Demand and Supply
In revising the A Level Economics syllabus, it helps to go in to the examination hall with an expectation of what each topic and their examination questions entail.
Contained within here are Economics tutor Mr Koh’s summary of key themes in each topic for his Economics tuition students’ perusal.
Demand and Supply
Some students hesitate to attempt essays on demand and supply, especially those pertaining to the impact on a market.
This is due to the fear of picking the wrong markets and deriving an incorrect analysis. This SHOULD NOT be interpreted as a signal that the topic is unimportant for the following reasons:
- Demand and supply questions will almost certainly be featured in the case study section. Students are often asked to explain a specified impact on a market using demand and supply analysis (i.e. explained under section 1.1.1). This is usually a 4m question that follows a question on trend description.
- Unpredictable as they are, demand and supply essay questions are tested in almost every ‘A’ level paper. While the markets chosen by students may differ, the critical analysis under FEEBLE (see section 1.1.2) remains the same. Building up competency in this area will put a student in better position to score in micro essays, especially if market structure and market failure questions turn out to be more unpalatable.
- One mantra to observe is that while Cambridge can modify the way in which exam questions are phrased, they cannot test students on concepts which have not been taught before (i.e. not in the syllabus). Hence, when questions appear foreign to a student, it may merely be a phrasing issue. Economics tuition students who can ‘see through’ the question to identify the underlying concepts discussed above will almost certainly score better than their peers.