Evaluate the microeconomic and macroeconomic advantages for a country specialising in energy production using gas
Edexcel A-Level Economics Paper 3 June 2024 Insert
Evaluate the microeconomic and macroeconomic advantages for a country specialising in energy production using gas. (June 2024)
Plan
- Paragraph 1
- Argument: one microeconomic advantage of specialisation is lower costs for firms
- Diagram: lower costs for firms
- Evaluation: UK oil and gas companies may exploit their monopoly power
- Paragraph 2
- Argument: one macroeconomic advantage of specialisation is an increase in output
- Diagram: comparative advantage PPF, increase in LRAS
- Evaluation: transport costs, other assumptions of model
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