Econimic Innovation

Examiners’ Report
June 2019
IGCSE Economics 4EC1 01

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June 2019
Publications Code 4EC1_01_1906_ER
All the material in this publication is copyright

© Pearson Education Ltd 2019
2 IGCSE Economics 4EC1 01

Introduction
A good awareness of economics was shown by students taking this, the first paper of the new
International GCSE specification.
In general, candidates appeared to be prepared well for the topic areas required by paper 1. Where
applicable on the new levels-based questions, the ability of the more able candidates was shown
through relating their knowledge and understanding to the evidence presented. Those candidates
who found such concepts difficult, typically answered questions with a more generic approach.
The levels of response questions required understanding to be developed and applied to the
relevant evidence. Although some candidates adopted this approach, there were instances where a
more basic understanding was demonstrated, thus limiting the attainment of higher levels.
IGCSE Economics 4EC1 01 3

Question 1 (c)
'What is meant by' questions have two marks and require two parts in the explanation of the term.
No marks are awarded for examples.
With this question, vague answers missing either able or willing to buy would not have received that
mark.
Credit is given for:
'ability and willingness...to buy' (1)
'at a given price' (1)
2 marks
A 2-mark question will normally need two items of information

Question 1 (d)
There is only one mark available for this question, therefore examiners do not expect candidates to
write extensively.
Credit is given for the correct formula.
1 mark
1-mark questions require a short response

Question 1 (e)
'Define' questions are only looking for a definition of the term.
The candidates gives correct reference to the provision of services.
1 mark
Candidates will not receive the mark for providing only an

example.

Question 1 (f)
Calculate questions require appropriate units to be used in the answer and so some candidates
received only 1 mark for the correct calculation of $12 100 / 2 000 but not the second mark if they
missed the $ form $6.05.
Credit is awarded for $6.05.
The response also shows the calculation, which could earn one
mark if there was an error in the correct answer.
2 marks
Make sure you always use the correct units for 'calculate'
questions

Question 1 (g)
On the whole this question was answered well. However, some candidates did not label either the
shift or the new equilibrium points and so did not receive full marks.
Marks are awarded for:
A leftward shift in supply, which has been labelled (1)
The labelled new equilibrium price (1)
Quantity on the axes (1)
3 marks

You must label the new shift and the new equilibrium points to
gain marks.

Question 1 (h)
Some candidates did not receive all three marks because they defined 'price elastic', rather than
provide a developed explanation in context.
Full marks are awarded for a developed reason, which is in

context.
The music is unique to the fans and therefore there can be

little/no substitutes.
3 marks
'Explain' questions require a reason/way/advantage etc, which is in

context and developed, for all three marks.

Question 1 (i)
There was some confusion by some candidates who referred to market share, rather than the
shares in Inca Kola purchased by Coca Cola. However, those with a better understanding of the
topic area were better placed to provide analysis with reasonable developed points.

This response is awarded Level 3.
There is applied analysis of some issues but points are not very
well developed.
5 marks
Candidates should not present a counter argument for 'analyse'

questions. There are no marks for doing this and it will result in
less time to spend on other questions.

Question 2 (c)
Many candidates were able to calculate correctly the price elasticity of demand and it was pleasing
to see the calculation shown to arrive at this answer. However, some candidates did not show the
minus sign either in the calculation or the answer.
The correct answer of -0.8 is given.
If the correct answer had not been given, one mark is still available
for a correct calculation of -12/15.
2 marks
Do not ignore the minus sign when calculating elasticity

Question 2 (d)
This was very well-answered by many candidates but some wrote a very vague reference to 'an
idea' and therefore did not receive the mark.
Reference to new products earns credit.
1 mark
A 1-mark 'define' question does not require examples

Question 2 (e)
There were several possible answers to this question, as per the specification.
It was important to state the 'decrease in incomes' and not just 'incomes', because this alone would
not show the direction of the shift in a demand curve.
One mark is awarded for the correct factor.
1 mark
When only one factor is requested, stating two will not result in
additional marks.

Question 2 (f)
This question required an advantage and development of the advantage for both marks. Some
candidates did not read the question properly and made reference to price in their response.
Both marks are given for:
an advantage 'better quality of service' (1)
development of 'competitive edge' (1)
2 marks

Only one advantage/way/factor etc is required for one mark.
The second mark will always be for development of this, and not
for a list of advantages etc.

Question 2 (g)
A good range of reasons was provided by candidates for this question, many of them developed.
However, a definition was sometimes offered instead of putting the response in context.
This response has more than is needed to receive full marks.
Marks are given for:
a reason – less demand (1)
context – less dense population (1)
development – not many auto rickshaws...(1)
3 marks

Avoid repeating the question – there are no marks for doing this

Question 2 (h)
A two-sided argument, which used the evidence, was offered by more able candidates.
However, a number of responses simply repeated the information provided, rather than use it to
answer regarding the reduction in the shortage of car parking spaces.

This response was awarded full marks.
It has a balanced, applied, two-sided argument.
It was not necessary to include a diagram but, in this case, it, and
the explanation, added to the analysis.
Level 3
9 marks
Simply copying the extract or re-writing parts of it is not going to

lead to high marks!
High level arguments need to use the evidence, rather than repeat
it, to present arguments that are applied to the question.

Question 3 (c)
Pleasing numbers of candidates were able to respond appropriately to this question. Clear labels
allowed access to all three marks.

Marks were awarded for:
drawing and labelling the new equilibrium wage (1)
the new quantity of demand (1)
the new quantity of supply (1)
3 marks
Always label your diagram. Without it, you may not receive many
marks!

Question 3 (d)
The evidence was used well by candidates who achieved level 3 on this question. There was also a
good awareness of understanding shown in developed points.

There are some valid, applied points made in this response.
The counter-argument was ignored.
Although the response starts well, it then becomes descriptive and

therefore does not qualify for full marks.
Level 3
5 marks
One-sided arguments only are needed for 'analyse' questions.
Focus on developing applied points to present a strong analysis of

the situation.

Question 3 (e)
Top level responses provided a balanced evaluation of alternative ways to increase productivity
and/or of why education and training may not be effective.

High marks are awarded for this response.
It presents an applied, two-sided argument but the evaluation is

not balanced.
8 marks
'Assess' questions require a balanced, two-sided argument, which

is applied.
There is no requirement for a conclusion or judgement but the

argument(s) and counter argument(s) presented should be
developed and thorough.

Question 4 (a)
Units, quantity or goods were accepted if written after 30, because these showed understanding
but $, £ or % are not rewarded because they are incorrect.
One mark was available for only a calculation of 50 - 20.

Marks are awarded for a correct answer of the excess supply = 30.
2 marks
It is recommended that you always show your working in a

'calculate' question

Question 4 (b)
Knowledge and understanding of collusion was sometimes lacking in responses but many
candidates were able to present information with some analysis of the issues.

This response is a good match to the Level 3 descriptor:
clear knowledge
appropriate application of economic terms
excellent selectivity and interpretation of economic information
a thorough analysis of the issues
It receives full marks.
Level 3
6 marks
Focus on developing each applied chain of reasoning, rather than

listing several separate points

Question 4 (c)
Very good use of the evidence was presented by candidates attaining level 3 but this was in
conjunction with balanced, two-sided arguments. Some candidates simply repeated the evidence
rather than using it, this reduced their ability to reach higher levels.

This response is another example of a close match to the
descriptor table.
It meets the requirements for Level 3, with the exception of having

a supported judgement, which is relevant. Therefore, it is not quite
at the top of the level.
11 marks
A supported conclusion/judgement is needed for 'evaluate'

questions

Paper Summary
Based on their performance in this exam, candidates are offered the following advice:
Be careful to read the whole of the question. Certain requirements were given that were not
acted upon by some candidates in this series, e.g. when answers are required 'to two decimal
places'
Candidates need to understand the requirements of the command words in the questions. This
will allow them to access marks relating to the four assessment objectives
Quantitative Skills will be tested throughout the paper. These may be in the form of
diagrams/graphs, calculations or using the data in the extracts, to provide the application in the
questions
Application marks will not be awarded simply for repeating evidence in the extracts. The evidence
needs to be used in the response
'Analyse' questions do not require evaluation but the command words ‘assess’ and 'evaluate' do
require a two-sided argument in order to achieve full marks. The 'evaluate' question also requires
a judgement/conclusion
There may be more answer space provided than needed for responses. This is also indicated on
the front cover of the question paper
The use of relevant evidence is required throughout and this can be from the extracts provided
or using examples provided by the candidates themselves. The extracts are there for a reason:
please use them
The descriptor tables for analyse, assess and evaluate questions do not change between
questions with the same command word or exam series. Candidates are advised to practice
writing responses using these tables

Grade Boundaries
Grade boundaries for this, and all other papers, can be found on the website on this link:
http://www.edexcel.com/iwantto/Pages/grade-boundaries.aspx

Pearson Education Limited. Registered company number 872828
with its registered office at 80 Strand, London WC2R 0RL.
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Examiners’ Report

IGCSE Economics 4EC1 01

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See students’ scores for every exam question.

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Pearson: helping people progress, everywhere

All the material in this publication is copyright

2 IGCSE Economics 4EC1 01

IGCSE Economics 4EC1 01 3

No marks are awarded for examples.

Credit is given for:

'ability and willingness...to buy' (1)

'at a given price' (1)

A 2-mark question will normally need two items of information

4 IGCSE Economics 4EC1 01

Credit is given for the correct formula.

1-mark questions require a short response

IGCSE Economics 4EC1 01 5

The candidates gives correct reference to the provision of services.

Candidates will not receive the mark for providing only an

6 IGCSE Economics 4EC1 01

Credit is awarded for $6.05.

IGCSE Economics 4EC1 01 7

Marks are awarded for:

A leftward shift in supply, which has been labelled (1)

The labelled new equilibrium price (1)

Quantity on the axes (1)

8 IGCSE Economics 4EC1 01

IGCSE Economics 4EC1 01 9

Full marks are awarded for a developed reason, which is in

The music is unique to the fans and therefore there can be

'Explain' questions require a reason/way/advantage etc, which is in

10 IGCSE Economics 4EC1 01

IGCSE Economics 4EC1 01 11

Candidates should not present a counter argument for 'analyse'

12 IGCSE Economics 4EC1 01

The correct answer of -0.8 is given.

Do not ignore the minus sign when calculating elasticity

IGCSE Economics 4EC1 01 13

Reference to new products earns credit.

A 1-mark 'define' question does not require examples

14 IGCSE Economics 4EC1 01

One mark is awarded for the correct factor.

IGCSE Economics 4EC1 01 15

Both marks are given for:

an advantage 'better quality of service' (1)

development of 'competitive edge' (1)

16 IGCSE Economics 4EC1 01

IGCSE Economics 4EC1 01 17

This response has more than is needed to receive full marks.

Marks are given for:

a reason – less demand (1)

context – less dense population (1)

development – not many auto rickshaws...(1)

18 IGCSE Economics 4EC1 01

IGCSE Economics 4EC1 01 19

20 IGCSE Economics 4EC1 01

It has a balanced, applied, two-sided argument.