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Questions and Answers
What is the main focus of Paper 1 in the economics exam?
What is the main focus of Paper 1 in the economics exam?
- Discussing short-running and long-running implications on stakeholders
- Evaluating economic decision-making
- Explaining a broad economic phenomenon using a diagram (correct)
- Analyzing data response case studies
What is the key requirement for Paper 2 in the economics exam?
What is the key requirement for Paper 2 in the economics exam?
- Conducting calculations without a calculator
- Evaluating the strategy used in a data response case study (correct)
- Interpreting news articles related to economics
- Creating diagrams to explain economic concepts
What is the focus of Paper 3 in the economics exam?
What is the focus of Paper 3 in the economics exam?
- Essay writing on economic decision-making
- Application, analysis, and interpretation of economic concepts (correct)
- Evaluation of planned and free market economies
- Calculation-based questions without a calculator
According to the provided text, what is economics primarily concerned with?
According to the provided text, what is economics primarily concerned with?
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What does the acronym 'DEED' stand for in the context of Paper 1?
What does the acronym 'DEED' stand for in the context of Paper 1?
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Study Notes
Paper 1 Focus
- Main focus is understanding economic principles and concepts.
- Emphasizes microeconomics, including supply and demand analysis.
Key Requirement for Paper 2
- Involves application of economic theories to real-world scenarios.
- Requires students to analyze and evaluate economic policies and their impacts.
Paper 3 Focus
- Concentrates on quantitative economic skills and data interpretation.
- Includes practical application of statistics in economic contexts.
Core Concern of Economics
- Primarily concerned with the allocation of scarce resources to satisfy unlimited human wants.
- Involves studying choices made by individuals, firms, and governments.
DEED Acronym in Paper 1
- Stands for Define, Explain, Evaluate, and Diagram.
- Serves as a framework for structuring responses in Paper 1 assessments.
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