SE A Level Course Guide Oct 2023

Economics Edexcel

E C O N O M I C S

We all have choices to make. As individuals, as families, as nations and as a global society. We have a problem in common. We are faced with finite resources and unlimited wants. This gives rise to scarcity and the need to make choices. However much we have, we always want more. As a society we have to decide how these resources are allocated. We call the system that decides this the economy and the study of that system is economics. Economics is a social science and is, therefore, concerned with human behaviour. We consider how individuals, firms and governments make choices that drive change in our world. Our intention is to equip students with a better understanding of how the world works. Whether that’s considering how financial markets work, why individuals choose to consume goods that are not good for them, how governments intervene to change the way people behave and how individuals and firms respond to these changes. We consider questions that touch all our lives either directly or indirectly at a local, national and international level. The course will equip students with a good economic understanding of the world they are going into, enabling them to understand how economic changes affect the organisations they will become part of and to gain a deep appreciation of how the world works. Theme 1: Introduction to Markets and Market Failure In this unit we will concern ourselves with how individuals make decisions, how markets work and how governments intervene to correct markets when they fail to allocate resources properly. Theme 2: The UK Economy – Performance and Policies Here we study the UK economy. We look at how economic performance is measured, how economic changes affect societies as a whole and individuals within them, and then we consider economic policy designed to improve economic performance. Theme 3: Business Behaviour and the Labour Market The firm is the social organisation that provides the goods and services we all want to consume. If we want to reduce scarcity, we would want firms to produce goods with the fewest possible economic resources. Therefore, we will study what drives efficiency within firms and why sometimes firms are inefficient. Theme 4: A Global Perspective In our final unit we look at global trade, how trade patterns are determined and why government often seek to restrict trade. We then consider policies that are designed to lift the very poorest members of our global society out of poverty. The minimum expected entry requirement at GCSE is grade 7 in Maths and grade 7 in English. There are four sections taken over the two-year course:

External Assessment Paper 1 Markets and Business Behaviour

35% Time: 2 hours

The paper comprises three sections. Section A comprises a range of multiple-choice and short-answer questions. Section B One data response question broken down into several parts. Section C Choice of extended open response questions; students select one from a choice of two.

Paper 2 The National and Global Economy

35% Time: 2 hours

The paper comprises three sections. Section A: Multiple-choice and short-answer questions.

Section B: One data response question broken down into several parts. Section C: Choice of extended open response questions; students select one from a choice of two.

P aper 3 Microeconomics and Macroeconomics

30% Time: 2 hours

The paper comprises two sections. Each section has a data response question broken down into several parts, including a choice of extended open response questions. Students select one from a choice of two.

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