2025 AQA GCSE ECONOMICS Paper 1 How Markets Work
Question Paper & Mark Scheme (Merged) May 2025 [VERIFIED]
Please write clearly in block capitals.
Centre number Candidate number
Surname
Forename(s)
Candidate signature
I declare this is my own work.
GCSE
ECONOMICS
Paper 1 How Markets Work
Wednesday 14 May 2025 Afternoon Time allowed: 1 hour 45 minutes
Materials For Examiner’s Use
You may use a calculator.
Section Mark
Instructions A
Use black ink or black ball-point pen. Draw diagrams in pencil. B
Fill in the boxes at the top of this page.
TOTAL
Answer all questions.
You must answer the questions in the spaces provided. Do not write on
blank pages.
If you need extra space for your answer(s), use the lined pages at the end of this book. Write the
question number against your answer(s).
Do all rough work in this book. Cross through any work you do not want to be marked.
Information
The marks for questions are shown in brackets.
The maximum mark for this paper is 80.
Questions should be answered in continuous prose. You will be assessed on your ability to:
– use good English
– organise information clearly
– use specialist vocabulary where appropriate.
IB/H/Jun25/G4002/E5 8136/1
, 2
Do not write
outside the
Section A box
Answer all questions in the spaces provided.
For questions with four responses, only one answer per question is allowed.
For each question, completely fill in the circle alongside the appropriate answer.
CORRECT METHOD WRONG METHODS
If you want to change your answer you must cross out your original answer as shown.
If you wish to return to an answer previously crossed out, ring the answer you now wish to select
as shown.
0 1 Which of the following is not a need?
[1 mark]
A Food
B Holiday
C Shelter
D Warmth
0 2 Which of the following represents the basic economic problem?
[1 mark]
A Non-renewable resources and limited wants
B Renewable resources and unlimited wants
C Scarce resources and limited wants
D Scarce resources and unlimited wants
IB/H/Jun25/8136/1
, 3
Do not write
outside the
box
0 3 Demand may be best defined as
[1 mark]
A the equilibrium quantity of a good or service.
B the price of a good or service.
C the quantity of a good or service bought at a given price
in a given time period.
D the relationship between price and consumer income.
0 4 Which of the following is a factor of production?
[1 mark]
A Income
B Machinery
C Profit
D Rent
0 5 A firm is able to reduce its long-run average costs by producing a wide range of products.
This is an example of
[1 mark]
A financial economies of scale.
B purchasing economies of scale.
C risk-bearing economies of scale.
D technical economies of scale.
Turn over ►
IB/H/Jun25/8136/1
, 4
Do not write
outside the
box
0 6 Which of the following would be included in the primary sector of an economy?
[1 mark]
A A car manufacturer
B A hairdresser
C A school
D A wheat farmer
0 7 Which of the following could be a deduction from gross pay?
[1 mark]
A Maternity pay
B National Insurance
C Net pay
D VAT
0 8 The price elasticity of demand for a product is –0.2.
This means that the product is
[1 mark]
A a complement.
B a substitute.
C price elastic.
D price inelastic.
IB/H/Jun25/8136/1
Question Paper & Mark Scheme (Merged) May 2025 [VERIFIED]
Please write clearly in block capitals.
Centre number Candidate number
Surname
Forename(s)
Candidate signature
I declare this is my own work.
GCSE
ECONOMICS
Paper 1 How Markets Work
Wednesday 14 May 2025 Afternoon Time allowed: 1 hour 45 minutes
Materials For Examiner’s Use
You may use a calculator.
Section Mark
Instructions A
Use black ink or black ball-point pen. Draw diagrams in pencil. B
Fill in the boxes at the top of this page.
TOTAL
Answer all questions.
You must answer the questions in the spaces provided. Do not write on
blank pages.
If you need extra space for your answer(s), use the lined pages at the end of this book. Write the
question number against your answer(s).
Do all rough work in this book. Cross through any work you do not want to be marked.
Information
The marks for questions are shown in brackets.
The maximum mark for this paper is 80.
Questions should be answered in continuous prose. You will be assessed on your ability to:
– use good English
– organise information clearly
– use specialist vocabulary where appropriate.
IB/H/Jun25/G4002/E5 8136/1
, 2
Do not write
outside the
Section A box
Answer all questions in the spaces provided.
For questions with four responses, only one answer per question is allowed.
For each question, completely fill in the circle alongside the appropriate answer.
CORRECT METHOD WRONG METHODS
If you want to change your answer you must cross out your original answer as shown.
If you wish to return to an answer previously crossed out, ring the answer you now wish to select
as shown.
0 1 Which of the following is not a need?
[1 mark]
A Food
B Holiday
C Shelter
D Warmth
0 2 Which of the following represents the basic economic problem?
[1 mark]
A Non-renewable resources and limited wants
B Renewable resources and unlimited wants
C Scarce resources and limited wants
D Scarce resources and unlimited wants
IB/H/Jun25/8136/1
, 3
Do not write
outside the
box
0 3 Demand may be best defined as
[1 mark]
A the equilibrium quantity of a good or service.
B the price of a good or service.
C the quantity of a good or service bought at a given price
in a given time period.
D the relationship between price and consumer income.
0 4 Which of the following is a factor of production?
[1 mark]
A Income
B Machinery
C Profit
D Rent
0 5 A firm is able to reduce its long-run average costs by producing a wide range of products.
This is an example of
[1 mark]
A financial economies of scale.
B purchasing economies of scale.
C risk-bearing economies of scale.
D technical economies of scale.
Turn over ►
IB/H/Jun25/8136/1
, 4
Do not write
outside the
box
0 6 Which of the following would be included in the primary sector of an economy?
[1 mark]
A A car manufacturer
B A hairdresser
C A school
D A wheat farmer
0 7 Which of the following could be a deduction from gross pay?
[1 mark]
A Maternity pay
B National Insurance
C Net pay
D VAT
0 8 The price elasticity of demand for a product is –0.2.
This means that the product is
[1 mark]
A a complement.
B a substitute.
C price elastic.
D price inelastic.
IB/H/Jun25/8136/1
