Economics
“Economics is the art of making the most of life. The art of using what we do have to secure what we do not have.” – Lionel Robbins
Subject information
ENTRY DETAILS
Exam board: Pearson Edexcel IAL
Specification: Pearson Edexcel International Advanced A-Level in Economics (YEC01)
HOW I WILL BE ASSESSED?
Examination: The course is examined in January and June of both Year 12 and Year 13
COURSE DETAILS
Unit 1: Markets in Action
- Introductory concepts
- Consumer behaviour and demand
- Supply
- Price determination
- Market failure
- Government intervention in markets
Unit 2: Macroeconomics performance and policy
- Measures of economic performance
- Aggregate demand (AD)
- Aggregate supply (AS)
- National income
- Economic growth
- Macroeconomic objectives and policies
Unit 3: Business Behavioury
- Types and sizes of businesses
- Revenue, costs and profits
- Market structures and contestability
- Labour markets
- Government intervention
Unit 4: Developments in the global economy
- Causes and effects of globalisation
- Trade and the global economy
- Balance of payments, exchange rates and international competitiveness
- Poverty and inequality
- The role of the state in the macroeconomy
- Growth and development in developing, emerging and developed economies.
ASSESSMENT OVERVIEW, DURATION AND WEIGHTING
Paper 1 – Written examination 2 hours (25% of qualification – 80 marks)
Paper 2 – Written examination 2 hours (25% of qualification – 80 marks)
Paper 3 – Written examination 2 hours (25% of qualification – 80 marks)
Paper 4 – Written examination 2 hours (25% of qualification – 80 marks)
| Exam Papers | % of IAL | Assessment overview |
|---|---|---|
| Paper 1 – (Jan Y12) | 25 | Section A: Six multiple-choice questions (6 marks). Section B: Five short-answer questions (20 marks). Section C: A five-part question, based on data provided in a source booklet (34 marks). Section D: One 20-mark essay question from a choice of two (20 marks). |
| Paper 2 – (June Y12) | 25 | Section A: Six multiple-choice questions (6 marks). Section B: Five short-answer questions (20 marks). Section C: A five-part question, based on data provided in a source booklet (34 marks). Section D: One 20-mark essay question from a choice of two (20 marks). |
| Paper 3 – (June Y13) | 25 | Section A: Six multiple-choice questions (6 marks). Section B: A five-part question, based on data provided in a source booklet (34 marks). Section C: Two 20-mark essay questions from a choice of three (40 marks). |
| Paper 4 – (Jan Y13) | 25 | Section A: Six multiple-choice questions (6 marks). Section B: A five-part question, based on data provided in a source booklet (34 marks). Section C: Two 20-mark essay questions from a choice of three (40 marks). |
WIDER READING
- Haskel, J., & Westkale, S. (2017). Capitalism without Capital. Princeton University Press
- Raworth, K. (2017). Doughnut Economics. Random House
- Shotton, R. (2018). Choice Factory. Harriman House
