Edexcel IGCSE Economics 2.1.1.a economic growth
Practise economic-growth questions by defining GDP growth, labelling cycle stages and analysing jobs or living standards in recovery.
- Syllabus
- First assessment 2019
- Course
- Economics 4EC1
Exam points
- Calculate percentage changes in GDP from table data and show working clearly.
- Label boom, downturn, recession and recovery on an economic cycle diagram.
- Analyse how recovery changes labour demand, unemployment and household incomes.
2.1.1.a Economic growth question 1
[Maximum number: 6]
In February 2024, the Greek Prime Minister Kyriakos Mitsotakis said that the Greek economy was entering the recovery phase of the economic cycle.
With reference to the data above and your knowledge of economics, analyse the impact of a recovery on unemployment for a country such as Greece.
AO2 (3 marks)/AO3 (3 marks)
- Firms might start hiring more people because they need more workers to meet the demand for their products or services reducing unemployment levels in
- Economic recovery often encourages entrepreneurs to start new businesses
- These new firms will need employees, creating more jobs and increasing overall employment levels in
- When the economy is doing well, both firms and consumers feel more confident
- Firms are more likely to invest in new projects or expand, needing more workers
- Consumers spend more which can lead to more jobs in retail, services and other sectors
(6)
Level
Mark
Descriptor
0
No rewardable material.
Level 1
1-2
- Demonstrates basic knowledge and understanding by developing relevant points. Limited application of economic terms, concepts, theories and calculations (AO2).
- Information presented will lack selectivity and organisation. Interpretation of economic information will be limited, with a lack of analysis of issues (AO3).
Level 2
3-4
- Demonstrates partial knowledge and understanding by developing relevant points. Partial application of economic terms, concepts, theories and calculations (AO2).
- Information presented will demonstrate some selectivity and organisation. Interpretation of economic information will be good, with some analysis of issues (AO3).
Level 3
5-6
- Demonstrates clear knowledge and understanding by developing relevant points. Appropriate application of economic terms, concepts, theories and calculations (AO2).
- Information presented will demonstrate excellent selectivity and organisation. Interpretation of economic information will be excellent, with a thorough analysis of issues (AO3).
2(a)
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