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3 Subject content

3.1 How markets work

3.1.1 Economic foundations

3.1.1.1 Economic activity

3.1.1.2 The factors of production

3.1.1.3 Making choices

3.1.2 Resource allocation

3.1.2.1 Markets and allocation of resources

3.1.2.2 Economic sectors

3.1.2.3 Specialisation, division of labour, and exchange

3.1.3 How prices are determined

3.1.3.1 Demand for goods and services

3.1.3.2 Supply for goods and services

3.1.3.3 Equilibrium price

3.1.3.4 Intermarket relationships

3.1.3.5 Price elasticity of demand

3.1.3.6 Price elasticity of supply

3.1.4 Production, costs, revenue and profit

3.1.4.1 The importance of cost, revenue and profit for producers

3.1.4.2 Production and productivity

3.1.5 Competitive and concentrated markets

3.1.5.1 The importance of market structures on producers and consumers

3.1.5.2 Competitive markets

3.1.5.3 Non-competitive markets

3.1.5.4 The labour market

3.1.6 Market failure

3.1.6.1 Misallocation of resources

3.1.6.2 Externalities

3.2 How the economy works

3.2.1 Introduction to the national economy

3.2.1.1 Interest rates, saving, borrowing, spending and investment

3.2.1.2 Government income and expenditure

3.2.2 Government objectives

3.2.2.1 Economic objectives of the government

3.2.2.2 Economic growth

3.2.2.3 Employment and unemployment

3.2.2.4 Inflation and price stability

3.2.2.5 Balance of payments

3.2.2.6 Distribution of income

3.2.3 How the government manages the economy

3.2.3.1 Fiscal policy

3.2.3.2 Monetary policy

3.2.3.3 Supply-side policies

3.2.3.4 Policies to correct positive and negative externalities

3.2.4 International trade and the global economy

3.2.4.1 Why countries trade and the importance of international trade to the UK

3.2.4.2 Exchange rates

3.2.4.3 Free-trade agreements including the European Union

3.2.4.4 Globalisation: benefits and drawbacks

3.2.5 The role of money and financial markets

3.2.5.1 The role of money

3.2.5.2 The role and importance of the financial sector for the economy

AO1 Demonstrate knowledge and understanding of economic concepts and issues.

AO2 Apply knowledge and understanding of economic concepts and issues to a variety of contexts.

AO3 Analyse and evaluate economic evidence and issues to demonstrate understanding of economic behaviour, make judgements and draw conclusions.

GCSE Exam GCSE Economics

3 Subject content

3.1 How markets work

3.1.1 Economic foundations

3.1.1.1 Economic activity

3.1.1.2 The factors of production

3.1.1.3 Making choices

3.1.2 Resource allocation

3.1.2.1 Markets and allocation of resources

3.1.2.2 Economic sectors

3.1.2.3 Specialisation, division of labour, and exchange

3.1.3 How prices are determined

3.1.3.1 Demand for goods and services

3.1.3.2 Supply for goods and services

3.1.3.3 Equilibrium price

3.1.3.4 Intermarket relationships

3.1.3.5 Price elasticity of demand

3.1.3.6 Price elasticity of supply

3.1.4 Production, costs, revenue and profit

3.1.4.1 The importance of cost, revenue and profit for producers

3.1.4.2 Production and productivity

3.1.5 Competitive and concentrated markets

3.1.5.1 The importance of market structures on producers and consumers

3.1.5.2 Competitive markets

3.1.5.3 Non-competitive markets

3.1.5.4 The labour market

3.1.6 Market failure

3.1.6.1 Misallocation of resources

3.1.6.2 Externalities

3.2 How the economy works

3.2.1 Introduction to the national economy

3.2.1.1 Interest rates, saving, borrowing, spending and investment

3.2.1.2 Government income and expenditure

3.2.2 Government objectives

3.2.2.1 Economic objectives of the government

3.2.2.2 Economic growth

3.2.2.3 Employment and unemployment

3.2.2.4 Inflation and price stability

3.2.2.5 Balance of payments

3.2.2.6 Distribution of income

3.2.3 How the government manages the economy

3.2.3.1 Fiscal policy

3.2.3.2 Monetary policy

3.2.3.3 Supply-side policies

3.2.3.4 Policies to correct positive and negative externalities

3.2.4 International trade and the global economy

3.2.4.1 Why countries trade and the importance of international trade to the UK

3.2.4.2 Exchange rates

3.2.4.3 Free-trade agreements including the European Union

3.2.4.4 Globalisation: benefits and drawbacks

3.2.5 The role of money and financial markets

3.2.5.1 The role of money

3.2.5.2 The role and importance of the financial sector for the economy

AO1 Demonstrate knowledge and understanding of economic concepts and issues.

AO2 Apply knowledge and understanding of economic concepts and issues to a variety of contexts.

AO3 Analyse and evaluate economic evidence and issues to demonstrate understanding of economic behaviour, make judgements and draw conclusions.

3.1.6.1 Misallocation of resources

3.1.6.2 Externalities

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