A level edexcel economics a paper 3 mark scheme 2023

Mark Scheme (Results) Summer 2023 Pearson Edexcel GCE In Economics A (9EC0) Paper 03: Microeconomics & Macroeconomics Edexcel 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 9EC0_03_2306_MS All the material in this publication is copyright © Pearson Education Ltd 2022 General 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 2, Analysis 1 Knowledge Up to 2marks, points might include: ● positive statement e.g. statement of fact (1) ● normative statement e.g. value judgement, moral, ethical (1) Application: 2 marks for data (1+1): ● Positive example (1) e.g. o ‘removal of the 45% tax band’ (5) o ‘1.25 % rise in national insurance was implemented’ o ‘already raised them from 0.1% in 2021 to 2.25% by September 2022’ o ‘Britain’s poorest households would have lost £7.56 a year’ ● Normative example (1) e.g. o ‘wrong time to do this’ o ‘an unfair decision at the time’ Analysis (1 mark) for linked development e.g. ● can / cannot be tested (1) ● subjective / objective (1) Question Number Answer Mark 1(b) Knowledge 2, Application 2, Analysis 2, Evaluation 2 Knowledge: Identification of a cause of inflation (1+1) e.g. ● rising consumption ● rising investment ● rising government spending ● rising net exports ● rising in production/energy costs or other costs ● fall in the exchange rate (imported inflation) Application: (1 +1) ● 20% fall in the value of the pound ● identification of correct inflation rate from Figure 2 ● identification of correct gas price figure from Figure 1 ● removal of the 2023 planned rise in corporation tax from 19p to 25p ● tax cut proposals e.g. £30 billion tax cut, 15% corporation tax ● two-year freeze ending / average energy bill from £2500 to £3500 ● rising food prices ● half of the food we consume is imported Analysis: (1+1) development of each reason e.g. ● leading to higher aggregate demand (demand pull inflation) ● leading to a fall in short run aggregate supply (cost push inflation) ● may be shown through diagrammatic analysis of the shifts ● further analysis of identified reason / a transmission mechanism Evaluation: (2 marks for any relevant point, or two points 1 +1) ● short run long run arguments - could change in the future ● combination of factors ● made worse by external shock ● relative significance of points arguments