Mark Scheme (Results)
Summer 2024
Pearson Edexcel GCE AS Level
In Economics A (8EC0)
Paper 02 The UK Economy – Performance and
Policies
1
,General marking guidance
• All candidates must receive the same treatment. Examiners must mark the last
candidate in exactly the same way as they mark the first.
• Mark schemes should be applied positively. Candidates must be rewarded for
what they have shown they can do rather than be penalised for omissions.
• Examiners should mark according to the mark scheme – not according to their
perception of where the grade boundaries may lie.
• 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/indicative content will not be
exhaustive.
• When examiners are in doubt regarding the application of the mark scheme to a
candidate’s response, a senior examiner must be consulted before a mark is
given.
• Crossed-out work should be marked unless the candidate has replaced it with
an alternative response.
Summer 2024
Question Paper Log Number 72019
Publications Code 8EC0_02_2406_MS
All the material in this publication is copyright
© Pearson Education Ltd 2024
2
, Question Answer Mark
Number
1(a) The only correct answer is A
B is not correct because this is when actual economic
growth is less than potential economic growth
C is not correct because this is when actual economic
growth is greater than potential economic growth
D is not correct because this is the increase in productive
capacity of the economy (1)
Question Answer Mark
Number
1(b) Knowledge 1, Application 1, Analysis 1
Knowledge/understanding:
1 mark for identifying one limitation, e.g. does not consider
• exchange rates (1)
• population growth (1)
• presence of informal and unpaid economy (1)
• subsistence, barter and the hidden economy (1)
• income inequality/distribution of income (1)
Application:
1 mark for reference to the information provided for e.g.
• Real GDP increase in developing countries is higher
than developed countries (1) /
• Difference of 2.9 pp in growth rates (1)
• Reference to own example (1)
Analysis:
1 mark for linked development, e.g.
• Exchange rates might not accurately reflect the
differences in purchasing power of currencies (1)
• Population growth accounts for most of the growth
in developing countries (1)
• Presence of informal and unpaid economy will imply
that some output is unrecorded (1)
• Subsistence, barter and the hidden economy will
3
Summer 2024
Pearson Edexcel GCE AS Level
In Economics A (8EC0)
Paper 02 The UK Economy – Performance and
Policies
1
,General marking guidance
• All candidates must receive the same treatment. Examiners must mark the last
candidate in exactly the same way as they mark the first.
• Mark schemes should be applied positively. Candidates must be rewarded for
what they have shown they can do rather than be penalised for omissions.
• Examiners should mark according to the mark scheme – not according to their
perception of where the grade boundaries may lie.
• 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/indicative content will not be
exhaustive.
• When examiners are in doubt regarding the application of the mark scheme to a
candidate’s response, a senior examiner must be consulted before a mark is
given.
• Crossed-out work should be marked unless the candidate has replaced it with
an alternative response.
Summer 2024
Question Paper Log Number 72019
Publications Code 8EC0_02_2406_MS
All the material in this publication is copyright
© Pearson Education Ltd 2024
2
, Question Answer Mark
Number
1(a) The only correct answer is A
B is not correct because this is when actual economic
growth is less than potential economic growth
C is not correct because this is when actual economic
growth is greater than potential economic growth
D is not correct because this is the increase in productive
capacity of the economy (1)
Question Answer Mark
Number
1(b) Knowledge 1, Application 1, Analysis 1
Knowledge/understanding:
1 mark for identifying one limitation, e.g. does not consider
• exchange rates (1)
• population growth (1)
• presence of informal and unpaid economy (1)
• subsistence, barter and the hidden economy (1)
• income inequality/distribution of income (1)
Application:
1 mark for reference to the information provided for e.g.
• Real GDP increase in developing countries is higher
than developed countries (1) /
• Difference of 2.9 pp in growth rates (1)
• Reference to own example (1)
Analysis:
1 mark for linked development, e.g.
• Exchange rates might not accurately reflect the
differences in purchasing power of currencies (1)
• Population growth accounts for most of the growth
in developing countries (1)
• Presence of informal and unpaid economy will imply
that some output is unrecorded (1)
• Subsistence, barter and the hidden economy will
3
