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Title: Edexcel as level economics a question paper 1 june 2024 + mark scheme
Description: Mark Scheme (Results) Summer 2024 Pearson Edexcel GCE AS Level In Economics A (8EC0) Paper 01 Introduction to Markets and Market Failure
Description: Mark Scheme (Results) Summer 2024 Pearson Edexcel GCE AS Level In Economics A (8EC0) Paper 01 Introduction to Markets and Market Failure
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Edexcel as level
economics a question
paper 1 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
Monday 13 May 2024
Morning (Time: 1 hour 30 minutes)
Paper
reference
Economics A
8EC0/01
Advanced Subsidiary
PAPER 1: Introduction to Markets and Market Failure
You do not need any other materials
...
•
in the boxes at the top of this page with your name,
• Fill
centre number and candidate number
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•
Answer all questions in Section A
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•
the questions in the spaces provided
• Answer
– there may be more space than you need
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•
marks for each question are shown in brackets
• The
– use this as a guide as to how much time to spend on each question
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Advice
Read each question carefully before you start to answer it
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Turn over
P72055A
©2024 Pearson Education Ltd
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Write your answers in the spaces provided
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If you change your mind about an
answer, put a line through the box and then mark your new answer with a cross
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Use the data to support your answers where relevant
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1 Scarcity of non‑renewable resources, such as oil, is a key reason why alternative
resources have been developed by economies
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(a) With reference to the information provided, explain the distinction between
renewable and non‑renewable resources
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(b) Which one of the following best describes ‘scarcity’?
(1)
A
An extension of the demand curve
B
Excess supply
C
Insufficient resources to satisfy wants
D
The misallocation of resources
(Total for Question 1 = 4 marks)
*P72055A0332*
3
Turn over
(a) Define the term ‘supply
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In which one of the diagrams does the movement from X to Y
illustrate the most likely impact on Madagascar’s economy of a natural disaster
such as a cyclone?
A
Output of
consumer
goods
(1)
B
Output of
consumer
goods
Y
Y
X
X
0
Output of capital goods
Output of
consumer
goods
X
0
4
0
Output of capital goods
C
D
Output of
consumer
goods
Y
Output of capital goods
Y
0
X
Output of capital goods
*P72055A0432*
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2 Vanilla bean prices increased to a record $600 a kilogramme in 2018 after a cyclone
hit the tropical island of Madagascar, damaging crops
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(c) Annotate the diagram below to show the effect of the cyclone on the price of
vanilla beans
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(b) Singapore’s education system is provided by the state
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(3)
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6
Statement 2
Other countries ought to set school class sizes similar to Finland
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oph
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(b) With reference to the information above, explain what is meant by
‘opportunity cost’
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It has been forecast that the price cut will lead to a 15% increase in
demand
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You are advised to show your working
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(1)
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Title: Edexcel as level economics a question paper 1 june 2024 + mark scheme
Description: Mark Scheme (Results) Summer 2024 Pearson Edexcel GCE AS Level In Economics A (8EC0) Paper 01 Introduction to Markets and Market Failure
Description: Mark Scheme (Results) Summer 2024 Pearson Edexcel GCE AS Level In Economics A (8EC0) Paper 01 Introduction to Markets and Market Failure