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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
...
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*
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
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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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