Economics · 2019 · May · Paper 1 · SL · TZ2 · Markscheme

M19/3/ECONO/SP1/ENG/TZ2/XX/M 10 pages Markscheme May 2019 Economics Standard level Paper 1 – 3 – M19/3/ECONO/SP1/ENG/TZ2/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 factors which could shift a firm’s supply curve to the left . [10] Answers may include:  definition of supply, supply curve  diagram to show a shift in supply to the left  explanation of two of: increases in the costs of factors of production; increases in prices of related goods; increased indirect taxes; other factors such as: changes in regulations, objectives of the business, the weather, labour disputes, etc  examples of factors reducing supply in practice. 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 def ined. 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 define d. Relevant economic theory is explained and applied. Where appropriate, diagrams are included and applied. Where appropriate, examples are