Indicative content
Mark
3(d)
AO2 (3 marks)/AO3 (3 marks)
- Rising inflation reduces the purchasing power of consumers
- As prices increase, consumers are likely to spend more time shopping around for better deals and discounts to stretch their budgets
- This involves visiting multiple stores or browsing various online retailers thereby increasing shoe leather costs
- With inflation rising to 4% in December 2023, consumers may find themselves making more frequent trips to banks
- The effect of rising inflation on shoe leather costs is particularly significant for low-income consumers
- These individuals may not have easy access to banking
- This makes them more vulnerable to the negative impacts of inflation and significantly increases shoe leather costs for consumers
(6)
Level
Mark
Descriptor
0
No rewardable material.
Level 1
1-2
- Demonstrates basic knowledge and understanding by developing relevant points. Limited application of economic terms, concepts, theories and calculations (AO2).
- Information presented will lack selectivity and organisation. Interpretation of economic information will be limited, with a lack of analysis of issues (AO3).
Level 2
3-4
- Demonstrates partial knowledge and understanding by developing relevant points. Partial application of economic terms, concepts, theories and calculations (AO2).
- Information presented will demonstrate some selectivity and organisation. Interpretation of economic information will be good, with some analysis of issues (AO3).
Level 3
5-6
- Demonstrates clear knowledge and understanding by developing relevant points. Appropriate application of economic terms, concepts, theories and calculations (AO2).
- Information presented will demonstrate excellent selectivity and organisation. Interpretation of economic information will be excellent, with a thorough analysis of issues (AO3).