Examiner's Review of the 2024 AS AQA Economics Series
The June 2024 AQA AS Economics paper successfully tested both core theoretical understanding and the ability to apply economic models to contemporary real-world contexts. While the multiple-choice section (Section A) across both papers was accessible, Section B introduced challenging scenarios that required rigorous logical chains of reasoning and absolute precision in numerical answers.
Where the Marks Were Won or Lost
In Paper 1, the microeconomic context centered heavily on market failure and government intervention (Tourism). Many candidates dropped marks in the calculations by omitting currency units, such as failing to specify \( \epsilon 25 \) in Paper 1 Question 22. In Paper 2, candidates struggled with the calculation of percentage change in the number of people per optometrist, frequently losing marks due to rounding errors or omitting the minus sign (with the correct answer being -38.4%). Additionally, examiners noted that a vast majority of students lost simple marks on diagrams by using generic labels like \( P \) and \( Q \) on AD/AS diagrams instead of the AQA-required 'Price Level' and 'Real GDP / Real National Output'.
Key Strategy and Examiner Pitfalls
The 10-mark and 25-mark questions continue to reward those who can develop clear, unbroken chains of reasoning. In Paper 2, Question 25, explaining how a rise in the Bank Rate reduces inflation required a step-by-step transmission mechanism: Bank Rate rise \( \rightarrow \) increase in commercial banks' lending rates \( \rightarrow \) increased cost of borrowing/increased reward for saving \( \rightarrow \) reduction in consumption and investment \( \rightarrow \) leftward shift of AD \( \rightarrow \) decrease in demand-pull inflation. Leaving out any link in this chain prevents a student from entering Level 3.
Future Predictions & Study ROI
Given the persistent weight of market failure (representing nearly 26% of this series) and macroeconomic policy (around 30%), these chapters yield the highest return on study investment. Over consecutive cycles, Competitive and Concentrated Markets has been underrepresented; future series are highly likely to reintroduce direct questions on monopoly power, oligopoly behavior, and regulatory interventions in microeconomics.