AS Level Economics · Edexcel (Pearson) (legacy)
Week 1: Monday 28 March – Friday 1 April
Week 2: Monday 4 – Friday 8 April
Week 3: Monday 11 – Friday 15 April
Edexcel (Pearson) 8ECO1
Length of Course
9am to 1pm daily
A large focus of the course is to teach students how to translate their economic knowledge and understanding of theory and present it in the contextualised structure examiners are looking for. This is a key strategic skill for A level candidates, and participants in the course will benefit from the shared knowledge and experience of tutors that work as examiners for the exam boards.
The course examines key topic areas and extensive use will be made of exam-based AS level questions to illustrate relevant principles. The course will cover most aspects of the syllabus. Particular emphasis will be placed on topic areas that students generally find the most difficult.
The course consists of the following topics:
Unit 1 6ECO1 · Competitive Markets: How They Work and Why They Fail
Students will revise the nature of economics and examine how the price mechanism allocates resources in markets. We will analyse the nature of market failure, its causes and possible policy remedies. We will discuss how 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.
Students will learn how to: interpret data presented in different forms, for example, tables, graphs and index numbers; carry out simple calculations, for example, percentages and percentage change; distinguish between real and nominal data.
Unit 2 6ECO2 · Managing the Economy
Students will analyse the key measures of economic performance and the main objectives and instruments of economic policy. We will revise how 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.
Students will learn how to do simple calculations involving percentage changes and index numbers and use simple statistical tools to analyse changes in distribution, for example deciles. We will also interpret diagrams and construct simple graphs.