A Level Economics

A Level Economics Edexcel

Easter Revision Course Dates 2024

• Week 1: Monday 25 March – Friday 29 March
• Week 2: Monday 1 April – Friday 5 April
• Week 3: Monday 8 April – Friday 12 April

Boards

Edexcel

Length of Course

Five full days, 40 hours total.

Times

9.00am to 12.30pm or 1.00pm to 4.30pm daily.

The AS topics are relevant to all specifications. A Level topics are specific to EDEXCEL students: The topics are relevant to all of the new, reformed specifications:

Topic 1 (AS) – Basic Economic Problem and Basic Economic Concepts:
Positive and normative economics; scarcity and opportunity cost; The production possibility boundary or frontier; Specialisation and the division of labour; Free market and mixed economies; rational decision-making process, the functions of money. The supply of, and demand for, goods and services.

Topic 2 (AS) – Price Mechanism and its Application:
The price mechanism as a means of allocating resources; The role of the price mechanism in resource allocation in free market and mixed economies; Application of the price mechanism in markets, such as goods, services, commodities and labour. Elasticity. Indirect taxes and subsidies.

Topic 3 (AS) – Market failures and Government Intervention:
Types of market failure including public goods, externalities, imperfect information, labour immobility, unstable commodity markets; Government intervention in markets; Government failure.

Topic 4 (AS) – National Economic Performance:
Measurements of performance including growth, inflation, employment and unemployment, balance of payments; Other measures of development; National Income and wealth; The circular flow of income.

Topic 5 (AS) – Aggregate Demand/Supply Analysis:
Aggregate demand; Aggregate supply; Relationship between aggregate demand/supply and the price level; The equilibrium level of real output; Multiplier effect; Causes, costs and constraints on economic growth; Macroeconomic policy objectives; Conflicts between objectives; the main macro-economic policy instruments- supply/demand side policies; Conflicts resulting from use of policy instruments.

Topic 6 (2nd Year) – Business Economics-Concepts:
The revenue of a firm; The costs of a firm; economic efficiency; The profit of a firm; Firms’ objectives.

Topic 7 (2nd Year) – Market Structure and Contestability:
Barriers to market entry and exit; Market concentration; The determination of firms’ behaviour including perfect competition, monopoly, monopsony, oligopoly and monopolistic competition; Contestability, Government intervention to maintain competition in markets.

Topic 8 (2nd Year) – The labour market:
The demand and supply of labour, Income and substitution effects, Immobility of labour, Wage elasticity of demand, Minimum wage.

Topic 9 (2nd Year) – The International Economy:
Causes and effects of globalisation; International trade-why trade and how is trade recorded and financed; International competitiveness of a country.

Topic 10 (2nd Year) – The developing world:
Poverty and inequality of developed and developing countries; Limits to growth and development; Macroeconomic policy used to promote growth and development; Other measures used to promote growth development, The role of financial markets