Edexcel IGCSE Economics Past Papers

Common mistake: Students often lose marks on "What is meant by" (2-mark) questions by giving only a partial definition, repeating the term in the answer, or providing examples instead of a formal definition.

How to solve it: For 2-mark definitions, ensure the response has two distinct parts. Never use examples in a definition question, as they are not rewarded.

Common mistake: Students often shift both curves on a supply and demand diagram when only one is required, which automatically results in zero marks. Additionally, many fail to label the axes, new equilibrium points, or the new curve.

How to solve it: Shift only the curve affected by the scenario in the question. Fully label the new curve (e.g., S1 or D1) and the new equilibrium price (Pe1) and quantity (Qe1)

Common mistake: In "Evaluate" questions (worth 12 marks), students frequently omit a conclusion or simply repeat points already made earlier in the essay.

How to solve it: Provide a supported judgement that answers the question directly. A strong conclusion should offer a final verdict or explain what the outcome "depends on" (e.g., the magnitude of the change or the time period). Note: a conclusion is not required for "Assess" questions.

Common mistake: Students often confuse similar but distinct macroeconomic concepts, such as Fiscal Deficit vs. Current Account Deficit or Movement vs. Shift on a curve.

How to solve it: Learn specific formulas and indicators. A fiscal deficit relates to government spending and tax, while the current account relates to the value of exports and imports.

Common mistake: When calculating Price Elasticity of Demand (PED), students frequently ignore the minus sign, which is essential for accuracy.

How to solve it: Always include the negative sign for PED calculations to show the inverse relationship between price and quantity demanded. Conversely, never put units (like %) on an elasticity final answer, as it is a coefficient.

Common mistake: Teachers noted that many students leave the highest-mark questions (the 12-mark evaluation) until the end and rush them, missing out on substantial marks.

How to solve it: : Monitor the time carefully and ensure you have ample time for the final question, as it represents a large percentage of the total marks. For example, if asked for only "one reason/benefit," do not waste time providing two; only one will be rewarded