Economics (2018) | Pearson qualifications

International Advanced Levels Economics (2018)

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IAL Economics: assessment support

Subject update | Thu Mar 14 17:33:00 UTC 2024

IAL Economics: assessment support

The purpose of this page is to help you understand the assessment of IAL Economics.

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There is a sister page to help you in the delivery of this qualification.

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.

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Our examWizard tool is an online resource containing a huge bank of past paper questions and support materials to help you create your own mock exams and assessments. It is available for a range of GCSE, International GCSE, A level subjects, BTEC and Functional Skills.

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

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ResultsPlus is an online results analysis tool that gives you a detailed breakdown of your students’ performance in Pearson Edexcel exams.

ResultsPlus provides detailed analysis of your learners' performance and will help you to identify potential topics, skills and types of questions where students may need to develop their learning further. Whilst there hasn’t been a typical examination series for a while, you may find it helpful to understand how your students’ performance compares with class and Pearson Edexcel national averages and to gather some insight data that may support effective teaching and learning approaches. Find out more about ResultsPlus.

Many centres will be focused on delivering mock exams this term and using those mock exam results to inform intervention and revision. The ResultsPlus Mock analysis service can help you get the most from that data.  

Examiners' reports

Examiners' reports are a useful way of understanding the standard that has been applied. You can see exemplar student answers to each question with examiner comments and tips. Combining a reading of the examiners' reports with the mark schemes can provide useful insights.

There are 4 assessment objectives.

Note that A01 and A02 carry more weight in AS than in A2 whereas A03 and A04 carry more weight in the A2 than in the AS.

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
     
Using knowledge and understanding in context.
 
Use of data/extracts in answer.
 
Use of examples to illustrate points.
 
Manipulation of data e.g. calculations based on data.
 
Selecting and applying the appropriate theories/concepts to the context.
 
A chain of reasoning: may be exemplified by explaining a transmission mechanism e.g. the effects of investment in infrastructure.
 
Could be demonstrated by use of diagrams that are explained fully and integrated into the analysis.
 
Explanation of a situation/issue/problem by a logical sequence of linked ideas.
 
Use link words such as so, because, if and therefore

Strong analysis also uses can/could/might.
Key point: Evaluation should be in the context of the question – not generic points.
 
Might involve consideration of
  • 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).

There are extracts from the examiners' reports as they relate to the different command verbs below:

Always worth 2 marks in AS data response questions.

Designed to test knowledge (AO1).

Usually 1 mark for basic understanding and a further mark for some elaboration.

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.
 

These questions appear in Section B of units 1 & 2.

Candidates may be asked to include diagrams in other questions for which AO allocation will depend on the command word in the question and the number of marks that the question is worth.
 

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.

Knowledge: 2 marks; Application: 2 marks

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.  

Knowledge: 1 mark; Application: 1 mark; Analysis: 2 marks.

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.

Knowledge 2 marks; Application 2 marks; Analysis 2 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; Application 2 marks; Analysis 2 marks: Evaluation 2 marks.

Similar to ‘Analyse’ questions but must include evaluation

The 2 marks for evaluation my be gained either by….

  • making one point that is developed or
  • two brief evaluative comments

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.

8 marks for KAA + 6 marks for EV

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.

12 marks for KAA + 8 marks for EV

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.

Grade boundaries

A grade boundary is the minimum mark at which a letter grade can be achieved. For example, if the grade boundary for a B is 60 marks, then 60 is the minimum mark at which a B can be achieved. A mark of 59 would therefore be a C grade.

For modular qualifications, assessments can be taken in various exam sessions throughout the duration of the course.

A raw mark is the actual mark awarded by the examiner for an assessment.

Raw marks are converted to UMS marks for all modular qualifications. This is because raw mark grade boundaries may change from exam session to exam session to take into account variations in the difficulty of assessments.  

Unit 1 WEC11 Markets in Action   Max Mark a b c d e u
  UMS 100 80 70 60 50 40 0
May/June 2019 Raw 80 57
51
45
40
35
0
October 2019 Raw 80 59 52 46 40 34 0
January 2020 Raw 80 58 52 46 40 35 0
October 2020 Raw 80 52 43 34 25 17 0
January 2021 Raw 80 50 41 32 23 15 0
October 2021 Raw 80 50 42 35 28 21 0
January 2022 Raw 80 50 42 35 28 21 0
May/June 2022 Raw 80 53 46 39 33 27 0
October 2022 Raw 80 52 45 39 33 27 0
January 2023 Raw 80 51 44 37 31 25 0
May/June 2023 Raw 80 54 47 41 35 29 0
October 2023 Raw 80 54 47 41 35 29 0
January 2024 Raw 80 55 48 42 36 30 0
Unit 2 WEC12 Macroeconomic performance and policy   Max Mark a b c d e u
  UMS 100 80 70 60 50 40 0
May/June 2019 Raw 80 56
50
45
40
35
0
October 2019 Raw 80 57 51 45 40 35 0
January 2020 Raw 80 57 51 45 40 35 0
October 2020 Raw 80 53 44 35 27 19 0
January 2021 Raw 80 52 43 35 27 19 0
October 2021 Raw
80 50 42 34 27 20 0
January 2022 Raw 80 50 42 34 27 20 0
May/June 2022 Raw 80 50 43 36 29 23 0
October 2022 Raw 80 50 43 36 29 23 0
January 2023 Raw 80 49 42 35 28 22 0
May/June 2023 Raw 80 53 47 41 36 31 0
October 2023 Raw 80 53 47 41 36 31 0
January 2024 Raw 80 53 47 41 36 31 0
Unit 3 WEC13 Business Behaviour   Max Mark a* a b c d e u
  UMS 100 90 80 70 60 50 40 0
January 2020 Raw 80 55
50
45
40
36
32
0
October 2020 Raw 80 55 46 37 28 19 10 0
January 2021 Raw 80 56 47 38 29 20 11 0
October 2021 Raw 80 53 44 36 28 21 14 0
January 2022 Raw 80 53 44 36 28 21 14 0
May/June 2022 Raw 80 57 50 43 37 31 25 0
October 2022 Raw 80 56 49 43 37 31 25 0
January 2023 Raw 80 55 48 42 36 30 24 0
May/June 2023 Raw 80 54 49 44 39 34 29 0
October 2023 Raw 80 55 50 44 39 34 29 0
January 2024 Raw 80 52 47 42 37 32 27 0
Unit 4 WEC14 Developments in the Global Economy   Max Mark a* a b c d e u
  UMS 100 90 80 70 60 50 40 0
October 2020 Raw 80 62 54 46 38 30 22 0
January 2021 Raw 80 60
52
44
36
29
22
0
October 2021 Raw 80 61 52 45 38 31 24 0
January 2022 Raw 80 61 52 45 38 31 24 0
May/June 2022 Raw 80 61 53 46 39 33 27 0
October 2022 Raw 80 60 52 45 39 33 27 0
January 2023 Raw 80 59 51 44 38 32 26 0
May/June 2023 Raw 80 58 52 46 40 34 28 0
October 2023 Raw 80 56 50 44 38 32 27 0
January 2024 Raw 80 58 52 46 40 34 28 0
Cash-in grade boundaries   Max Mark A B C D E U
XEC11 International AS Economics
UMS
200
160
140
120
100
80
0
YEC11 International AL Economics UMS 400 320 280 240 200 160 0

Grade statistics

The grade statistics show:

  • the total number of candidates
  • the cumulative percentage of candidates at each grade boundary as a percentage of the total cohort
XEC11 International AS Economics Number of candidates A B C D E U
May/June 2019
1138
33.3%
53.3%
69.3%
78.9%
87.8%
100%
October 2019 160 22.5% 46.3% 61.9% 75.6% 87.5% 100%
January 2020 318 21.7% 41.2% 58.5% 71.4% 83.3% 100%
May/June 2020 (CAGs) 1316 49.1% 69.5% 87% 92.9% 96.7% 100%
October 2020 503 39.4% 66.2% 85.5% 93.8% 96.8% 100%
January 2021 185 17.3% 42.2% 61.6% 80.5% 90.3% 100%
June 2021 2270 57.6% 76.1% 88.1% 93.3% 95.2% 100%
October 2021 541 44.5% 67.1% 81.5% 89.6% 95.6% 100%
January 2022 304
44.4% 65.5% 77% 84.5% 92.1% 100%
May/June 2022 2647 45.4% 63.5% 76.6% 84.7% 91.3% 100%
October 2022 830 36.5% 58.2% 75.9% 88% 93.7% 100%
January 2023 525 39.6% 57.3% 71% 82.3% 90.1% 100%
May/June 2023* 2968 31.8% 52.4% 67.8% 78.9% 86.9% 100%
October 2023* 929 29.4% 53.2% 72.8% 81.6% 88.9% 100%
January 2024* 460 26.1% 44.3% 61.1% 73.3% 82.2% 100%
YEC11 International AL Economics Number of candidates A* A B C D E U
May/June 2020 (CAGs) 1350 23.3% 51.5% 78.5% 91.6% 96.7% 99.1% 100%
October 2020 204 4.4% 35.8% 60.3% 82.8% 93.1% 96.1% 100%
January 2021 239 4.2% 33.9% 59.4% 82.4% 93.7% 97.1% 100%
June 2021 2242 27.5% 58.3% 82.3% 93.5% 98.1% 99% 100%
October 2021 588 11.1% 36.9% 65.1% 83.0% 93.2% 96.1% 100%
January 2022 456 6.4% 39.3% 67.8% 85.1% 93.4% 96.5% 100%
May/June 2022 2674 15.9% 52.2% 76.4% 88% 94.9% 97.8% 100%
October 2022 627 8.3% 43.9% 70.3% 86% 93.1% 97% 100%
January 2023 630 7.5% 38.6% 63.7% 79.7% 89.2% 94.6% 100%
May/June 2023* 2868 9.6% 35.7% 59.7% 78.3% 89.5% 95.6% 100%
October 2023* 588 11.9% 37.4% 59.7% 75.9% 88.6% 96.4% 100%
January 2024* 447 11.2% 32.9% 52.6% 64.9% 80.1% 90.6% 100%
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