AS/A-level Economics Revision
Economics is the social science that analyses the production, distribution, and consumption of goods and services. Economic analysis is applied throughout society, in business, finance and government, but also in health, law, social institutions, and science. Within this study choice, students can choose a combination of modules out of the ones provided below. Please specify on the booking form which modules you are pursuing.
AS Level
EDEXCEL
Unit 1: Competitive Markets — How They Work and Why They Fail
This unit provides an introduction to the nature of economics and examines how the price mechanism allocates resources in markets. It analyses the nature of market failure, its causes and possible policy remedies. At the end of this unit, students should be able to apply supply and demand analysis to real world situations; to understand why markets might not allocate resources efficiently and the methods of dealing with market failure, together with an evaluation of their effectiveness.
Unit 2: Managing the Economy
This unit provides an introduction to the key measures of economic performance and the main objectives and instruments of economic policy. Students should be able to use a basic aggregate demand/aggregate supply model to understand why demand and/or supply side policies may be seen as appropriate ways of managing an economy; predict the possible impact of such policies and to recognise the assumptions involved; argue for different approaches and identify criteria for success.
Detailed EDXCEL overview .pdf
OCR
AS Unit F581: Markets in Action
This unit provides an introduction to why economic choices have to be made, the market model, how markets can be efficient and also how they can fail.
Topics: The reasons for individuals, organisations, and societies having to make choices; Competitive markets and how they work; Market failure and government intervention
AS Unit F582: The National and International Economy
This unit provides an introduction to how the level of macroeconomic activity is determined and to key macroeconomic indicators, problems and policies.
Topics: Aggregate demand and aggregate supply and their interaction; Government economic policy objectives and indicators of national economic performance; The application of macroeconomic policy instruments; and the international economy
Detailed OCR overview .pdf
AQA
At AS, this specification will enable candidates to develop an understanding of, and an insight into, micro and macroeconomics:
Unit 1 ECON1 Economics: Markets and Market Failure
Candidates will be required to acquire knowledge and understanding of some basic microeconomic models and to apply these to current problems and issues. Basic microeconomic models such as demand and supply, the operation of the price mechanism, and causes of market failure are central to this Module.
Unit 2 ECON2 Economics: The National Economy
Candidates will be required to acquire knowledge and understanding of AD/AS analysis and should be provided with opportunities to use this analysis to explore recent and current economic behaviour. They should understand, and be able to analyse and evaluate, macroeconomic policy.
A2 Level
EDEXCEL
Unit 3: Business Economics and Economic Efficiency
This unit develops the content of Unit 1 and examines how the pricing and nature of competition between firms is affected by the number and size of market participants. At the end of this unit, students should be able to analyse the pricing and output decisions of firms in different contexts. They should also be capable of making an appraisal of government intervention aimed at promoting competitive markets. Where appropriate, students should be able to relate the theoretical framework to real-world examples.
Unit 4: The Global Economy
This unit develops the knowledge and skills gained in Unit 2 so that they can be applied in a global context. The application, analysis and evaluation of economic models is required as well as an ability to assess policies which might be used to deal with economic problems. An awareness of trends and developments in the global economy over the last 10 years is required. While detailed knowledge of particular countries, other than the UK is not required, the use of case studies might help students to gain a better understanding of key issues, especially those affecting developing countries.
Detailed EDEXCEL overview .pdf
OCR
Unit F583: Economics of Work and Leisure
Topics: Nature of work and leisure and trends in employment and earnings; Market structures and competitive behaviour in leisure markets; Labour demand, supply and wage determination; Market failure and the role of the Government and unions in the labour market.
Unit F584: Transport Economics
Topics: Transport, transport trends and the economy; Market structures and competitive behaviour in transport markets; Market failure and the role of intervention in transport markets; Transport economics and government policy.
Detailed OCR overview .pdf
AQA
Unit 3 ECON3 Economics: Business Economics and the Distribution of Income
Unit 3 is synoptic.
It is assumed that the knowledge and skills candidates have acquired in other units will be used to consider concepts, theories and issues introduced in this Unit. Candidates should be able to recognise both the value and limitations of economic models as a means of explaining and evaluating the conduct and performance of firms in the real world. They should be able to evaluate economic models in written, numerical and graphical forms.
Unit 4 ECON4 Economics: The National and International Economy
Unit 4 is synoptic.
It is assumed that the knowledge and skills candidates have acquired in other units will be used to consider concepts, theories and issues introduced in this unit. Candidates are expected to develop further their critical approach to economic models and methods of enquiry. They should be able to analyse and evaluate economic models in written, numerical and graphical forms.
Please note that some units may not be covered in the revision sessions. Please specify on the booking form if you need support on a particular unit.
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