Evaluate the likely microeconomic effects of increased spending on education
Edexcel A-Level Economics 25 Mark Question
In 2023, the UK prime minister Rishi Sunak said that he wanted to see all students in England study some form of mathematics until they reach the age of 18 to ‘ensure that they leave school better equipped for the jobs of the future’. This would require additional spending on education. Just half of all 16 to 19 year-olds study mathematics. Yet in a world where data is everywhere and statistics are vital in every job, the workforce will require more analytical skills than ever before. Evaluate the likely microeconomic effects of increased spending on education. (June 2025)
Plan
- Paragraph 1
- Argument: one effect of spending on education is an increase in occupational mobility of labour
- Diagram: labour markets demand and supply diagram
- Evaluation: depends on geographical mobility of labour and business constraints
- Paragraph 2
- Argument: another effect of spending on education is positive externalities in consumption
- Diagram: positive consumption externalities
- Evaluation: government failure such as poor information
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