Professional Documents
Culture Documents
50%
of the
total AS
marks
25% of
the total
GCE
marks
Content summary:
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 effciently and the methods of dealing with
market failure, together with an evaluation of their effectiveness.
Assessment:
Examination of 1 hour 30 minutes, consisting of supported multiple-choice questions
and one data response question out of a choice of two questions.
AS Unit 2: Managing the Economy *Unit code 6EC02
Externally assessed
Availability: January and June
First assessment: June 2009
50%
of the
total AS
marks
25% of
the total
GCE
marks
Content summary:
This unit introduces the key measures of economic performance and the main
objectives and instruments of economic policy. Students should be able to use a basic
AD/AS 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.
Assessment:
Examination of 1 hour 30 minutes, consisting of one data response question out of a
choice of two questions.
* See Appendix 5 for description of this code and all other codes relevant to this qualifcation.
Specifcation at a glance A
Ldexce| CCL in Lconomics Ldexce| Limited 2010 Section A 5
A2 Unit 3: Business Economics and Economic Effciency *Unit code 6EC03
Externally assessed
Availability: January and June
First assessment: January 2010
40%
of the
total A2
marks
20% of
the total
GCE
marks
Content summary:
This unit develops the content of Unit 1 and examines how the pricing and nature of
competition between frms 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 frms in different contexts. They should also be capable of making an appraisal of
government intervention aimed at promoting competitive markets.
Assessment:
Examination of 1 hour 30 minutes, consisting of supported multiple-choice questions
and one data response question out of a choice of two questions.
A2 Unit 4: The Global Economy *Unit code 6EC04
Externally assessed
Availability: June
First assessment: June 2010
60%
of the
total A2
marks
30% of
the total
GCE
marks
Content summary:
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.
Assessment:
Examination of 2 hours, consisting of one essay question with two parts from a choice
of three topic areas, and one data response question out of a choice of two questions.
Section Ldexce| Limited 2010 Ldexce| CCL in Lconomics 6
B Specifcation overview
Summary of assessment requirements
Unit number and
unit title
Level Assessment information Number
of marks
allocated in
the unit
Unit 1: Competitive
Markets How
They Work and
Why They Fail
AS Examination length: 1 hour 30 minutes
Supported multiple-choice questions where students write a
short justifcation of why they chose that answer and/or why
the other answers are incorrect. Worth 32 marks.
One data response question out of a choice of two questions.
Worth 48 marks.
80 marks
Unit 2: Managing
the Economy
AS Examination length: 1 hour 30 minutes
One data response question out of a choice of two questions.
Worth 50 marks.
Last question of data response will be open ended.
Worth 30 marks.
80 marks
Unit 3: Business
Economics
and Economic
Effciency
A2 Examination length: 1 hour 30 minutes
Supported multiple-choice questions where students write a
short justifcation of why they chose that answer and/or why
the other answers are incorrect. Worth 32 marks.
One data response question out of a choice of two questions.
Worth 40 marks.
72 marks
Unit 4: The Global
Economy
A2 Examination length: 2 hours
One essay question with two parts from a choice of three
topic areas. Worth 50 marks.
One data response question out of a choice of two questions.
Worth 50 marks.
100 marks
Assessment objectives and weightings
% in AS % in A2 % in GCE
AO1
Demonstrate knowledge and understanding of the specifed
content.
27.5% 22% 24.75%
AO2
Apply knowledge and understanding of the specifed content
to problems and issues arising from both familiar and
unfamiliar situations.
27.5% 22% 24.75%
AO3 Analyse economic problems and issues. 22.5% 28% 25.25%
AO4
Evaluate economic arguments and evidence, making informed
judgements.
22.5% 28% 25.25%
TOTAL 100% 100% 100%
Specifcation overview B
Ldexce| CCL in Lconomics Ldexce| Limited 2010 Section 7
Relationship of assessment objectives to units
Unit number AO1 AO2 AO3 AO4
Unit 1 30% 30% 20% 20%
Unit 2 25% 25% 25% 25%
AS weighting 27.5% 27.5% 22.5% 22.5%
Unit 3 25% 25% 25% 25%
Unit 4 20% 20% 30% 30%
A2 weighing 22% 22% 28% 28%
Total for
Advanced GCE
24.75% 24.75% 25.25% 25.25%
Qualifcation summary
Subject criteria
The General Certifcate of Education is part of the Level 3 provision.
This specifcation is based on the Advanced Subsidiary GCE and
Advanced GCE subject criteria for Economics; which are prescribed
by the regulatory authorities and are mandatory for all awarding
bodies.
The GCE in Economics has been designed to meet the QCA subject
criteria for Economics.
Aims
The aims of the Advanced GCE in Economics are to:
develop an interest in and enthusiasm for the study of the subject
appreciate the contribution of economics to the understanding of
the wider economic and social environment
develop an understanding of a range of concepts and an ability
to use these concepts in a variety of different contexts
help students to use an enquiring, critical and thoughtful
approach to the study of economics and an ability to think as an
economist
develop in students the skills, qualities and attitudes which will
equip them for the challenges, opportunities and responsibilities
of adult and working life.
B Specifcation overview
Section Ldexce| Limited 2010 Ldexce| CCL in Lconomics 8
AS/A2 knowledge
and understanding
This Edexcel Advanced Subsidiary and Advanced GCE specifcation
requires students to:
develop an understanding of economic concepts and theories
through critical consideration of current economic issues,
problems and instructions that affect everyday life
analyse, explain and evaluate the strengths and weaknesses of
the market economy and the role of government within it
develop a critical approach to economic models and methods of
enquiry.
Specifcation overview B
Ldexce| CCL in Lconomics Ldexce| Limited 2010 Section 9
This Edexcel Advanced Level GCE specifcation requires students to:
use and evaluate more complex models involving more variables,
for example pricing and output decisions under different market
structures (see Unit 3)
apply models to a wider range of contexts, for example students
should consider the causes and consequences of inequality in
developed and developing countries (see Unit 4)
develop the ability to apply and evaluate economic models as
represented in written, numerical and graphical form, for example
in Unit 3 students will need to be able to draw a cost curve and
explain its shape in terms of diminishing marginal returns and
economies of scale
be able to propose possible solutions to problems, for example
in Unit 4, students have to apply concepts and theories which
may be appropriate to promote growth and development in a
particular economy
understand the relationships and linkages which underpin
macro-economic models, for example in Unit 4, students should
understand global factors which infuence a countrys exchange
rate
be able to predict the possible impact of policy changes on local,
national and international economies, for example in Unit 4 the
AD/AS model is applied in analysing and evaluating the use of
policies to achieve economic objectives
be able to evaluate the effectiveness of government policies
across a range of contexts, for example in Unit 4, students
have to examine government policy to increase international
competitiveness and how they may affect particular national
industries.
AS/A2 skills
This Edexcel Advanced Subsidiary and Advanced GCE specifcation
requires students to select, interpret and evaluate different types
of data from multiple sources, for example in Unit 4 students have
to identify constraints on growth and development in different
economies and reasons for their different growth rates.
In this specifcation, recent historical data is defned as being
within the last 7 to 10 years.
B Specifcation overview
Section Ldexce| Limited 2010 Ldexce| CCL in Lconomics 10
Ldexce| CCL in Lconomics Ldexce| Limited 2010 Section C 11
C Economics unit content
Unit 1 Competitive Markets How They Work and Why They Fail 13
Unit 2 Managing the Economy 23
Unit 3 Business Economics and Economic Effciency 35
Unit 4 The Global Economy 45
C Economics unit content
Section C Ldexce| Limited 2010 Ldexce| CCL in Lconomics 12
Course structure
Edexcels GCE in Economics comprises four units and contains an
Advanced Subsidiary subset of two AS units.
The Advanced Subsidiary GCE is the frst half of the GCE course
and consists of Units 1 and 2. It may be awarded as a discrete
qualifcation or contribute 50 per cent of the total Advanced GCE
marks.
The full Advanced GCE award consists of the two AS units
(Units 1 and 2), plus two A2 units (Units 3 and 4) which make
up the other 50 per cent of the Advanced GCE. Students wishing
to take the full Advanced GCE must, therefore, complete all four
units.
The structure of this qualifcation allows teachers to construct a
course of study which can be taught and assessed either as:
distinct modules of teaching and learning with related units of
assessment taken at appropriate stages during the course; or
a linear course which is assessed in its entirety at the end.
An understanding of the
following distinctions is
required:
nominal and real
total and per capita
volume and value.
Students are not expected to
have detailed knowledge of GDP
calculations or the GDP defator.
Movements along
and shifts of the AD
curve
Understand why AD slopes
downwards.
Show the relevant shifts in
the AD curve when one of the
components change.
Students should distinguish
between levels of the
components and the changes in
components. For example, falls
in the rate of investment may
mean that AD rises more slowly.
Ldexce| CCL in Lconomics Ldexce| Limited 2010 Section C 29
Managing the Economy Unit 2
2.3.4 What is aggregate supply (AS)?
What students need to learn:
Content Students should be able to: Additional guidance notes
Aggregate Supply
(AS)
Understand the factors
infuencing the amount that
frms are willing to supply at
various prices, for example the
costs of production, the level
of investment, availability of
factors of production.
Students should be able to
illustrate spare capacity in an
economy.
Credit will be given for both
Keynesian and classical
approaches to AS, but this
distinction will not be expected.
Movements along
and shifts of the AS
curve
Explain factors that might cause
a shift in AS. Factors might
include: changing costs of raw
materials; a change in the
level of international trade or
exchange rates; technological
advances; relative productivity
changes; education and skills
changes; regulation changes.
Students should be able to show
the relevant shifts in the AS
curve.
Section C Ldexce| Limited 2010 Ldexce| CCL in Lconomics 30
Unit 2 Managing the Economy
2.3.5 What determines the price level and equilibrium level of real output?
What students need to learn:
Content Students should be able to: Additional guidance notes
Equilibrium level of
output
Understand the concept of
equilibrium real national output.
The ability to apply the AD/AS
model to real-world situations
will be expected.
The multiplier Explain the size of the
multiplier, using the concept
of the marginal propensity to
consume; apply the multiplier to
shifts in AD.
Students should be able to
explain the impact on the
economy of the multiplier.
Evaluation points include the
diffculty of measuring it; the
time it takes to come into full
effect and size of leakages.
Calculations using the multiplier
formula will not be required.
2.3.6 What are the causes, costs and constraints on economic growth?
What students need to learn:
Content Students should be able to: Additional guidance notes
Actual and potential
growth
Identify trends in growth rate;
sustainable growth; understand
output gaps in developed
economies.
Changes in the level of GDP
should be distinguished from
changes in the rate of growth of
GDP, for example, the level of
GDP still rises when an economy
grows at a slower rate, as long
as growth is positive.
Students will not be expected
to know specifc numerical
information for various
countries.
Ldexce| CCL in Lconomics Ldexce| Limited 2010 Section C 31
Managing the Economy Unit 2
Content Students should be able to: Additional guidance notes
Causes and
constraints on
growth
Explain the signifcance of
factors such as investment or
innovation; constraints may
be in terms of absence of
capital markets or instability of
government.
Students should consider some
of the following, for example:
impact of migration
impact of changes in birth
rates
export-led growth.
Students should understand
changes in injections and
leakages affect changes in the
fow of income.
Additional information
Malpractice and
plagiarism
For up-to-date advice on malpractice and plagiarism, please refer
to the Joint Council for Qualifcations Suspected Malpractice in
Examinations Policies and Procedures document on the JCQ website
www.jcq.org.uk.
D Assessment and additional information
Section L Ldexce| Limited 2010 Ldexce| CCL in Lconomics 60
Access
arrangements
and special
requirements
Edexcels policy on access arrangements and special considerations
for GCE, GCSE, and Entry Level aims to enhance access to the
qualifcations for learners with disabilities and other diffculties
(as defned by the Disability Discrimination Act 1995 and the
amendments to the Act) without compromising the assessment of
skills, knowledge, understanding or competence.
Please see the Edexcel website (www.edexcel.com) for:
the JCQ policy Access Arrangements and Special Considerations,
Regulations and Guidance Relating to Candidates who are Eligible
for Adjustments in Examinations
the forms to submit for requests for access arrangements and
special considerations
dates for submission of the forms.
Requests for access arrangements and special considerations must
be addressed to:
Special Requirements
Edexcel
One90 High Holborn
London WC1V 7BH
Disability
Discrimination Act
Please see Appendix 7 for the Advanced GCE in Economics Disability
Discrimination Act information.
Assessment and additional information D
Ldexce| CCL in Lconomics Ldexce| Limited 2010 Section L 61
Prior learning and
progression
Prior learning
Students who would beneft most from studying a GCE in
Economics are likely to have a Level 2 qualifcation such as a GCSE
in Economics or a GCSE in Business and Economics at grades A*C.
Progression
This qualifcation should enable students to progress to a straight
economics degree with a focus on theory, or a degree in applied
economics such as environmental economics, labour economics,
public sector economics or monetary economics. Alternatively,
students may like to study a business economics or mathematical
economics degree. Economics can also be combined with another
subject as a joint degree or with other subjects, for example
politics, philosophy or history as a combined degree. Some
universities require Advanced GCE Mathematics as well, others ask
only for a good grade at GCSE.
Post-university employment rates for economists are among
the highest for graduates. They are likely to fnd employment
in fnance, banking, insurance, accountancy, management and
consultancy. Some become professional economists.
Combinations of
entry
GCE Economics cannot be studied with the GCE in Economics and
Business.
Student
recruitment
Edexcels access policy concerning recruitment to our qualifcations
is that:
they must be available to anyone who is capable of reaching the
required standard
they must be free from barriers that restrict access and
progression
equal opportunities exist for all students.
The wider
curriculum
This qualifcation provides opportunities for developing an
understanding of spiritual, moral, ethical, social and cultural issues,
together with an awareness of citizenship, environmental issues,
health and safety considerations, and European developments
consistent with relevant international agreements appropriate as
applied to economics. Appendix 4: Wider curriculum maps the
opportunities available.
Ldexce| CCL in Lconomics Ldexce| Limited 2010 Section L 63
E Resources, support and training
Resources to support the specifcation
In addition to the resources available in the Getting Started guide
book, Edexcel produces a wide range of resources to support this
specifcation.
Edexcels own published resources
Edexcel aims to provide the most comprehensive support for our
qualifcations. We have therefore published our own dedicated
suite of resources for teachers and students written by qualifcation
experts. These resources include:
schemes of work
revision sheets
student guide
mapping document to previous specifcation
lesson materials.
Edexcel publications
You can order further copies of the specifcation and specimen
exam papers from:
Edexcel Publications
Adamsway
Mansfeld
Notts NG18 4FN
Telephone: 01623 467467
Fax: 01623 450481
Email: publications@linney.com
Website: www.edexcel.com
E Resources, support and training
Section L Ldexce| Limited 2010 Ldexce| CCL in Lconomics 64
Additional resources endorsed by Edexcel
Edexcel also endorses additional materials written to support this
qualifcation.
Any resources bearing the Endorsed by Edexcel logo have been
through a rigorous endorsement quality assurance process to
ensure complete and accurate support for the specifcation. For
up-to-date information about endorsed resources, please visit
www.edexcel.com/endorsed.
Please note that while resources are checked at the time of
publication, materials may be withdrawn from circulation and
website locations may change.
The resources listed are intended to be a guide for teachers and
not a comprehensive list. Further suggestions can be found in
Appendix 6: Further resources and support.
Please see www.edexcel.com/gce2008 for up-to-date information.
Resources, support and training E
Ldexce| CCL in Lconomics Ldexce| Limited 2010 Section L 65
Support
Edexcel support
services
Edexcel has a wide range of support services to help you implement
this qualifcation successfully.
ResultsPlus ResultsPlus is a new application launched by
Edexcel to help subject teachers, senior management teams,
and students by providing detailed analysis of examination
performance. Reports that compare performance between subjects,
classes, your centre and similar centres can be generated in
one-click. Skills maps that show performance according to the
specifcation topic being tested are available for some subjects. For
further information about which subjects will be analysed through
ResultsPlus, and for information on how to access and use the
service, please visit www.edexcel.com/resultsplus.
Ask the Expert Ask the Expert is a new service, launched in
2007, that provides direct email access to senior subject specialists
who will be able to answer any questions you might have about
this or any other specifcation. All of our specialists are senior
examiners, moderators or verifers and they will answer your email
personally. You can read a biography for all of them and learn more
about this unique service on our website at www.edexcel.com/
asktheexpert.
Ask Edexcel Ask Edexcel is Edexcels online question and
answer service. You can access it at www.edexcel.com/ask or by
going to the main website and selecting the Ask Edexcel menu item
on the left. The service allows you to search through a database of
thousands of questions and answers on everything Edexcel offers.
If you dont fnd an answer to your question, you can choose to
submit it straight to us. One of our customer services team will log
your query, fnd an answer and send it to you. Theyll also consider
adding it to the database if appropriate. This way the volume of
helpful information that can be accessed via the service is growing
all the time.
Examzone The examzone site is aimed at students sitting
external examinations and gives information on revision, advice
from examiners and guidance on results, including re-marking, re-
sitting and progression opportunities. Further services for students
many of which will also be of interest to parents will be
available in the near future. Links to this site can be found on the
main homepage at www.edexcel.com.
E Resources, support and training
Section L Ldexce| Limited 2010 Ldexce| CCL in Lconomics 66
Training
A programme of professional development and training courses,
covering various aspects of the specifcation and examination, will
be arranged by Edexcel each year on a regional basis. Full details
can be obtained from:
Training from Edexcel
Edexcel
One90 High Holborn
London WC1V 7BH
Telephone: 0844 576 0025
Fax: 0845 359 1909
Email: trainingbookings@edexcel.com
Website: www.edexcel.com
Ldexce| CCL in Lconomics Ldexce| Limited 2010 Section l 67
F Appendices
Appendix 1 Performance descriptions 69
Appendix 2 Key skills mapping 73
Appendix 3 Key skills development 75
Appendix 4 Wider curriculum 81
Appendix 5 Codes 83
Appendix 6 Further resource and support 85
Appendix 7 Disability Discrimination Act 91
F Appendices
Section l Ldexce| Limited 2010 Ldexce| CCL in Lconomics 68
Ldexce| CCL in Lconomics Ldexce| Limited 2010 Section l 69
Appendix 1 Performance descriptions
Introduction
Performance descriptions have been created for all GCE subjects.
They describe the learning outcomes and levels of attainment likely
to be demonstrated by a representative candidate performing at
the A/B and E/U boundaries for AS and A2.
In practice most candidates will show uneven profles across the
attainments listed, with strengths in some areas compensating
in the award process for weaknesses or omissions elsewhere.
Performance descriptions illustrate expectations at the A/B and
E/U boundaries of the AS and A2 as a whole; they have not been
written at unit level.
Grade A/B and E/U boundaries should be set using professional
judgement. The judgement should refect the quality of candidates
work, informed by the available technical and statistical evidence.
Performance descriptions are designed to assist examiners in
exercising their professional judgement. They should be interpreted
and applied in the context of individual specifcations and their
associated units. However, performance descriptions are not
designed to defne the content of specifcations and units.
The requirement for all AS and A level specifcations to assess
candidates quality of written communication will be met through
one or more of the assessment objectives.
The performance descriptions have been produced by the
regulatory authorities in collaboration with the awarding bodies.
Section l Ldexce| Limited 2010 Ldexce| CCL in Lconomics 70
AS performance descriptions for Economics
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Appendix 1 Performance descriptions
Ldexce| CCL in Lconomics Ldexce| Limited 2010 Section l 71
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A2 performance descriptions for Economics
Performance descriptions Appendix 1
F Appendices
Section l Ldexce| Limited 2010 Ldexce| CCL in Lconomics 72
Ldexce| CCL in Lconomics Ldexce| Limited 2010 Section l 73
Appendix 2 Key skills mapping
Key skills (Level 3) Unit 1 Unit 2 Unit 3 Unit 4
Application of number
N3.1
N3.2
N3.3
Communication
C3.1a
C3.1b
C3.2
C3.3
Information and communication technology
ICT3.1
ICT3.2
ICT3.3
Improving own learning and performance
LP3.1
LP3.2
LP3.3
Problem solving
PS3.1
PS3.2
PS3.3
Working with others
WO3.1
WO3.2
WO3.3
F Appendices
Section l Ldexce| Limited 2010 Ldexce| CCL in Lconomics 74
Ldexce| CCL in Lconomics Ldexce| Limited 2010 Section l 75
Appendix 3 Key skills development
Achievement of key skills is not a requirement of this qualifcation
but it is encouraged. Suggestions for opportunities for the
generation of Level 3 key skill evidence are given here.
Application of number Level 3
Plan and carry out one or more activities that each includes tasks
for all three of N3.1, N3.2 (a or b or c or d) and N3.3.
Overall, through one or more activities students must:
use two different types of sources, including a large data set, ie
over 50 items of data (N3.1)
carry out calculations to do with a, b, c and d (N3.2)
present fndings in two different ways using charts, graphs or
diagrams (N3.3).