Please write clearly in block capitals.
Centre number Candidate number
Surname
Forename(s)
Candidate signature
I declare this is my own work.
GCSE
ECONOMICS
Paper 1 How Markets Work
Monday 13 May 2024 Afternoon Time allowed: 1 hour 45 minutes
For Examiner’s Use
Materials
You will need no other materials. Section Mark
You may use a calculator. A
B
Instructions
• Use black ink or black ball-point pen. TOTAL
• Fill in the boxes at the top of this page.
• Answer all questions.
• You must answer the questions in the spaces provided. Do not write on
blank pages.
• If you need extra space for your answer(s), use the lined pages at the end of this book. Write the
question number against your answer(s).
• Do all rough work in this book. Cross through any work you do not want to be marked.
Information
• The marks for questions are shown in brackets.
• The maximum mark for this paper is 80.
• Questions should be answered in continuous prose. You will be assessed on your ability to:
– use good English
– organise information clearly
– use specialist vocabulary where appropriate.
*JUN248136101*
IB/H/Jun24/G4001/E6 8136/1
, 2
Do not write
outside the
Section A box
Answer all questions in the spaces provided.
For questions with four responses, only one answer per question is allowed.
For each question, completely fill in the circle alongside the appropriate answer.
CORRECT METHOD WRONG METHODS
If you want to change your answer you must cross out your original answer as shown.
If you wish to return to an answer previously crossed out, ring the answer you now wish to select
as shown.
0 1 The central purpose of economic activity is to produce goods and services that
[1 mark]
A create tax revenue.
B maximise profit.
C minimise externalities.
D satisfy needs and wants.
0 2 An individual obtains a bank loan to start a business.
Which factor of production has changed?
[1 mark]
A Capital
B Enterprise
C Labour
D Land
*02*
IB/H/Jun24/8136/1
, 3
Do not write
outside the
0 3 Opportunity cost is defined as box
[1 mark]
A the amount spent on the best option.
B the benefit given up from the next best alternative.
C the price paid for the next best alternative.
D the satisfaction from choosing the best option.
0 4 Which of the following is most likely to be a benefit of specialisation?
[1 mark]
A Increased job satisfaction for workers
B Increased threat of competition for firms
C Reduced average costs of production for firms
D Reduced choice for consumers
Turn over for the next question
Turn over ►
*03*
IB/H/Jun24/8136/1
Centre number Candidate number
Surname
Forename(s)
Candidate signature
I declare this is my own work.
GCSE
ECONOMICS
Paper 1 How Markets Work
Monday 13 May 2024 Afternoon Time allowed: 1 hour 45 minutes
For Examiner’s Use
Materials
You will need no other materials. Section Mark
You may use a calculator. A
B
Instructions
• Use black ink or black ball-point pen. TOTAL
• Fill in the boxes at the top of this page.
• Answer all questions.
• You must answer the questions in the spaces provided. Do not write on
blank pages.
• If you need extra space for your answer(s), use the lined pages at the end of this book. Write the
question number against your answer(s).
• Do all rough work in this book. Cross through any work you do not want to be marked.
Information
• The marks for questions are shown in brackets.
• The maximum mark for this paper is 80.
• Questions should be answered in continuous prose. You will be assessed on your ability to:
– use good English
– organise information clearly
– use specialist vocabulary where appropriate.
*JUN248136101*
IB/H/Jun24/G4001/E6 8136/1
, 2
Do not write
outside the
Section A box
Answer all questions in the spaces provided.
For questions with four responses, only one answer per question is allowed.
For each question, completely fill in the circle alongside the appropriate answer.
CORRECT METHOD WRONG METHODS
If you want to change your answer you must cross out your original answer as shown.
If you wish to return to an answer previously crossed out, ring the answer you now wish to select
as shown.
0 1 The central purpose of economic activity is to produce goods and services that
[1 mark]
A create tax revenue.
B maximise profit.
C minimise externalities.
D satisfy needs and wants.
0 2 An individual obtains a bank loan to start a business.
Which factor of production has changed?
[1 mark]
A Capital
B Enterprise
C Labour
D Land
*02*
IB/H/Jun24/8136/1
, 3
Do not write
outside the
0 3 Opportunity cost is defined as box
[1 mark]
A the amount spent on the best option.
B the benefit given up from the next best alternative.
C the price paid for the next best alternative.
D the satisfaction from choosing the best option.
0 4 Which of the following is most likely to be a benefit of specialisation?
[1 mark]
A Increased job satisfaction for workers
B Increased threat of competition for firms
C Reduced average costs of production for firms
D Reduced choice for consumers
Turn over for the next question
Turn over ►
*03*
IB/H/Jun24/8136/1
