1 mark
Q1(a) Multiple choice on which factor of production water belongs to.
Edexcel · 4EC1
All 24 questions from the Edexcel iGCSE Paper 1R, Jan 2023 Economics paper (4EC1), worth 80 marks in total. The main topics tested are Elasticity (2), Externalities (2), Business growth (2), Factors of production (1).
Each question is summarised in our own words with its mark tariff, command word and specification point, and links through to the official paper.
Question paper → Mark scheme → Examiner report → Open in the searchable bank →
Q1(a) Multiple choice on which factor of production water belongs to.
Q1(b) Multiple choice working profit from $700 costs and 300 items sold at $20.
Q1(c) Give the meaning of supply.
Q1(d) Name a type of external economy of scale.
Q1(e) Give the meaning of a unique product.
Q1(f) Work out price elasticity of supply for a hair salon.
Q1(g) Diagram question: show what falling incomes do to the luxury holiday market.
Q1(h) Give one drawback of privatisation for telecoms workers in Angola.
Q1(i) Data response: what a movement along the production possibility curve means for the economy.
Q2(a) Multiple choice describing the product's demand from its elasticity.
Q2(b) Multiple choice picking the formula for social benefits.
Q2(c) Give the meaning of a trade union.
Q2(d) Work out average cost per unit at an output of 3 000 units.
Q2(e) Say how high start-up costs keep new firms out.
Q2(f) Give one drawback of this market structure for UK consumers.
Q2(g) Data response: what a large electronics manufacturer gains from the division of labour.
Q3(a) Multiple choice picking the definition of a merger.
Q3(b) Multiple choice on why a government introduces a minimum wage.
Q3(c) Diagram question: split a pie chart into primary, secondary and tertiary employment for a developed economy such as Japan.
Q3(d) Data response: the external costs thrown off by building a residential tower.
Q3(e) Data response: what Dubai gains from a workforce heavily made up of migrant labour.
Q4(a) Work out total revenue for the product with price inelastic demand.
Q4(b) Data response: why consumers fail to maximise their benefit when buying sugary drinks.
Q4(c) Data response: weigh up expanding a family business against keeping it small.
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