Economics · 2019 · November · Paper 1 · SL · Markscheme

N19/3/ECONO/SP1/ENG/TZ0/XX/M 10 pages Markscheme November 2019 Economics Standard level Paper 1 – 3 – N19/3/ECONO/SP1/ENG/TZ0/XX/M Use the question-specific markscheme together with the markbands. Award up to the maximum marks as indicated. Section A Microeconomics 1. (a) Explain two reasons why the demand for manufactured goods might be price elastic. [10] Answers may include: • definitions of PED, price elastic, demand • diagram to show a relatively elastic demand curve, elastic section on a demand curve • explanation of two determinants of the elastic demand of manufactured goods, including: the number and closeness of substitutes, the degree of luxury/necessity, time and the proportion of income spent on the good • examples of manufactured goods with a relatively price elastic demand. NB Candidates who only explain one reason should not be awarded marks beyond level 2. Assessment Criteria Part (a) 10 marks Level Marks 0 The work does not meet a standard described by the descriptors below. 0 1 There is little understanding of the specific demands of the question. 1–3 Relevant economic terms are not defined. There is very little knowledge of relevant economic theory. There are significant errors. 2 There is some understanding of the specific demands of the question. 4–6 Some relevant economic terms are defined. There is some knowledge of relevant economic theory. There are some errors. 3 There is understanding of the specific demands of the question. 7–8 Relevant economic terms are defined. Relevant economic theory is explained and applied. Where appropriate, diagrams are included and applied.