Economics · Oct / Nov 2022 · Paper 22 · Question 2
0455
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The question as text
The economic problem results in choices and opportunity cost. People have to decide what job to do and where to live. In recent years Australia has recruited teachers from a number of countries including Canada, the UK and the US. Most of these teachers specialise in a single subject.
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2(a)[2]
Define opportunity cost. The (next) best alternative / choice (1)
forgone / sacrificed (1).
2(b)[4]
Explain the economic problem and why it is always likely to exist. Logical explanation which might include: The economic problem is finite / limited resources (1)
and infinite / unlimited wants / wants exceed resources (1)
scarcity (1). It is always likely to exist as wants grow faster than resources / wants are increasing (1)
there will never be enough resources to produce all the products people would like to have (1). People are living longer / population is increasing (1)
more resources are needed / some resources are being depleted (1).
2(c)[6]
Analyse why the wages of all teachers may increase. Coherent analysis which might include: The wages of teachers may increase if demand for teachers rises (1)
derived (1)
this may be because there are more children to educate / rise in population size (1)
smaller class sizes / children staying in education longer (1)
teachers being more productive / skilful (1). A decrease in supply will increase wages (1)
this may be due to a rise in qualifications needed (1)
long period of training (1)
rise in wages in other occupations / need to compete with other occupations (1)
need to compete with wages paid to teachers in other countries / recruit from higher paying countries (1). Bargaining power of teachers may increase (1)
more teachers may belong to trade unions (1)
may be more prepared to take strike action (1)
wages may be raised to keep up with inflation / maintain real wages (1). Government policy may favour teachers (1)
e.g. there may be an increase in school leaving age / increase provision of education (1). Increase in minimum wage (1).
2(d)[8]
Discuss whether or not a teacher would benefit from specialisation. In assessing each answer, use the table opposite. Why it might:
may be trained more quicklybecome more skilled / productivemay be in higher demandmay be better paidmay increase chance of promotion Why it might not:subject may become less popularmay become bored teaching the same subjectif lose job, may find it difficult to get another jobmay spend a long time developing the specialisationmay not get the opportunity to move into another subject. Level Description A reasoned discussion which accurately examines both sides of the economic argument, making use of economic information and clear and logical analysis to evaluate economic issues and situations. One side of the argument may have more depth than the other, but overall both sided of the argument are considered and developed. There is thoughtful evaluation of economic concepts, terminology, information and/or data appropriate to the question. The discussion may also point out the possible uncertainties of alternative decisions and outcomes. 6–8 A reasoned discussion which makes use of economic information and clear analysis to evaluate economic issues and situations. The answer may lack some depth and development may be one-sided. There is relevant use of economic concepts, terminology, information and data appropriate to the question. 3–5 There is a simple attempt at using economic definitions and terminology. Some reference may be made to economic theory, with occasional understanding. 1–2 A mark of zero should be awarded for no creditable content.
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