Edexcel a level economics a question paper 1 june 2023 + mark scheme

Mark Scheme (Results) Summer 2023 Pearson Edexcel GCE A Level In Economics A (9EC0) Paper 01: Market and Business BehaviourEdexcel and BTEC Qualifications Edexcel and BTEC qualifications are awarded by Pearson, the ...

Mark Scheme (Results) Summer 2023 Pearson Edexcel GCE A Level In Economics A (9EC0) Paper 01: Market and Business BehaviourEdexcel and BTEC Qualifications Edexcel and BTEC qualifications are awarded by Pearson, the UK’s largest awarding body. We provide a wide range of qualifications including academic, vocational, occupational and specific programmes for employers. For further information visit our qualifications websites at www.edexcel.com or www.btec.co.uk. Alternatively, you can get in touch with us using the details on our contact us page at www.edexcel.com/contactus. Pearson: helping people progress, everywhere Pearson aspires to be the world’s leading learning company. Our aim is to help everyone progress in their lives through education. We believe in every kind of learning, for all kinds of people, wherever they are in the world. 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. Find out more about how we can help you and your students at: www.pearson.com/uk Summer 2023 Publications Code 9EC0_01_2306_MS All the material in this publication is copyright © Pearson Education Ltd 2023General Marking Guidance • All candidates must receive the same treatment. Examiners must mark the first candidate in exactly the same way as they mark the last. • Mark schemes should be applied positively. Candidates must be rewarded for what they have shown they can do rather than penalised for omissions. • Examiners should mark according to the mark scheme not according to their perception of where the grade boundaries may lie. • There is no ceiling on achievement. All marks on the mark scheme should be used appropriately. • All the marks on the mark scheme are designed to be awarded. Examiners should always award full marks if deserved, i.e. if the answer matches the mark scheme. Examiners should also be prepared to award zero marks if the candidate’s response is not worthy of credit according to the mark scheme. • Where some judgement is required, mark schemes will provide the principles by which marks will be awarded and exemplification may be limited. • When examiners are in doubt regarding the application of the mark scheme to a candidate’s response, the team leader must be consulted. • Crossed out work should be marked UNLESS the candidate has replaced it with an alternative response.Question Number Answer Mark 1(a) Knowledge 2, Application 1, Analysis1 K + An up to 3 marks e.g.: • More choice (1) because of consumer sovereignty (1) and profit motive / greater incentive (1) • More efficient allocation of resources (1) because of allocative efficiency / productive efficiency / dynamic efficiency / lack of X-inefficiency (1) because of profit motive / greater incentive (1) • Lower prices (1) because of more competition (1) and greater incentive (1) • Better quality products (1) because of competition (1) and profit motive (1) • More innovation (1) because of competition (1) and profit motive (1) Application 1 mark for e.g. o Cuban government allow small private businesses o ‘Jump-start the economy’ o Create jobs o Role of small business o Reform of command economy (4) Question Number Answer Mark 1(b) Knowledge 1 The only correct answer is D A is not correct because Adam Smith supported the free market B is not correct because Friedrich Hayek supported the free market C is not correct because John Maynard Keynes did not advocate a command economy, rather higher borrowing to provide an injection of demand into the economy (1)Question Number Answer Mark 2(a) Application 2 Application 2 marks for e.g. ● The opportunity cost is 1 unit of oats (2) ● 2 more units of wheat to be produced (1) (2) Question Number Answer Mark 2(b) Knowledge 1, Analysis 1 Knowledge 1 mark for understanding, e.g. ● Efficiency will decrease ● Inefficient allocation of resources ● Not productively efficient Analysis 1 mark for e.g. ● Not producing at maximum potential output ● Potentially produce more wheat and oats ● Spare capacity ● Unemployed resources ● Lower output the next year ● No opportunity cost from moving from W towards PPF (2) Question Number Answer Mark 2(c) Knowledge 1 The only correct answer is B A is not correct because the PPF shows the production of oats and wheat, not milk C is not correct because a PPF does not show demand for a product D is not correct because a