Percentage Uniform Marks (PUM) Explained: A Comprehensive Guide
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Akshaya S T
Singapore
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11,161 responses
dear IGCSE team ,
If i follow economics syllabus provided will it be enough for my preparations ?
Thanks ,
Hi Salwa,
It’s advisable to do lots of past papers. So, get onto them as much as you can 🙂
okey thanks 🙂
hello again,
and how do you describe the allocation of resources in market economy , in planned and in mixed economy ?
thanks ,
Ok so in a planned economy government is an employer and the government will decide what to product, how to produce and for whom to produce.
In a mixed economy resources are allocated by both the private sector and public therefore government will allocate resources as well as the market (buyers and sellers) which influences the price (the price mechanism)
thanks 🙂
explain it in regards to the govt
okey 🙂
Planned – government makes all decisions on the allocation of resources; land is not privately owned; decisions on what, for whom, and how to produce something are taken by the government; necessary goods and services are provided free of cost to the people; there is efficient use of resources.
Market – there is consumer sovereignty; factors of production are privately owned; consumers indicate to producers which products they’d like to be produced (Demand); producers then allocate resources (factors of production) accordingly to those products which have high demand (supply), to earn high profits; thus the market forces of demand and supply, via the price mechanism decide on the allocation of resources
Mixed – there is both a public and a private sector; resources in the private sector are allocated according to the market forces of demand and supply, and via the price mechanism; the provision of certain goods, (e.g. merit and public goods) is carried out by the government; there is a degree of government intervention in the private sector (namely, in decisions on where to allocate resources), for example, via impositions of taxes or subsidies, regulations, competition policy, and the setting of certain legislation.
I hope that explains it for you.
thank you so much 🙂
HI salwa,
you just have to write about that in a mixed economy the producer and consumer determines what goods and services are produced…….. and then you can briefly describe how a market economy works. similiarly for mixed and planned economy.
thank you so much 🙂
In market system the allocation of resources is done based on the demand for goods and services. Also you don’t need to know about planned system since it’s not in our syllabus. And in the mixed economy the government decides on the allocation of resources irrespective of the demand and this could lead to misallocation of resources
thank you 🙂
In a market economy, resources are allocated using the forces of demand and supply by individual producers and consumers through price mechanism. Choices related to what to produce, how to produce and for whom to produce are made by producers and consumers with very little to no government intervention.
In a planned economy, resources are allocated by government planning. Choices related to what to produce, how to produce and for whom to produce are made solely by the government.
In a mixed economy, resources are allocated using the price mechanism as well as government planning. Choices related to what to produce, how to produce and for whom to produce are made by private sector firms and consumers, and the government.
p.s please excuse my grammar ;;;;
thank you so much . . . and it is okey 🙂
in a market economy, resources are allocated by price mechanism.
planned – directives
mixed – price mechanism + directives
thank you so much 🙂
Market economy-
Resources are allocated by the firms to the consumers by using market price signals to produce goods and services to consumers which are profitable
Planned economy-
Resources are allocated by the government to own and control the vast majority of goods and services.
Mixed economy-
Resources are allocated by the firms and the government and to produce what goods and services consumers want and need(for govt.) It is profit-orientated.(for firms)
Hey friends ,
why choices have to be made when allocating the resources . Do i have to explain about the concept on how to produce for whom to produce and what to produce right?
please help
thanks ,
yes ofcourse, first explain the choice concept and then explain that because of scarcity people have to choose between the best goods and services thats why when producers supply or allocate goods they have to make sure that that the resources are used in the most efficient way and so choice is involved. And yea its better if you explain about what,how and for whom to produce!
thank you so much 🙂
I think u can explain about economic problem then in the end give a little hint
thankss alot for ur whole explanation
If a question is of 6 marks n I write 4 points with detailed explanation by writing in 4 paragraphs
is it ok?
Depends on the question. Sometimes they say that if one point is explained in detail, award full marks
welcome 🙂
How much do you guys think I need to get on Business paper 2, in order to get an overall A*?
50/100
can anyone tell me why the demand for a product maybe more price elastic in one country than in another country?
There are several factors like competitors prices taxes etc which have an influence on the elasticity
A good or service is considered to be highly elastic if a slight change in price leads to a sharp change in the quantity demanded or supplied. Usually these kinds of products are readily available in the market and a person may not necessarily need them in his or her daily life.
Hello
do u all have any idea if I write points with 3 to 4 line explanation I mean it isnt listing right?
In economics
hi sara,no its better because it should be easy for the examiner to check,make a heading and briefly describe each and every point.Try to avoid paragraphs. 🙂 Goodluck girl!
What you said is wrong man. Don’t you see in past papers they say that give half marks for list or list LIKE responses?
Really!!!
are u sure???
Thanks alottt
u too hope we all do well