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linked to a Learning OutcomeQuestion 1 - Economic Concepts Scarce Resources Opportunity cost 20 to >15.96 pts HD Excellent understanding of economic concepts: (1) Discussions on resources (including availability and costs) and opportunity cost are all backed up with relevant context-based evidence. (2) Arguments on the Opportunity Cost are well-structured, and address potential counterarguments with strong evidence-based rebuttals. (3) Excellent communication of the analysis. 15.96 to >13.96 pts DI Good understanding of the concepts: (1) Economic concepts and well linked to the contexts of the country. (2) Data evidence is provided to support discussions of most concepts (resources and opportunity cost). (3) Discussions are persuasive, well- structured, and address potential counterarguments with appropriate evidence-based rebuttals. **13.96 to
11.96 pts CR** Fair understanding of the concepts: (1) Scarce resources and opportunity costs are discussed in the country's specific contexts. (2) Discussions and arguments are backed up with reliable data evidence for major points. (3) Attempted to structure a consistent and meaningful story. 11.96 to 9.96 pts PA Basic understanding of the concepts: (1) Superficial discussions of the concepts (scarce resources, opportunity costs). (2) Often fail to highlight the relevance of the concepts to the context of the country. (3) Very limited data evidence for key discussions. 9.96 to >0 pts NN Poor understanding of economic concepts in a specific context. For example: (1) Fail to identify relevant scarce resources the farmer is facing. (2) General discussions of the resources without proper links with the context of the country. (3) Fail to understand the concept of "Opportunity cost" for the farmer. 20 pts
linked to a Learning OutcomeQ2 - Application of Economic concepts Understanding and application of Production Possibilities Frontier 30 to >23.94 pts HD Excellent demonstrations of applications: (1) Persuasive discussions on how changes in the opportunity cost would affect farmer's decisions. (2) Arguments on (1) are backed up with clear evidence using historical and/or international cases. (3) Discussions on the link between production trend and other products are supported with clear evidence, highlighting potential changes in future market 23.94 to >20.94 pts DI Good demonstrations of applications: (1) Clear discussions on how changes in the opportunity cost might induce farmers to change production choices. (2) Discussions are backed up with reliable and relevant data using international/historical experiences. (3) Clear discussions on the effects of the production trend on long-run supply of other product(s). (4) Discussions on the trend are backed up with appropriate model(s). **20.94 to
17.94 pts CR** Extended applications: (1) Discussions on the link between opportunity cost and production choices are linked to the product and the country's specific contexts. (2) Discussions on the link between production trend and other product output are supported with proper economic model (PPF). (3) Attempt 17.94 to 14.94 pts PA Basic applications of the concepts: (1) General discussions on the link between opportunity cost and production choices, without specific link to either the product and/or the country's context. (2) The link between production trend and other product outputs is discussed in theory, with faulty/unclear model(s) and 14.94 to >0 pts NN Fail to demonstrate proper applications: (1) Missing/unclear discussions on how changes in the opportunity cost would lead to changes in production choices. (2) Missing/unclear arguments and/or model(s) to explain the effect of production trend on other products. (3) Fake data evidence. 30 pts
linked to a Learning OutcomeQ3 - Market analyses 40 to >31.93 pts HD Excellent market analyses: The analyses extend beyond the DI levels: (1) Excellent visualization of accurate data and discussions on price variations. (2) Convincing discussions on ADDITIONAL FACTORS affecting the peak price using the Supply or Demand model. Discussions are backed up with accurate time lines and data. (3) Persuasive discussion on the aggregate impacts of the identified factors on prices and **31.93 to
27.93 pts DI** Good market analyses: (1) No mistake with data collection and visualization. (2) Discussions on price trends are properly linked to the data figure and the factors. (3) Successful identification of ONE most important factor explaining the peak prices. Arguments are well supported with data evidence and citations. (4) Discussions on the Supply- Demand model 27.93 to 23.93 pts CR Extended market analyses: (1) Minor mistake in data collection and visualization. (2) Price variations are generally well linked to the ONE key factor, with data evidence, but not with clear timelines and impacts. (3) Discussions on the Supply- Demand model are general. (4) Discussions are generally well structured. 23.93 to >19.93 pts PA Basic market analyses: (1) Mistakes with data collection (long/short data) and/or visualization (axis titles, unit of measurements...). (2) Basic identifications of the key factor, with limited supporting data evidence and timelines. (3) Errors in using the Supply- Demand model to explain the impacts (i.e., inconsistencies in the discussions and visualization of the impacts). (4) Limited efforts on supporting the discussions using data. 19.93 to >0 pts NN Fail to provide proper market analyses: (1) Fail to create own's price figure (i.e., using screenshot from the data source). (2) Missing/unclear identification of relevant factors that explain the peak price. (3) Missing/faulty Supply-Demand model (i.e., inconsistencies in the discussions and visualization). (4) Missing/unclear discussions on prices and quantity. 40 pts
quantity. (4) Excellent communication of the analysis. are properly linked to the factors, highlighting clearly the impacts and prices and quantity. (5) Data evidence is provided for key discussions.
