GCE PEARSON EDEXCEL LEVEL 3
ECONOMICS A
ADVANCED SUBSIDIARY
PAPER 1: INTRODUCTION TO MARKETS AND MARKET FAILURE
COMBINED QUESTION PAPER AND MARKING SCHEME
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
Morning (Time: 1 hour 30 minutes) Paper
reference 8EC0/01
Economics A
Advanced Subsidiary
PAPER 1: Introduction to Markets and Market Failure
You do not need any other materials. Total Marks
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
there may in the
be more space spaces
than provided
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.
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
Turn over
ECONOMICS A
ADVANCED SUBSIDIARY
PAPER 1: INTRODUCTION TO MARKETS AND MARKET FAILURE
COMBINED QUESTION PAPER AND MARKING SCHEME
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
Morning (Time: 1 hour 30 minutes) Paper
reference 8EC0/01
Economics A
Advanced Subsidiary
PAPER 1: Introduction to Markets and Market Failure
You do not need any other materials. Total Marks
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
there may in the
be more space spaces
than provided
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.
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
Turn over
