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Supporting Learning

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Why Economics


Lady Elizabeth School will follow the Edexcel AS and A level Economics A programme. It is a clear and coherent structure with four engaging and up-to-date themes, assessed through three externally examined papers.

*Supports progression – two Microeconomic and two Macroeconomic themes enables students to build on their knowledge and understanding as they progress through the course.

*Thinking like an Economist – students use Economic models to help them understand the complexities of the world around them, and use data to help them explore markets and economies and how governments try and influence both. Students are introduced to different perspectives, aspects of economic history and develop an understanding of economic issues.

*Reflects developments in Economics – The new specification content includes the financial sector and an introduction to behavioural economics, engaging students in current issues in economics.

* Reflects today’s global world – in the second year of study, students develop an understanding of current global issues that impact on the economy, preparing them for their next steps in today’s global world.

*Develops transferable skills for progression to higher education – students will develop a multitude of skills, including numeracy, communication and critical thinking in order to make a smooth transition to the next level of study.

How Economics will be taught!

AS and A level specifications must require students to:

● develop an understanding of economic concepts and theories through a

critical consideration of current economic issues, problems and institutions

that affect everyday life

● develop analytical and quantitative skills in selecting, interpreting and using

appropriate data from a range of sources, including those in the Annex

● explain, analyse and evaluate the strengths and weaknesses of the market

economy and the role of government within it

● develop a critical approach to economic models of enquiry, recognising the

limitations of economic models

● understand microeconomic and macroeconomic market models; use the

models to explore current economic behaviour; make causal connections;

and develop an understanding of how the models shed light on the economy

as a whole

● be aware of the assumptions of the model of supply and demand; explain the

way it works using a range of techniques; and use the model to describe,

predict and analyse economic behaviour

● develop an understanding of the benefits of markets and the reasons why

they may fail; understand the implications of market failure for individuals,

firms and government, and recognise the possibility of government failure

● use the aggregate demand/aggregate supply (AD/AS) model and data to

understand why supply-side and/or demand-side policies may be seen as

appropriate ways of managing an economy

● consider the possible impact of macroeconomic policies; recognise the issues

government faces in managing the macroeconomy; argue for different

approaches; and identify criteria for success and evaluate effectiveness

● develop the ability to apply and evaluate economic models as represented in

written, numerical and graphical forms; interpret and evaluate different types

of data from multiple sources; and propose and justify possible responses to

economic issues.

Theme 1

Introduction to markets and market

failure

1.1 The nature of economics

1.2 How markets work

1.3 Market failure

1.4 Government intervention

Theme 2

The UK economy – performance and

policies

2.1 Measures of economic performance

2.2 Aggregate demand

2.3 Aggregate supply

2.4 National income

2.5 Economic growth

2.6 Macroeconomic objectives and policy

Theme 3

Business behaviour and the labour

market

3.1 Business growth

3.2 Business objectives

3.3 Revenues, costs and profit

3.4 Market structures

3.5 The labour market

3.6 Government intervention

Theme 4

A global perspective

4.1 International economics

4.2 Poverty and inequality

4.3 Emerging and developing economies

4.4 The financial sector

4.5 Role of the state in the

macroeconomy

AS Level

All AS and A level specifications must cover the following core knowledge,

understanding and skills:

Economic choices and markets

● Scarcity and choice: the basic economic problem, opportunity cost,

specialisation and trade.

● How competitive markets work: allocation of resources, the objectives of

economic agents, supply and demand, elasticity.

● Market failure and government intervention: externalities, alternative

methods of government intervention, government failure.

The national and global economy

● The determination of output, employment and prices: circular flow of income,

expenditure and output, aggregate demand and aggregate supply.

● Economic policy objectives and indicators of macroeconomic performance: for

example, economic growth, employment, inflation, the balance of payments;

potential policy conflicts and trade-offs.

● The global context: international trade, exchange rate changes.

● The application of policy instruments: the nature and impact of fiscal,

monetary, exchange rate and supply-side policies.

The AS Exam Structure


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A Level 

A level specifications must require students to:

● develop an understanding of the role and impact of the financial sector

● recognise the assumptions, relationships and linkages of the possible impacts

of macroeconomic policies

● apply and evaluate economic concepts, theories, methods and models to a

wider range of contexts.

A level specifications must also cover the following core knowledge,

understanding and skills:

Economic choices and markets

● Scarcity and choice: the margin.

● How competitive markets work: productive and allocative efficiency, the

interaction of markets.

● Competition and market power: business objectives, market structures and

their implications for the way resources are allocated, interdependence of

firms.

● Labour market: wage determination, labour market issues, government

intervention.

● Market failure and government intervention: market power, information

asymmetries.

The national and global economy

● Financial sector: the role of the financial sector and its impact on the real

economy, financial regulation, role of central banks.

● Economic policy objectives and indicators of macroeconomic performance:

income distribution and welfare.

● The global context: globalisation, trade policies and negotiations.

Full A Level Assessment


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Student Skills

Students are expected to accomplish the following quantitative skills as part of their

AS and A level study:

● calculate, use and understand ratios and fractions

● calculate, use and understand percentages and percentage changes

● understand and use the terms mean, median and relevant quantiles

● construct and interpret a range of standard graphical forms

● calculate and interpret index numbers

● calculate cost, revenue and profit (marginal, average, totals)

● make calculations to convert from money to real terms

● make calculations of elasticity and interpret the result

● interpret, apply and analyse information in written, graphical and numerical

forms

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