Economics

Assessment

Paper 1: Markets and market failure (Written exam: 2hrs, 33.3% of A level) Economic methodology and the economic problem; individual economic decision making; price determination in a competitive market; production, costs and revenue; perfect competition, imperfectly competitive markets and monopoly; the labour market; the distribution of income and wealth – poverty and inequality; the market mechanism, market failure and government intervention in markets. Paper 2: The national and international economy (Written exam: 2hrs, 33.3% of A level) The measurement of macroeconomic performance; how the economy works – the circular flow of income, AD/AS analysis and related concepts; economic performance; financial markets and monetary policy; fiscal policy and supply-side policies; and the international economy. Paper 3: Economic principles and issues (Written exam: 2hrs, 33.3% of A level) A multiple choice question and case-study paper, based on the content already covered in Papers 1 and 2.