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Edexcel IAL·Economics·Unit 1: Markets & Market Failure

Technique & Evaluation Toolkit

3 min read

Knowing the economics is only half the battle — marks are won and lost on technique. This section shows you how to turn what you've learned into top-band answers.

Knowing the economics is only half the battle — marks are won and lost on technique. This section shows you how to turn what you've learned into top-band answers.

AO3 Analysis — build chains of reasoning

Examiners reward developed logic, not lists. Take each point and extend it link by link:

A model chain

"A sugar tax raises the cost of production (point), which shifts the supply curve left (because), raising the price of sugary drinks (which means). As price rises, quantity demanded contracts (leading to), so consumption and the associated health externalities fall (therefore)."

One chain like this, with an accurate diagram, beats five one-line assertions.

AO4 Evaluation — the MICE toolkit

Evaluation means weighing things up and reaching a supported judgement. When you're stuck for an evaluation point, run through MICE:

LetterPromptSentence starter
MagnitudeHow big is the effect? Significant or trivial?"This depends on the size of…"
It dependsOn elasticity, time period, the type of good…"However, if demand is inelastic, then…"
Counter-argumentWhat's the strongest opposing view?"On the other hand…"
Economic contextShort vs long run; ceteris paribus; who is affected?"In the short run… but in the long run…"

Make a judgement

Never sit on the fence. End with a reasoned conclusion: "Overall, the policy is likely to succeed provided that…, because the most significant factor here is…". The phrase "it depends on…" followed by the key variable is the heart of A-level evaluation.

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More Economics notes

How Unit 1 is Assessed

Nature of Economics

How Markets Work

Market Failure