Remember to follow....

https://twitter.com/PearsonEconBus

Important for all AS and A2 Econ students!

TWITTER...

Follow this person: https://twitter.com/PearsonEconBus

Why?

Pearson/Edexcel/BTEC Subject Advisor for Economics and Business. 
Email me: TeachingBusiness@Pearson.com. 
Follow for Pearson Econ/Bus quals and useful content

Relevant
Current
News items

Ideal for the examinations.

Different ways of thinking

The world famous* author of this book has kindly donated this article.

Different kinds of thinking may change your life. Even when taking examinations, different approaches may still lead to the same result i.e. a grade A. Take for example, a longer 20 mark question....you may think you have to write a lot and evaluate and evaluate. 

Well, in the context of the whole exam, no.

What you DO have to do is maximise your marks for the shorter questions - especially the numerical ones.

If you do that then a 'mere' 12/20 for the higher mark questions will make sure you get the A.

And how to do that?

Just remember to have knowledge, show application, show analysis with a chain of reasoning, have balance and then evaluate. Even if the evaluation is short or the analysis a little short too - so what? PROVIDED you have the knowledge and application you'll still get, say, EIGHT out of 20 and if you have already scored highly on the previous questions...

Now let's look at other types of thinking...

Possibility Thinking

You think: I can't get a grade A. I haven't done much work. I am not really that good at Business and Economics.

What to think instead: What do Examiners actually want? What is written in exam reports? What is written in the comments section for the exemplars? The key aspect is TIMING. The key knowledge is DEFINITIONS. One of the key skills is being able to work out percentages. All of these are fairly straightforward to remedy. 

GET     A      WATCH - or, better, a stopwatch.

Now let's apply this to business.

You think: I can’t go for a promotion. I’m less than 12 months into my job. (Note: your current teacher applied for a lecturers job teaching Business Studies whilst he was actually on that course as a student! He was interviewed too!)

What to think instead: What if I could go for that promotion? Have other people in my company made it happen in under a year? Who can I speak to internally to learn more? Where can I find some proof this is doable? How can I take the right action to make this a real option?

Creative thinking

You think: This question asks for impact on a firm of.....  I have no idea...

What to think instead: Is a hairdresser a firm? Is an independent tutorial college a business? (Yes) So, using these two examples how might....impact them?

Now let's apply this to business.

You think: I want to try this recipe but can’t tonight because I don’t have X or Y ingredient.

What to think instead: Is there a substitute? A little creative brainstorming can yield awesome, unorthodox ideas every day. You might think, What if I tried yogurt instead of sour cream? or I want to make these biscuit. What about using applesauce instead of butter?

Not all thinking needs to produce major results to better your life. Over time, creative thinking can make your days more experimental, fun—and a heck of a lot easier.

Reflective Thinking

You think: I cannot do this question in the exam paper. I am useless. I am stupid. I will fail.

What to think instead: If you cannot do a question you may still be able to show a formula, a definition i.e. show knowledge. More importantly, if you cannot do it at all then leave it, don't make NOT doing it also mean that you lose time elsewhere. Move on. Anyway maybe later in the exam you will think of something and come back to it. (Note: some of the answer is probably in the case study)

Now let's think of this in a business context.

You think: I’m not happy where I am, but I don’t know what to do next.

What to think instead: What have the past 12 months taught you? What has (and has not) worked for you over the last year, two years, three years? Pinpoint your progress and any positive or negative changes you’ve experienced—in your health, your relationship status, your career.

Reflect on the different areas of your life and allow what is no longer serving you to be an area you commit to changing—perhaps an unfulfilling job, a toxic friendship, or some unhealthy habits. To kick-start this, focus on the positive and what can you dial up—a new hobby that came into your life? Or how about a fresh interest in design/cooking/blogging/running/joining a community group? 

Allow your past learning and experiences to fuel positive, forward momentum.

Shared Thinking

You think: I don't need to work any harder in Business/Economics. I know more than the others in my group and that's all that counts.

What to think instead: What about other groups i.e. the hundreds/thousands of other students taking these exams? Are you better than them? Working harder than them? You don't know - so do not become complacent!

Now let's put this in a real-life context:

You think: I don’t need to shake things up—my friends and I are doing fine.

What to think instead: Are you always around the same group? Are they at the level at which you truly want to perform? We become like the five people we spend the most time with. Successful people consciously and purposefully surround themselves with people smarter than themselves. 

Who do you admire in your life that you could proactively spend more time with? Use their energy and smarts to your benefit. This is an immediate step you can take to go ‘next level’ in your life.

Questioning Popular Thinking

You think: I hate all this study. And then I have university. And then I have 45 years of work. And then i die.

What to think instead: Currently I am in health. I have a roof over my head. My belly is not starving. I have friends. I might feel I lack purpose though so why not use this time to help others. Make yourself happy by making other people happy.

In a real life context:

You think: I don't like my job, but I have to pay the bills. I'm stuck with no end in sight.

What to think instead: Is that really true? Do you have to work a nine-to-five all your life? Perhaps not. Have you ever met any entrepreneurs or side hustlers who have proven that there’s another way? The same goes for many other facets of conventional thinking. Do you have to get married? Not if you don't want to. Do you have to live in the city you were born in? Heck no. You don't have to follow the herd. (Amen!)

*Maybe not that famous...

Two major exam technique tips for AS students

1. Learn all definitions - if you don't know these you may totally misunderstand the question. A really stupid example would be if someone thought R&D was market research!!!!!

2. Download and very very carefully go through the exemplars

The sensible way to ensure you achieve a grade A at AS Economics B

Let's be serious about this. 

Is instruction needed in telling the time? (No) 

So all you have to do is make absolutely sure that if the question is 12 marks then you spend no more than 13 minutes doing it. 

Why 13 minutes?

To allow yourself a bit of spare time...

The paper is 120 minutes for 80 marks. BUT you will spend some time reading the case study!

1.5 minutes per mark so 4 mks = 6 minutes. BUT work faster than that to allow yourself to properly read the material in the case study

How do you do that?

Set a timer on your phone (if practicing at home) or simply look at your watch on a regular basis when doing the question.

You could even write the time you started the section at the top of the page and make sure that when the allotted time has been reached, then wherever you are in answering the questions, you move on.

Difficult?

No.

Need to practice it?

Probably - but all it takes is a little discipline.

Think how many marks have been lost because of poor time management.

What mark is a grade A?

Well, for the old specification it is EIGHTY PERCENT.

For Economics A you have to score 115 out of 160 = 72%

But for this Economics B all you need is a paltry 102 out of 160 = 64%

Don't believe me?

LOOK HERE

SIXTY FOUR PERCENT as an aggregate.

The easiest possible mark...provided you organise yourself in terms of time management. 

SIXTY FOUR PERCENT!!!

That is all!!!

Now let's look at a breakdown of the papers.

So, organise your time!!!

PAPER 1

Question 1 (a)

This is a definition. NO MARKS FOR EXAMPLES.

How do you ensure this?

Obviously...learn your definitions!!!

How do you do that?

Make a list, use a glossary, write blogs, read textbooks, read this blog, read newspapers...not that difficult.

That gives you 2 out of 160.

Guaranteed.

100 to go.

1 (b)  Probably a supply and demand diagram.

Done time and time and time and time again in class. Do not lose marks by failing to label axes. Show shifts (if asked). Label P & Q, dotted lines, equilibrium, show which direction the curves go.

NOT difficult.

That's 4 marks guaranteed.

96 to go.

1 (c) Explain one possible factor....etc

• That's ONE.
• Not two.
• Not three.

Just ONE.

4 marks = 5 minutes, tops.

Probably about a shift in demand or supply. 

You should know this!

BUT....you MUST relate it to the question! Failure to do so...lose marks.

How difficult is this?

Remember: this exam is about relating your answer to the text. 'CONTEXTUALISE'.

It's 4 marks.

DO NOT WRITE LOADS.

Make sure you read the question properly.

How can this be a problem?

MAKE SURE YOU KEEP TO THE TIME ALLOTTED.

92 marks to go....

1 (d)...

Discuss the extent...name of business....

WATCH YOUR TIME AS THIS IS 8 MARKS. 

9 minutes approx.

What must you do?

RELATE YOUR ANSWER TO THE QUESTION, TO THE BUSINESS, PUT IT IN CONTEXT. If it is about a company then do not write all about the economy!!!

The command word 'DISCUSS' is an evaluative command word, requiring a two sided argument in order to achieve full marks.

Repeat: TWO SIDED ARGUMENT.

Where's the problem?

TWO sides...not one...

TWO....not one and not none.

Keep your eye on the time.

Maybe you make a slight slip and only get 7 out of 8.

Sobeit.

85 marks to go.

(e) With reference to Extract....

Repeat: with reference to Extract...assess......

That means you MUST refer to the extract.

Read it.

Refer to it.

APPLICATION.

Some of the answer will be there.

Remember what the Examiners are looking for:

"chain of reasoning"

" use of evidence'"

"counter arguments"

"balanced awareness of the validity and significance of competing arguments"

• You remember to apply.
• You have some reasoning and it is logical.
• You have balancing arguments

YOU FOLLOW A PLAN

But your answer is not that good BUT it is logical, you APPLY your answer. 

YOU USE THE EXTRACT.

Maybe only 6/12. (This is worst case scenario)

BUT you do not overrun your time.

You know how to tell the time and you remember to keep an eye on the time.

14 minutes, tops. Preferably 12.

79 Marks to go.....

2 (a) A definition.

LEARN YOUR DEFINITIONS.

77 marks to go...

2 (b)  Calculate....2 decimal places...

Calculate.

You DO know how to work out percentages? No? Then practice!!!!! 

You do know how to work your calculator? Yes? Good.....

Make sure you read the WHOLE of the question. Example being: 'to two decimal places'

Quantitative skills will be tested throughout the paper. This means: graphs or diagrams, calculations or using the data in the Extracts to provide the application in the 4 mark questions

SHOW YOUR WORKINGS

STATE THE FORMULA

IF THE QUESTION SAYS 2 DECIMAL PLACES THEN....

• But...you get it wrong.
• But you have still followed the above plan.

2/4.

75 marks to go....

2 (c) Explain one possible reason why...

EXPLAIN!!!

The 4 mark 'Explain' questions will always have two application marks so ensure that there is enough application to achieve both marks.

4 marks = 4 minutes.

Explain how many?

ONE

So...explain...O-N-E

It's just 4 marks.

4 valuable marks...

REMEMBER TO APPLY.

APPLY!!!

So you get 4/4

71 marks to go....

2 (d) Discuss the.....

A DISCUSS question.

The command word 'DISCUSS' is an evaluative command word, requiring a two sided argument in order to achieve full marks.

• Argument 1 (for)
• Argument 2 (against)
• Some evaluation.

FOR AND AGAINST

AGAINST AND FOR

Easy to remember!

But...your answer is poor.

But your plan is good.

4/8

Importantly you did not waste time.

9 minutes tops!

67 marks to go...

2 (e) Assess whether...the most effective.

ASSESS

THE MOST EFFECTIVE

We want 'This is how it works...it has this effect... but it is not completely effective because....There are other methods that may be more effective...because...because...'

Remember what the Examiners are looking for:

"chain of reasoning"

" use of evidence'"

"counter arguments"

"balanced awareness of the validity and significance of competing arguments"

Your answer was not that good BUT you did USE THE EVIDENCE; you DID have a chain of reasoning; you DID have balance.

You followed a PLAN.

You did NOT take more than 13 minutes.

6/12 (Being very negative...) 

61 marks to go......

3. Evaluate the importance of.....

OK this is the major question.

20 marks.

Maybe 25 minutes.

• HAVE YOU LEFT ENOUGH TIME?
• HAVE YOU KEPT LOOKING AT YOUR WATCH?
• You will need to be able to UNDERSTAND THE QUESTION.

So before you start writing make sure you fully understand what is being asked - what the key terms mean.

So we are back to definitions!!!

Remember what the Examiners are looking for:

"chain of reasoning"

" use of evidence'"

"counter arguments"

"balanced awareness of the validity and significance of competing arguments"

So...you can define.

YOU DO NOT RUN OUT OF TIME.

Because you have enough time you are not rushed and therefore there is a chain of reasoning, logical development, you have counter arguments, you have BALANCE, you make a judgement, you EVALUATE.

You follow a plan!

So, even though it is not brilliant, you still get 10 out of 20.

51 marks to go.

(Surely you can do better than the above????)

Now we move to Paper 2.

1 (a) definition

2/2

49 marks to go

1 (b) Calculate to 2 decimal places.

TWO.

No marks thrown away.

4/4

45 marks to go.

1 (c) Using Extract A....

Repeat: USING.

Refer to evidence.

APPLICATION.

4/4

41 marks to go...

1 (d)  Discuss the possible benefit to....

REFER TO THE EXTRACT.

APPLICATION.

The command word 'DISCUSS' is an evaluative command word, requiring a two sided argument in order to achieve full marks.

TWO SIDES.

'One benefit is...but there is a disadvantage...one cost is this but not necessarily....'

TWO SIDES

REFER TO THE EXTRACT

KEEP AN EYE ON YOUR WATCH.

8 marks = 9 minutes tops BUT you saved time earlier.

BECAUSE YOU KEPT TO THE TIME.

8/8

33 marks to go....

1 (e) Assess the likely impact...

ASSESS.

The use of relevant evidence is required throughout and this can be from Extracts provided or using examples provided by yourself. The Extracts are there for a reason - use them.

Use ECONOMIC CONCEPTS, economic terminology rather than generic 'commons sense' answers

Remember what the Examiners are looking for:

"chain of reasoning"

" use of evidence'"

"counter arguments"

"balanced awareness of the validity and significance of competing arguments"

12 marks = 13 minutes but you have saved a bit earlier on so you spend 15 minutes.

This time you get 8/12.

Unreasonable?

NOT IF YOU FOLLOW THE PLAN!!!

25 marks to go....

2 (a) definition

2/2

23 marks to go

2 (b) Calculate....

Quantitative skills will be tested throughout the paper. This means: graphs or diagrams, calculations or using the data in the Extracts to provide the application in the 4 mark questions.

• Can you use your calculator?
• Can you use your brain and see that if the question asks for a percentage then your answer must be in percentages???

4/4

19 marks to go...

2 (c) Explain ONE factor....

That means there is more than one.

Surely you know ONE?

You can explain it.

4/4

15 marks to go...

2 (d)  Discuss ....

The command word 'DISCUSS' is an evaluative command word, requiring a two sided argument in order to achieve full marks.

The use of relevant evidence is required throughout and this can be from Extracts provided or using examples provided by yourself. The Extracts are there for a reason - use them.

Use ECONOMIC CONCEPTS, economic terminology rather than generic 'commons sense' answers

Repeat: two sided argument

TWO SIDED ARGUMENT

RELEVANT EVIDENCE.

You are now an expert in your time management.

8 marks = 9 minutes.

So, you apply, you use evidence, you have balance...but...you don't actually know that much.

• BUT YOU DO HAVE A PLAN
• YOU FOLLOW THE PLAN
• YOU KEEP TO THE TIME

4/8

11 marks to go.....

2 (e) Assess the importance...

Read the question twice.

Define the key terms.

DEFINE!!!!!

'Assess' -  that means make a judgement.

Remember what the Examiners are looking for:

"chain of reasoning"

" use of evidence'"

"counter arguments"

"balanced awareness of the validity and significance of competing arguments"

Your definitions of key terms...your understanding of key terms IS correct. So your answer - though not fantastic - FOLLOWS A PLAN, has a chain of reasoning, has balance.

4/12 (very negative result!)

7 marks to go....

3. Evaluate the impact....

YOU HAVE KEPT TO YOUR TIME

Remember what the Examiners are looking for:

"chain of reasoning"

" use of evidence'"

"counter arguments"

"balanced awareness of the validity and significance of competing arguments"

But...you don't really know much about Economics (I am being deliberately negative here.) But you DO read newspapers/blogs/TV news/radio news/The Economist

YOU HAVE A PLAN

YOU KEEP TO THE TIME

So you define - helps keep your focus

• You make a point
• You develop it
• You evaluate

You make another point

But then your knowledge of Economics dries up - as said, you don't really know very much - BUT YOU HAVE FOLLOWED A PLAN.

7/20 (poor)

Add the marks up.Grade A !!!!

GRADE A

WHAT IS SO DIFFICULT ABOUT THAT?

Some people have made money about writing about getting a grade A for coursework or used a pseudonym to write a similar book and even books for Beginners in Economics  but really this is about following a PLAN, knowing definitions, being able to read Case Studies...and TIME MANAGEMENT.

• Get a watch
• Learn definitions
• Practice calculations

EVERYONE CAN GET A GRADE A