Economics

Assessment

• Paper 1: Markets and Market Failure is focussed on Microeconomics and incorporates a 1 hour section of Data Response Questions including a calculation, interpretation of data, a short explanation of an economic concept applied to a real world scenario. There is then an evaluation of economic argument, which leads the pupils to conclude with a justified judgement, having considered differing assumptions, parameters and perspectives. The second hour again requires pupils to write an essay, the first part of which explains an economic theory using real world examples and case studies considered through the course. The second part is another evaluative essay, requiring the same structure as the long question in the data response question. • Paper 2: The National and International Economy is focussed on Macroeconomics and has exactly the same structure as Paper 1, although the content is different. • Paper 3: Economic Principles and Issues is a synoptic paper incorporating both Microeconomics and Macroeconomics content and skills, already covered on both Papers 1 and 2. It comprises 30 multiple-choice questions, alongside a data response question, which examines a breadth of economic models from both sides of the course.