Past question papers, mark schemes and examiners' reports are available on the qualification page.

These are kept locked for the first 9 months after an examination series and you will require an Edexcel Online username and password to be able to gain access.

Feedback on the 2019 summer exam series (papers 1 and 2) is available in a pre-recorded training session.

Specimen papers and mark schemes are also available for all 4 units.

These exemplar answers from the May 2019 Unit 1 and 2 papers show how examiners have applied the mark scheme to candidate responses:

Knowledge of terms, concepts, theories and models to show an understanding of the behaviour of economic agents

This could include:

• Definitions
• Formulae
• Basic diagrams
• Identification of key points
   

• Magnitude of change/consequence
• Time frame: effects may be different in the short run/long run
• Measurement issues
• Showing a critical awareness
  
• Recognising different viewpoints
  
• Questioning quality of the evidence: validity and reliability
• Questioning validity of underlying assumptions (e.g. does correlation imply causation)
  
• Making an informed judgement (for the 20-mark questions).

The two mark define questions require a definition only.

Candidates need to be clear and accurate in their definitions. Vague statements do not get credited, so they need to use technical vocabulary/terminology to access the full marks available.

The marks available are both for knowledge so there is not a requirement to use examples from the context.

Application - 2 marks for the calculation.

Could score full marks for correct answer but best to show working.
 

Knowledge
• 1 mark for drawing original supply and demand (do not have to include market equilibrium).

Application
Up to 3 marks for the following information included on diagram:
• 1 mark for drawing a shift
• 1 mark for labelling the new price
• 1 mark for labelling the new quantity.

When asked to a draw a diagram all marks can be achieved through the diagram and no written explanation is required. The majority of students support their response with a written explanation when in fact the diagram has achieved full marks.

Label the new curve differently e.g. S and S1.

Label the new price and quantity clearly e.g. P and P1.

For AD/AS diagrams label the axes PL (Price Level) and Real GDP.  Diagrams showing 'price' and 'quantity' on the axes will not be rewarded. On the y axis, label the different equilibrium points P1 and P2.  On the x axis label the different equilibrium points Y1 and Y2.

Examiners Tips:

The most common reason marks are dropped is for mislabelling or not labelling the axis.

When asked to draw, you do not need to support with a written explanation.

The use of directional arrows is helpful to indicate clearly that the shift is in the correct direction.

When you shift more than one curve the only two equilibria required are for the original and new price and quantity. Any interim equilibria are not required.

In a PPF diagram make it clear in the diagram the direction of your shift in the PPF. This could be through the use of an arrow or through the labels e.g. PPF to PPF1.

Knowledge – 1 mark for the correct formula
Application - 3 marks for the calculations

Always include units in your answer.

Candidates are always advised to show their workings to gain some marks even if their final calculation was inaccurate.  For example, when calculating the income elasticity of demand, it is helpful to calculate the intermediate stages that is the % change in quantity demanded and % change in income. When the final answer is incorrect these to calculation can gain two marks.

Calculations of PED will always be negative so you must include a negative sign in the answer even if the fact the quantity falls is ignored in earlier calculations. Whilst in May 2019 on this occasion we have allowed for a positive or negative value of PED, it is important to note that it is technically a negative value and candidates must show it is negative in future series. Elasticities of demand are not percentages and the percentage sign must not be included.

Make sure in calculating the change in quantity demanded to include whether it is positive or negative. On its own this was worth a mark which many candidates miss out on.

The percentage signs go after the percentage changes in quantity demanded and income not after the YED value.

Examples...

• explain what is meant by
• explain the difference
• explain the term
• explain the likely change

The application to the answer can be found from the sources provided. These need to be included to get both the application marks.  Always remember to use two pieces of data from the Extract to gain application marks.

There are no analysis marks in this type of explain question.  

These may start

• ‘Explain one’ or 
• ‘Explain the likely impact. 

If the question states 'Illustrate your answer with a diagram’, this is different from the ‘Draw’ questions. The question does ask to explain so it will require more than just a diagram. 2 marks for the diagram.

Application:  where data is given in the stem, this is often a useful way to access any available application marks.

Always reference the data in 6-mark questions for application marks.

Might include an instruction to illustrate the answer with a supply and demand diagram. A correct diagram would get 3 marks:

• one K mark for the original supply, demand and equilibrium
• one Ap mark for the correct shift on the diagram
• one An mark showing final equilibrium and the new price and quantity

Some students provide evaluation for this question, having misinterpreted the command word in the question. No marks are available for evaluation.  

Examples of candidate answers achieving full marks can be found in the following examiners' reports:

• May 2022, Unit 3 and Unit 4
• May 2023, Units 1, 2, 3 and 4

Knowledge – 2 marks, one for a definition and one for identifying the factor in the case study. A diagram could also get a knowledge mark

On 8-mark 'examine' questions, there are always 2 marks for application, so try to use two bits of information from the data.

Application and analysis – up to 2 marks for each linked explanation up to a maximum of 4 marks. Application for points-based question can be found in the sources provided. Always remember to include two pieces of relevant data.  

Some students are providing a lot of analysis in their answer and overwriting for this type question. This makes timing in the exam difficult.

Evaluation – up to 2 marks for 2 evaluative points or one evaluative point developed

On an 8 mark question candidates will typically need to consider 3 factors, whether this be causes or impacts, so considering further factors may be excessive and just reduce the candidates ability to finish the paper in the allocated time.

Examine questions do require an evaluation which can either be achieved through the development of an evaluation point or the identification of two evaluative comments. A significant number of students do not attempt an evaluation. Supporting evaluation comments with references to the extracts will help to achieve higher marks.

Examples of candidate answers achieving full marks can be found in the following examiners' reports:

• May 2019 Unit 1
• May 2022 Unit 2
• May 2022 Unit 4
• May 2023 Unit 2, Unit 3 and Unit 4

The mark schemes focus on the quality of student answers rather than the quantity of points made.

The quality of student answers is assessed according to the level descriptors.

The four assessment objectives are grouped as follows: knowledge, application and analysis [KAA]; and evaluation [EV].

To guide examiners, teachers and markers, the breakdown of marks allocated to KAA and to EV is given within the levels-based mark schemes
 

Applying levels based markschemes

1. Finding the right level

The first stage is to decide into which level the answer should be placed in

Use a ‘best-fit’ approach, deciding which level most closely describes the quality of the answer.

2. Finding a mark within a level
After a level has been decided on, the next stage is to decide on the mark within the level.

Levels with 2 marks start with the presumption that the work will be at the top of the level. Move down to the lower mark if the work only just meets the requirements of the level.

Levels with 3 or more marks should start at the middle of the level and then move the mark up or down to find the best mark.

Take into account how far the answer meets the requirements of the level.

KAA: context is very important. Candidates achieve a Level 1 for a generic answer or the bottom of Level 2 for some reference to context. On data response questions, always include context in both the analysis and evaluation to reach Level 2/3.

Candidates offering developed chains of reasoning in context are awarded Level 3.

When asked to draw a diagram it is important to do so as it makes it difficult to achieve the top level without it.

Use accurate diagrams and refer to them in explanations for KAA and for evaluation marks. An accurate diagram, with explanation in context, can shift a response from Level 2 to Level 3 for both KAA and for Evaluation.

When drawing diagrams in the essay, it is important to integrate these into the write up by explicitly making reference to details in the diagram in the write up.

Centres should ensure candidates focus on developing only two points by adding multi-stage chains of reasoning. By contrast, covering a lot of points in a superficial way will limit the mark to a low Level 2 at best. Evaluation of these two analysis points should also carry depth to access the higher levels. Conclusion not required for this question.

Evaluation: up to 6 marks are available across 3 levels.
Level 1: generic and undeveloped evaluation points
Level 2: offering more development
Level 3:  candidates not only identify evaluative points and develop these, but answers are fully in context.

In order to access higher level evaluation marks candidates need to develop a chain of reasoning in their evaluative comments. This is an area which centres will need to focus upon.

Evaluation points often refer to:

• short v long run considerations
• time lags
• magniture
• elasticity

Most students attempt to evaluate their responses, but it seems that most are struggling to develop their evaluation sufficiently to receive a Level 3 mark. In order to rectify this, students should perhaps be advised to focus on writing longer chains of reasoning to develop two evaluative points, rather than identifying and partially developing three points.

Students who receive higher marks for evaluation tend to use information in the extract as the starting point for their evaluation, going on to use their economic knowledge to explain the relevance of the data, rather than beginning with a generic evaluative point.

Use accurate diagrams and refer to them in explanations for KAA and for evaluation marks. An accurate diagram, with explanation in context, can shift a response from Level 2 to Level 3 for both KAA and for Evaluation.

Examples of candidate answers achieving high marks can be found in the following examiners' reports:

• May 2019, Unit 1 - a Level 3 response
  
• May 2022, Unit 3 - a full mark response
• May 2023, Unit 1, 2, 3 and 4 for Level 3 responses.

Students are encouraged to have a clear structure to their answers. They must avoid writing essays in bullet points or in long blocks/paragraphs without making a distinction between their analysis and evaluation points. Essays should be structured in paragraphs so that each covers discussion of one issue. Evaluation of this point may be included in that paragraph.

Centres should ensure candidates focus on developing only two points by adding multi-stage chains of reasoning. Evaluation of these two analysis points should also carry depth to access the higher levels. There is a lot of breadth to answers and this limits the ability of candidates to develop their arguments.

Focus on fully developing only two KAA and two EV points to maximise chances of attaining the top end of the higher levels. Covering a lot of points in a superficial way will limit the mark to a low Level 2 at best.  

In the best responses for KAA students demonstrate a precise knowledge of concepts, developed chains of reasoning, accurate diagrams that are explained clearly and reference to context. Evaluation points should be made and linked to the context of the question. These should have a chain of reasoning or sufficient development to be able to achieve Level 3.

Candidates often make a number of valid separate points but do not develop a coherent chain of reasoning. In addition, a number of candidates do not include any form of contextual reference and consequently will not achieve more than a Level 2 KAA mark. Context can be from the stem in the question and/or from other examples used effectively by the candidate.

Unlike the previous paper (WEC04), students are not expected to write four analysis and three evaluation points. They can select two or three analysis points and develop them by focusing on those points rather than trying to cover as many points as possible.  It is important to have both depth and breadth to answers. There only needs to be two well-developed analysis and evaluation points, with an informed judgement for the essay questions.

For their evaluation candidates should provide a partially-developed chain of reasoning to attain at least Level 2. Evaluation points should be made and linked to the context of the question. These should have a chain of reasoning or sufficient development to be able to achieve Level 3. An informed judgement is needed in order to gain a Level 3 evaluation mark. Writing a list of points will only give students access to Level 1.

Common evaluation:

• measurement problems in terms of the difficulty in measuring
• magnitude
• time frame, short-term/long-term
• time lags

Key tips:

• Define the key terms relevant to the question
• If relevant, include a diagram and explain it as part of the write up. When including diagrams it is important to incorporate the details from the diagram in the analysis.
• It is not enough to identify factors. The depth comes from the chains of reasoning to access the analysis marks
• Focus on fully developing only 2 KAA and 2 EV points to maximise chances of attaining the top end of the higher levels. The depth of answers is equally important as having sufficient breadth to answers.
• Evaluation points should be made and linked to the context of the question. Refrain from including generic evaluation
• Evaluation points should have a chain of reasoning or sufficient development to be able to achieve Level 3.  To achieve Level 3 for evaluation in the essay it is necessary to include an informed judgement.

Examples of high-scoring candidate answers can be found in the following examiners' reports:

• May 2019 Unit 1
• May 2022 Unit 1 and Unit 4
• May 2023 Unit 2 and Unit 4

The Unit 1 exam is a microeconomic paper, so AD/AS diagrams and reference to macroeconomic demand side policies such as interest rate increases are not relevant.

The specification for Unit 3 states:

Questions may draw on any content covered in Units 1 and 2.

The specification for Unit 4 states:

Questions may draw on any content covered in Units 1, 2 and 3.