More about our GCE from 2008 in Economics

Our innovative GCE Economics specification aims to:  

·         develop an interest in, and enthusiasm for, the study of economics

·         help students appreciate how economics contributes to an understanding of the wider economic and social environment

·         develop an understanding of a range of concepts and the ability to use them in a variety of different contexts

·         help students to think as economists and use an enquiring, critical and thoughtful approach to the study of economics

·         develop in students the skills, qualities and attitudes which will equip them for the challenges, opportunities and responsibilities of adult and working life.

How is the new specification different from the previous one?

Unit 1: Competitive Markets — How They Work and Why They Fail is an amalgamation of the former Units 1 and 2 and parts of Unit 5a. There is greater emphasis on information problems in markets and factors influencing the demand and supply of labour. 

Unit 2: Managing the Economy is based on the former Unit 3. It will include specific mention of the factors influencing the components of Aggregate Demand, such as the wealth effect on consumption and causes and costs of growth for developed and developing economies.

Unit 3: Business Economics and Economic Efficiency is based on the former Unit 4, with the addition of barriers to market entry and exit, economics of scale and game theory. 

Unit 4: The Global Economy is based on the former Unit 6 and parts of Unit 5b. It includes the use of policies by governments to achieve their macro and microeconomic objectives; international trade (including exchange rates and comparative advantage) and globalisation; the competitiveness of different countries; poverty and inequality in countries, and what can be done to prompt their growth and development.

What about assessment?

One of the key changes to the qualification is that Unit 4: The Global Economy will have a 60 per cent weighting and Unit 3: Business Economics and Economic Efficiency will have 40 per cent weighting for the A2 year. This means that more time in the second year can be spent teaching Unit 4, which should enable students to gain from experience and greater maturity when taking their Unit 4 examination.

A combination of assessment techniques will be used: multiple-choice questions, where the students have to write a justification of the answer chosen; data response questions, where the students apply shorter response answers to a context; and essay questions, to enable students to develop their arguments, apply economic models or make links between different parts of the specification and draw their own conclusions.

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