Economics

Qualification: IGCSE

Exam Board: EDEXCEL Paper 1 Code: 4EC1/01 Paper 2 Code: 4EC1/02

INTERNATIONAL GCSE Economics (9-1) SPECIFICATION PDF

What Will I Learn?

• Develop an understanding of economic concepts and apply these concepts to real-life situations
• Calculate, interpret and evaluate economic data in order to make reasoned arguments and informed judgements
• Develop an awareness of economic change and its impact on developing and developed economies
• Understand economic issues, problems and possible solutions that affect mixed economies
• Participate effectively in society as citizens, producers and consumers.

Curriculum Content

The market system:

• The economic problem
• Economic assumptions
• Demand, supply and market equilibrium
• Elasticity
• The mixed economy
• Externalities

Business economics:

• Production
• Productivity and division of labour
• Business costs, revenues and profit
• Business competition
• The labour market
• Government intervention

Government and the economy:

• Macroeconomic objectives
• Government policies
• Relationships between objectives and policies

The global economy:

• Globalisation
• International trade
• Exchange rates

EDEXCEL XEC11/YEC11 

Students will be taught to select, interpret and evaluate different types of data from multiple sources and in different forms, for example, diagrams, graphs, tables and index numbers; carry out simple calculations, for example, percentages, percentage change and index numbers; distinguish between real and nominal data; use simple statistical tools to analyse changes in distribution, for example deciles and to construct simple graphs.

Curriculum Content

The course is designed to give you:

• An introduction to the nature of economics and examines how the price mechanism allocates resources in local, national and global markets.
• An introduction to the key measures of economic performance and the main objectives and instruments of economic policy in an international context. 
• An understanding of how pricing and the nature of competition between firms is affected by the number and size of market participants. 

 How is the course assessed?  

There will be two written papers, each of 1 hour 45 minutes, examined at the end of Year 12 to give an IAS in Economics.  

At the end of Year 13 there will be a further two written papers, each of 2 hours, to give an IAL in Economics. 

What are the GCSE requirements for this course? 

Though Economics at IAS & IA2 does not involve significant use of mathematical techniques, it is helpful for students to be at ease with numerical data. Interpretation and analysis of economic variables is a key component of the course. We therefore recommend that students have at least a grade 6/B in Mathematics and English Language. Students choosing IAS Economics will be required to pass Economics at IGCSE level with a minimum Grade C.  

Future Career Choices

This course prepares you for careers such as Banking & Finance, International Relations, Diplomatic Core, Local Government, European Markets, Business, Law, Media, Psychology, Engineering, Environmental Sciences, Town Planning, and many more.

Qualification: IAS Exam Board

EDEXCEL Code: XEC11 Unit 1 Code: WEC11/01 Unit 2 Code: WEC12/01

International Advanced Levels Economics (2018) Website

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 analyze the nature and causes of market failure and also understand the strengths and weaknesses of possible policy remedies. Students will need to be able to apply relevant quantitative skills to the content in this unit, including calculations, the use of data and the drawing of diagrams.

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. Students will need to be able to apply relevant quantitative skills to the content in this unit, including calculations, the use of data and the drawing of diagrams.

What skills will be taught?

Students will be taught to select, interpret and evaluate different types of data from multiple sources and in different forms, for example, diagrams, graphs, tables and index numbers; carry out simple calculations, for example, percentages, percentage change and index numbers; distinguish between real and nominal data; use simple statistical tools to analyse changes in distribution, for example deciles and to construct simple graphs.

Exam Board: EDEXCEL Unit 3 Code: WEC13 Unit 4 Code: WEC14

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. Students will be able to apply relevant quantitative skills to the content covered and introduced in this unit, include calculations, the use of data and the drawings of diagrams.

Unit 4: Development in the Global Economy

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. Students will be able to apply relevant quantitative skills to the content covered and introduced in this unit, include calculations, the use of data and the drawings of diagrams.

What skills will be taught?

Students will be taught to select, interpret and evaluate different types of data from multiple sources and in different forms, for example, diagrams, graphs, tables and index numbers; carry out simple calculations, for example, percentages, percentage change and index numbers; distinguish between real and nominal data; use simple statistical tools to analyse changes in distribution, for example deciles and to construct simple graphs.