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Economics

IGCSE Economics Y10 & Y11 – KS4

The Edexcel IGCSE in Economics is designed for use in schools and colleges as a two-year course. As students progress through the course, they are introduced to new ideas and concepts while continuing to use and reinforce previously learned concepts and skills. The course is designed to give students a sound understanding of economics, and the ability to use knowledge, skills and understanding appropriately in the context of individual countries and the global economy.

Aims

Key subject aims:

  • To develop students’ understanding of economic concepts and enable them to apply these concepts to real-life situations
  • To enable students to interpret and evaluate economic data in order to make reasoned arguments and informed judgments.
  • To develop an awareness of economic change and its impact on developing and developed economies
  • To develop an understanding of economic issues, problems and possible solutions that affect mixed economies
  • To enable learners to participate effectively in society as citizens, producers and consumers.

Overview of content (Schemes of work available)

There are four areas of subject content. Students are required to study all four areas.

  • A. The Market System
    • Demand and supply
    • The role of the market in solving the economic problem
    • The labour market
  • B. Business Economics
    • Production
    • Competition
    • Public and private sectors
  • C. Government and the Economy
    • Macroeconomic objectives
    • Policies
    • Relationship between objectives and policies
  • D. The Global Economy
    • Globalisation
    • International trade
    • Exchange rates

Assessment and progression

  • This qualification is assessed through an examination paper lasting two hours and 30 minutes, set and marked by Edexcel.
  • Grading A* to G
  • Single tier of entry.
  • The total number of marks available is 120.
  • Provides a sound foundation for Edexcel AS GCE and Advanced GCE in Economics, or equivalent qualifications.

International AS Economics

Course: Economics

Qualification: AS

Exam Board: Edexcel

Cash in Code: XECO1

Unit 1 Code: WECO1

Unit 2 Code: WECO2

What topics does the course cover?

Unit 1: Markets in Action

This unit gives an introduction to the nature of economics and examines how the price mechanism allocates resources in local, national and global markets. Students will learn to apply supply and demand analysis to real-world situations, and will be able to suggest reasons for consumer behaviour. They will analyse the nature and causes of market failure and also understand the strengths and weaknesses of possible policy remedies.

Unit 2: Macroeconomic Performance and Policy

This unit introduces the key measures of economic performance and the main objectives and instruments of economic policy in an international context. Students will learn how to use a basic AD/AS model to analyse changes in real output and the price level. Students will look at when demand and/or supply side policies may be appropriate ways of improving an economy’s performance; consider these policies in an historical context; predict the possible

impact of such policies and recognise the assumptions involved. Students should understand different approaches that may be used by policy makers to address macroeconomic problems and to identify criteria for success.

No optional Section

How is the course examined?

There will be two papers, one of each unit, examined at the end of the year.

Unit 1 Paper:

Examination of 1 hour and 30 minutes, consisting of supported multiple-choice questions and one data response question out of a choice of two questions.

Unit 2 Paper:

Examination of 1 hour and 30 minutes, consisting of supported multiple-choice questions and one data response question out of a choice of two questions.

International A2 Economics

Course: Economics

Qualification: A2

Exam Board: Edexcel

Cash in Code: YECO1

Unit 3 Code: WECO3

Unit 4 Code: WECO4

What topics does the course cover?

Unit 3: Business Behaviour

This unit develops the content of Unit 1 and examines how pricing and the nature of competition between firms is affected by the number and size of market participants. At the end of this unit, students should be able to analyse and evaluate the pricing and output decisions of firms in different contexts and understand the role of competition in business decision making. They should also be capable of making an appraisal of government intervention aimed at promoting competitive markets.

Unit 4: Macroeconomic Performance and Policy

This unit develops the knowledge and skills gained in Unit 2. The application, analysis and evaluation of economic models is required as well as an ability to assess policies that might be used to deal with economic problems. An awareness of trends and developments in the global economy over the last 40 years, including contemporary issues, is required. Wider reading and research will enable students to use up-to-date and relevant examples in their analysis and evaluation of issues and developments in the global economy.

No optional Section

How is the course examined?

There will be two papers, one of each unit, examined at the end of the year.

Unit 3 Paper:

Examination of 2 hours, consisting of two essay questions from a choice of four questions and one data response question out of a choice of two questions.

Unit 4 Paper:

This unit develops the knowledge and skills gained in Unit 2. The application, analysis and evaluation of economic models is required as well as an ability to assess policies that might be used to deal with economic problems. An awareness of trends and developments in the global economy over the last 40 years, including contemporary issues, is required. Wider reading and research will enable students to use up-to-date and relevant examples in their analysis and evaluation of issues and developments in the global economy.

It is the mark of an educated mind to be able to entertain a thought without accepting it
Aristotle