Economics

Edexcel

You will learn how to explain and analyse economic issues and arguments, evaluate economic information, and organise, present and communicate ideas and judgements clearly. It is the study of the world around us from a social, financial and cultural perspective, gaining an understanding of economic theories and interrelationships between macro and micro economic issues. The syllabus covers a range of fundamental economic ideas, including an introduction to the price system and government intervention, international trade and exchange rates, the measurement of employment and inflation, and the causes and consequences of inflation. We also study the theory of the firm, market failure, macroeconomic theory and policy, and economic growth and development.

Requirements: 6 in English Language and Mathematics at GCSE

Theme 1 Introduction to markets and market failure

Theme 2 The UK economy – performance and policies

Theme 3 Business behaviour and the labour market

Theme 4 A global perspective

Paper 1 Markets and business behaviour (35% of qualification)

Paper 2 The national and global economy (35% of qualification)

Paper 3 Microeconomics and macroeconomics (30% of qualification) 1.1 Nature of economics 1.2 How markets work 1.3 Market failure 1.4 Government intervention

2.1 Measures of economic performance 2.2 Aggregate demand 2.3 Aggregate supply 2.4 National income 2.5 Economic growth 2.6 Macroeconomic objectives and policy

3.1 Business growth 3.2 Business objectives 3.3 Revenues, costs and profit 3.4 Market structures 3.5 Labour market 3.6 Government intervention

4.1 International economics 4.2 Poverty and inequality 4.3 Emerging and developing economies 4.4 The financial sector 4.5 Role of the state in the macroeconomy

This paper will assess microeconomics and questions will be drawn from Themes 1 and 3

This paper will assess macroeconomics and questions will be drawn from Themes 2 and 4

This paper will assess content across all four themes