.

- Market Equilibrium: Demand = Supply, no excess demand/supply.

- Impact on Consumers and Producers.

- Depends Upon Points:

- Elasticity of demand and supply.

- Government intervention (taxes, subsidies).

- Availability of substitutes.

4. Demand and Supply

- Question Type: Explain (2-4 marks), Analyse (6 marks), Evaluate (6 marks)

- Example: "Analyse the impact of a change in income on demand for a good."

- Specific Points:

- Shifts in Demand: Income, substitutes, complements, trends.

- Shifts in Supply: Cost of production, technology, taxes, subsidies.

- Price Elasticity of Demand (PED) and Supply (PES).

- Depends Upon Points:

- Necessity vs luxury of the good.

- Availability of substitutes.

- Time period for adjustment (short vs long run).


5. Price and Allocation of Resources

- Question Type: Analyse (6 marks), Evaluate (6 marks)

- Example: "Evaluate the role of price in allocating scarce resources."

- Specific Points:

- Price as a Signal: Indicating scarcity or surplus.

- Incentive Function: Motivating producers to supply more.

- Rationing Function: Allocating to those willing to pay higher prices.

- Depends Upon Points:

- Elasticity of demand and supply.

- Government price controls (e.g., minimum wage, price ceilings).

- Market structure (competitive vs monopoly).

6. Competition

- Question Type: Analyse (6 marks), Evaluate (6 marks)

- Example: "Evaluate the impact of increased competition on consumers."

- Specific Points:

- Price Competition: Lower prices, increased efficiency.

- Non-Price Competition: Better quality, branding, customer service.

- Impact on Market Structure: Monopoly vs Oligopoly vs Competitive Market.

- Depends Upon Points:

- Degree of product differentiation.

- Barriers to entry and exit in the market.

- Consumer loyalty and brand power.

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