Economics

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Summary

You may have heard from your peers that Economics in A levels is quite difficult to get a good grade in unlike Economics in IGCSE. As much as I agree with that, it is no reason or excuse to deter you from taking Economics in A levels, as with thorough understanding of the concept and enough past paper practice you can achieve a good grade. Edexcel IAL Economics consists of four units: Unit 1 and Unit 2 are AS level units and Unit 3 and Unit 4 are A2 level units.

 

AS level Economics

 

Unit-1: Markets in Action

The unit 1 syllabus mainly focuses on the following:

  •        The nature of economics
  •        Demand and consumer behavior
  •        Supply
  •        Price determination
  •        Wage determination in labor markets
  •        Market Failure
  •        Government intervention in markets

This unit is pretty basic and it is advised that you score high in this unit.


Unit-2: Macroeconomic Performance and Policy

It is likely that you will find this unit tougher than unit 1 but don’t stress because everyone is feeling the same way. The syllabus of unit 2 mainly consists of the following:

  •        Measures of economic performance
  •        The circular flow of income
  •        Aggregate Demand
  •        Aggregate Supply
  •        The interaction of aggregate demand and aggregate supply to determine equilibrium
  •        Economic growth
  •        Macroeconomic objectives and policies

 

A2 Level Economics

 

Unit 3: Business Behavior

The toughest unit in A level Economics you will need to give this unit your time and energy in order to score well. Unit 3 brings into light the following topics:

  •        The firm and its objectives
  •        Revenue, cost and profits
  •        Different market structures and contestability
  •        Government intervention to promote competition

Unit 4: Developments in the global economy

The unit 4 syllabus is dense but easier to score in; I’d advise you to score as much as you can in this unit. Unit 4 focus on the following:

  •        Causes and effects of globalization
  •        Trade and the world economy
  •        Balance of payments and exchange rates
  •        Poverty and inequality
  •        The role of the government in the macroeconomy
  •        Measures to promote growth and development

The book that you will find useful for IAL economics is Economics Fifth edition Student Book by Alain Anderton.

 

 

Subject Information

Information Unit 1 Unit 2 Unit 3 Unit 4
Total Chapters 27 25 17 20
Raw Marks 80 80 80 80
UMS/Scaled Mark 100 100 100 100
Exam Duration 1 hour 30 minutes 1 hour 30 minutes 2 hours 2 hours
Specification Download Specification
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