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Title: Edexcel a level economics b question paper 1 june 2024 + mark scheme
Description: Mark Scheme (Results) Summer 2024 Pearson Edexcel GCE In Economics B (9EB0) Paper 1: Markets and how they work
Description: Mark Scheme (Results) Summer 2024 Pearson Edexcel GCE In Economics B (9EB0) Paper 1: Markets and how they work
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Edexcel a level
economics b 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
Wednesday 15 May 2024
Morning (Time: 2 hours)
Paper
reference
Economics B
9EB0/01
Advanced
PAPER 1: Markets and how they work
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
...
•
• Answer the questions in the spaces provided
– 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
...
•
• Check your answers if you have time at the end
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F:1/1/1/1/
*P80957A0128*
Read the following extracts (A–E) before answering Question 1
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Extract A
TUI Group lose market share to Jet2holidays
The TUI Group (TUI) has finally responded to being overtaken by Jet2holidays as the UK’s
largest tour operator
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We want to grow stronger than our competitors
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It is targeting the larger
and higher growth segments of the leisure market, such as accommodation only,
flight only, car hire, tours and experiences
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Energised adventurers are older, confident, more affluent and adventurous
holidaymakers interested in culture and exploration
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TUI reported record holiday bookings for summer 2023 and 2024 now that global travel
restrictions have been lifted for consumers
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co
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0
4 433
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4
4 313
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6
119
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tuigroup
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Extract C
TUI hails return to profit but warns of €25m additional costs from Rhodes’ wildfires
The package holiday operator TUI has enjoyed its first profitable April to June since
before the global health crisis but warned that it expects €25m additional costs from last
month’s wildfires in Rhodes
...
5
“The financial impact of the wildfires in recent weeks covering cancellations, customer
compensation, repatriation flights and welfare costs has added €25m additional costs to
our full year 2023 results,” the company said
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It predicted summer bookings would still be 6%
higher than last year
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theguardian
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25%
6
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5
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4
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2
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1
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0
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bankofengland
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uk/monetary-policy/the-interest-ratebank-rate)
*P80957A0328*
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Turn over
The UK travel and tourism sector is highly fragmented and firms within this sector range
from large tour operators such as TUI and Jet2holidays to smaller independent hotels,
bed and breakfasts, travel consultants and leisure activities
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It is set to reach more than £286 bn or 10
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The UK travel and tourism sector is expected to create nearly 700,000 new jobs over
the next decade and is a major employer in the UK
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In 2022, there were
15
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2 bn
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Manchester has amazing
cuisine, an assortment of museums and incredible nightlife
...
5
10
(Source: adapted from: https://travelweekly
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uk/news/air/uk-travel-and-tourism-to-create70000-jobs-a-year-over-next-decade)
4
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UK travel and tourism to create 700,000 jobs over next decade
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Extract E
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1 (a) Explain one reason why an increase in market share might be an important
business objective for TUI
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(4)
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(c) Using Extract B calculate, to two decimal places, the operating profit margin for
TUI in Q3 2023
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(4)
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*P80957A0728*
7
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(d) Using a supply and demand diagram, analyse the likely impact on the market for
air travel of improvements in aircraft technology
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Many airlines are now investing in aircraft that are more fuel efficient and use low‑carbon
jet fuel in a bid to reach net‑zero carbon emissions by 2050
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(8)
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*P80957A0928*
9
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(10)
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*P80957A01128*
11
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(12)
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*P80957A01328*
13
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(h) Assess the likely impact from the growth of the travel and tourism sector on
aggregate demand (AD) in the UK
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Extract F
Sugar tax and childhood obesity
Obesity has become a global public health problem with over half the world predicted
to be overweight or obese by 2035
...
3 trillion annually by 2035, or 3% of global GDP
...
Obese children are more
likely to suffer from depression and in later life have serious health problems including
high blood pressure and type 2 diabetes
...
A large source of this is sugary drinks
...
In April 2018, the UK Government introduced a sugar tax on soft drinks – the soft drinks
industry levy
...
The levy raised £334 m in the financial year
2021–22
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A planned restriction on advertising unhealthy foods before 9 pm on TV and online
has been repeatedly pushed back
...
5
10
15
20
(Source: adapted from https://www
...
ac
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SECTION B
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2 Evaluate the effectiveness of indirect taxation on demerit goods to reduce childhood
obesity in the UK
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Extract G
Artificial Intelligence (AI) set to affect 300 million jobs across major economies
The latest breakthroughs in artificial intelligence (AI) could lead to the automation of 25%
of the work done in America and Europe, according to research by Goldman Sachs
...
There are already big claims for generative AI’s transformational effects on productivity
...
But if the technology lived up to its promise, it would also bring significant disruption to
the labour market, exposing the equivalent of 300 million full‑time workers across large
economies to automation
...
5
10
15
Lawyers and administrative staff would be among those at greatest risk of becoming
redundant
...
(Source adapted from: https://www
...
com/content/7dec4483-ad34-4007-bb3a7ac925643999)
22
*P80957A02228*
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Read the following extract (G) before answering Question 3
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(20)
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*P80957A02328*
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(Total for Question 3 = 20 marks)
TOTAL FOR SECTION C = 20 MARKS
TOTAL FOR PAPER = 100 MARKS
*P80957A02528*
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*P80957A02728*
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Mark Scheme (Results)
Summer 2024
Pearson Edexcel GCE
In Economics B (9EB0)
Paper 1: Markets and how they work
Edexcel and BTEC Qualifications
Edexcel and BTEC qualifications are awarded by Pearson, the UK’s largest awarding body
...
For further information visit our qualifications websites
at www
...
com or www
...
co
...
Alternatively, you can get in touch with us using the
details on our contact us page at www
...
com/contactus
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Our aim is to help everyone
progress in their lives through education
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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
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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
1(a)
Explain one reason why an increase in market share
might be an important business objective for TUI
...
g
...
g
...
• Reducing average costs could allow TUI to lower
prices thereby gaining a competitive advantage
over its rivals (1)
(4)
1
Question
Number
1(b)
Using a supply and demand diagram, illustrate the impact
on the market for global travel after travel restrictions
have been removed for consumers
...
You are
advised to show your working
...
5m
€5 286
...
99% (1)
NB if no working is shown award marks as
below:
If the answer given is 0
...
99 award 3 marks
(4)
3
Question
Number
1(d)
Using a supply and demand diagram, analyse the likely
impact on the market for air travel of improvements in
aircraft technology
...
g
...
g
...
Mark
Indicative content
1(e)
Knowledge/Understanding 2, Application 2,
Analysis 2, Evaluation 2
•
•
•
•
•
•
•
•
•
•
•
•
Break-even is when TR=TC
There would be a negative impact on TUI's breakeven level of output due to a shift in demand patterns
for this holiday destination
If the wildfires lead to reduced demand for travel
packages and accommodations in Rhodes, TUI's
overall revenue might decline or prices might have to
be reduced for future holidays
This would likely increase the break-even level of
output as TUI would need to generate more revenue
from its remaining operations to cover its fixed costs
As a result, TUI might have to operate at a higher
output level to reach the break-even point, which
could put pressure on its profitability and operational
efficiency
TUI would need to sell more holidays to cover its
fixed costs since each unit contributes less revenue
Operational disruptions caused by the wildfires
resulted in €25m additional costs for rearranging
travel plans, rebooking customers and providing
alternative services
These extra fixed and variable costs would contribute
to a higher break-even level of output for TUI
However, the number of passengers affected by the
wildfires represents for a very small percentage of
TUI’s overall revenue
Travellers to Rhodes only accounts for 5% of TUI’s
overall programme with only 8,000 or 20% of the
holiday makers on Rhodes affected by the wildfires
TUI’s expects a 6% increase in bookings so this could
help to mitigate the loss of revenue from the wildfires
The actual impact would depend on TUI's ability to
manage costs and the effectiveness of its strategies
to restore customer confidence and demand
(8)
5
Level
Mark
Descriptor
0
A completely inaccurate response
...
Arguments and chains of
reasoning may be attempted
...
Level 2
3–5
Elements of knowledge and understanding, using limited
relevant evidence
...
Judgements may be attempted
...
Arguments are developed, using logical, coherent chains of
reasoning
...
Demonstrating application (AO2) in responses
Where questions specifically stipulate the use of data or information provided in
a stimulus, students:
• must directly reference, interpret or analyse the information provided in
the stimulus
• in addition, may select examples from their own knowledge but these
must be relevant and directly connected to the context/issues set out in
the stimulus
...
6
Question
Number
Assess the possible benefits of market mapping for TUI
...
Level 1
1–2
Isolated elements of knowledge and understanding, using
little or no relevant evidence
...
Limited attempt to address the
question
...
Arguments and chains of reasoning are
presented but with limited attempt to address the question
...
Level 3
5-7
Accurate knowledge and understanding, supported by use of
relevant evidence to support the argument, clear chains of
reasoning, well developed with arguments
...
Level 4
8-10
Accurate knowledge and understanding, supported
throughout by use of relevant evidence which is well chosen,
logical, coherent chains of reasoning, showing full
understanding of the question
...
A full and balanced awareness of the validity and
significance of competing arguments
...
Where questions do not specifically stipulate the use of data or information
provided in a stimulus, students:
•
•
must select relevant examples from their own knowledge, these must be
directly connected to the context/issues set out in the question, and
may directly reference, interpret or analyse the information provided in
any relevant stimulus
...
Mark
Indicative content
1(g)
Knowledge/Understanding 2, Application 2,
Analysis 4, Evaluation 4
•
•
•
•
•
•
•
•
•
•
•
•
UK base rates have steadily increased from a low of
0
...
25% in August 2023
Higher interest rates may lead to increased borrowing
costs for holiday firms, particularly those with high
levels of debt
This could result in reduced profitability and lower
investment in new travel products or services
Consumers may have less discretionary income to
spend on holidays as they have to pay more for
borrowing or for mortgage repayments
This could lead to a fall in demand for TUI’s products
and services as they tend to be income elastic
An increase in interest rates could also lead to a
general slowdown in the UK economy, which may
lead to reduced consumer confidence and a decrease
in the number of people taking holidays with TUI
However, increased interest rates may lead to a
stronger pound, making foreign holidays cheaper for
UK tourists
This may increase demand for holidays and boost
sales for TUI
Higher interest rates can also lead to a reduction in
inflation, reducing cost pressures for holiday firms
when they purchase goods and services needed for
their operations
An increase in interest rates can also encourage
saving
This may lead to more customers having
discretionary income to spend on holidays in the
longer term, particularly expensive luxury holidays
The impact will depend on various factors such as the
size and financial position of firms such as TUI, the
level of competition in the travel industry and the
spending behaviour of consumers
(12)
9
Level
Mark
Descriptor
0
A completely inaccurate response
...
Arguments and chains of
reasoning may be attempted
...
Level 2
3–5
Elements of knowledge and understanding, using limited
relevant evidence
...
Comparisons and judgements may be attempted
...
An awareness of
the significance of competing arguments is present although
this may lack balance
...
Arguments are developed and
evaluated
...
Demonstrating application (AO2) in responses
Where questions specifically stipulate the use of data or information provided in
a stimulus, students:
•
•
must directly reference, interpret or analyse the information provided in
the stimulus
in addition, may select examples from their own knowledge but these
must be relevant and directly connected to the context/issues set out in
the stimulus
...
1(h)
Indicative content
Knowledge/Understanding 2, Application 2,
Analysis 4, Evaluation 4
•
•
•
•
•
•
•
•
•
•
•
•
AD = C+I+G+ (X-M)
The growth of the travel and tourism sector can lead to
increased consumer spending (C) on leisure activities,
accommodation, dining and entertainment
This rise in consumer expenditure will increase AD,
indicating an increase in overall demand as it is set to
reach 10
...
2bn was spent in London alone in 2022 with other
major UK cities attracting many international visitors
This results in an increase in net exports, positively
impacting the trade balance and an increase in AD
In the short term, the positive impact on aggregate
demand can lead to economic growth, increased output
and potentially lower unemployment, as firms within the
travel and tourism sector expand their operations and
hire more employees to cater for the rising demand
However, a significant portion of spending in the travel
and tourism sector often goes towards imported goods
and services, including foreign airlines, accommodation
and imported food products
This leakage can reduce the overall multiplier effect on
the UK economy
The impact on AD will depend on whether the increased
spending on travel and tourism is from savings or from
reduced spending on other big ticket items such as cars
and home improvements
The travel and tourism sector is particularly susceptible
to external shocks, such as natural disasters or global
health crises resulting a decline is AD
Mark
(12)
11
Level
Mark
Descriptor
0
A completely inaccurate response
...
Arguments and chains of
reasoning may be attempted
...
Level 2
3–5
Elements of knowledge and understanding, using limited
relevant evidence
...
Comparisons and judgements may be attempted
...
An awareness of
the significance of competing arguments is present although
this may lack balance
...
Arguments are developed and
evaluated
...
Demonstrating application (AO2) in responses
Where questions specifically stipulate the use of data or information provided in
a stimulus, students:
•
•
must directly reference, interpret or analyse the information provided in
the stimulus
in addition, may select examples from their own knowledge but these
must be relevant and directly connected to the context/issues set out in
the stimulus
...
12
Question Evaluate the effectiveness of indirect taxation on demerit
Number goods to reduce childhood obesity in the UK
...
It may be seen
as unfair and unpopular among some groups in society
It may not be effective in reducing childhood obesity
among higher-income groups who can still afford to buy
these products despite the tax
The effectiveness of the tax depends on the PED for the
targeted products
...
Level 1
1–4
Isolated elements of knowledge and understanding, using
little or no relevant evidence
...
Limited attempt to address the question
...
Arguments and chains of reasoning are
presented, but connections between causes and
consequences are incomplete
...
Comparisons, judgements or conclusions may be
attempted, but are unsupported or generic
...
Arguments are well developed and
partially evaluated
...
A conclusion may be attempted but may not show
awareness of the significance of competing arguments
...
Arguments are fully
developed and evaluated
...
14
Question Evaluate the extent to which the use of technology might
Number increase productivity for a firm
...
This allows human resources to be redirected towards
more complex and value-added activities, improving
overall efficiency and productivity
For example, robots in manufacturing can assemble
products with precision and speed, reducing the need
for manual labour and improving overall efficiency
Greater efficiency could be achieved using ChatGPT
which has been found to help coders work at twice their
previous speed, halve the time taken to complete
certain writing tasks and make call centres 14% more
productive
AI technology can improve supply chain processes from
demand forecasting to stock management and logistics
...
Level 1
1–4
Isolated elements of knowledge and understanding, using
little or no relevant evidence
...
Limited attempt to address the question
...
Arguments and chains of reasoning are
presented, but connections between causes and
consequences are incomplete
...
Comparisons, judgements or conclusions may be
attempted, but are unsupported or generic
...
Arguments are well developed and
partially evaluated
...
A conclusion may be attempted but may not show
awareness of the significance of competing arguments
...
Arguments are fully
developed and evaluated
...
16
17
Title: Edexcel a level economics b question paper 1 june 2024 + mark scheme
Description: Mark Scheme (Results) Summer 2024 Pearson Edexcel GCE In Economics B (9EB0) Paper 1: Markets and how they work
Description: Mark Scheme (Results) Summer 2024 Pearson Edexcel GCE In Economics B (9EB0) Paper 1: Markets and how they work