AS Economics

Unit 1: Competitive markets - how they work and why they fail


  1. Bullet   What is the nature of economics?

  2. Bullet   What determines the demand for a good or service in a market?

  3. Bullet    What determines the supply of a good or service in a market?

  4. Bullet   What determines the price of a good or service in a market ?

  5. Bullet   How might the change in a price od a good or service be explained?

  6. Bullet   What determines he wage rate for labour in a market? 

  7. Bullet   Why do some markets fail? 

  8. Bullet   How do governments attempt to correct market failure?

  9. Bullet   What is government failure?

Unit 2   Managing the economy

  1. Bullet   How do we measure the economic performance of developed and developing countries? 

  2. Bullet   Is income the same as wealth?

  3. Bullet   What is aggregate demand (AD)?

  4. Bullet   What is aggregate supply (AS)?

  5. Bullet    What determines the price level and equilibrium level of real output?

  6. Bullet   What are the causes, costs and constraints on economic growth?

  7. Bullet   What are the macroeconomic objectives of governments?  Do they conflict?

  8. Bullet   What are the main macroeconomic policy instruments?

  9. Bullet   Do macroeconomic policies conflict when they are used together?

The examination:

Unit 1:  1 hour 30 minutes    Total: 80 marks

  1. Bullet  8 supported-choice questions: Total 32 marks

  2. Bullet   1 data response question from a choice of two: Total 48 marks  

Unit 2:  1 hour 30 minutes     Total 80 marks

  1. Bullet   1 data response question from a choice of two: Total 50 marks

  2. Bullet   The final part of each data response question is open-ended and carries 30 marks