Download clean, printable lists of the most common mistakes students make — so you can fix them before they cost marks.
Each sheet is aligned to its exam board and built from recurring student errors highlighted in examiner reports and mark schemes.
What you get
A topic-by-topic mistakes list with a “do this instead” fix and a quick self-check.
How to use it
Review before past papers, then use the quick checks to catch errors under timed conditions.
Why it works
Many marks are lost on predictable slips: rounding, sign errors, units, and misreading commands.
Coverage by topic
Preview (up to 5 per topic)
12 total rows in download
| Topic | Common mistake / misconception | Do this instead | Quick check |
|---|---|---|---|
| Basic Economics | Saying scarcity only affects poor countries. | Scarcity exists in ALL economies — it is about unlimited wants versus limited resources. Even wealthy countries face scarcity and must make choices. | Scarcity: universal. Every society makes choices because resources are finite. |
| Basic Economics | Forgetting that opportunity cost applies to consumers AND producers. | Consumers: choosing to buy X means not buying Y. Producers: using land for wheat means not using it for barley. Both face opportunity cost. | Opportunity cost: applies to individuals, firms, and governments — not just one group. |
| Markets | Saying equilibrium means the market is 'fair'. | Equilibrium = market clears (no shortage or surplus). It says nothing about fairness or equity. Price may still be unaffordable for many consumers. | Equilibrium: Qs = Qd. Nothing about fairness or welfare distribution. |
| Markets | Drawing a shift in supply when only price changes. | Price change → movement along the supply curve. Only non-price factors (costs, technology, taxes, subsidies, number of producers) shift the curve. | Price change → movement along curve. Everything else → curve shifts. |
| Elasticity | Saying necessities always have inelastic demand. | Necessities TEND to be inelastic, but the exact value depends on the availability of substitutes and income proportion. Some necessities can have elastic demand. | Inelastic tendency for necessities, but always justify with a specific reason. |
| Elasticity | Confusing cross elasticity sign for complements and substitutes. | XED > 0: substitutes (price of A rises → demand for B rises). XED < 0: complements (price of A rises → demand for B falls — they are used together). | Positive XED = substitutes. Negative XED = complements. |
| Government Intervention | Saying all taxes cause prices to rise by the full amount of the tax. | Tax incidence depends on PED. Inelastic demand → most tax on consumers. Elastic demand → most tax on producers. Price rarely rises by full tax amount. | Inelastic demand: price rises close to tax amount. Elastic: price rises less. |
| Government Intervention | Saying minimum wage always increases employment. | Minimum wage set above equilibrium → labour surplus (unemployment). It raises wages for those employed but may reduce the NUMBER of jobs available. | Minimum wage above equilibrium → higher wages for employed, but potential unemployment for others. |
| Macroeconomics | Confusing GDP and GNP. | GDP = value of goods/services produced WITHIN a country (regardless of who produces). GNP = GDP + income earned abroad by residents − income earned domestically by foreigners. | GDP: location-based. GNP: nationality-based. For open economies, difference can be significant. |
| Macroeconomics | Saying unemployment only happens in recessions. | Types of unemployment include structural (skills mismatch), frictional (between jobs), seasonal — all exist outside recessions. Cyclical unemployment rises in recessions. | Structural and frictional unemployment exist in boom periods too. |
| International Trade | Saying exchange rate depreciation always improves exports. | Depreciation makes exports cheaper → demand rises IF demand is elastic. If inelastic (Marshall-Lerner condition not met), trade balance may worsen. Also causes import inflation. | Depreciation improves trade balance only if ML condition met (sum of elasticities > 1). |
| Development | Saying all aid is beneficial for development. | Aid can create dependency, undermine local industries, go to corrupt governments, or be tied to donor conditions. Evaluate carefully. | Aid: some benefits but risks: dependency, tied aid conditions, corruption, undermining domestic industry. |