permitted to refer to the equivalent of 250 words of their own summary notes. Candidates’ notes will be submitted with their response. Candidate responses should demonstrate the correct use of economic terms as appropriate. Assessment guidelines Assessment Guidelines Assessment for this Outcome could include stimulus Questions for this Outcome may be based upon stimulus material including statistical data. Assessment will be material. Assessment could be undertaken using an carried out under supervision in one sitting and in no integrative assessment approach with Outcome 2, or more than 60 minutes. Candidates may bring with using an individual instrument of assessment for each them one side of A4 notes as source material. Outcome. Where Outcome 1 is assessed on an integrated basis with Outcome 2 in a single assessment, the permitted notes for each Outcome should be combined. If assessed separately, Outcome 1 will be assessed using specific questions which may be based upon stimulus material. Centres may choose to allocate a time limit for the completion of each assessment. Outcome 3 Outcome 3 Explain and evaluate the role of government policy in Explain and evaluate the role of government policy in the the UK market. UK market Knowledge and/or skills Knowledge and/or Skills The role of government in market failure, i.e. The role of government in market failure missing markets, externalities and imperfect Current Government policy competition. Government policy instruments Government policy instruments—regulation, Evaluation of Government policy public ownership. Current Government welfare policy. Current Government competition policy. Evidence Requirements
Assessment guidelines Assessment for this Outcome could include stimulus material including statistical data. Assessment will be carried out under supervision in one sitting and in no more than 60 minutes. Candidates may bring with them one side of A4 notes as source material. permitted to refer to the equivalent of 250 words of their own summary notes. Candidates’ notes will be submitted with their response. Candidate responses should demonstrate the correct use of economic terms as appropriate. Assessment Guidelines Questions for this Outcome may be based upon stimulus material. Assessment could be undertaken using an integrative assessment approach with Outcome 2, or using an individual instrument of assessment for each Outcome. Where Outcome 1 is assessed on an integrated basis with Outcome 2 in a single assessment, the permitted notes for each Outcome should be combined. If assessed separately, Outcome 1 will be assessed using specific questions which may be based upon stimulus material. Centres may choose to allocate a time limit for the completion of each assessment. Outcome 3 Explain and evaluate the role of government policy in the UK market. Knowledge and/or skills The role of government in market failure, i.e. missing markets, externalities and imperfect competition. Government policy instruments—regulation, public ownership. Current Government welfare policy. Current Government competition policy. Outcome 3 Explain and evaluate the role of government policy in the UK market Knowledge and/or Skills The role of government in market failure Current Government policy Government policy instruments Evaluation of Government policy Evidence Requirements