Chapter 3: Markets: Demand, Supply, Price Mechanism and Elasticity

A-level EconomicsAQA / OCR / Pearson Edexcel / WJEC Eduqas12 topicsHigher

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Edexcel A-level Economics National Income - Authored Long Answer Questions

Examiner-style long-answer practice with automatic marking, improvement advice and ProofCoach tracking.

4 questions47 marks70.5 min

standard / hard / synoptic

4 markscalculatestandardEdexcel

E24: Evidence for National Income

Evidence measure with unit	2020 value	2024 value	Context or unit
injections and withdrawals in GBP billions	100.0	108.5	index or percentage as stated
the UK circular flow of income	baseline	changed	UK or global context
changes in injections and withdrawals altering national income equilibrium	lower impact	higher impact	directional evidence

E24A Calculate or define the key economic measure in National Income, using the data evidence provided for the UK circular flow of income.

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9 marksanalysehardEdexcel

UK Real GDP and Trend Output, 2015-2024

UK actual real GDP fell sharply in 2020 (-9.3%) and recovered by 2022, but remained below the pre-pandemic trend output (dashed), indicating a persistent negative output gap.

E24B Using Figure 1 and your knowledge, analyse the economic effects shown by the diagram below in relation to the UK circular flow of income. In your answer, identify the model, curve labels, any shift shown and the likely impact.

Label the horizontal axis and vertical axis precisely with units.
Label the relevant curves and show the direction of shift.
Label the new equilibrium point and explain the change.

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9 marksexplainstandardEdexcel

E24: Evidence for National Income

Evidence measure with unit	2020 value	2024 value	Context or unit
injections and withdrawals in GBP billions	100.0	108.5	index or percentage as stated
the UK circular flow of income	baseline	changed	UK or global context
changes in injections and withdrawals altering national income equilibrium	lower impact	higher impact	directional evidence

E24C Explain how changes in injections and withdrawals altering national income equilibrium could affect economic agents in the UK economy or global economy.

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25 marksevaluatesynopticEdexcel

E24: Evidence for National Income

Evidence measure with unit	2020 value	2024 value	Context or unit
injections and withdrawals in GBP billions	100.0	108.5	index or percentage as stated
the UK circular flow of income	baseline	changed	UK or global context
changes in injections and withdrawals altering national income equilibrium	lower impact	higher impact	directional evidence

E24D Evaluate the extent to which changes in injections and withdrawals altering national income equilibrium is likely to improve economic performance, using injections and withdrawals in GBP billions and your wider economic knowledge.

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2. Economic Foundations: Scarcity, Choice, Data and the Economist Toolkit

4. Market Failure and Government Intervention

Key learning objectives

Understand the key principles behind Markets: Demand, Supply, Price Mechanism and Elasticity.
Apply these ideas to exam-style questions.
Recall the essential definitions and key terms.