Subject Content: Six Main Economic Areas
The course introduces fundamental economic concepts, covering both individual decision-making (micro) and government policy (macro).
1. The Basic Economic Problem
Explores core concepts of **scarcity**, choice, and **opportunity cost**. Introduces the factors of production and the **production possibility curve**.
2. The Allocation of Resources (Microeconomics)
Focuses on the **price mechanism**, **demand, supply, and price elasticities**, market failure, and the role of government intervention.
3. Microeconomic Decision Makers
Covers the behavior of **households, workers, and firms**. Topics include money and banking, wage determination, and firms’ production, costs, and revenues.
4. Government and the Macroeconomy
Addresses **macroeconomic aims** and the tools of **fiscal, monetary, and supply-side policy**. Covers economic growth, employment, and **inflation**.
5. Economic Development
Investigates differences in **living standards** and levels of development, covering poverty, **population issues**, and the impact of demographic changes.
6. International Trade and Globalisation
Explores the benefits and drawbacks of **international trade**, the role of **multinationals**, **exchange rates**, and **protectionist measures**.
Skill Development Focus
The course aims to develop strong analytical and evaluative skills for interpreting economic issues.
Knowledge and Understanding
Explaining economic terminology, concepts, and theories clearly.
Analysis and Application
Interpreting economic data (graphs/tables) and using principles to explain real-world economic issues.
Evaluation
Interpreting economic data and information to make reasoned judgments and decisions.
Assessment Structure
Assessment is done through two mandatory written papers.
- **Duration:** 45 minutes
- **Format:** 30 multiple-choice questions covering all syllabus content.
- **Weighting:** 30% of the total mark.
- **Duration:** 2 hours and 15 minutes
- **Format:** Section A (compulsory data response) and Section B (answer three from four structured essay-style questions).
- **Weighting:** 70% of the total mark.
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