LAPT Schools
Economics
Edexcel Year 12 (International A Level)
Pearson Edexcel International AS & A Level Economics (WEC11). Source: https://qualifications.pearson.com/en/qualifications/edexcel-international-advanced-levels.html
1.3.1
Introductory concepts
6 classes
Positive and normative economics
Production possibility frontiers
Specialisation and the role of money and financial markets
Free market, mixed and command economies
1.3.2
Consumer behaviour and demand
3 classes
Price, income and cross-elasticities of demand
Price elasticity of supply
1.3.4
Price determination
4 classes
Determination of market equilibrium
Consumer and producer surplus
Functions of the price mechanism
Indirect taxes and subsidies
1.3.5
Market failure
6 classes
Sources of market failure
Positive and negative externalities
Non-provision of public goods
Imperfect market information
Speculation and market bubbles
1.3.6
Government intervention in markets
2 classes
Purpose and methods of government intervention
2.3.1
Measures of economic performance
4 classes
Employment and unemployment
2.3.2
Aggregate demand (AD)
5 classes
The characteristics of AD
Government expenditure (G)
2.3.3
Aggregate supply (AS)
3 classes
The characteristics of AS
2.3.4
National income
4 classes
Injections and withdrawals
Equilibrium level of real output
2.3.5
Economic growth
4 classes
2.3.6
Macroeconomic objectives and policies
4 classes
Possible conflicts between macroeconomic objectives
Macroeconomic supply-side policies
Macroeconomic demand-side policies