A Level Economics A Spec PDF

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A Level Economics A

Specification Pearson Edexcel Level 3 Advanced GCE in Economics A (9EC0) First teaching from September 2015 First certification from 2017

Issue 2

Pearson Edexcel Level 3 Advanced GCE in Economics A (9EC0) Specification

First certification 2017 Issue 2

Edexcel, BTEC and LCCI qualifications Edexcel, BTEC and LCCI qualifications are awarded by Pearson, the UK’s largest awarding body offering academic and vocational qualifications that are globally recognised and benchmarked. For further information, please visit our qualification websites at www.edexcel.com, www.btec.co.uk or www.lcci.org.uk. Alternatively, you can get in touch with us using the details on our contact us page at www.edexcel.com/contactus About Pearson Pearson is the world's leading learning company, with 40,000 employees in more than 70 countries working to help people of all ages to make measurable progress in their lives through learning. We put the learner at the centre of everything we do, because wherever learning flourishes, so do people. Find out more about how we can help you and your learners at: www.pearson.com/uk

This specification is Issue 2. Key changes are sidelined. We will inform centres of any changes to this issue. The latest issue can be found on the Pearson website: qualifications.pearson.com

References to third party material made in this specification are made in good faith. Pearson does not endorse, approve or accept responsibility for the content of materials, which may be subject to change, or any opinions expressed therein. (Material may include textbooks, journals, magazines and other publications and websites.) All information in this specification is correct at time of publication.

Original origami artwork: Mark Bolitho Origami photography: Pearson Education Ltd/Naki Kouyioumtzis

ISBN 978 1 446 93895 9 All the material in this publication is copyright © Pearson Education Limited 2016

Summary of Pearson Edexcel Level 3 Advanced GCE in Economics A Specification Issue 2 changes Summary of changes made between previous issue and this current issue

Page number

Change to section 2.1.1 c) subject content

12

Changes to wording of sections 2.4.4 c) and 2.4.4 f) subject content

16

Change to wording of section 4.1.9 c) subject content

31

Earlier issues show previous changes. If you need further information on these changes or what they mean, contact us via our

website at: qualifications.pearson.com/en/support/contact-us.html.

From Pearson’s Expert Panel for World Class Qualifications

“ The reform of the qualifications system in England is a profoundly important

change to the education system. Teachers need to know that the new qualifications will assist them in helping their learners make progress in their lives. When these changes were first proposed we were approached by Pearson to join an ‘Expert Panel’ that would advise them on the development of the new qualifications. We were chosen, either because of our expertise in the UK education system, or because of our experience in reforming qualifications in other systems around the world as diverse as Singapore, Hong Kong, Australia and a number of countries across Europe. We have guided Pearson through what we judge to be a rigorous qualification development process that has included: ●

Extensive international comparability of subject content against the highestperforming jurisdictions in the world

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Benchmarking assessments against UK and overseas providers to ensure that they are at the right level of demand

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Establishing External Subject Advisory Groups, drawing on independent subjectspecific expertise to challenge and validate our qualifications

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Subjecting the final qualifications to scrutiny against the DfE content and Ofqual accreditation criteria in advance of submission.

Importantly, we have worked to ensure that the content and learning is future oriented. The design has been guided by what is called an ‘Efficacy Framework’, meaning learner outcomes have been at the heart of this development throughout. We understand that ultimately it is excellent teaching that is the key factor to a learner’s success in education. As a result of our work as a panel we are confident that we have supported the development of qualifications that are outstanding for their coherence, thoroughness and attention to detail and can be regarded as representing world-class best practice.

”

Sir Michael Barber (Chair)

Professor Lee Sing Kong

Chief Education Advisor, Pearson plc

Director, National Institute of Education, Singapore

Bahram Bekhradnia

Professor Jonathan Osborne

President, Higher Education Policy Institute

Stanford University

Dame Sally Coates

Professor Dr Ursula Renold

Principal, Burlington Danes Academy

Federal Institute of Technology, Switzerland

Professor Robin Coningham

Professor Bob Schwartz

Pro-Vice Chancellor, University of Durham

Harvard Graduate School of Education

Dr Peter Hill Former Chief Executive ACARA

Introduction The Pearson Edexcel Level 3 Advanced GCE in Economics A is designed for use in schools and colleges. It is part of a suite of GCE qualifications offered by Pearson.

Purpose of the specification This specification sets out: ●

the objectives of the qualification

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any other qualification(s) that a student must have completed before taking the qualification

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any prior knowledge and skills that the student is required to have before taking the qualification

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any other requirements that a student must have satisfied before they will be assessed or before the qualification will be awarded

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the knowledge and understanding that will be assessed as part of the qualification

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the method of assessment and any associated requirements relating to it

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the criteria against which a student’s level of attainment will be measured (such as assessment criteria).

Rationale The Pearson Edexcel Level 3 Advanced GCE in Economics A meets the following purposes, which fulfil those defined by the Office of Qualifications and Examinations Regulation (Ofqual) for GCE qualifications in their GCE Qualification Level Conditions and Requirements document, published in April 2014. The purposes of this qualification are to: ●

define and assess achievement of the knowledge, skills and understanding that will be needed by students planning to progress to undergraduate study at a UK higher education establishment, particularly (although not only) in the same subject area, for example economics degrees with a focus on theory, or degrees in applied economics such as environmental economics, labour economics, public sector economics or monetary economics

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set out a robust and internationally comparable post-16 academic course of study to develop that knowledge, skills and understanding

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enable UK universities to accurately identify the level of attainment of students

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provide a basis for school and college accountability measures at age 18

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provide a benchmark of academic ability for employers.

Qualification aims and objectives The aims and objectives of the Pearson Edexcel Level 3 Advanced GCE in Economics A are to enable students to: ●

develop an interest in, and enthusiasm for, the subject

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appreciate the contribution of economics to the understanding of the wider economic and social environment

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develop an understanding of a range of concepts and an ability to use those concepts in a variety of different contexts

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use an enquiring, critical and thoughtful approach to the study of economics and develop an ability to think as an economist

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understand that economic behaviour can be studied from a range of perspectives

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develop analytical and quantitative skills, together with qualities and attitudes that will equip them for the challenges, opportunities and responsibilities of adult and working life.

The context for the development of this qualification All our qualifications are designed to meet our World Class Qualification Principles[1] and our ambition to put the student at the heart of everything we do. We have developed and designed this qualification by: ●

reviewing other curricula and qualifications to ensure that it is comparable with those taken in high-performing jurisdictions overseas

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consulting with key stakeholders on content and assessment, including learned bodies, subject associations, higher-education academics, teachers and employers to ensure this qualification is suitable for a UK context

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reviewing the legacy qualification and building on its positive attributes.

This qualification has also been developed to meet criteria stipulated by Ofqual in their documents GCE Qualification Level Conditions and Requirements and GCE Subject Level Conditions and Requirements for Economics, published in April 2014.

[1]

Pearson’s World Class Qualification Principles ensure that our qualifications are: ● demanding, through internationally benchmarked standards, encouraging deep learning and measuring higher-order skills ● rigorous, through setting and maintaining standards over time, developing reliable and valid assessment tasks and processes, and generating confidence in end users of the knowledge, skills and competencies of certified students ● inclusive, through conceptualising learning as continuous, recognising that students develop at different rates and have different learning needs, and focusing on progression ● empowering, through promoting the development of transferable skills, see Appendix 1.

Contents Qualification at a glance Assessment Objectives and weightings

Knowledge, skills and understanding Theme 1: Introduction to markets and market failure Theme 2: The UK economy – performance and policies Theme 3: Business behaviour and the labour market Theme 4: A global perspective

Assessment

1 4

5 5 11 21 29

39

Assessment summary Assessment Objectives and weightings Breakdown of Assessment Objectives Entry and assessment information

39 41 42 43

Student entry

43

Discount code and performance tables

43

Access arrangements, reasonable adjustments and special consideration

44

Malpractice

45

Equality Act 2010 and Pearson equality policy

46

Synoptic assessment

46

Awarding and reporting

47

Language of assessment

Other information Student recruitment Prior learning and other requirements Progression

Appendix Appendix Appendix Appendix Appendix

1: 2: 3: 4: 5:

47

49 49 49 49

Transferable skills Level 3 Extended Project qualification Quantitative skills Calculators Codes

53 55 59 61 63

Qualification at a glance The Pearson Edexcel Level 3 Advanced GCE in Economics A is structured into four themes and consists of three externally examined papers. Students build knowledge and understanding of core economic models and concepts in Themes 1 and 2, and then build on this and apply their knowledge to more complex concepts and models in Themes 3 and 4. Students will need to apply their knowledge and understanding to both familiar and unfamiliar contexts in the assessments and demonstrate an awareness of current economic events and policies.

Theme 1: Introduction to markets and market failure

Theme 2: The UK economy – performance and policies

This theme focuses on microeconomic concepts. Students will develop an understanding of:

This theme focuses on macroeconomic concepts. Students will develop an understanding of:

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nature of economics

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measures of economic performance

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how markets work

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aggregate demand

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market failure

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aggregate supply

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government intervention.

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national income

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economic growth

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macroeconomic objectives and policy.

Theme 3: Business behaviour and the labour market

Theme 4: A global perspective

This theme develops the microeconomic concepts introduced in Theme 1 and focuses on business economics. Students will develop an understanding of:

This theme develops the macroeconomic concepts introduced in Theme 2 and applies these concepts in a global context. Students will develop an understanding of:

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business growth

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international economics

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business objectives

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poverty and inequality

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revenues, costs and profits

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emerging and developing economies

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market structures

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the financial sector

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labour market

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government intervention.

role of the state in the macroeconomy.

Pearson Edexcel Level 3 Advanced GCE in Economics A Specification – Issue 2 – October 2016 © Pearson Education Limited 2016

1

Students must complete all assessment in May/June in any single year.

Paper 1: Markets and business behaviour

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Externally assessed

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Availability: May/June

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First assessment: 2017

*Paper code: 9EC0/01

35% of the total qualification

Overview of content Paper 1 will assess microeconomics and questions will be drawn from Themes 1 and 3. Overview of assessment ●

Written examination.

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The paper comprises three sections. Students answer all questions from Section A and Section B, and one from Section C.

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Section A comprises a range of multiple-choice and short-answer questions.

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Section B comprises one data response question broken down into a number of parts.

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Section C comprises a choice of extended open-response questions; students select one from a choice of two.

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Duration: 2 hours.

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100 marks available.

Paper 2: The national and global economy ●

Externally assessed

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Availability: May/June

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First assessment: 2017

*Paper code: 9EC0/02

35% of the total qualification

Overview of content Paper 2 will assess macroeconomics and questions will be drawn from Themes 2 and 4. Overview of assessment ●

Written examination.

●

The paper comprises three sections. Students answer all questions from Section A and Section B, and one from Section C.

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Section A comprises a range of multiple-choice and short -answer questions.

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Section B comprises one data response question broken down into a number of parts.

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Section C comprises a choice of extended open-response questions; students select one from a choice of two.

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Duration: 2 hours.

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100 marks available.

2

Pearson Edexcel Level 3 Advanced GCE in Economics A Specification – Issue 2 – October 2016 © Pearson Education Limited 2016

Paper 3: Microeconomics and macroeconomics

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Externally assessed

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Availability: May/June

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First assessment: 2017

*Paper code: 9EC0/03

30% of the total qualification

Overview of content Paper 3 will assess content across all four themes. Students are required to apply their knowledge and understanding, make connections and transfer higher-order skills across all four themes. Overview of assessment ●

Written examination.

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The paper comprises two sections.

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Each section comprises one data response question broken down into a number of parts, including a choice of extended open-response questions; students select one from a choice of two.

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Duration: 2 hours.

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100 marks available.

*See Appendix 5: Codes for a description of this code and all other codes relevant to this qualification.

Pearson Edexcel Level 3 Advanced GCE in Economics A Specification – Issue 2 – October 2016 © Pearson Education Limited 2016

3

Assessment Objectives and weightings % in GCE

Students must: AO1

Demonstrate knowledge of terms/concepts and theories/models to show an understanding of the behaviour of economic agents and how they are affected by and respond to economic issues

22-24

Apply knowledge and understanding to various economic contexts to show how economic agents are affected by and respond to economic issues

22–24

AO3

Analyse issues within economics, showing an understanding of their impact on economic agents

26-28

AO4

Evaluate economic arguments and use qualitative and quantitative evidence to support informed judgements relating to economic issues

26-28

AO2

Total

4

100%

Pearson Edexcel Level 3 Advanced GCE in Economics A Specification – Issue 2 – October 2016 © Pearson Education Limited 2016

Knowledge, skills and understanding Theme 1: Introduction to markets and market failure Overview This theme is one of two in this qualification that focuses on microeconomics. This theme introduces students to the microeconomic nature of economics, looking at economic problems and the ways economists think and work. Students will need to build upon the knowledge, skills and understanding developed from Theme 1 in Theme 3, making connections across these two microeconomic themes for Paper 1, and across Themes 1, 2, 3 and 4 in Paper 3. Teaching approaches to content must reflect this. Students will need to apply their knowledge and understanding to both familiar and unfamiliar contexts in the assessments and demonstrate an awareness of current economic events and policies.

Content In this theme students will consider how markets work, looking at how supply and demand interact to allocate resources in local, national and international markets. They will learn how to apply supply and demand analysis to real-world situations and be able to offer explanations of consumer behaviour. This will involve looking at both how consumers act in a rational way to maximise utility and how firms maximise profit, but also why consumers may not behave rationally. Having investigated how mar...