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Exam Skills » How the Exams Work and What Examiners Reward

What you'll learn this session

Study time: 30 minutes

Edexcel spec: Assessment overview, Assessment objectives

How Paper 1 and Paper 2 are set out
What the four assessment objectives (AO1 to AO4) reward
How to tackle each type of question
A simple timing plan for 1 hour 30 minutes

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The two exam papers

Both papers are 1 hour 30 minutes, 80 marks each, with four compulsory 20-mark questions

Your whole grade comes from two exams. Knowing what is coming means no surprises on the day.

📝 Paper 1

Microeconomics and Business Economics. It covers the market system and business economics.

🌍 Paper 2

Macroeconomics and the Global Economy. It covers government and the economy, and the global economy.

Both papers are built in the same way:

1 hour 30 minutes each, set and marked by Pearson.
80 marks each, which is 50% of the qualification each.
There is a single tier of entry, so everyone sits the same papers.
You may use a calculator.
Four compulsory questions, each worth 20 marks. You cannot choose between them, so you must be ready for every topic.
Each question is based on one topic, and mixes multiple-choice, short-answer, data response and open-ended parts.
Both papers can be taken on paper or onscreen.

Because economics links together, ideas from one topic can turn up inside a question on another. For example, a question on exchange rates may also use inflation.

Key terms:

Assessment objective (AO): a skill the exam is designed to test, such as recalling facts or evaluating.
Data response: a question that gives you a table, graph or short text and asks you to use it in your answer.
Open-ended question: a longer question with no single right answer, where you build an argument.

The four assessment objectives

Marks are given for skills, not just for knowing facts. Each objective has a weighting, which is the share of all the marks in the qualification.

Objective	What it rewards	Weighting
AO1	Recall, select and communicate knowledge of economic terms, concepts and issues	14-15%
AO2	Demonstrate understanding and apply economic knowledge using appropriate terms, concepts, theories and calculations effectively in specific contexts	48-49%
AO3	Select, organise and interpret information from sources to investigate and analyse economic issues	23-24%
AO4	Evaluate economic information to make reasoned judgements and draw conclusions	12-13%

The biggest share by far is AO2. Almost half of all marks are for applying what you know to the situation in the question. Recalling a definition is AO1. Using it on the country, firm or numbers in front of you is AO2.

💡 AO1 and AO2

Know it, then use it. Name the idea, then link it to the context and the numbers.

📊 AO3 and AO4

Pick out the useful facts from the source, then weigh them up and reach a conclusion.

How to tackle each type of question

Multiple choice

Read the whole question, then try to answer it before you look at the options.
Cross out options you know are wrong. This makes a good guess more likely.
Never leave a gap. A blank can never score.

Calculations

Write the formula first, then put the numbers in, then give the answer.
Show every step. If your final answer is wrong, a correct method can still earn marks.
Check the units and what the question asks for, such as a percentage or a rounded figure.

Explain chains

An explain question wants a chain of reasoning, one link at a time. Use linking words such as this means, so and therefore.

Example chain

Wages rise, so costs of production rise. This means firms make less profit at the same price, so they may raise prices.

Using data

Quote figures from the table or text, and compare them: rise, fall, biggest, smallest.
Use the name of the country or firm in your answer. This shows you are applying your knowledge.
Do not copy out the data. Say what it shows and why it matters.

Evaluation

Evaluate and similar open-ended questions test AO4. Follow this pattern:

One side: give a point in favour, with a reason.
The other side: give a point against, with a reason.
Judgement: say which side is stronger and why. Words like it depends on help you explain what would change your view.

A list of points with no decision at the end misses the AO4 marks.

A timing plan

Plan your time: about 22 minutes per 20-mark question leaves a few minutes to check

You have 90 minutes for 80 marks, which is about one minute per mark. A 20-mark question therefore deserves about 20 minutes, leaving about 10 minutes spare to read through the paper and check your work.

Part of the exam	Time
Each of the four 20-mark questions	about 20 minutes
Checking at the end	about 10 minutes (reading through and checking)

Spend less time on short parts and more on the longer, higher-mark parts.
If you are stuck, move on and come back. Do not lose five minutes on one mark.
Keep the final minutes to check calculations and fill any blanks.

Common mistakes

Writing everything you know about a topic instead of answering the question. Giving a definition when the question says explain. Forgetting to use the data or the name of the country. Finishing an evaluation with no judgement. Running out of time on the last question.

Exam-style question

Country Pindor had a consumer price index (CPI) of 100 in Year 1 and 105 in Year 2. Average wages rose by 3% between the two years.

(a) Calculate the inflation rate in Country Pindor between Year 1 and Year 2. [2 marks]

(b) Explain one reason why workers in Country Pindor may be worse off. [3 marks]

Model answer

(a) Inflation rate = (105 - 100) ÷ 100 × 100 (1) = 5% (1).

(b) Prices rose by 5% but wages rose by only 3% (1). This means wages buy fewer goods than before (1), so real wages have fallen and workers can afford less (1).

(c) Workers can buy less, so living standards may fall and people may spend less, which could slow the economy (1). A 5% rise is only one year of data, so it may not last (1). If wages catch up in the next year, the problem may be short-lived (1). However, if prices keep rising faster than wages, the damage builds up (1). Overall, the government should be concerned but not alarmed: it depends on whether the rise continues, so it should watch the next year's figures before acting (1).

Exam tip

In part (c), finish with a judgement and say what it depends on. This is the AO4 skill.

Recap

Two papers, each 1 hour 30 minutes, 80 marks and 50% of the grade, with four compulsory 20-mark questions.
AO2 (applying) is worth almost half the marks, so always use the context.
Show your working, build explain chains and finish evaluations with a judgement.
Aim for about one minute per mark and keep time to check.

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