AS Level Economics Edexcel
- Week 1: Monday 29 March – Friday 2 April
- Week 2: Monday 5 – Friday 9 April
- Week 3: Monday 12 – Friday 16 April
Edexcel (Pearson) 8EC0
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:
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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