Search for notes by fellow students, in your own course and all over the country.
Browse our notes for titles which look like what you need, you can preview any of the notes via a sample of the contents. After you're happy these are the notes you're after simply pop them into your shopping cart.
Title: Edexcel a level economics a question paper 3 june 2024 + mark scheme
Description: Mark Scheme (Results) Summer 2024 Pearson Edexcel GCE A Level In Economics A (9EC0) Paper 03 Micro and Macro Economics
Description: Mark Scheme (Results) Summer 2024 Pearson Edexcel GCE A Level In Economics A (9EC0) Paper 03 Micro and Macro Economics
Document Preview
Extracts from the notes are below, to see the PDF you'll receive please use the links above
Edexcel a level
economics a question
paper 3 june 2024 +
mark scheme
Please check the examination details below before entering your candidate information
Candidate surname
Centre Number
Other names
Candidate Number
Pearson Edexcel Level 3 GCE
Friday 7 June 2024
Morning (Time: 2 hours)
Paper
reference
Economics A
9EC0/03
Advanced
PAPER 3: Microeconomics and Macroeconomics
You do not need any other materials
...
•
in the boxes at the top of this page with your name, centre number
• Fill
and candidate number
...
•
In Section A, answer all questions 1(a) to 1(c) and one question from 1(d) or 1(e)
...
•
the questions in the spaces provided
• Answer
– there may be more space than you need
...
•
marks for each question are shown in brackets
• The
– use this as a guide as to how much time to spend on each question
...
Advice
Read each question carefully before you start to answer it
...
Turn over
P74001A
©2024 Pearson Education Ltd
...
Write your answers in the spaces provided
...
Question 1
The energy market
Figure 1: UK wholesale gas prices per therm, 2021, in pence
Price per
therm
500p
400p
352p
300p
200p
100p
0p
Feb
Apr
Jun
Aug
Oct
Dec
Figure 2: Number of firms supplying gas and electricity in the UK, 2004–2021
80
60
40
20
0
2004
06
08
10
12
14
16
18
21
Gas and electricity
Electricity
Gas
2
*P74001A0236*
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
Read Figures 1 and 2 and the following extracts (A to C) before answering Question 1
...
85% of homes use gas central
heating, and gas generates a third of the country’s electricity
...
5
Almost all UK businesses face significant rises in fuel costs over the next few months, and
there is no substitute for energy, at least in the short run – an almost perfect example of
price inelastic demand
...
theecoexperts
...
uk/
blog/reasons-for-uk-gas-price-increase)
Extract B
The UK gas market is broken
During the past decade the government has allowed new entrants into the retail energy
market with business models that left them ill-prepared to achieve long term business
growth
...
The problem began in the 1980s and 1990s, when privatisation created an oligopolistic
energy market dominated by the “Big Six”, which paid their shareholders high dividends
and their bosses excessive salaries
...
Some of the new entrants were innovative, such
as Bulb, which offered consumption-tracking apps, and Octopus, which discouraged
consumption when demand was high with dynamic pricing
...
Some paid little attention to ensuring continuity of supply or forward
buying of gas
...
Other
big gas importing countries, by contrast, can store 20%–30%
...
15
The perfect storm came in the summer of 2021
...
Gas supply in Russia, a big producer, was disrupted, and
unusually calm weather reduced UK wind turbine energy production to 11% of capacity
...
But since then the wholesale price of gas paid by
UK energy firms has risen by more than 70%
...
20
25
(Source: adapted from https://www
...
com/britain/britains-gas-market-is-broken/)
*P74001A0336*
3
Turn over
Despite best efforts to try to attract more women into the oil and gas industry, females
are still hugely under-represented in science, technology, engineering and maths careers,
whether school leavers, graduates or experienced workers
...
There is an even smaller female representation in the offshore workforce (3
...
g
...
Despite continued efforts there is still a lack of female applications
...
5
10
There is also a low representation of females in senior leadership roles within the oil and
gas industry, especially in technical positions
...
This has resulted in the oil and gas industry
having an average gap in hourly pay of 25%
...
Notwithstanding these large improvements, women still earn
less than ‘comparable’ men in all developed countries and, since the 2000s, progress for
women in the labour market seems to have slowed
...
harbourenergy
...
pdf and https://ftp
...
org/dp10975
...
(b) Examine one likely externality that arises when a producer generates electricity
by burning gas
...
(c) With reference to Figure 2 and Extract B, discuss the possible constraints on
business growth for firms supplying energy to households in the UK
...
(25)
OR
(e) Evaluate the microeconomic and macroeconomic advantages for a country
specialising in energy production using gas
...
...
...
...
...
...
...
...
...
...
...
...
...
6
*P74001A0636*
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
(5)
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
(b) Examine one likely externality that arises when a producer generates electricity
by burning gas
...
(8)
...
...
...
...
...
...
...
...
...
...
...
...
*P74001A0736*
7
Turn over
...
...
...
...
...
...
...
...
...
...
...
...
8
*P74001A0836*
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
...
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
(c) With reference to Figure 2 and Extract B, discuss the possible constraints on
business growth for firms supplying energy to households in the UK
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
...
...
...
...
...
...
...
...
...
...
...
...
...
...
(25)
OR
(e) Evaluate the microeconomic and macroeconomic advantages for a country
specialising in energy production using gas
...
If you change your
mind, put a line through the box and then indicate your new question with a cross
...
...
...
...
...
...
...
...
...
12
*P74001A01236*
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
EITHER
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
...
...
...
...
...
...
...
...
...
...
...
...
...
*P74001A01336*
13
Turn over
...
...
...
...
...
...
...
...
...
...
...
...
14
*P74001A01436*
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
...
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
...
...
...
...
...
...
...
...
...
...
...
...
...
*P74001A01536*
15
Turn over
...
...
...
...
...
...
...
...
...
...
...
...
16
*P74001A01636*
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
...
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
...
...
...
...
...
...
...
...
...
...
...
...
(Total for Question 1 = 50 marks)
TOTAL FOR SECTION A = 50 MARKS
*P74001A01736*
17
Turn over
Answer ALL Questions 2 (a) to 2 (c), and EITHER Questions 2(d) OR 2(e)
...
You are advised to spend 1 hour on this section
...
4%
Nigeria 7%
US 7
...
icco
...
co
...
From 1983 to 1992 it operated a managed exchange rate
...
The cedi to US dollar rate has been very volatile
recently, causing macroeconomic instability and limiting economic growth
...
theigc
...
scirp
...
aspx?paperid=95492)
18
*P74001A01836*
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
Read Figure 3 and the extracts (D to F) before answering Question 2
...
In 2020 the chocolate retail industry was worth £78 billion, but Ghana – the world’s
second largest cocoa producer – earned just over £1 billion
...
This is a familiar pattern for many African countries where the economy
is still shaped by a colonial relationship in which they export commodities to be
processed elsewhere
...
Despite plans for expanding the domestic chocolate
industry there are still many obstacles in the way
...
Imported milk and
sugar would increase the cost of production significantly, with the added problem that
foreign currency would be needed
...
There is an inconsistent supply of energy in rural parts of
Ghana
...
Access to funds is a big problem and one farmer, Nana Aduna, says that high interest
rates on bank loans are an issue for start-up businesses and at the moment he cannot
afford to borrow money
...
But the government has pledged to address these structural issues, using supply side
policies
...
“It only makes sense that the most important commodity in
our country, which is cocoa… should become the target for a major programme of
industrialisation,” he says
...
It has become easier for the private sector to invest in food
processing, and there is a big tax rebate available to processing companies that set up in
the country’s enterprise zones – designated areas to encourage economic activity – in a
bid to help them export
...
newsbreak
...
indepthnews
...
php/the-world/africa/4495-ghana-starts-with-cocoa-to-end-neocolonialtrading-ties and https://www
...
edu/blog/africa-in-focus/2020/09/03/
pathways-to-structural-transformation-of-the-ghanaian-economy-andsome-roadblocks/ and https://www
...
com/GhanaHomePage/
business/Speculators-driving-interbank-retail-FX-rates-gap-1468375)
*P74001A01936*
19
Turn over
The African Continental Free Trade Agreement (AfCFTA) has been signed by all
55 member states of the African Union, including Ghana, Nigeria, and South Africa
...
2 billion people with a combined gross domestic product (GDP)
of more than $2 trillion as of 2023
...
The agreement also liberalises services and aims to tackle non-tariff barriers which
reduce trade between African countries, such as long delays at the borders
...
aljazeera
...
Refer to Extract D in your answer
...
(c) Discuss factors influencing the level of aggregate demand in Ghana
...
(5)
(8)
(12)
EITHER
(d) Evaluate the microeconomic and macroeconomic effects of high interest rates in
Ghana, or another developing country of your choice
...
*P74001A02136*
(25)
21
Turn over
...
...
...
...
...
...
...
...
...
...
...
...
22
*P74001A02236*
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
(5)
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
(a) Explain one reason why a country might operate a managed exchange rate
...
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
(b) With reference to the second paragraph of Extract E, examine two likely problems
for the expansion of the chocolate industry in Ghana
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
...
Use an
aggregate demand and aggregate supply diagram in your answer
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
...
...
...
...
...
...
...
...
...
...
...
...
...
...
(25)
OR
(e) Evaluate the microeconomic and macroeconomic effects of Ghana joining the
African Continental Free Trade Agreement (Extract F)
...
If you change your
mind, put a line through the box and then indicate your new question with a cross
...
...
...
...
...
...
...
...
...
28
*P74001A02836*
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
EITHER
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
...
...
...
...
...
...
...
...
...
...
...
...
...
*P74001A02936*
29
Turn over
...
...
...
...
...
...
...
...
...
...
...
...
30
*P74001A03036*
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
...
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
...
...
...
...
...
...
...
...
...
...
...
...
...
*P74001A03136*
31
Turn over
...
...
...
...
...
...
...
...
...
...
...
...
32
*P74001A03236*
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
...
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
...
...
...
...
...
...
...
...
...
...
...
...
Our aim is to help everyone progress in their lives
through education
...
We’ve been involved in education for over 150 years, and by working across 70 countries, in 100 languages, we have
built an international reputation for our commitment to high standards and raising achievement through innovation
in education
...
pearson
...
Examiners must mark
the first candidate in exactly the same way as they mark the last
...
Candidates must be
rewarded for what they have shown they can do rather than penalised
for omissions
...
●
There is no ceiling on achievement
...
●
All the marks on the mark scheme are designed to be awarded
...
e
...
Examiners should also be prepared to award
zero marks if the candidate’s response is not worthy of credit according
to the mark scheme
...
●
When examiners are in doubt regarding the application of the mark
scheme to a candidate’s response, the team leader must be consulted
...
Question
Number
Answer
1(a)
Mark
Knowledge 2, Application 2, Analysis 1
Knowledge/implicit understanding and analysis:
up to 3 marks e
...
●
●
●
●
●
The percentage change in quantity demanded is
less responsive to a change in price (1)
Is relatively low e
...
between 0 and -1 (or 0 and 1)
/ PED<1 (1)
Diagram showing price inelastic demand (1)
An increase in price will result in an increase in total
revenue (1)
Reference to a characteristic e
...
g
...
g
...
g
...
g
...
g
...
g
...
g
...
g
...
g
...
Level 1
1–2
Displays isolated or imprecise knowledge and understanding of
terms, concepts, theories and models
...
Descriptive approach which has no chains of reasoning or links
between causes and consequences
...
Applies economic ideas and relates them to economic
problems in context, although does not focus on the broad
elements of the question
...
Level 3
6–8
Demonstrates accurate knowledge and understanding of the
concepts, principles and models
...
Economic ideas are carefully selected and applied
appropriately to economic issues and problems
...
Question
Number
Indicative content
1(c)
continued
Mark
Evaluation 4
●
●
●
●
●
●
●
●
●
Prioritisation of the most important constraint
Significance of constraints change over time
Short run vs long run considerations
Combination of constraints have a bigger impact on
business growth
Fewer economies of scale needed if just a retail
operation, and not wholesale
If the regulators were more effective then the market
could allow new businesses to develop
(4)
Firms may choose to stay small if they believe it to be
more profitable
Different firms face different constraints
Firms that demonstrate innovation have been able to
grow e
...
Octopus
Level
Mark
Descriptor
0
No evaluative comments
...
No evidence of a logical chain of reasoning
...
Evaluation recognises different viewpoints and is critical of the
evidence provided and/or the assumptions underlying the
analysis enabling informed judgements to be made
...
g
...
g
...
Some factors e
...
education, social factors,
employment, migration can be used as either micro or
macroeconomics
...
g
...
(25)
Knowledge, application and analysis
Level
Mark
Descriptor
0
A completely inaccurate response
...
Demonstrates understanding by identifying relevant
information
...
Level 2
5–8
Shows ability to apply economic ideas and relate them to
economic problems in context
...
Level 3
9–12
Analysis is clear and coherent with evidence well integrated,
although may focus on some of the broad elements of the
question more than others
...
Level 4
13–16
Analysis is relevant, clear and coherent with evidence fully
and reliably integrated
...
A
clear understanding of economic principles, concepts,
theories and arguments
...
Level 1
1–3
Identification of evaluative comments without explanation
...
Evidence of evaluation of alternative approaches which is
generic or unbalanced leading to limited judgements
...
Evaluation recognises different viewpoints and is critical of the
evidence provided and/or the assumptions underlying the
analysis enabling informed judgements to be made
...
Changes in growth, trade for example,
can be used as either micro or macroeconomics
...
Level 1
1–4
Displays ability to apply knowledge in context but will focus
on small range of elements
...
Demonstrates knowledge and understanding of terms,
concepts, theories and models
...
Displays knowledge and understanding of economic
principles, concepts and theories to make limited analysis or
narrow analysis
...
Shows ability to apply economic ideas and relate them
directly to the broad elements in the question
...
Economic ideas are carefully selected
and applied appropriately to economic issues and problems
covering both microeconomic and macroeconomic effects
...
Mark
Descriptor
0
No evaluative comments
...
Level 2
4–6
Evaluative comments with limited explanations
...
Level 3
7–9
Evaluative comments supported by relevant reasoning and
appropriate reference to the context
...
Evaluation
Level
Question
Number
Indicative content
2(a)
Mark
Knowledge 2, Application 2, Analysis 1
Knowledge and analysis:
Up to 3 marks; points might include:
●
Managed exchange rates have some government
intervention/limited market forces (1)
●
●
Prevent volatility (1) to encourage investment (1)
Encourage stability (1) to increase economic growth
(1)
Controlling inflation (1) e
...
via impact on import
prices (1)
Maintain competitiveness of exports (1) to improve
current account (1)
Governments might buy a foreign currency,
increasing it’s demand (1) to increase its price (1)
Governments might sell a currency (1) to decrease
its price (1)
Supply & Demand diagram showing impact of change
in supply/demand of currency (2)
Diagram illustrating keeping fluctuations of currency
within acceptable range (2)
Increase in interest rate (1) to increase value of the
country’s currency (1) (or vice versa)
Exchange rate floats due to market forces (1) when
within an acceptable range (1)
●
●
●
●
●
●
●
●
Application (2 marks for 1 point, or 1 + 1) Award
valid data use only e
...
● ‘Substantial swings’ (line 4 Extract D) (1)
● ‘On average the cedi has depreciated 98% against
the US dollar’ (1)
● ‘The cedi to US dollar rate has been very volatile’
(1)
● ‘From 1983 to 1992 it operated a managed exchange
rate’ (1)
● Other relevant application (1)
(5)
Question
Number
Indicative content
Mark
2(b)
Knowledge 2, Application 2, Analysis 2
Evaluation 2
Knowledge/understanding of two problems
(1 + 1) e
...
● Lack of economies of scale
● Lack of human capital/lack of information
● Expensive capital equipment
● High costs of importing raw materials
● Foreign currency gap
● Inconsistent supply of energy
● Access to finance/high interest rates on bank loans
● Monopsony power of chocolate buyers
● Climate change/access to water
● Problem of expanding in a market with inelastic demand
Application: (2 marks for any relevant point, or two points 1
+1): e
...
● There is neither a local sugar nor dairy industry
● Imported milk and sugar would increase the cost of
production significantly
● Producing chocolate requires consistent refrigeration
● Major obstacle for entrepreneurs without substantial
funds
● Rural parts of Ghana do not have access to energy
● Interest rates on loans between 18%–20%
● Farmers make $1 a day so can’t invest in the farm
Analysis (1+1)
Development of points made, e
...
● Increases firms cost of production and therefore export
prices rise
● Expensive imported raw materials add to production
costs for firms reducing international competitiveness
● Less FDI into the industry resulting in lower growth
● Productivity remains low
● Use of diagram to explain relevant concept
Evaluation (2 marks for any relevant point, or two points 1
+1): e
...
● Combination of problems prevent expansion
● Short run vs long run considerations e
...
government
pledged to solve structural issues, such as ‘One District
One Factory programme’
● Significance/prioritisation of the main problem
● Different parts of supply chain affected differently
● May not be a problem for cocoa farmers e
...
inelastic
demand could lead to significant price rises
NB Candidates may refer to any part of the chocolate
industry in Ghana e
...
farmers, distributors,
manufacturers, retailers
(8)
Question
Number
Indicative content
2(c)
Mark
Knowledge 2, Application 2, Analysis 4
●
●
●
●
●
●
●
●
●
●
●
Exchange rate: affects net trade (Extract D)
Demand for exports: affects investment
Access to credit: affects funds required for capital
investment
Interest rate: affects firms cost of borrowing
Government expenditure
Industrialisation: will impact exports and net trade
Reducing corporation tax: will impact investment
Enterprise zones: will impact exports
Protectionism: affects net trade (Extract F)
Consumer income e
...
g
...
Level 1
1–2
Displays isolated or imprecise knowledge and
understanding of terms, concepts, theories and models
...
Descriptive approach which has no chains of reasoning or
links between causes and consequences
...
Applies economic ideas and relates them to economic
problems in context, although does not focus on the broad
elements of the question
...
Level 3
6–8
Demonstrates accurate knowledge and understanding of
the concepts, principles and models
...
Economic ideas are carefully selected and applied
appropriately to economic issues and problems
...
Question
Number
Indicative content
2(c)
continued
Mark
Evaluation 4
●
●
●
●
●
●
●
Prioritisation of the most important factor
Significance of factors change over time
Short run versus long run considerations
Combination of factors has a larger influence on
aggregate demand
One factor could offset another
Depends on relative size of components of AD
Contrasting impact in Ghana relative to other
countries
(4)
Evaluation
Level
Mark
Descriptor
0
No evaluative comments
...
No
evidence of a logical chain of reasoning
...
Evaluation recognises different viewpoints and/or is critical of
the evidence
...
g
...
g
...
g
...
Income distribution, investment changes and
competitiveness, for example, can be used as either micro or
macroeconomics
...
1-4
Displays ability to apply knowledge in context but will focus
on small range of elements
...
Demonstrates knowledge and understanding of terms,
concepts, theories and models
...
Displays knowledge and understanding of economic
principles, concepts and theories to make limited analysis or
narrow analysis
...
Shows ability to apply economic ideas and relate them
directly to the broad elements in the question
...
Economic ideas are carefully selected
and applied appropriately to economic issues and problems
covering both microeconomic and macroeconomic effects
...
Mark
Descriptor
0
No evaluative comments
...
Level 2
4–6
Evaluative comments with limited explanations
...
Level 3
7–9
Evaluative comments supported by relevant reasoning and
appropriate reference to the context
...
Evaluation
Level
Question
Number
Indicative content
Mark
2(e)
Knowledge 4, Application 4, Analysis 8,
Evaluation 9
Microeconomic effects may include:
●
Increase in firms’ revenue/reduction in firms’ costs,
increasing profits (may be shown by cost/revenue
diagram)
●
Firms are more able to benefit from economies of scale
●
Consumers have access to greater choice and variety of
goods at lower prices, increasing consumer surplus
●
More employment opportunities for workers- increasing
supply of labour
●
Greater availability of labour - link to wages/costs
●
Greater technology and skills transfer
●
Impact on the environment – externalities
●
Greater competition between firms from different
countries/increasing efficiency
●
Change in regulations for businesses
Macroeconomic effects may include:
●
Greater economic growth with multiplier effects (may be
shown by an AD/AS diagram)
●
Reduction in unemployment
●
More tax revenue to the government
●
Trade creation and reference to comparative advantage,
specialisation and trade due to lower trade barriers
●
Trade diversion/effect on global inequality
●
Changing patterns of trade
●
Reduced relative poverty and inequality
●
Impact on current account
●
Greater weight in trade negotiations with other
countries/trade blocs
●
Increased FDI from MNCs
NB for a Level 4 answer there must be reference to Ghana
joining the AfCFTA
...
g
...
g
...
Level 1
1–4
Displays ability to apply knowledge in context but will focus
on small range of elements
...
Demonstrates knowledge and understanding of terms,
concepts, theories and models
...
Displays knowledge and understanding of economic
principles, concepts and theories to make limited analysis or
narrow analysis
...
Shows ability to apply economic ideas and relate them
directly to the broad elements in the question
...
Economic ideas are carefully selected
and applied appropriately to economic issues and problems
covering both microeconomic and macroeconomic effects
...
Evaluation
Level
Mark
Descriptor
0
No evaluative comments
...
Level 2
4–6
Evaluative comments with limited explanations
...
Level 3
7–9
Evaluative comments supported by relevant reasoning and
appropriate reference to the context
...
Pearson Education Limited
Title: Edexcel a level economics a question paper 3 june 2024 + mark scheme
Description: Mark Scheme (Results) Summer 2024 Pearson Edexcel GCE A Level In Economics A (9EC0) Paper 03 Micro and Macro Economics
Description: Mark Scheme (Results) Summer 2024 Pearson Edexcel GCE A Level In Economics A (9EC0) Paper 03 Micro and Macro Economics