Pearson Edexcel Level 3 GCE Economics A Advanced Subsidiary PAPER 1: Introduction
to Markets and Market Failure QP MAY 2024
[Document subtitle]
[Author name] [Date] [Course title]
, Please check the examination details below before entering your candidate information
Candidate surname Other names
Centre Number Candidate Number
Pearson Edexcel Level 3 GCE
Monday 13 May 2024
reference 8EC0/01
Morning (Time: 1 hour 30 minutes) Paper
Economics A
Advanced Subsidiary
PAPER 1: Introduction to Markets and Market Failure
You do not need any other materials. Total Marks
Pearson Edexcel Level 3 GCE Economics A Advanced Subsidiary PAPER 1: Introduction to
Markets and Market Failure QP MAY 2024
Instructions
• Use black ink or ball‑ point pen.
• Fill in the boxes at the top of this page with your name,
• centre number and candidate number.
• There are two sections in this question paper.
• Answer all questions in Section A.
• In Section B, answer all of questions 6(a) to 6(e) and one question from 6(f) or 6(g). Answer
the questions in the spaces provided
– there may be more space than you need.
Information
• The total mark for this paper is 80.
• The marks for each question are shown in brackets
• – use this as a guide as to how much time to spend on each question.
Calculators may be used.
Advice
• Read each question carefully before you start to answer it.
• Check your answers if you have time at the end.
Turn over
P72055A
©2024 Pearson Education Ltd.
*P72055A0132*
F:1/1/1/1/1/1/
,DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
BLANK PAGE
2
, SECTION A
Answer ALL questions. Write your answers in the spaces provided.
DO NOT WRITE IN THIS AREA
Some questions must be answered with a cross in a box . If you change your mind about an
answer, put a line through the box and then mark your new answer with a cross .
You are advised to spend 25 minutes on this section.
Use the data to support your answers where relevant. You may annotate and include diagrams
in your answers.
1 Scarcity of non‑ renewable resources, such as oil, is a key reason why alternative
resources have been developed by economies. In recent years, within the energy
market there has been a large increase in the production of wind power.
(a) With reference to the information provided, explain the distinction
between renewable and non‑ renewable resources.
(3)
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DO NOT WRITE IN THIS AREA
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DO NOT WRITE IN THIS AREA
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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)
3
to Markets and Market Failure QP MAY 2024
[Document subtitle]
[Author name] [Date] [Course title]
, Please check the examination details below before entering your candidate information
Candidate surname Other names
Centre Number Candidate Number
Pearson Edexcel Level 3 GCE
Monday 13 May 2024
reference 8EC0/01
Morning (Time: 1 hour 30 minutes) Paper
Economics A
Advanced Subsidiary
PAPER 1: Introduction to Markets and Market Failure
You do not need any other materials. Total Marks
Pearson Edexcel Level 3 GCE Economics A Advanced Subsidiary PAPER 1: Introduction to
Markets and Market Failure QP MAY 2024
Instructions
• Use black ink or ball‑ point pen.
• Fill in the boxes at the top of this page with your name,
• centre number and candidate number.
• There are two sections in this question paper.
• Answer all questions in Section A.
• In Section B, answer all of questions 6(a) to 6(e) and one question from 6(f) or 6(g). Answer
the questions in the spaces provided
– there may be more space than you need.
Information
• The total mark for this paper is 80.
• The marks for each question are shown in brackets
• – use this as a guide as to how much time to spend on each question.
Calculators may be used.
Advice
• Read each question carefully before you start to answer it.
• Check your answers if you have time at the end.
Turn over
P72055A
©2024 Pearson Education Ltd.
*P72055A0132*
F:1/1/1/1/1/1/
,DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA
BLANK PAGE
2
, SECTION A
Answer ALL questions. Write your answers in the spaces provided.
DO NOT WRITE IN THIS AREA
Some questions must be answered with a cross in a box . If you change your mind about an
answer, put a line through the box and then mark your new answer with a cross .
You are advised to spend 25 minutes on this section.
Use the data to support your answers where relevant. You may annotate and include diagrams
in your answers.
1 Scarcity of non‑ renewable resources, such as oil, is a key reason why alternative
resources have been developed by economies. In recent years, within the energy
market there has been a large increase in the production of wind power.
(a) With reference to the information provided, explain the distinction
between renewable and non‑ renewable resources.
(3)
....................................................................................................................................................................................................................................................................................
DO NOT WRITE IN THIS AREA
....................................................................................................................................................................................................................................................................................
....................................................................................................................................................................................................................................................................................
....................................................................................................................................................................................................................................................................................
....................................................................................................................................................................................................................................................................................
....................................................................................................................................................................................................................................................................................
....................................................................................................................................................................................................................................................................................
....................................................................................................................................................................................................................................................................................
....................................................................................................................................................................................................................................................................................
DO NOT WRITE IN THIS AREA
....................................................................................................................................................................................................................................................................................
....................................................................................................................................................................................................................................................................................
(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)
3
