Last Updated 11 Feb 2020

Economics- Assessment

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Assessment (Demand and supply) Answer the following 1. Distinguish between a shift of the demand curve for a product and a movement along the product’s demand curve (10 marks) 2. With reference to two different determinants of demand, explain why the demand curve for bicycles might increase. Use a diagram to support your answer (10 marks) 3. Distinguish between a shift of the supply curve for a product and a movement along the product’s supply curve (10 marks) 4.

With reference to two different determinants of supply, explain why the supply of coffee beans might decrease. Use a diagram to support your answer (10 marks) Assessment advice * Answers tend to resemble each other structurally. * Each should start with a written explanation in which the key economics terms are defined. * This would usually be followed by a diagram to illustrate the theory, followed by a further explanation in which the diagram is explained in the context of the specific question. * Be sure to use arrows to show directions of change in the diagrams and refer to any changes in the variables.

Assessment criteria (Each question carries 10 marks) Level Marks 0 The work does not reach a standard described by the descriptors below. 0 1 There is little understanding of the specific demands of the question. Relevant economic terms are not defined. There is very little knowledge of relevant economic theory. There are significant errors. 1–3 2 There is some understanding of the specific demands of the question. Some relevant economic terms are defined. There is some knowledge of relevant economic theory. There are some errors. –6 3 There is understanding of the specific demands of the question. Relevant economic terms are defined. Relevant economic theory is explained and applied. Where appropriate, diagrams are included and applied. Where appropriate, examples are used. There are few errors. 7–8 4 There is clear understanding of the specific demands of the question. Relevant economic terms are clearly defined. Relevant economic theory is clearly explained and applied. Where appropriate, diagrams are included and applied effectively. Where appropriate, examples are used effectively. There are no significant errors. 9–10

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