M15/3/ECONO/HP1/ENG/TZ1/XX/M
Markscheme
May 2015
Economics
Higher level
Paper 1
17 pages
, –2– M15/3/ECONO/HP1/ENG/TZ1/XX/M
This markscheme is confidential and for the exclusive use
of examiners in this examination session.
It is the property of the International Baccalaureate and
must not be reproduced or distributed to any other person
without the authorization of the IB Assessment Centre.
, –3– M15/3/ECONO/HP1/ENG/TZ1/XX/M
Use the question-specific markscheme together with the markbands. Award up to the maximum
marks as indicated.
Section A
Microeconomics
1. (a) Explain how changes in price work to reallocate resources in a market. [10]
Answers may include:
definition of reallocation of resources
diagrams to show how changes in price alter the equilibrium quantity and
therefore reallocate resources
theory to explain the signalling and incentive functions of the price
mechanism
examples of markets where price change has led to a reallocation of
resources, such as through government intervention.
Assessment Criteria
Part (a) 10 marks
Level Marks
0 The work does not reach a standard described by the descriptors below. 0
1 There is little understanding of the specific demands of the question.
Relevant economic terms are not defined.
There is very little knowledge of relevant economic theory.
There are significant errors. 1–3
2 There is some understanding of the specific demands of the question.
Some relevant economic terms are defined.
There is some knowledge of relevant economic theory.
There are some errors. 4–6
3 There is understanding of the specific demands of the question.
Relevant economic terms are defined.
Relevant economic theory is explained and applied.
Where appropriate, diagrams are included and applied.
Where appropriate, examples are used.
There are few errors. 7–8
4 There is clear understanding of the specific demands of the question.
Relevant economic terms are clearly defined.
Relevant economic theory is clearly explained and applied.
Where appropriate, diagrams are included and applied effectively.
Where appropriate, examples are used effectively.
There are no significant errors. 9–10
Markscheme
May 2015
Economics
Higher level
Paper 1
17 pages
, –2– M15/3/ECONO/HP1/ENG/TZ1/XX/M
This markscheme is confidential and for the exclusive use
of examiners in this examination session.
It is the property of the International Baccalaureate and
must not be reproduced or distributed to any other person
without the authorization of the IB Assessment Centre.
, –3– M15/3/ECONO/HP1/ENG/TZ1/XX/M
Use the question-specific markscheme together with the markbands. Award up to the maximum
marks as indicated.
Section A
Microeconomics
1. (a) Explain how changes in price work to reallocate resources in a market. [10]
Answers may include:
definition of reallocation of resources
diagrams to show how changes in price alter the equilibrium quantity and
therefore reallocate resources
theory to explain the signalling and incentive functions of the price
mechanism
examples of markets where price change has led to a reallocation of
resources, such as through government intervention.
Assessment Criteria
Part (a) 10 marks
Level Marks
0 The work does not reach a standard described by the descriptors below. 0
1 There is little understanding of the specific demands of the question.
Relevant economic terms are not defined.
There is very little knowledge of relevant economic theory.
There are significant errors. 1–3
2 There is some understanding of the specific demands of the question.
Some relevant economic terms are defined.
There is some knowledge of relevant economic theory.
There are some errors. 4–6
3 There is understanding of the specific demands of the question.
Relevant economic terms are defined.
Relevant economic theory is explained and applied.
Where appropriate, diagrams are included and applied.
Where appropriate, examples are used.
There are few errors. 7–8
4 There is clear understanding of the specific demands of the question.
Relevant economic terms are clearly defined.
Relevant economic theory is clearly explained and applied.
Where appropriate, diagrams are included and applied effectively.
Where appropriate, examples are used effectively.
There are no significant errors. 9–10
