Edexcel a level economics b question paper 3 june 2023

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 5 June 2023 Morning (Time: 2 hours) Paper reference 9EB0/03 Total Marks Economics B Advanced PAPER 3: The economic environment and business You must have: Insert (enclosed) 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. • Answer all questions. • Answer the questions in the spaces provided – there may be more space than you need. Information • The total mark for this paper is 100. • 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. • Try to answer every question. • Check your answers if you have time at the end.*P72979A0224* DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA 2  Answer ALL questions. SECTION A Read the following extracts (A–E) before answering Question 1. Write your answers in the spaces provided. Extract A Whitsuntide hirings* – 16th April, 1879 Tuesday was the half-yearly hiring for Penrith. There was a large attendance but the people seeking employment were far in excess of those requiring labour. As a necessary consequence the wage rates were lower than at previous hirings. (Source: adapted from The Carlisle Journal April 16th 1879) *Hirings took place twice a year in rural areas such as Cumbria. They enabled all those seeking work as servants to meet with prospective employers and negotiate wages and terms of employment. Extract B Big Auto Had The Ultimate Barriers To Entry – Then Tesla Broke Through Before the rise of Tesla, conventional wisdom held that it would be practically impossible for a start-up company to challenge the giants of the car industry. When economics professors explained the concept of barriers to entry, the car industry was usually the prime example. Selling cars in volume requires not only massive industrial resources, but a highly complex supply chain and dealer network, so a start-up could not possibly enter the industry and compete. Events have shown that this model was not valid – or perhaps it would be more accurate to say that it was no longer valid, considering the growing importance of software and technology in the auto industry. In retrospect, Tesla was in the right place at the right time with the right idea. (Source: adapted from 5 10 *P72979A0324* Turn over 3 DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA DO NOT WRITE IN THIS AREA Extract C What Is Good Global Marketing? Red Bull Austrian company Red Bull is the world’s leading energy drink company, selling over 7.5 billion cans every year. Its distinctive packaging is recognised globally, as is its long running slogan “Red Bull gives you wings”. One of its most successful tactics is to host extreme sports events all over the world. From the Red Bull Indianapolis Grand Prix in America, to the Red Bull Air Race in the UK, to the Red Bull Soapbox Race in Jordan, the brand’s universal strategy takes it here, there and everywhere. Dunkin’ Donuts In the US, National Donut Day happens every year in June. While Americans get their hands dirty with a Boston crème (or two), Dunkin’ Donuts China serves up a fresh batch of dry pork and seaweed donuts. With over 3,200 stores in 36 countries Dunkin’ Donuts has evolved its menu to satisfy the sweet tooth of its global customers. From Korea’s Grapefruit Coolata, to Lebanon’s Mango Chocolate Donut and to Malaysia’s Mochi Waffle, it is clear that Dunkin’ Donuts isn’t afraid to celebrate cultural differences in an effort to strengthen its international presence. (Source: adapted from Extract D Digital markets The emergence of the digital economy has been a powerful force bringing about increased competition across a wide range of products and services. Digital platforms are at the forefront of innovation and disruption in various industries across the globe. Some of the most valuable companies in the world – Google, Amazon, F