Paper 2 revision guidance

Microeconomics content to revise.

Dal’s microeconomics play list gives a good overview. All clips are from this playlist.

https://youtube.com/playlist?list=PLWeicFreBUYCOFC2A0SlKrpEYgwaSF63t&si=vQjE5DiXcrAwbcED

Demand and supply

Clips 2, 3, 4, 5, 6, 7, 8, 9.

https://thinkib.net/economics/page/32533/unit-21-demand-theory

https://thinkib.net/economics/page/32555/unit-22-supply-theory

Elasticities of demand and supply

Clips 10, 11,12, 14, 15, 42.

https://thinkib.net/economics/page/32663/unit-251-price-elasticity-of-demand-ped

https://thinkib.net/economics/page/32789/unit-26-price-elasticity-of-supply-pes-

Markets

Resource allocation – Production Possibilities Curve (PPC) model - Clip 2

Review section on PPC model: https://thinkib.net/economics/page/32395/unit-11-introduction-to-economics

https://thinkib.net/economics/page/32567/unit-23-competitive-market-equilibrium

Market failure – externalities of production and consumption (positives and negatives). You need to understand
MPC, MSC, MPB, and MSB and welfare loss, and the diagrams that show this. For this assessment, you will not
need HL calculations/equations to do with calculating welfare loss. You also do not need HL only topics like
asymmetric information, equity in distribution of income and wealth, and all the material on market power e.g.
monopoly, oligopoly etc. You also do not need to look at common pool resources. So, basically you need to
understand negative and positive externalities, how these effect different stakeholders/groups, and diagrams
that show this.

Clips 21, 22, 23, 24

https://thinkib.net/economics/page/33665/unit-281-market-failure-externalities

This clip may also be useful – it’s about how technological change effects markets (useful for evaluation):
https://www.youtube.com/watch?v=InLrm4sHFtQ&list=PLWeicFreBUYDwmBZ0AiJwhCNSCb0di9eI&index=33

*Make sure you know the diagrams associated with each of these areas and can draw and label them. Tip: copy
them out then turn your piece of paper over and try to do it again from memory. Do this multiple times to
commit them to memory.

*LEARN YOUR DEFINITIONS – any key words associated with the above material. Dal always writes them at the
top of his whiteboard; they are in orange boxes in the textbook).

Paper 2 general tips and guidance

General advice from Dal: https://www.youtube.com/watch?v=QlC29n7FWYE

How to do 2 and 3 mark questions: https://www.youtube.com/watch?

v=_Q4sj7BCp7M&list=PLWeicFreBUYCk5KL13Nnv2khUKHvmLMYb&index=8

How to do 4 mark questions: https://www.youtube.com/watch?

v=w2tVrnhHO68&list=PLWeicFreBUYCk5KL13Nnv2khUKHvmLMYb&index=9

How to do the 15 marker, which takes up most of your time during the paper:
https://www.youtube.com/watch?v=Rr_7Lapm2ds&t=2s

How to evaluate: https://www.youtube.com/watch?

v=isBVq4MRuHs&list=PLWeicFreBUYCk5KL13Nnv2khUKHvmLMYb&index=5