WJEC A-Level Economics Revision

Year 12

• Scarcity, choice and opportunity cost
  • 1.1 Define and illustrate the concepts of scarcity, choice and opportunity cost for society, individuals and the government
  • 1.2 scarcity, choice and opportunity cost
  • 1.3 Use production possibility frontier diagrams to depict choice, opportunity cost, short and long-term economic growth and efficiency
  • 1.4 opportunity cost, short and long-term
  • 1.5 understand the concept of increasing opportunity cost at the margin as output increases
• Demand and supply
  • 2.1 Scarcity and choice
  • 2.2 Demand and supply in product markets
  • 2.3 Demand and supply in labour markets
  • 2.4 Resource allocation
  • 2.5 Market failure
• Elasticity
  • 3.1 public goods goods and private goods
  • 3.2 merit and demerit goods
  • 3.3 monopoly power draw and analyse diagrams
  • 3.4 information asymmetries showing the external benefits of and gaps consumption and the external
  • 3.5 an absence of private costs of consumption and property rights production
• Market equilibrium
  • 4.1 public goods goods and private goods
  • 4.2 merit and demerit goods
  • 4.3 monopoly power draw and analyse diagrams
  • 4.4 information asymmetries showing the external benefits of and gaps consumption and the external
  • 4.5 volatile prices derive the socially efficient level of output and identify and explain welfare loss Appreciate the reasons for, and the consequences of, each source of market failure for economic agents
• Market failure
  • 5.1 public goods goods and private goods
  • 5.2 merit and demerit goods
  • 5.3 monopoly power draw and analyse diagrams
  • 5.4 information asymmetries showing the external benefits of and gaps consumption and the external
  • 5.5 volatile prices derive the socially efficient level of output and identify and explain welfare loss Appreciate the reasons for, and the consequences of, each source of market failure for economic agents
• Government intervention
  • 6.1 Explain that, in certain cases, government intervention can create distortions in markets, for example, in agriculture, housing and labour markets
  • 6.2 government intervention can create
  • 6.3 examples of government failure
  • 6.4 Understand the reasons for government failure and be able to
  • 6.5 government failure and be able to
• Measuring economic performance
  • 7.1 understand macroeconomic performance in a global context and deeper
  • 7.2 understand why countries
  • 7.3 understand the obstacles to and solutions for sustainable economic development among less economically developed countries (LEDCs)
  • 7.4 understand the obstacles to and solutions for sustainable economic development among
  • 7.5 Economic development
• Aggregate demand and supply
  • 8.1 Scarcity and choice
  • 8.2 Demand and supply in product markets
  • 8.3 Demand and supply in labour markets
  • 8.4 Resource allocation
  • 8.5 Market failure
• Economic growth
  • 9.1 understand the link between PPFs and economic potential as shown by the long run aggregate supply curve
  • 9.2 PPFs and economic potential
  • 9.3 Relate long-term economic growth
  • 9.4 Explain the objectives of economic agents: that firms seek to maximise profits and consumers seek to maximise satisfaction/utility
  • 9.5 Explain the objectives of economic
• Inflation and unemployment
  • 10.1 possible trade off between inflation and unemployment (the Phillips Curve) and the long run
  • 10.2 Explain that there may be a trade-off between inflation and unemployment in the short run and that such trade- offs have been observed in the UK Argue that Neo-Classical economists
  • 10.3 between inflation and unemployment
  • 10.4 attempts to hold unemployment
  • 10.5 between the main economic objectives of economic growth, unemployment, inflation and the
• Fiscal and monetary policy
  • 11.1 Demand side solutions Understand that, where a negative output gap exists, governments can use fiscal and monetary policy to increase the level of aggregate demand Evaluate the appropriateness and potential effectiveness of such solutions
  • 11.2 use fiscal and monetary policy to increase the level of aggregate demand
  • 11.3 use fiscal and monetary policy to
  • 11.4 increase the level of aggregate
  • 11.5 fiscal and/or monetary policy
• Trade and the balance of payments
  • 12.1 Quantitative easing (QE)
  • 12.2 Direct intervention Understand that central banks can intervene directly in the banking system to stimulate lending activity, for example, funding for lending and evaluate any additional changes to the operation of monetary policy that arise over time
  • 12.3 The financial sector structure of the UK economy in the extent to which the UK’s large recent years, in particular the financial sector is beneficial to the growing size and influence of the real economy financial sector
  • 12.4 Asset bubbles Explain, with appropriate examples (for example the financial crisis of 2007-08), how asset bubbles may arise and what the economic consequences of such bubbles may be
  • 12.5 The role and purpose of regulation Understand the need for regulation of Learners are not expected to have a the financial system in terms of detailed understanding of the system creating financial stability of financial regulation in the UK

Year 13

• Costs, revenues and profit
  • 1.1 Costs, revenues and profits
  • 1.2 Costs, revenues
  • 1.3 Distinguish between fixed and variable costs and be able to
  • 1.4 variable costs and be able to
  • 1.5 marginal costs, for example, as
• Market structures
  • 2.1 Market structures
  • 2.2 Explain that the structure of a market depends on the number of firms and their ability to enter and exit markets freely (contestability)
  • 2.3 understand that ffect the degree y in a market
  • 2.4 market depends on the number of
  • 2.5 of contestability in a market
• Labour markets
  • 3.1 Explain that, in certain cases, government intervention can create distortions in markets, for example, in agriculture, housing and labour markets
  • 3.2 distortions in markets and
  • 3.3 distortions in markets, for example,
  • 3.4 in agriculture, housing and labour
  • 3.5 Understand the reasons for government failure and be able to
• Income and wealth distribution
  • 4.1 explain the ctors such as t, wealth, expectations
  • 4.2 income and profit, wealth,
  • 4.3 interest rates, expectations
  • 4.4 Knowledge of the Keynesian
  • 4.5 theory of the consumption
• Competition policy and regulation
  • 5.1 Competition policy
  • 5.2 Explain the reasons why governments may be concerned with competition, monopolies and mergers in industry
  • 5.3 EU competition legislation is
  • 5.4 with competition, monopolies and
  • 5.5 Understand the role of competition authorities and regulators in promoting competition and contestability in markets
• Macroeconomic models
  • 6.1 Learners are required to understand the use of economic models to develop a critical
  • 6.2 understand the use of economic models to develop a critical nomic issues. Learners must develop an awareness of the nomic ideas and theories and understand government objectives and o stability and growth in local, national and global terms, including
  • 6.3 understanding of macroeconomic issues. Learners must develop an awareness of the
  • 6.4 Macroeconomic theory
  • 6.5 Macroeconomic objectives
• Economic development
  • 7.1 Economic development
  • 7.2 Understand what is meant by the concept of economic development
  • 7.3 concept of economic development
  • 7.4 Identify and understand other possible measures of economic development, including
  • 7.5 discuss the extent to which the HDI can show differences in economic development
• Globalisation
  • 8.1 Evaluate the costs and benefits of globalisation
  • 8.2 Evaluate the costs and benefits of
  • 8.3 Identify the UK’s major export sectors
  • 8.4 understand World Trade O) in policing and
  • 8.5 Identify the UK’s major export
• Exchange rates
  • 9.1 The role and purpose of regulation Understand the need for regulation of Learners are not expected to have a the financial system in terms of detailed understanding of the system creating financial stability of financial regulation in the UK
  • 9.2 International trade
  • 9.3 Non-UK economies
  • 9.4 Economic development
  • 9.5 the economic structure of an economy
• International trade and protectionism
  • 10.1 Globalisation has also resulted in enhanced international labour mobility
  • 10.2 International trade
  • 10.3 Understand the advantages and disadvantages of international trade from the point of view of the economy as a whole and for households, firms and government
  • 10.4 disadvantages of international trade
  • 10.5 explain and numerically illustrate the terms of trade
• Financial markets
  • 11.1 public goods goods and private goods
  • 11.2 merit and demerit goods
  • 11.3 monopoly power draw and analyse diagrams
  • 11.4 information asymmetries showing the external benefits of and gaps consumption and the external
  • 11.5 an absence of private costs of consumption and property rights production
• Evaluating macroeconomic policy
  • 12.1 understand and evaluate the different policy options used by governments
  • 12.2 evaluate the different policy options used by governments
  • 12.3 Macroeconomic theory
  • 12.4 Macroeconomic objectives
  • 12.5 Policy instruments