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A-LEVEL Economics

4.1 Subject content – A-level

4.1.1 Economic methodology and the economic problem

4.1.1.1 Economic methodology

4.1.1.2 The nature and purpose of economic activity

4.1.1.3 Economic resources

4.1.1.4 Scarcity, choice and the allocation of resources

4.1.1.5 Production possibility diagrams

4.1.2 Individual economic decision making

4.1.2.2 Imperfect information

4.1.3 Price determination in a competitive market

4.1.3.1 The determinants of the demand for goods and services

4.1.3.3 The determinants of the supply of goods and services

4.1.3.4 Price elasticity of supply

4.1.3.5 The determination of equilibrium market prices

4.1.3.6 The interrelationship between markets

4.1.4 Production, costs and revenue

4.1.4.1 Production and productivity

4.1.4.2 Specialisation, division of labour and exchange

4.1.4.4 Costs of production

4.1.4.8 Technological change

4.1.5 Perfect competition, imperfectly competitive markets and monopoly

4.1.5.1 Market structures

4.1.5.3 Perfect competition

4.1.5.4 Monopolistic competition

4.1.5.5 Oligopoly

4.1.5.6 Monopoly and monopoly power

4.1.5.7 Price discrimination

4.1.5.8 The dynamics of competition and competitive market processes

4.1.5.9 Contestable and non-contestable markets

4.1.5.10 Market structure, static efficiency, dynamic efficiency and resource allocation

4.1.5.11 Consumer and producer surplus

4.1.6 The labour market

4.1.6.1 The demand for labour, marginal productivity theory

4.1.6.2 Influences upon the supply of labour to different markets

4.1.6.3 The determination of relative wage rates and levels of employment in perfectly competitive labour markets

4.1.6.4 The determination of relative wage rates and levels of employment in imperfectly competitive labour markets

4.1.6.7 Discrimination in the labour market

4.1.7 The distribution of income and wealth: poverty and inequality

4.1.7.1 The distribution of income and wealth

4.1.7.2 The problem of poverty

4.1.7.3 Government policies to alleviate poverty and to influence the distribution of income and wealth

4.1.8 The market mechanism, market failure and government intervention in markets

4.1.8.1 How markets and prices allocate resources

4.1.8.2 The meaning of market failure

4.1.8.4 Positive and negative externalities in consumption and production

4.1.8.5 Merit and demerit goods

4.1.8.6 Market imperfections

4.1.8.7 Competition policy

4.1.8.8 Public ownership, privatisation, regulation and deregulation of markets

4.2 The national and international economy

4.2.1 The measurement of macroeconomic performance

4.2.1.1 The objectives of government economic policy

4.2.1.2 Macroeconomic indicators

4.2.1.3 Uses of index numbers

4.2.1.4 Uses of national income data

4.2.2 How the macroeconomy works: the circular flow of income, aggregate demand/aggregate supply analysis and related concepts

4.2.2.1 The circular flow of income

4.2.2.3 The determinants of aggregate demand

4.2.2.4 Aggregate demand and the level of economic activity

4.2.2.5 Determinants of short-run aggregate supply

4.2.2.6 Determinants of long-run aggregate supply

4.2.3 Economic performance

4.2.3.1 Economic growth and the economic cycle

4.2.3.2 Employment and unemployment

4.2.3.3 Inflation and deflation

4.2.4 Financial markets and monetary policy

4.2.4.1 The structure of financial markets and financial assets

4.2.4.2 Commercial banks and investment banks

4.2.4.3 Central banks and monetary policy

4.2.5 Fiscal policy and supply-side policies

4.2.5.1 Fiscal policy

4.2.5.2 Supply-side policies

4.2.6 The international economy

4.2.6.1 Globalisation

4.2.6.3 The balance of payments

4.2.6.4 Exchange rate systems

4.2.6.5 Economic growth and development

AO1 Assessment Objective 1

AO2 Assessment Objective 2

AO3 Assessment Objective 3

AO4 Assessment Objective 4

A-LEVEL Exam A-LEVEL Economics

A-LEVEL Economics

4.1 Subject content – A-level

4.1.1 Economic methodology and the economic problem

4.1.1.1 Economic methodology

4.1.1.2 The nature and purpose of economic activity

4.1.1.3 Economic resources

4.1.1.4 Scarcity, choice and the allocation of resources

4.1.1.5 Production possibility diagrams

4.1.2 Individual economic decision making

4.1.2.2 Imperfect information

4.1.3 Price determination in a competitive market

4.1.3.1 The determinants of the demand for goods and services

4.1.3.3 The determinants of the supply of goods and services

4.1.3.4 Price elasticity of supply

4.1.3.5 The determination of equilibrium market prices

4.1.3.6 The interrelationship between markets

4.1.4 Production, costs and revenue

4.1.4.1 Production and productivity

4.1.4.2 Specialisation, division of labour and exchange

4.1.4.4 Costs of production

4.1.4.8 Technological change

4.1.5 Perfect competition, imperfectly competitive markets and monopoly

4.1.5.1 Market structures

4.1.5.3 Perfect competition

4.1.5.4 Monopolistic competition

4.1.5.5 Oligopoly

4.1.5.6 Monopoly and monopoly power

4.1.5.7 Price discrimination

4.1.5.8 The dynamics of competition and competitive market processes

4.1.5.9 Contestable and non-contestable markets

4.1.5.10 Market structure, static efficiency, dynamic efficiency and resource allocation

4.1.5.11 Consumer and producer surplus

4.1.6 The labour market

4.1.6.1 The demand for labour, marginal productivity theory

4.1.6.2 Influences upon the supply of labour to different markets

4.1.6.3 The determination of relative wage rates and levels of employment in perfectly competitive labour markets

4.1.6.4 The determination of relative wage rates and levels of employment in imperfectly competitive labour markets

4.1.6.7 Discrimination in the labour market

4.1.7 The distribution of income and wealth: poverty and inequality

4.1.7.1 The distribution of income and wealth

4.1.7.2 The problem of poverty

4.1.7.3 Government policies to alleviate poverty and to influence the distribution of income and wealth

4.1.8 The market mechanism, market failure and government intervention in markets

4.1.8.1 How markets and prices allocate resources

4.1.8.2 The meaning of market failure

4.1.8.4 Positive and negative externalities in consumption and production

4.1.8.5 Merit and demerit goods

4.1.8.6 Market imperfections

4.1.8.7 Competition policy

4.1.8.8 Public ownership, privatisation, regulation and deregulation of markets

4.2 The national and international economy

4.2.1 The measurement of macroeconomic performance

4.2.1.1 The objectives of government economic policy

4.2.1.2 Macroeconomic indicators

4.2.1.3 Uses of index numbers

4.2.1.4 Uses of national income data

4.2.2 How the macroeconomy works: the circular flow of income, aggregate demand/aggregate supply analysis and related concepts

4.2.2.1 The circular flow of income

4.2.2.3 The determinants of aggregate demand

4.2.2.4 Aggregate demand and the level of economic activity

4.2.2.5 Determinants of short-run aggregate supply

4.2.2.6 Determinants of long-run aggregate supply

4.2.3 Economic performance

4.2.3.1 Economic growth and the economic cycle

4.2.3.2 Employment and unemployment

4.2.3.3 Inflation and deflation

4.2.4 Financial markets and monetary policy

4.2.4.1 The structure of financial markets and financial assets

4.2.4.2 Commercial banks and investment banks

4.2.4.3 Central banks and monetary policy

4.2.5 Fiscal policy and supply-side policies

4.2.5.1 Fiscal policy

4.2.5.2 Supply-side policies

4.2.6 The international economy

4.2.6.1 Globalisation

4.2.6.3 The balance of payments

4.2.6.4 Exchange rate systems

4.2.6.5 Economic growth and development

AO1 Assessment Objective 1

AO2 Assessment Objective 2

AO3 Assessment Objective 3

AO4 Assessment Objective 4

4.2.1.1 The objectives of government economic policy

4.2.1.2 Macroeconomic indicators

4.2.1.3 Uses of index numbers

4.2.1.4 Uses of national income data

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