May/June 2025 AS Economics Analysis
The May/June 2025 Economics (9708) series presented a well-balanced challenge across Papers 14 and 24. While Paper 14 remained highly accessible, a technical flaw resulted in the discounting of Question 2. Paper 24 offered a classic mix of structured data analysis and essay prompts that rewarded candidates who could weave rigorous theoretical models into real-world applications. Overall, the difficulty sits at a comfortable moderate tier, requiring sound technical precision alongside strong evaluative writing.
Where the Marks are Won or Lost
In the data response (Section A), marks were heavily concentrated on a student's ability to differentiate between internal and external economic drivers in Malaysia's growth trajectory. High-scoring scripts clearly separated the boost from international oil prices (external) from domestic investment policies and subsidies (internal). In the essay sections, the highest marks were captured by candidates who addressed both parts of the prompt: for example, in Question 4(a), explaining not just why education is a supply-side policy, but crucially analyzing how its impact on the general price level shifts from inflationary in the short run to disinflationary in the long run.
Examiner Pitfalls & Critical Misconceptions
A recurring observation in the examiner report was the loss of evaluation marks in Paper 24 due to one-sided analysis. In Question 3(b) (minimum wage) and 2(b) (merit goods), candidates who only discussed the benefits of the policy were capped at a maximum of level 2. To unlock the top-tier evaluation marks, candidates must provide a balanced view and, crucially, compare the primary policy with at least one alternative policy (such as comparing minimum wage with progressive taxation or direct transfer payments).
Another common technical slip was the failure to state formulas explicitly. When a question begins with "With the help of a formula...", neglecting to write out the formula clearly (e.g., for PED or Terms of Trade) immediately forfeits easy knowledge marks, regardless of how good the subsequent explanation is.
Strategic Preparation & Future Recommendations
To master upcoming series, students should adopt a rigorous approach to diagrammatic accuracy. For Paper 24, Question 3(a), the diagram illustrating an effective minimum price must clearly show it above the equilibrium price, resulting in a market surplus. Candidates must also practice shifting demand and supply curves to visually demonstrate changes in consumer surplus. For macro essays, practice outlining time-lags and implementation barriers, as these form the bedrock of high-quality evaluation.
Key Predictions for Next Series
Given the heavy emphasis on inflation, supply-side policies, and exchange rate depreciation in this series, upcoming papers are highly likely to pivot toward income and wealth inequality (such as the Gini coefficient and policies to address redistribution), which was only lightly examined in Paper 14. Additionally, expect a deeper focus on the monetary policy transmission mechanism and the technicalities of the Marshall-Lerner condition under different trade elasticity values.