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The Palmer Catholic Academy

The Palmer Catholic Academy

Economics

Head of Department                 
Mr S Moss


 

Examination Board: AQA

A-Level Economics

Paper 1 - Markets and market failure [written examination – 2hours]

Section A: data response questions requiring written answers, choice of one from two contexts worth 40 marks

Section B: essay questions requiring written answers, choice of one from three worth 40 marks

This section of the specification is primarily about microeconomics.  Microeconomic models such as demand and supply, the operation of the price mechanism and causes of market failure in this paper. Students will be able to apply their knowledge and skills to a wide variety of situations and to different markets such as commodity markets and will use examples of market failure, including environmental market failures.

Paper 2 – The national and international economy [written examination – 2hours]

Section A: data response questions requiring written answers, choice of one from two contexts worth 40 marks

Section B: essay questions requiring written answers, choice of one from three worth 40 marks

This section of the specification is primarily about macroeconomics. Students will be required to acquire knowledge and understanding of AD/AS analysis and will be provided with opportunities to use this analysis to explore recent and current economic examples. They will understand, and be able to analyse and evaluate, macroeconomic policy, such as interest rates, taxation and government spending.  Students will be able to critically examine the macroeconomic and global environment and will develop a good knowledge of the UK & European economy and be able to examine government policies over the past fifteen years.

Paper 3 – Economic principles and issues [written examination – 2hours]

Section A: multiple choice questions worth 30 marks

Section B: case study questions requiring written answers, worth 50 marks

This section develops further what is learnt in Paper 1 & 2.  This includes microeconomic models such as market structures [perfect competition & monopoly], the operation of the price mechanism and the causes of market failure. Students will understand the decisions made by firms and how their behaviour can be affected by the industry in which they operate. Other key models relate to the operation of labour markets, wage determination and causes of inequalities in the distribution of income and wealth.  Students will be aware of developments in the world economy, including the European Union, and how these have affected the UK.

Career Paths within Economics

Economics provides you with a wide array of both subject-specific and transferable skills, all of which are highly sought after by employers and can lead to a wide range of careers such as a Chartered accountant, Economist, Financial Risk Analyst, Investment Analyst, Statistician, Environmental Economist & Stockbroking.