Verdict on the June 2023 Series

The June 2023 AQA AS Economics papers delivered a balanced but rigorous assessment of the syllabus. Paper 1 focused heavily on market mechanism mechanics, elasticity, and government intervention in the oil and drone industries, while Paper 2 challenged candidates' understanding of inflation, VAT changes, and the effectiveness of monetary policy under low-interest-rate environments.

Where the Marks Were Won and Lost

A significant portion of marks resided in the high-tariff 25-mark evaluation questions, where students had to demonstrate clear logical chains of reasoning and structured evaluation. Excellent performance in the quantitative elements of Section B (calculating price indices and VAT adjustments) acted as a major differentiator. Conversely, many students lost valuable marks in the definitions by failing to provide precise economic terminology.

Common Pitfalls to Avoid

  • Formula vs. Definition: In Paper 1, many candidates wrote the formula for Price Elasticity of Demand (PED) rather than defining it as the responsiveness of quantity demanded to a change in price, missing out on full marks.
  • Deflation vs. Disinflation: In Paper 2, a frequent error was defining deflation as a falling rate of inflation rather than a sustained decrease in the general price level.
  • Diagram Accuracy: Drawing a rightward shift of the SRAS curve to show a VAT reduction was a stumbling block; some candidates incorrectly shifted the AD curve or left key axes unlabelled.

Strategy for Success

To maximize marks in future series, students must master the core quantitative skills, specifically base-year calculations and percentage changes, which frequently appear as high-tariff 4-mark questions. Furthermore, building evaluation tables that contrast market failures with government failures will provide a strong foundation for the 25-mark essays. Always structure evaluation by stating a policy, analyzing its direct impact, presenting a drawback (such as opportunity cost or time lags), and concluding with a justified overall judgement.

Predictions for Upcoming Papers

Given the heavy focus on interest rates and inflation in this series, future macro papers are highly likely to shift their spotlight towards supply-side policies, labor market reforms, and international trade performance. In microeconomics, concentrated markets, oligopoly behavior, and the economics of public goods remain ripe for deeper exploration in the 25-mark context.