Edexcel a level economics b question paper 3 june 2023 + mark scheme

Summer 2023 Pearson Edexcel GCE AS Level In Economics B (9EB0)Paper 03 The Economic environment and businessEdexcel 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 or . Alternatively, you can get in touch with us using the details on our contact us page at 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: Summer 2023 Publications Code 9EB0_03_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 Discuss if wage rates in a modern labour market are always determined by supply and demand. Indicative content Mark 1(a) Knowledge/understanding 2, Application 2, Analysis 2, Evaluation 2 • If the demand for labour exceeds the supply of labour then it might be expected that wage rates would increase • In a free market labour would respond to the signal of higher reward and move to that market • This would increase supply and create a new equilibrium wage • The opposite would happen if supply was greater than demand, wages would fall as happened in Extract A • Labour would leave the market until equilibrium is reached at a lower wage • In general, labour for the more specialised or skilled occupations tends to be in short supply and therefore wages rise accordingly • Again, the reverse holds true when there are a few if any skills needed, wages tend to be low • However, labour markets are not free markets and other forces (or market imperfections) can influence wage rates • Trade unions can negotiate higher wages by the strength of their organisation, often backed by industrial action • Some labour markets face a monopsony employer that can drive down wage rates such as the NHS or state education (8)Level Mark Descriptor 0 A completely inaccurate response. Level 1 1–2 Isolated elements of knowledge and understanding, using little or no relevant evidence. Arguments and chains of reasoning may be attempted. Limited attempt to address the question. Level 2 3–5 Elements of knowledge and understanding, using limited relevant evidence. Arguments and chains of reasoning are developed. Judgements may be attempted. Level 3 6–8 Accurate knowledge and understanding, supported throughout by use of relevant evidence which is well chosen. Arguments are developed, using logical, coherent chains of reasoning. A balanced awareness of competing arguments. 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. Where questions do not specifically stipulate the use of data or information provided in a stimulus, student