AS Level Economics Edexcel
- Week 1: Monday 27 March – Friday 31 March
- Week 2: Monday 3 April – Friday 7 April
- Week 3: Monday 10 April – Friday 14 April
Edexcel (Pearson) 8EC0
Length of Course
9am to 1pm daily
The course examines key topic areas and extensive use is made of exam-based questions to illustrate relevant principles and examination techniques. The course will cover most aspects of the specification, although particular emphasis will be placed on topic areas and examination techniques that students generally find most difficult.
A large focus of the course is teaching students how to present their theoretical knowledge and understanding into the contextualised structure examiners are looking for.
The course consists of the following topics:
Economics as a social science; Positive and normative economic statements; The economic problem; Production possibility frontiers; Specialisation and the division of labour; Free-market, mixed, and command economies.
Rational decision making; Demand; Price, income, and cross elasticities of demand; Supply; Elasticity of supply; Price determination; Price mechanism; Consumer and producer surplus; Indirect taxes and subsidies; Alternative views to consumer behaviour.
Types of market failure; Externalities; Public goods; Information gaps.
Government intervention in markets; Government failure.
Economic growth; Inflation; Employment and unemployment; Balance of payments.
The characteristics of AD; Consumption (C); Investment (I); Government Expenditure (G); Net Trade (X – M).
The characteristics of AS; Short-Run AS; Long-Run AS.
National income; Injections and withdrawals; Equilibrium levels of real national output; The multiplier.
Causes of growth; Output gaps; Trade (business) cycle; The impact of economic growth.
Possible Macroeconomic objectives; Demand-Side policies; Supply-side policies; Conflicts and trade-offs between objectives and policies.
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