Mark Scheme
(Results)
January 2024
Pearson Edexcel International Advanced Level
In Economics (WEC11)
Unit 1: Markets in Action
,Edexcel and BTEC Qualifications
Edexcel and BTEC qualifications are awarded by Pearson, the UK’s largest awarding body. We provide
a wide range of qualifications including academic, vocational, occupational and specific programmes
for employers. For further information visit our qualifications websites at www.edexcel.com or
www.btec.co.uk. Alternatively, you can get in touch with us using the details on our contact us page
at www.edexcel.com/contactus.
Pearson: helping people progress, everywhere
Pearson aspires to be the world’s leading learning company. Our aim is to help everyone progress
in their lives through education. We believe in every kind of learning, for all kinds of people, wherever
they are in the world. We’ve been involved in education for over 150 years, and by working across
70 countries, in 100 languages, we have built an international reputation for our commitment to high
standards and raising achievement through innovation in education. Find out more about how we
can help you and your students at: www.pearson.com/uk
January 2024
Question Paper Log Number P73482A
Publications Code WEC11_01_MS_2401
All the material in this publication is copyright
© Pearson Education Ltd 2024
,General Marking Guidance
• All candidates must receive the same treatment. Examiners
must mark the first candidate in exactly the same way as they
mark the last.
• Mark schemes should be applied positively. Candidates must
be rewarded for what they have shown they can do rather than
penalised for omissions.
• Examiners should mark according to the mark scheme not
according to their perception of where the grade boundaries
may lie.
• There is no ceiling on achievement. All marks on the mark
scheme should be used appropriately.
• 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 may be limited.
• When examiners are in doubt regarding the application of the
mark scheme to a candidate’s response, the team leader must
be consulted.
• Crossed out work should be marked UNLESS the candidate has
replaced it with an alternative response.
, Section A
Question Quantitative skills assessed Answer Mark
1 QS9: Interpret, apply and The only correct answer is C
analyse information in (1)
written, graphical, tabular A is not correct because this is an
and numerical forms example of asymmetric information
B is not correct because this is an
example of asymmetric information
D is not correct because market
failure occurs when there is
asymmetric information
2 QS9: Interpret, apply and The only correct answer is D
analyse information in (1)
written, graphical, tabular A is not correct because consumer
and numerical forms goods gain utility for an individual
B is not correct because the sea
defences have an opportunity cost
C is not correct because the sea
defences are non-excludable and
non-rival whereas private goods are
excludable and rival.
3 QS8: Make calculations of The only correct answer is B
elasticity and interpret the (1)
result A is not correct because
QS9: Interpret, apply and complements have a negative XED
analyse information in C is not correct because unrelated
written, graphical, tabular goods have an XED of 0
and numerical forms D is not correct because there is no
information on income
4 QS4: Construct and The only correct answer is A
interpret a range of (1)
standard graphical forms B is not correct because this is the
QS9: Interpret, apply and area of consumer surplus
analyse information in C is not correct because the area the
written, graphical, tabular and government will spend is GHKJ
numerical forms D is not correct because this is the
total revenue to farmers
5 QS2 Calculate, use and The only correct answer is B
understand percentages, (1)
percentage changes and A is not correct because more
percentage point changes electricity is generated using
QS9: Interpret, apply and renewable resources
analyse information in C is not correct because 21% is the
written, graphical, tabular total for non-renewable resources
and numerical forms D is not correct because 79% is the
total for renewable resources
(Results)
January 2024
Pearson Edexcel International Advanced Level
In Economics (WEC11)
Unit 1: Markets in Action
,Edexcel and BTEC Qualifications
Edexcel and BTEC qualifications are awarded by Pearson, the UK’s largest awarding body. We provide
a wide range of qualifications including academic, vocational, occupational and specific programmes
for employers. For further information visit our qualifications websites at www.edexcel.com or
www.btec.co.uk. Alternatively, you can get in touch with us using the details on our contact us page
at www.edexcel.com/contactus.
Pearson: helping people progress, everywhere
Pearson aspires to be the world’s leading learning company. Our aim is to help everyone progress
in their lives through education. We believe in every kind of learning, for all kinds of people, wherever
they are in the world. We’ve been involved in education for over 150 years, and by working across
70 countries, in 100 languages, we have built an international reputation for our commitment to high
standards and raising achievement through innovation in education. Find out more about how we
can help you and your students at: www.pearson.com/uk
January 2024
Question Paper Log Number P73482A
Publications Code WEC11_01_MS_2401
All the material in this publication is copyright
© Pearson Education Ltd 2024
,General Marking Guidance
• All candidates must receive the same treatment. Examiners
must mark the first candidate in exactly the same way as they
mark the last.
• Mark schemes should be applied positively. Candidates must
be rewarded for what they have shown they can do rather than
penalised for omissions.
• Examiners should mark according to the mark scheme not
according to their perception of where the grade boundaries
may lie.
• There is no ceiling on achievement. All marks on the mark
scheme should be used appropriately.
• 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 may be limited.
• When examiners are in doubt regarding the application of the
mark scheme to a candidate’s response, the team leader must
be consulted.
• Crossed out work should be marked UNLESS the candidate has
replaced it with an alternative response.
, Section A
Question Quantitative skills assessed Answer Mark
1 QS9: Interpret, apply and The only correct answer is C
analyse information in (1)
written, graphical, tabular A is not correct because this is an
and numerical forms example of asymmetric information
B is not correct because this is an
example of asymmetric information
D is not correct because market
failure occurs when there is
asymmetric information
2 QS9: Interpret, apply and The only correct answer is D
analyse information in (1)
written, graphical, tabular A is not correct because consumer
and numerical forms goods gain utility for an individual
B is not correct because the sea
defences have an opportunity cost
C is not correct because the sea
defences are non-excludable and
non-rival whereas private goods are
excludable and rival.
3 QS8: Make calculations of The only correct answer is B
elasticity and interpret the (1)
result A is not correct because
QS9: Interpret, apply and complements have a negative XED
analyse information in C is not correct because unrelated
written, graphical, tabular goods have an XED of 0
and numerical forms D is not correct because there is no
information on income
4 QS4: Construct and The only correct answer is A
interpret a range of (1)
standard graphical forms B is not correct because this is the
QS9: Interpret, apply and area of consumer surplus
analyse information in C is not correct because the area the
written, graphical, tabular and government will spend is GHKJ
numerical forms D is not correct because this is the
total revenue to farmers
5 QS2 Calculate, use and The only correct answer is B
understand percentages, (1)
percentage changes and A is not correct because more
percentage point changes electricity is generated using
QS9: Interpret, apply and renewable resources
analyse information in C is not correct because 21% is the
written, graphical, tabular total for non-renewable resources
and numerical forms D is not correct because 79% is the
total for renewable resources
