Year 12 Subject Content:
Students will study the following units during the first year of the course:
The operation of markets and market failure
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Economic methodology and the economic problem
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Price determination in a competitive market
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Production, costs and revenue
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Competitive and concentrated markets
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The market mechanism, market failure and government intervention in markets
The national economy in a global context
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The measurement of macroeconomic performance
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How the macroeconomy works : the circular flow of income, AD/AS analysis, and related concepts
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Economic performance
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Macroeconomic policy
Year 13 Subject Content
Students will study the following units during the second year of the course:
Individuals, firms, markets and market failure
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Economic methodology and the economic problem
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Individual economic decision making
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Price determination in a competitive market
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Production, costs and revenue
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Perfect competition, imperfectly competitive markets and monopoly
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The labour market
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The distribution of income and wealth: poverty and inequality
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The market mechanism, market failure and government intervention in markets
The national and international economy
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The measurement of macroeconomic performance
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How the macroeconomy works : the circular flow of income, AD/AS analysis, and related concepts
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Economic performance
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Financial markets and monetary policy
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Fiscal policy and supply-side policies
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The international economy
Career Opportunities / Routes
This qualification supports progression into higher education or the world of work. It provides a good foundation for careers in banking and accountancy, politics, journalism and in education. The subject nature ensures that students develop a broad range of skills that will suit a range of careers.
Assessment
At the end of year 13 there are three 2 hour exams worth 80 marks each.
Paper 1 assesses your knowledge of microeconomics.
Paper 2 assesses your knowledge of macroeconomics.
Paper 3 is synoptic, meaning any content from the entire course could be assessed.
Paper 1:
Written exam: 2 hours
80 marks in total
33.3% of A Level
The exam consists of two sections:
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Section A: data response questions requiring written answers, choice of one from two contexts worth 40 marks
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Section B: essay questions requiring written answers, choice of one from three worth 40 marks
Paper 2:
Written exam: 2 hours
80 marks in total
33.3% of A Level
The exam consists of two sections:
-
Section A: data response questions requiring written answers, choice of one from two contexts worth 40 marks
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Section B: essay questions requiring written answers, choice of one from three worth 40 marks
Paper 3:
Written exam: 2 hours
80 marks in total
33.3% of A Level
The exam consists of two sections:
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Section A: multiple choice questions worth 30 marks
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Section B: case study questions requiring written answers, worth 50 marks.