Edexcel IAL Economics Past Papers & Mark Schemes (YEC11) – Updated 2026
Updated: Sep 7
Access Edexcel International A Level (IAL) Economics (YEC11) past papers and mark schemes for Units 1–4, with worked answers, examiner tips and expert revision guidance.
Past Papers
Download IAL Economics past papers and mark schemes to practice effectively
Examiner Tips
Understand what IAL Economics examiners look for and how to earn top marks
Edexcel IAL Economics June 2026 Past Papers & Mark Schemes
Edexcel IAL Economics (June 2026) | Downloads | |
Unit 1: Markets in Action (WEC11/01) | ||
Unit 2: Macroeconomic Performance & Policy (WEC12/01) | ||
Unit 3: Business Behaviour (WEC13/01) | ||
Unit 4: Developments in the Global Economy (WEC14/01) | ||
Edexcel IAL Economics June 2026 Variant A Past Papers & Mark Schemes
Edexcel IAL Economics (June 2026) | Downloads | |
Unit 1A: Markets in Action (WEC11/01A) | ||
Unit 2A: Macroeconomic Performance & Policy (WEC12/01A) | ||
Unit 3A: Business Behaviour (WEC13/01A) | ||
Unit 4A: Developments in the Global Economy (WEC14/01A) | ||
Edexcel IAL Economics January 2026 Past Papers & Mark Schemes
2026 Edexcel IAL Economics (January) | Downloads | |
Unit 1: Markets in Action (WEC11/01) | ||
Unit 2: Macroeconomic Performance & Policy (WEC12/01) | ||
Unit 3: Business Behaviour (WEC13/01) | ||
Unit 4: Developments in the Global Economy (WEC14/01) | ||
Edexcel IAL Economics January 2026 Variant A Past Papers & Mark Schemes
Edexcel IAL Economics (January 2026 Variant A) | Downloads | |
Unit 1A: Markets in Action (WEC11/01A) | ||
Unit 2A: Macroeconomic Performance & Policy (WEC12/01A) | ||
Unit 3A: Business Behaviour (WEC13/01A) | ||
Unit 4A: Developments in the Global Economy (WEC14/01A) | ||
Edexcel IAL Economics October 2025 Past Papers & Mark Schemes
Edexcel IAL Economics (October 2025) | Downloads | |
Unit 1: Markets in Action (WEC11/01) | ||
Unit 2: Macroeconomic Performance & Policy (WEC12/01) | ||
Unit 3: Business Behaviour (WEC13/01) | ||
Unit 4: Developments in the Global Economy (WEC14/01) | ||
Edexcel IAL Economics October 2025 Variant A Past Papers & Mark Schemes
Edexcel IAL Economics (October Variant A) | Downloads | |
Unit 1A: Markets in Action (WEC11/01A) | ||
Unit 2A: Macroeconomic Performance & Policy (WEC12/01A) | ||
Unit 3A: Business Behaviour (WEC13/01A) | ||
Unit 4A: Developments in the Global Economy (WEC14/01A) | ||
Edexcel IAL Economics June 2025 Past Papers & Mark Schemes
Edexcel IAL Economics (June 2025) | Downloads | |
Unit 1: Markets in Action (WEC11/01) | ||
Unit 2: Macroeconomic Performance & Policy (WEC12/01) | ||
Unit 3: Business Behaviour (WEC13/01) | ||
Unit 4: Developments in the Global Economy (WEC14/01) | ||
Edexcel IAL Economics January 2025 Past Papers & Mark Schemes
Edexcel IAL Economics (January 2025) | Downloads | |
Unit 1: Markets in Action (WEC11/01) | ||
Unit 2: Macroeconomic Performance & Policy (WEC12/01) | ||
Unit 3: Business Behaviour (WEC13/01) | ||
Unit 4: Developments in the Global Economy (WEC14/01) | ||
Edexcel IAL Economics June 2024 Past Papers & Mark Schemes
Edexcel IAL Economics (June 2024) | Downloads | |
Unit 1: Markets in Action (WEC11/01) | ||
Unit 2: Macroeconomic Performance & Policy (WEC12/01) | ||
Unit 3: Business Behaviour (WEC13/01) | ||
Unit 4: Developments in the Global Economy (WEC14/01) | ||
Edexcel IAL Economics January 2024 Past Papers & Mark Schemes
Edexcel IAL Economics (January 2024) | Downloads | |
Unit 1: Markets in Action (WEC11/01) | ||
Unit 2: Macroeconomic Performance & Policy (WEC12/01) | ||
Unit 3: Business Behaviour (WEC13/01) | ||
Unit 4: Developments in the Global Economy (WEC14/01) | ||
Edexcel IAL Economics June 2023 Past Papers & Mark Schemes
Edexcel IAL Economics (June 2023) | Downloads | |
Unit 1: Markets in Action (WEC11/01) | ||
Unit 2: Macroeconomic Performance & Policy (WEC12/01) | ||
Unit 3: Business Behaviour (WEC13/01) | ||
Unit 4: Developments in the Global Economy (WEC14/01) | ||
Edexcel IAL Economics October 2023 Past Papers & Mark Schemes
Edexcel IAL Economics (October 2023) | Downloads | |
Unit 1: Markets in Action (WEC11/01) | ||
Unit 2: Macroeconomic Performance & Policy (WEC12/01) | ||
Unit 3: Business Behaviour (WEC13/01) | ||
Unit 4: Developments in the Global Economy (WEC14/01) | ||
Edexcel IAL Economics October 2022 Past Papers & Mark Schemes
Edexcel IAL Economics (October 2022) | Downloads | |
Unit 1: Markets in Action (WEC11/01) | ||
Unit 2: Macroeconomic Performance & Policy (WEC12/01) | ||
Unit 3: Business Behaviour (WEC13/01) | ||
Unit 4: Developments in the Global Economy (WEC14/01) | ||
Edexcel IAL Economics June 2022 Past Papers & Mark Schemes
Edexcel IAL Economics (June 2022) | Downloads | |
Unit 1: Markets in Action (WEC11/01) | ||
Unit 2: Macroeconomic Performance & Policy (WEC12/01) | ||
Unit 3: Business Behaviour (WEC13/01) | ||
Unit 4: Developments in the Global Economy (WEC14/01) | ||
Edexcel IAL Economics January 2022 Past Papers & Mark Schemes
Edexcel IAL Economics (January 2022) | Downloads | |
Unit 1: Markets in Action (WEC11/01) | ||
Unit 2: Macroeconomic Performance & Policy (WEC12/01) | ||
Unit 3: Business Behaviour (WEC13/01) | ||
Unit 4: Developments in the Global Economy (WEC14/01) | ||
Edexcel IAL Economics October 2021 Past Papers & Mark Schemes
Edexcel IAL Economics (October 2021) | Downloads | |
Unit 1: Markets in Action (WEC11/01) | ||
Unit 2: Macroeconomic Performance & Policy (WEC12/01) | ||
Unit 3: Business Behaviour (WEC13/01) | ||
Unit 4: Developments in the Global Economy (WEC14/01) | ||
Edexcel IAL Economics June 2021 Past Papers & Mark Schemes
Edexcel IAL Economics (June 2021) | Downloads | |
Unit 1: Markets in Action (WEC11/01) | ||
Unit 2: Macroeconomic Performance & Policy (WEC12/01) | ||
Unit 3: Business Behaviour (WEC13/01) | ||
Unit 4: Developments in the Global Economy (WEC14/01) | ||
Economics diagrams, definitions, and evaluation are where marks are made and lost in equal measure. In the following paragraphs, I will go through some of the areas where marks are most often lost in the exams.
Tip 1: If the data gives you two factors, your diagram needs two shifts
This is one of the most consistent sources of lost marks in Section C, and it tends to happen not because students cannot draw demand and supply diagrams, but because they default to a single-shift response out of habit when the question requires something more complete.
When the source material identifies both a demand-side factor and a supply-side factor — increased consumer popularity alongside rising production costs, for example — the analysis of the resulting price change requires both curves to move on the same diagram. Drawing two separate diagrams, one for each shift, misses the point of the question entirely. We want to see you work through the combined effect: what happens to equilibrium price and quantity when both shifts occur simultaneously?
The structure to follow is this. Draw the initial diagram with D₁ and S₁ intersecting at the original equilibrium. Shift the demand curve to its new position and label it D₂. Shift the supply curve to its new position and label it S₂. Mark the new equilibrium clearly at the intersection of D₂ and S₂, and label the new equilibrium price and quantity. Then explain the direction and relative magnitude of the price change, acknowledging that the final outcome depends on the relative size of the two shifts. That last point matters for higher marks. When demand increases and supply decreases simultaneously, price will rise — but the effect on quantity is ambiguous and depends on which shift is larger. Acknowledging that uncertainty, rather than asserting a definite quantity outcome, is precisely the kind of analytical nuance that pushes responses into the top mark bands.
Tip 2: The type of tax determines the shape of the shift — and they are not the same
This distinction is examined regularly and confused regularly, and it comes down to understanding what each type of indirect tax actually does to the cost of production at different price points.
A specific tax is a fixed monetary amount levied per unit — £6 per kilogram, €0.65 per litre, regardless of the price of the good. Because the tax adds the same absolute amount to production costs at every level of output, the supply curve shifts to the left by a constant vertical distance at every point. The result is a parallel leftward shift — the new supply curve runs alongside the original, with a uniform gap between them equal to the tax amount. If the gap between your curves varies at different price levels, the shift is wrong for a specific tax.
An ad valorem tax is levied as a percentage of the price — 10% VAT, for example. Because it is a percentage, the absolute amount of tax increases as the price of the good increases. At a low price, 10% adds a small amount. At a high price, 10% adds a much larger amount. This means the vertical gap between the original and new supply curves is not constant — it widens as price rises. The result is a pivoting leftward shift, where the new supply curve rotates away from the original, with the two curves closer together at lower prices and further apart at higher prices.
The practical check: look at the tax described in the question. If it states a fixed amount per unit, draw a parallel shift. If it states a percentage, draw a pivot. Applying the wrong shift type to the wrong tax demonstrates a conceptual misunderstanding that the mark scheme penalises directly.
Tip 3: Elasticity values are coefficients — treat them as such
Elasticity calculations are among the more mechanical parts of the paper, which makes it particularly frustrating when students who have performed the calculation correctly still lose marks on presentation. Three small but specific errors account for most of the lost marks here.
The first is adding a percentage sign to the final answer. Elasticity is a ratio of two percentage changes — the percentage signs cancel out in the division, leaving a pure number called a coefficient. Writing PED = -0.6% is wrong. The correct answer is PED = -0.6. No percentage sign, ever. The second is omitting the negative sign from a PED value. Price and quantity demanded move in opposite directions for a normal good — when price rises, quantity demanded falls. That inverse relationship is what produces a negative value, and the negative sign is not a minor notational detail. It is part of the answer. A PED of 0.6 and a PED of -0.6 are both correct numbers arithmetically, but only one of them accurately represents the direction of the relationship. Include the minus sign.
The third is confusing percentage change with percentage point change. If a good's price rises from 50p to 60p, the percentage change is 20% — calculated as (change ÷ original) × 100. Writing 10% because the price increased by 10 percentage points in absolute terms is a different calculation entirely and will produce a wrong elasticity value.
The method that protects you from all three: write out both percentage changes explicitly as separate lines of working before dividing them. Show percentage change in quantity demanded, then percentage change in price, then the division. Those intermediate steps secure method marks even if the final value is wrong, and the act of writing them out separately makes the percentage sign error and the percentage point confusion far less likely.
Tip 4: Inertia and habitual behaviour feel similar but are driven by different things
This distinction is subtler than most in behavioural economics, and it is worth being precise about because the exam tests it directly and the two concepts are genuinely different in what drives the consumer's behaviour.
The key is to identify what is keeping the consumer where they are. Inertia is about the cost of acting. The consumer is not choosing to stay with their current provider in any meaningful sense — they are simply not switching because the process of switching feels too difficult, too time-consuming, or too effortful. They may be fully aware that a better deal exists elsewhere. The barrier is not loyalty or habit — it is the perceived hassle of doing something about it. A consumer who stays with the same energy supplier for years because they cannot face comparing tariffs and filling in the paperwork is demonstrating inertia.
Habitual behaviour is about automatic, repeated action. The consumer is not weighing up alternatives at all — they are simply doing what they always do, driven by routine rather than by an active decision to stay or a reluctance to switch. A consumer who buys the same brand of coffee every week without ever considering whether another brand might suit them better is acting out of habit. There is no perceived barrier to switching — the thought of switching does not arise because the behaviour is automatic.
The question to ask when identifying which concept applies: is the consumer aware of alternatives but put off by the effort of switching — inertia — or are they simply not thinking about alternatives at all because their behaviour is routine — habitual? That distinction is what the mark scheme is testing.
Tip 5: PPF axes show goods, not price and quantity
A PPF diagram shows the trade-off between producing two different goods or services — so both axes must show a good or service. Writing "Price" and "Quantity" is the supply and demand diagram bleeding into the wrong context, and it will cost marks immediately.
Use either broad economic categories — Capital Goods and Consumer Goods is the standard pairing — or, better still, the specific goods mentioned in the question stem. If the scenario discusses an economy producing wheat and machinery, those are your axes. Specific labels drawn from the context also signal to the examiner that you have read the material carefully.
Tip 6: "Costs to a third party" is not a definition — it is a repetition
Defining external costs as "costs to a third party" is circular. The word "external" and the phrase "third party" mean the same thing, so the definition adds nothing.
A full definition must specify that the third party is not involved in the transaction that caused the cost, and that the impact is negative. The formal expression of this is MSC > MPC — the marginal social cost exceeds the marginal private cost. Either form works, but one of them must be present.
Always follow the definition with a specific example from the source material. "Carbon emissions from the firm's production cause air pollution, leading to respiratory illness in nearby residents who have no involvement in the transaction" is the kind of application that secures full marks.
Tip 7: Diminishing marginal utility is about the extra satisfaction, not the total
This concept is frequently misdescribed, and the error almost always involves confusing the behaviour of marginal utility with the behaviour of total utility.
Diminishing marginal utility occurs when total utility is still rising — each additional unit consumed still adds satisfaction — but the amount added by each successive unit is smaller than the one before. Total utility is going up; it is just going up more slowly. The moment total utility begins to fall, you have gone beyond diminishing marginal utility into negative marginal utility. They are different stages.
It is also not the same as diminishing marginal returns, which applies to a firm's production process, not to a consumer's satisfaction. Keep the two entirely separate.
Tip 8: Identifying a third-party cost is only the beginning
In examine and discussion questions on externalities, naming the cost earns the first mark. The remaining marks come from developing the chain of reasoning that shows how that cost actually reaches and affects a third party.
"Pollution occurs" is not analysis — it is an observation. The full chain looks like this: carbon emissions from production contribute to global warming, which causes sea levels to rise, resulting in coastal flooding that destroys the homes of third parties who had no involvement in the original transaction. Three logical steps, each one following from the last. That is the depth the mark scheme rewards.
Tip 9: Read whether the policy is being introduced, increased, or removed
This mistake costs marks because the diagram drawn is technically correct — just for the wrong scenario. A student who draws the introduction of a subsidy when the question asks about its removal has demonstrated knowledge but not answered the question.
Keep the direction of change clear. Removing a subsidy means firms lose cost support — supply shifts left. Increasing a maximum price means a second, higher price ceiling line appears on the diagram below the equilibrium, closer to the market price than the original. Decreasing a minimum price means the floor moves downward, potentially crossing the equilibrium and becoming ineffective. In each case, start from the policy already in place and show the change from that position — not from a free market starting point.
Tip 10: Generic evaluation earns generic marks
"The effectiveness depends on the magnitude" and "there may be a time lag" appear in thousands of scripts every year. On their own, they demonstrate awareness of evaluative concepts but nothing more, and the marks they earn reflect that.
Evaluation becomes creditworthy when it is tied to the specific numbers and context in the source material. Instead of "magnitude matters," write: "the effectiveness of the subsidy depends on its scale — a $1 billion subsidy may be entirely insufficient to offset an 83.8% rise in fuel costs, meaning consumer prices remain prohibitively high despite the intervention." Instead of "there is a time lag," write: "the supply-side response will be severely delayed in this case — nuclear capacity, for example, requires approximately 7.5 years to bring online, meaning short-term energy shortages cannot be addressed through this policy."
The data in the source material is there to be used. Every evaluative point you make should contain a figure, a specific industry, or a named factor drawn directly from the text.
Has the Edexcel IAL Economics (YEC11) syllabus changed for the 2027 examinations?
No structural changes. The YEC11 specification continues unchanged for 2027, with the same four-unit modular format:
Unit 1: Markets in Action (AS)
Unit 2: Macroeconomic Performance and Policy (AS)
Unit 3: Business Behaviour (A2)
Unit 4: Developments in the Global Economy (A2)
However, there are updates worth knowing about:
1. Refreshed mark schemes
Pearson has updated the IAL Economics mark schemes with more precise, standardised diagrams. This sets a clearer benchmark for the diagramming standard required to access full marks in data response and essay questions.
2. Stricter command word expectations — two specifics to note
"Draw" questions (4 marks, Units 1 & 2): All 4 marks come from the diagram itself — written explanations waste time and earn no credit. For macroeconomic diagrams, axes must be labelled PL (Price Level) and Real GDP specifically; generic labels like "Price" and "Quantity" on an AD/AS diagram will score zero for the axes.
"Calculate" questions (2 marks, Units 3 & 4): Non-whole number answers must be given to exactly two decimal places, with working clearly shown at each stage.
When are the Edexcel IAL Economics exams held, and what are the key dates for 2026–2027?
IAL Economics follows Edexcel's three-series-per-year calendar: October, January, and May/June. Here's what's confirmed and provisional across the upcoming cycle:
October 2026 (confirmed):
Unit 1 (WEC11): Monday, 12 October — Morning
Unit 2 (WEC12): Not typically available in the October window
Unit 3 (WEC13): Monday, 19 October — Morning
Unit 4 (WEC14): Friday, 23 October — Morning
January 2027 (confirmed):
Unit | Title | Date | Session | Duration |
WEC11 | Markets in Action | Mon, 11 Jan | Afternoon | 1h 45m |
WEC12 | Macroeconomic Performance | Wed, 13 Jan | Morning | 1h 45m |
WEC13 | Business Behaviour | Fri, 15 Jan | Morning | 2h 00m |
WEC14 | Global Economy | Tue, 19 Jan | Afternoon | 2h 00m |
May/June 2027 (provisional)
Units 1 and 2 anchor the first two weeks of May, with Units 3 and 4 following in late May and early June. Precise dates will be confirmed closer to the end of the current academic year.
October 2027
Confirmed to run as usual — provisional dates will be released in early 2027, historically falling from the second week of October through end of month.
How much harder is Edexcel IAL Economics compared to IGCSE/O Level?
It's a significant step up — not just in content depth, but in the entire way you're expected to engage with the subject across four key areas:
The exam format changes completely: IGCSE relies heavily on short, structured questions and straightforward multiple choice. IAL shifts to Supported Multiple Choice (where you earn 1 mark for the correct letter and 3 marks for explaining why, using economic theory and diagrams), plus 14- and 20-mark essays. The biggest question at IGCSE is typically 8–12 marks; at IAL that's just the warm-up.
Memorisation gives way to evaluation: At IGCSE, strong knowledge and application can secure an A*. IAL demands detailed chains of reasoning — not just "higher interest rates reduce inflation," but tracing the full mechanism through borrowing costs, consumer spending, investment, AD shifting left, and falling demand-pull inflation. On top of that, nearly every major question requires a counter-argument: considering short vs. long-run effects, elasticity, unintended consequences, and what the answer depends on.
Diagrams and calculations are held to a strict standard: Macro diagrams must use Price Level and Real GDP— writing "Price" and "Quantity" loses axis marks immediately. Calculate questions require answers to two decimal places with all working shown. Precision that was acceptable at IGCSE won't hold up here.
Content breadth expands massively: IGCSE introduces market failure and inflation at surface level. IAL's AS units go deep into behavioural economics and government intervention; A2 covers market structures (oligopoly, game theory), monetary unions, trade blocs, and development economics.
The encouraging side is that IAL Economics is a highly structured and predictable exam. Once you internalise the correct essay framework — Knowledge → Application → Analysis → Evaluation — and master the diagramming standards, the marking criteria work in your favour. The difficulty is real, but so is the ceiling for performance once the technique clicks.
What does it take to get an A in Edexcel IAL Economics (YEC11), and how should you approach each paper?
The overall A grade requires 320 UMS out of 400 across all four units, with each unit worth a maximum of 100 UMS. The target is an average of 80 UMS per unit.
Raw marks needed to hit 80 UMS per unit:
Unit | Title | Max Raw | Raw Mark for A |
WEC11 | Markets in Action | 80 | 59 |
WEC12 | Macroeconomic Performance | 80 | 58 |
WEC13 | Business Behaviour | 80 | 54 |
WEC14 | Global Economy | 80 | 61 |
That translates to scoring roughly 72–76% of available raw marks on each paper.
The buffer system works in your favour
You don't need 80 UMS on every single unit — the grade is purely a cumulative UMS total. If you score 92 UMS on Unit 1 and drop to 74 UMS on Unit 2, your AS cash-in still lands at 166 UMS (a solid A). As long as Units 3 and 4 together contribute another 154 UMS, you reach 320 overall. Note: for an A*, you still need 320 UMS total but must score a minimum of 180 UMS combined across Units 3 and 4 specifically.
Three areas that determine whether you hit those targets:
Supported Multiple Choice (Section A): Each question gives 1 mark for the correct letter and 3 marks for explanation. To secure all 4: define the key term precisely, explain step-by-step why your answer is correct, and explicitly dismiss at least one wrong option (e.g. "Option C is incorrect because...").
14 and 20-mark essays (Section C): Structure every paragraph as Knowledge (definitions + labelled diagrams) → Application (reference the extract/case study) → Analysis (chain of reasoning: X causes Y, which leads to Z) → Evaluation (counter-argument, short vs. long run, what the outcome depends on). Skipping any layer costs marks.
Technical precision: Label macro diagram axes as Price Level and Real GDP — "Price" and "Quantity" loses axis marks immediately. All calculate answers must be shown with full working and rounded to two decimal places.