ocr a level economics essay questions

OCR A-Level Economics Past Papers

This section includes recent A-Level Economics past papers from OCR. You can download each of the OCR A-Level Economics past papers and marking schemes by clicking the links below.

OCR A-Level Economics June 2022 Past Papers (H060, H460)

A-Level H460/01: Microeconomics Download Past Paper     -    Download Mark Scheme

A-Level H460/02: Macroeconomics Download Past Paper     -    Download Mark Scheme

A-Level H460/03: Themes in Economics Download Past Paper     -    Download Mark Scheme

OCR A-Level Economics November 2021 Past Papers (H060, H460)

OCR A-Level Economics November 2020 Past Papers (H060, H460)

A-Level H460/01: Microeconomics Download Past Paper     -    Download Mark Scheme

A-Level H460/02: Macroeconomics Download Past Paper     -    Download Mark Scheme

A-Level H460/03: Themes in Economics Download Past Paper     -    Download Mark Scheme  

AS Level H060/01: Microeconomics Download Past Paper     -    Download Mark Scheme

AS Level H0600/02: Macroeconomics Download Past Paper     -    Download Mark Scheme

OCR A-Level Economics June 2019 Past Papers (H060, H460)

A-Level H460/01: Microeconomics Download Past Paper    -   Download Mark Scheme

A-Level H460/02: Macroeconomics Download Past Paper    -   Download Mark Scheme

A-Level H460/03: Themes in Economics Download Past Paper    -   Download Mark Scheme  

AS Level H060/01: Microeconomics Download Past Paper    -   Download Mark Scheme

AS Level H0600/02: Macroeconomics Download Past Paper    -   Download Mark Scheme

OCR A-Level Economics June 2018 Past Papers (H060, H460)

OCR A-Level Economics Past Papers (H060, H460)

OCR A-Level Economics June 2017

A-Level H460/01: Microeconomics -  Download Past Paper  -  Download Mark Scheme

A-Level H460/02: Macroeconomics -  Download Past Paper  -  Download Mark Scheme

OCR A-Level Economics June 2016

AS H060/01: Themes in Microeconomics -  Download Past Paper  -  Download Mark Scheme

AS H060/02: Themes in Macroeconomics -  Download Past Paper  -  Download Mark Scheme

OCR A-Level Economics Past Papers (H061, H461)

Unit F581: Markets in Action -  Download Past Paper  -  Download Mark Scheme

Unit F582: The National & International Economy -  Download Past Paper  -  Download Mark Scheme

Unit F583: Economics of Work & Leisure -  Download Past Paper  -  Download Mark Scheme

Unit F584: Transport Economics -  Download Past Paper  -  Download Mark Scheme

Unit F585: The Global Economy - Download Stimulus Material   -  Download Past Paper  -  Download Mark Scheme

OCR A-Level Economics June 2015

OCR A-Level Economics June 2014 

For more A-Level Economics past papers from other exam boards  click here .

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OCR A-level Economics Revision

A-level paper 1, a-level paper 2, a-level paper 3.

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OCR A-Level Economics Past Papers

Get access to a comprehensive collection of OCR A-Level Economics past papers, practice tests, and revision materials on our page. Our resources are designed to help you prepare for your exams effectively and improve your exam-taking skills. With our practice tests, you can assess your understanding of the subject matter and identify areas where you need to improve. Start practicing today and ace your A-Level Economics exams with confidence!

OCR A-Level Economics June 2022 Past Papers (H060, H460)

• 2022 | A-Level H460/01: Microeconomics Question Paper Mark Scheme
• 2022 | A-Level H460/02: Macroeconomics Question Paper Mark Scheme
• 2022 | A-Level H460/03: Themes in Economics Question Paper Mark Scheme

OCR A-Level Economics November 2021 Past Papers (H060, H460)

• 2021 | A-Level H460/01: Microeconomics Question Paper Mark Scheme
• 2021 | A-Level H460/02: Macroeconomics Question Paper Mark Scheme
• 2021 | A-Level H460/03: Themes in Economics Question Paper Mark Scheme

OCR A-Level Economics November 2020 Past Papers (H060, H460)

• 2020 | A-Level H460/01: Microeconomics Question Paper Mark Scheme
• 2020 | A-Level H460/02: Macroeconomics Question Paper Mark Scheme
• 2020 | A-Level H460/03: Themes in Economics Question Paper Mark Scheme
• 2020 | AS Level H060/01: Microeconomics Question Paper Mark Scheme
• 2020 | AS Level H0600/02: Macroeconomics Question Paper Mark Scheme

OCR A-Level Economics June 2019 Past Papers (H060, H460)

• 2019 | A-Level H460/01: Microeconomics Question Paper Mark Scheme
• 2019 | A-Level H460/02: Macroeconomics Question Paper Mark Scheme
• 2019 | A-Level H460/03: Themes in Economics Question Paper Mark Scheme
• 2019 | AS Level H060/01: Microeconomics Question Paper Mark Scheme
• 2019 | AS Level H0600/02: Macroeconomics Question Paper Mark Scheme

OCR A-Level Economics June 2018 Past Papers (H060, H460)

• 2018 | A-Level H460/01: Microeconomics Question Paper Mark Scheme
• 2018 | A-Level H460/02: Macroeconomics Question Paper Mark Scheme
• 2018 | A-Level H460/03: Themes in Economics Question Paper Mark Scheme
• 2018 | AS Level H060/01: Microeconomics Question Paper Mark Scheme
• 2018 | AS Level H0600/02: Macroeconomics Question Paper Mark Scheme

OCR A-Level Economics June 2017 Past Papers (H060, H460)

• 2017 | A-Level H460/01: Microeconomics Question Paper Mark Scheme
• 2017 | A-Level H460/02: Macroeconomics Question Paper Mark Scheme

OCR A-Level Economics June 2016 Past Papers (H060, H460)

• 2016 | AS H060/01: Themes in Microeconomics Question Paper Mark Scheme
• 2016 | AS H060/02: Themes in Macroeconomics Question Paper Mark Scheme

OCR A-Level Economics June 2016 Past Papers (H061, H461)

• 2016 | Unit F581: Markets in Action Question Paper Mark Scheme
• 2016 | Unit F582: The National & International Economy Question Paper Mark Scheme
• 2016 | Unit F583: Economics of Work & Leisure Question Paper Mark Scheme
• 2016 | Unit F584: Transport Economics Question Paper Mark Scheme
• 2016 | Unit F585: The Global Economy Question Paper Mark Scheme

OCR A-Level Economics June 2015 Past Papers (H061, H461)

• 2015 | Unit F581: Markets in Action Question Paper Mark Scheme
• 2015 | Unit F582: The National & International Economy Question Paper Mark Scheme
• 2015 | Unit F583: Economics of Work & Leisure Question Paper Mark Scheme
• 2015 | Unit F584: Transport Economics Question Paper Mark Scheme
• 2015 | Unit F585: The Global Economy Question Paper Mark Scheme

OCR A-Level Economics June 2014 Past Papers (H061, H461)

• 2014 | Unit F581: Markets in Action Question Paper Mark Scheme
• 2014 | Unit F582: The National & International Economy Question Paper Mark Scheme
• 2014 | Unit F583: Economics of Work & Leisure Question Paper Mark Scheme
• 2014 | Unit F584: Transport Economics Question Paper Mark Scheme
• 2014 | Unit F585: The Global Economy Question Paper Mark Scheme

FREE A Level Economics Study Buddy

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→ what is ocr a-level economics.

OCR A-Level Economics is a qualification offered by the Oxford, Cambridge, and RSA Examinations (OCR) board. It covers topics related to micro and macroeconomics, including markets, competition, fiscal and monetary policy, international trade, and more.

→ What are OCR A-Level Economics past papers?

OCR A-Level Economics past papers are previous years' exam papers that were used for the A-Level Economics exams. These past papers can be used as practice material for students who are preparing for their exams or as a way to assess their understanding of the subject matter.

→ Why should I use OCR A-Level Economics past papers to prepare for my exams?

Using OCR A-Level Economics past papers to prepare for exams can help you understand the structure and format of the exam, the type of questions that are asked, and the level of difficulty of the exam. It can also help you identify your strengths and weaknesses in the subject and give you a chance to practice your exam-taking skills.

→ Where can I find OCR A-Level Economics past papers?

OCR A-Level Economics past papers can be found on the OCR website or on other educational websites that specialize in past papers and revision materials. You can also find them in libraries or by asking your teacher or tutor.

→ How do I use OCR A-Level Economics past papers effectively?

To use OCR A-Level Economics past papers effectively, start by familiarizing yourself with the exam structure and format. Then, take a practice test using a past paper and time yourself as if you were taking the actual exam. After completing the practice test, review your answers and identify areas where you need to improve. You can also seek feedback from your teacher or tutor to help you improve.

→ Are there any tips for using OCR A-Level Economics past papers effectively?

Yes, some tips for using OCR A-Level Economics past papers effectively include setting a realistic study schedule, practicing past papers regularly, and focusing on areas where you need to improve. It is also important to take breaks, stay organized, and seek help if you need it. Finally, try to stay positive and motivated throughout your exam preparation process.

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A Level Economics OCR – Revision Content

Browse Study Rocket's A Level Economics OCR free revision notes.

A Level Economics OCR – Topics

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• Business and Economics
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A Level OCR Economics Topic Tests

Comprehensive and progressive tests covering every specification topic – ideal to identify student and whole class weakness and for tracking the progress of all your students. An easy-to-set homework or in-class exercise for the end of every topic.

Excellent assessment with clear mark schemes... ideal for reviewing recent learning... A time-saving valuable resource D Holland, Head of Economics & Peer Reviewer

• Matches order and content of new 2019 spec
• Quantitative skills
• Short case studies so students practise for the exams

Good variation of tables, MCQs diagrams and written style questions... The contexts for the essay questions are extended enough to help students apply knowledge...  should prepare students for their real exams S Idrissi, Teacher & Peer Reviewer

Each test includes:

• Snappy questions to quickly identify gaps in knowledge
• Longer case study questions for students to practise application & evaluation
• Comprehensive answers – quick and easy to mark

Challenging questions... allows for self evaluation with clear answers included throughout J Williams, HoD & Peer Reviewer

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What do teachers say about this resource (9758).

laid out well ... Good range of questions and topics covered . Additionally some good data response questions giving variation between pure knowledge based questions. I liked how it was split between each topic with a good range of questions that will provide natural differentiation for students ... Range of questions - use of multiple choice through to essay... Good use of data to provide variety... Good to assess students learning at the end of the topic- will help with target setting for students. Also useful for revision, students can resit topic tests they didn't do well on... Will be good for RAG ratings on confidence levels for types of questions . R Lamb, Head of Business & Economics & Peer Reviewer

A useful resource to focus pupils attention on the core elements of the syllabus... I like the structure and flow of the resources and that they are easy to follow and understand for both teachers and pupils... professional and is easy to follow. This is something I would happily use with my pupils. J Williams, Head of Economics & Peer Reviewer

For the teacher with limited time that wants exercises and questions at their figure tips in addition to published examination material, this resource is very useful... Questions examine all of the assessment objectives. Questions tend to get progressively more challenging. The layout of questions followed by mark schemes is helpful. Being topic driven does also add to the ability to link directly with teaching. D Holland, Head of Economics & Peer Reviewer

What do teachers say about this resource? (9756)

This is an excellent resource for any OCR Economics teacher. It is flexible and offered sound support for any busy teacher... far more than a simple "test" resource . It can be used as an assessment tool but, equally, it can be used as a home-work or self assessment resource. .. I like the variety of questions whether knowledge application questions or analytical and evaluation questions. The data style questions are good... a very impressive  resource. D Holland, Head of Economics, Peer Reviewer

Very detailed and comprehensive. This will be a very useful resource for those schools who follow this specification. There is a clear structure to the resource which is easy to follow... a wide range of questions and answers included which benefits both the pupils and the teacher as they can not only present challenging questions but allow for self evaluation with clear answers included throughout. J Williams, HoD & Peer Reviewer

What do teachers say about this resource? (9755)

The answers have explanations which may help those who do not understand the question. There is a good variation of tables, MCQs diagrams and written style questions. The essay style questions are pitched at an exam style which should prepare students for their real exams ... I particularly liked the different style of questions throughout the resource... The contexts given for the essay questions such as those on page 23 are extended enough to help students apply knowledge to their answers. S Idrissi, Teacher & Peer Reviewer

A comprehensive tool for assessing strategies. It is flexible for use as a testing tool or as a home-work and/or private self-assessment tool. The mark scheme is good. The structure is sound... It offers appropriate challenge ... Data is up to date. The layout is appropriate. The structure can cross the different spectrums of the specifications. D Holland, Head of Economics & Peer Reviewer

What do teachers say about this resource? (9757)

A time-saving valuable resource. It provides excellent assessment with clear mark schemes. Layout offers graded questions. It would save much time for the busy economics teacher... a very useful resource to assess student understanding. It is comprehensive and logically laid out. It could be used in as formal test material, in class review exercises or home-work tasks... It could be used by students to self assess as the resource is very accessible ... Knowledge questions initially leading to more analytical and evaluative questions later on. It is topic focussed so ideal for reviewing recent learning . D Holland, Head of Economics & Peer Reviewer

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Revision Essay: Exchange Rate Depreciation and Macroeconomic Objectives

Last updated 22 Jan 2019

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Here is a sample answer to this question: " Evaluate the possible impact of a depreciation of the sterling exchange rate against leading currencies on key macroeconomic objectives."

A depreciation of sterling would occur inside a free-floating currency system and has happened on several occasions in the past most notably in June 2016 when the pound’s external value fell in the immediate aftermath of the Brexit referendum result. The sterling effective exchange rate depreciated 20% between November 2015 and October 2016, including a record 6.5% fall between June and July 2016 following the EU referendum vote. The effective exchange rate is an index weighted by the percentage of trade that the UK does with individual countries and trading blocs.

The impact of a depreciation on macro objectives depends on the scale, duration and timing of a currency fall and also the strength of the transmission mechanism from currency movement to other indicators. This essay will look at three objectives namely, sustained GDP growth , low stable price inflation and an improvement in the trade balance in goods and services.

In theory a fall in the currency is a monetary stimulus to an economy open to international trade and investment. A weaker pound increases the sterling price of imported products and this increase in relative prices ought to improve the price and cost competitiveness of domestic suppliers in the UK. It also allows UK exporters to lower their prices (expressed in a foreign currency) and hopefully achieve an expansion of overseas sales. The combined effect of this is to stimulate aggregate demand (where AD = C+I+G+X-M) and provide a short-term fillip to economic activity. In the summer of 2016, the fall in sterling helped the UK to avoid the full-blown recession that some analysts had predicted. Growth slowed but remained positive and the weaker pound injected extra demand in industries such as tourism and transport. Manufacturing was assisted with a more competitive exchange rate although this sector accounts for only ten percent of total UK GDP.

If exports rise following a depreciation, this can be shown by an outward shift of aggregate demand (as shown in my analysis diagram) leading to an expansion of short-run aggregate supply. A weaker currency can act as a useful shock absorber when a country experiences unexpected turbulence.

In evaluation, we can question whether a sterling depreciation actually helps economic growth in the medium term. There is no guarantee for example that exporting businesses will take advantage of additional competitiveness, cut the price of their exports and increase output, investment and employment. There is some evidence that UK firms have instead opted to raise the sterling price of exports and therefore enjoy a higher profit margin on each unit sold. Imports are also made more expensive and this can harm the profitability and expansion plans of businesses who rely heavily on raw materials, components and capital technology sourced from outside of the UK.

A second theoretical effect of a currency depreciation is on the rate of consumer price inflation. A weaker currency increases the prices of imported products and can feed through directly to higher prices in the shops for many items. This cost-push inflation can be shown by an inward shift of short-run aggregate supply and it has the effect of dampening the impact of a falling pound on growth. In the UK, the 20 percent depreciation in 2015-16 was undoubtedly a factor behind CPI inflation rising well above target. CPI inflation in the UK rose from 0.4% in June 2016 to 2.6% in June 2017 and 3.0% in October 2017 and this was a factor explaining falling real wages for millions of people in work.

However, the exchange rate is not the only external factor influencing inflationary pressures in the UK. For example in 2015 and 2016, inflation was also rising in the economies of some of the UK’s major trading partners and there was also the effect of strong global commodity prices to consider. The extent to which a currency depreciation does lead to higher inflation depends on the import dependency for a country - in the case of the UK, around one third of national output each year comes from imports of finished and semi-finished products, energy supplies and raw materials. So the flow-through from a fall in the pound can happen quickly.

My third point concerns the extent to which a sterling depreciation leads to an improvement in the net trade balance for goods and services. Again in theory, we might predict that a 20% fall in the £ against the Euro and the US dollar ($) would increase demand for UK exports and squeeze demand for imports, thereby improving the trade balance. Such a move might be welcome for the UK given the structural trade deficit we run overall and the large trade imbalance with the Euro Zone in particular.

However, theory and reality rarely coincide! Analysis of the J curve concept (shown in my diagram below) suggests that it can take time for demand and output to adapt. Instead the immediate effect of a currency depreciation is usually to increase the price of imports which - if demand is price inelastic - will lead to a worsening of the trade deficit. The trade balance will improve over time providing that the Marshall-Lerner condition is satisfied. This states that net trade will improve if PED for exports + PED for imports >1 . A worry is that, in the medium term, a sterling depreciation increases the prices that UK firms have to pay for imported capital technologies which in turn might limit the scope for increasing productive capacity and raising labour productivity.

Overall, a depreciation of sterling is likely to provide a short-term stimulus to some parts of the economy (especially those engaged with international trade) but risks causing a fall in real living standards for households who will also see a cut in the purchasing power of their tourist dollar or euro when overseas. A weaker currency rarely helps to improve the non-price competitiveness of a country.

• Currency market
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• Exchange Rate
• Real exchange rate
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Oligopoly Notes & Questions (A-Level, IB)

Relevant Exam Boards: A-Level (Edexcel, OCR, AQA, Eduqas, WJEC), IB, IAL, CIE Edexcel Economics Notes Directory | AQA Economics Notes Directory | IB Economics Notes Directory

Oligopoly Definition: An Oligopoly is a market structure where only a few sellers dominate the market.

Oligopoly Examples & Explanation: Because there are only a few firms (players) in an Oligopoly, they tend to be highly interdependent of one another – meaning they will take in account each others’ actions when trying to compete in the market. Another characteristic is these markets also exhibit high barriers to entry, such that new firms cannot easily enter into the market. This characteristic is shared with Monopolies (one firm dominating) and Duopolies (two-firms dominating), explaining how they can dominate the market with large amounts of market share. If we consider the oil & gas industry, they tend to be an Oligopoly in most countries (think Shell, BP, Exxon) due to the huge capital investment required for oil exploration/mining, making it difficult for new producers to enter into the market. When a large oil/gas producer sells their oil at a lower price to increase their sales volume, other producers are likely to lower their prices as well to protect their share of the market. As a result, Oligopolies tend to keep market prices stable and focus on non-price competition, so that firms can avoid a price war. However, the negative oil prices from the coronavirus pandemic is also caused by other factors, including a lack of storage capacity for oil producers forcing them to sell, and a global lack of demand for oil during the crisis. In general, oil producers in OPEC agree on an amount of output to maintain a relatively high price for oil, meaning higher profits for the industry.

Oligopoly Economics Notes with Diagrams

Oligopoly video explanation – econplusdal.

The left video explains oligopoly and the kinked-demand curve, the right looks at competition and cartels in the oligopoly market structure.

Oligopoly Multiple Choice Questions (A-Level)

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A level economics success – extended response questions.

Sarah Phillips, Business and Economics Subject Advisor

We often get asked what the ‘formula’ for the extended response questions is. There is no set requirement in terms of length and we would never want students to feel that they can only write in one specific way. All answers will be marked positively, and examiners will look for credit-worthy discussions that demonstrate the knowledge and skills required.

With this in mind, the aim of this article is to provide some practical guidance on what those skills are in the context of the longer answer questions and suggest a potential approach to ensure that students understand what they need to demonstrate in order to achieve marks in the highest levels.

Levels of response

All 8 mark and above questions are marked according to levels of response. This means that the quality of discussions expressed through written responses will be assessed according to skills demonstrated throughout the response, in order to award a level, and ultimately a mark. 

The focus is therefore not on individual marks: it is more about skills than knowledge, and the quality rather than quantity. A ‘best fit’ approach will be applied when deciding on levels and marks. That said, accurate knowledge is still a requirement for these questions, but fewer marks are awarded for knowledge in the ER questions. 

Here are a few pointers to help understand the skills required. 

• Knowledge – of key terms, concepts and theories. 
• Application – using knowledge, understanding and analysis in context. Using relevant data and examples for the given context. This may be from material provided or the students’ own knowledge. 
• Analysis – developing ideas and arguments with explanations and examples using logical steps. 
• Evaluation – considering alternative views, perspectives or assumptions used, in order to reach a conclusion or make recommendations based on the analysis.

Essential steps

There are a number of essential elements to consider in the response.

Understand the question

• Identify the focus of the question – the ‘stem’. For example, in the question ‘Evaluate whether protectionism always reduces unemployment’, the focus is on the ‘always reduces unemployment’. Students need to recognise that, so as not to get too side-tracked on protectionism as a whole. 
• Once the stem is identified, students can check that their answers remain focussed. After each paragraph, they should make sure they can relate their point back to the question to ensure their answer remains focussed. 

Demonstrate knowledge and understanding 

A good starting point would be to demonstrate understanding of the economic issue and any relevant factors/points to consider. There may not be individual marks for definitions as such, but it is helpful to have a focussed start with clear understanding of relevant factors. 

Analyse selected points 

The best paragraphs should contain: 

• A clearly identified point – knowledge/understanding ‘point’ ( factor, reason, idea ) 
• Explanation/development of the point ( analysis ). Strong analysis will have multi-stage chains of reasoning, not just assertions, or statements. 
• Data/examples/diagram ( application ) integrated as part of the explanation. 

For questions which require the use of stimulus material and/or diagrams: 

• Students should not rely on these to do the work for them. A quote in itself does not add anything to the answer. A well selected quote, used as an integrated example or evidence of the point being developed, will support strong analysis. 
• Similarly, a diagram will not explain itself. A correct diagram will be credit worthy, but without an explanation of what it shows and why it’s relevant, it will not support the analysis effectively. If the question is a ‘using a diagram’ question, it will not score more than level 3 if it is not integrated into the analysis.

After each paragraph, students should make sure they can relate their point back to the question to ensure their answer remains focussed. 

Evaluate the points that have been analysed 

Evaluation means considering other points of view and/or discussing various different potential outcomes – not just summarising. An evaluation should consider the points discussed, and then consider the different perspectives or ways in which any assumptions may not hold, using logical and coherent chains of reasoning here too. 

Some find it helpful to consider evaluation as ‘However…’ points. A few examples are listed below and in the evaluation table at the end of the article. 

• Depends on… economic environment – (industry/state of the economy/market /objectives/ elasticity). 
• Time – will there be a difference between Short Run and Long Run? Will there be a time lag? 
• Different views – classical/Keynesian; economic agents – households, firms, government. 
• Problems – unintended consequences. 

Evaluation can be at the end of the questions or can be considered throughout, after each paragraph, depending on the students’ preference. If students evaluate throughout, they should be careful that they do not do this at the expense of their analysis. The examiner’s report refers to some answers ‘flip-flopping’ between analysis and evaluation, and not doing either in much detail. 

If left until the end of the response, students should make sure that they leave enough time for it, and develop and explain their point adequately, rather than just stating a simple conclusion. Counter arguments are valid for evaluation and developed counter points can be awarded as ‘good evaluation’. 

Supported judgement 

Students should make sure they answer the question by making a decision. Having analysed and evaluated a range of points, what is the conclusion overall? Which of the points is the most significant/relevant/important/the biggest and why, considering the context. A conclusion about the most important macroeconomic objective for the UK economy will not necessarily be the same for the Chinese economy. 

Students should link responses back to the question and decide what the answer is, considering the points they have made, the evidence considered, and their evaluation considering different viewpoints/scenarios. They should decide which is the most important. Which of the points considered is the most significant/the biggest/the most important factor? 

To be awarded ‘strong’ evaluation, questions of 8 marks and above require a supported judgement. Developed evaluation without a supported judgement can still be awarded ‘good’ but not ‘strong’.

Evaluation technique

The table below can be used as a handy summary to support with evaluation:

Magnitude . How large or small are the changes referred to in the question? For example, consider calculating a percentage to show whether it is a large change or not. 

Significance . This is where you consider how large an impact the changes described will have. For example, if a product is price elastic, then a change in price will be more significant to the quantity demanded than if it was more inelastic.

Time-lags . Usually, your analysis will relate to the immediate short-run impact while your evaluation will consider how things may be different in the long-run. For example, a rise in price of raw materials would not have an effect in the short run while businesses still have stocks but in the long run, when these dwindle, supply will fall. 

Relaxing ceteris paribus . This refers to the reality that other things are rarely equal. Namely, there may be changes in other variables that partially or totally offset the changes referred to in the question. For example, if raw material prices rose, supply would shift left but what if wages fell more? 

Likelihood . Consider whether your analysis, while plausible in principle, may be unlikely to materialise in practice. For example, an interest rate change may be quite likely but it is unlikely that it will change by 10%.

Considering sub categories . This involves breaking down a large concept in order to give a more refined and targeted analysis. For example, food may be inelastic, but frazzles might be more elastic. 

Different context. Would the decision be different if there was a different context? For example, cars may be relatively price inelastic in rural communities but more price elastic in cities.

Prioritisation . This is usually reserved for concluding paragraphs and involves putting your analysis points into an order of significance. For example, the reduction in interest rates has a more significant impact on economic growth than balance of payments because… 

Finally . Essentially, the conclusion requires you to go one step further than mere analysis and to:

• quantify the importance of your analysis
• identify the situations and contexts in which the analysis is or isn't valid
• weigh up evidence and arguments
• prioritise them and
• make reasoned judgments about them

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About the author

Sarah joined the Business and Economics team in September 2022. She has over 20 years’ experience as a teacher of Business, Economics and Finance and in leadership roles including Head of Department, Head of Sixth Form and Assistant Principal. She has been an assessor for A Level Economics and holds a degree in Business Economics and the RSA Certificate in English Language Teaching to Adults (CELTA).

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