Specification

• How many themes are structured in the Pearson Edexcel Level 3 Advanced GCE in Economics A qualification?

  Four themes
• What is the focus of Themes 1 and 2 in the Pearson Edexcel Level 3 Advanced GCE in Economics A qualification?

  Core economic models and concepts
• In which themes do students apply their knowledge to more complex concepts and models?

  Themes 3 and 4
• What must students demonstrate awareness of in their assessments?

  Current economic events and policies
• What are the themes covered in the Pearson Edexcel Level 3 Advanced GCE in Economics A qualification?

  1. Introduction to markets and market failure
  2. The UK economy – performance and policies
  3. Business behaviour and the labour market
  4. A global perspective
• What is the focus of Theme 1 in the Pearson Edexcel Level 3 Advanced GCE in Economics A qualification?

  Microeconomic concepts
• What key concepts will students develop an understanding of in Theme 1?

  Nature of economics, how markets work, market failure, and government intervention
• What is the focus of Theme 2 in the Pearson Edexcel Level 3 Advanced GCE in Economics A qualification?

  Macroeconomic concepts
• What key concepts will students develop an understanding of in Theme 2?

  Measures of economic performance, aggregate demand, aggregate supply, national income, economic growth, macroeconomic objectives and policy
• What is the focus of Theme 3 in the Pearson Edexcel Level 3 Advanced GCE in Economics A qualification?

  Business economics
• What key concepts will students develop an understanding of in Theme 3?

  Business growth, business objectives, revenues, costs and profits, market structures, labour market, government intervention
• What is the focus of Theme 4 in the Pearson Edexcel Level 3 Advanced GCE in Economics A qualification?

  Global economic concepts
• What key concepts will students develop an understanding of in Theme 4?

  International economics, poverty and inequality, emerging and developing economies, the financial sector, role of the state in the macroeconomy
• When must students complete all assessments for the Pearson Edexcel Level 3 Advanced GCE in Economics A qualification?

  May/June in any single year
• What is the paper code for Paper 1: Markets and business behaviour?

  9EC0/01
• What percentage of the total qualification does Paper 1 account for?

  35%
• What type of examination is Paper 1?

  Written examination
• How many sections does Paper 1 comprise?

  Three sections
• What is the duration of Paper 1?

  2 hours
• What is the paper code for Paper 2: The national and global economy?

  9EC0/02
• What percentage of the total qualification does Paper 2 account for?

  35%
• What type of examination is Paper 2?

  Written examination
• How many sections does Paper 2 comprise?

  Three sections
• What is the duration of Paper 2?

  2 hours
• What is the paper code for Paper 3: Microeconomics and macroeconomics?

  9EC0/03
• What percentage of the total qualification does Paper 3 account for?

  30%
• What type of examination is Paper 3?

  Written examination
• How many sections does Paper 3 comprise?

  Two sections
• What is the duration of Paper 3?

  2 hours
• What are the assessment objectives and weightings for the Pearson Edexcel Level 3 Advanced GCE in Economics A qualification?

  • AO1: Demonstrate knowledge of terms/concepts and theories/models (22-24%)
  • AO2: Apply knowledge and understanding to various economic contexts (22-24%)
  • AO3: Analyse issues within economics (26-28%)
  • AO4: Evaluate economic arguments using evidence (26-28%)
• What does the economic problem refer to?

  The problem of scarcity where there are unlimited wants and finite resources
• What is the distinction between renewable and non-renewable resources?

  Renewable resources can be replenished, while non-renewable resources cannot
• What is opportunity cost?

  The cost of the next best alternative foregone when making a decision
• What do production possibility frontiers depict?

  The maximum productive potential of an economy
• What does a movement along a production possibility frontier indicate?

  A change in the allocation of resources
• What is the distinction between capital and consumer goods?

  Capital goods are used to produce other goods, while consumer goods are intended for direct consumption
• What is the significance of specialisation and the division of labour?

  It increases efficiency and productivity in production
• What are the functions of money?

  Medium of exchange, measure of value, store of value, method of deferred payment
• What is the distinction between free market, mixed, and command economies?

  Free market economies are driven by supply and demand, mixed economies have both market and government elements, and command economies are controlled by the government
• What are the advantages of a free market economy?

  Efficiency in resource allocation and innovation