Edexcel GCSE And GCE 2014

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A LevelEconomics ASpecificationPearson Edexcel Level 3 Advanced GCE in Economics A (9EC0)First teaching from September 2015First certification from 2017Issue 1

PearsonEdexcel Level 3 AdvancedGCE in Economics A (9EC0)SpecificationFirst certification 2017

Edexcel, BTEC and LCCI qualificationsEdexcel, BTEC and LCCI qualifications are awarded by Pearson, the UK’s largestawarding body offering academic and vocational qualifications that are globallyrecognised and benchmarked. For further information, please visit our qualificationwebsites 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 atwww.edexcel.com/contactusAbout PearsonPearson is the world's leading learning company, with 40,000 employees in morethan 70 countries working to help people of all ages to make measurable progressin their lives through learning. We put the learner at the centre of everything wedo, because wherever learning flourishes, so do people. Find out more about howwe can help you and your learners at: www.pearson.com/ukReferences to third party material made in this specification are made in good faith.Pearson does not endorse, approve or accept responsibility for the content ofmaterials, which may be subject to change, or any opinions expressed therein.(Material may include textbooks, journals, magazines and other publications andwebsites.)All information in this specification is correct at time of publication.Original origami artwork: Mark BolithoOrigami photography: Pearson Education Ltd / Naki KouyioumtzisISBN 978 1 446 91428 1All the material in this publication is copyright Pearson Education Limited 2014

From Pearson’s Expert Panel for World Class Qualifications“ The reform of the qualifications system in England is a profoundly importantchange to the education system. Teachers need to know that the new qualificationswill 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, orbecause of our experience in reforming qualifications in other systems around theworld as diverse as Singapore, Hong Kong, Australia and a number of countriesacross Europe.We have guided Pearson through what we judge to be a rigorous qualificationdevelopment process that has included: Extensive international comparability of subject content against the highestperforming jurisdictions in the world Benchmarking assessments against UK and overseas providers to ensure thatthey are at the right level of demand Establishing External Subject Advisory Groups, drawing on independent subjectspecific expertise to challenge and validate our qualifications Subjecting the final qualifications to scrutiny against the DfE content and Ofqualaccreditation criteria in advance of submission.Importantly, we have worked to ensure that the content and learning is futureoriented. 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 alearner’s success in education. As a result of our work as a panel we are confidentthat we have supported the development of qualifications that are outstanding fortheir coherence, thoroughness and attention to detail and can be regarded asrepresenting world-class best practice.”Sir Michael Barber (Chair)Professor Sing Kong LeeChief Education Advisor, Pearson plcDirector, National Institute ofEducation, SingaporeBahram BekhradniaProfessor Jonathan OsbornePresident, Higher Education Policy InstituteStanford UniversityDame Sally CoatesProfessor Dr Ursula RenoldPrincipal, Burlington Danes AcademyFederal Institute of Technology,SwitzerlandProfessor Robin ConinghamProfessor Bob SchwartzPro-Vice Chancellor, University of DurhamHarvard Graduate School of EducationDr Peter HillFormer Chief Executive ACARA

IntroductionThe Pearson Edexcel Level 3 Advanced GCE in Economics A is designed for use inschools and colleges. It is part of a suite of GCE qualifications offered by Pearson.Purpose of the specificationThis specification sets out: the objectives of the qualification any other qualification(s) that a student must have completed before taking thequalification any prior knowledge and skills that the student is required to have before takingthe qualification any other requirements that a student must have satisfied before they will beassessed or before the qualification will be awarded the knowledge and understanding that will be assessed as part of thequalification the method of assessment and any associated requirements relating to it the criteria against which a student’s level of attainment will be measured(such as assessment criteria).

RationaleThe Pearson Edexcel Level 3 Advanced GCE in Economics A meets the followingpurposes, which fulfil those defined by the Office of Qualifications and ExaminationsRegulation (Ofqual) for GCE qualifications in their GCE Qualification LevelConditions and Requirements document, published in April 2014.The purposes of this qualification are to: define and assess achievement of the knowledge, skills and understanding thatwill be needed by students planning to progress to undergraduate study at a UKhigher education establishment, particularly (although not only) in the samesubject area, for example economics degrees with a focus on theory, or degreesin applied economics such as environmental economics, labour economics,public sector economics or monetary economics set out a robust and internationally comparable post-16 academic course ofstudy to develop that knowledge, skills and understanding enable UK universities to accurately identify the level of attainment of students provide a basis for school and college accountability measures at age 18 provide a benchmark of academic ability for employers.Qualification aims and objectivesThe aims and objectives of the Pearson Edexcel Level 3 Advanced GCE inEconomics A are to enable students to: develop an interest in, and enthusiasm for, the subject appreciate the contribution of economics to the understanding of the widereconomic and social environment develop an understanding of a range of concepts and an ability to use thoseconcepts in a variety of different contexts use an enquiring, critical and thoughtful approach to the study of economics anddevelop an ability to think as an economist understand that economic behaviour can be studied from a range ofperspectives develop analytical and quantitative skills, together with qualities and attitudesthat will equip them for the challenges, opportunities and responsibilities ofadult and working life.

The context for the development of this qualificationAll 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 withthose taken in high-performing jurisdictions overseas consulting with key stakeholders on content and assessment, including learnedbodies, subject associations, higher-education academics, teachers andemployers to ensure this qualification is suitable for a UK context reviewing the legacy qualification and building on its positive attributes.This qualification has also been developed to meet criteria stipulated by Ofqual intheir documents GCE Qualification Level Conditions and Requirements and GCESubject 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 deeplearning and measuring higher-order skills rigorous, through setting and maintaining standards over time, developingreliable and valid assessment tasks and processes, and generating confidence inend users of the knowledge, skills and competencies of certified students inclusive, through conceptualising learning as continuous, recognising thatstudents develop at different rates and have different learning needs, andfocusing on progression empowering, through promoting the development of transferable skills, seeAppendix 1.

ContentsQualification at a glanceAssessment Objectives and weightingsKnowledge, skills and ion to markets and market failureThe UK economy – performance and policiesBusiness behaviour and the labour marketA global perspectiveAssessment145511212939Assessment summaryAssessment Objectives and weightingsBreakdown of Assessment ObjectivesEntry and assessment information39414243Student entry43Forbidden combinations and discount code43Access arrangements, reasonable adjustments and specialconsideration44Equality Act 2010 and Pearson equality policy45Synoptic assessment45Awarding and reporting46Language of assessment46Grade descriptions46Other informationStudent recruitmentPrior learning and other endix1:2:3:4:Transferable skillsLevel 3 Extended Project qualificationQuantitative skillsCodes4747474751535759

Qualification at a glanceThe Pearson Edexcel Level 3 Advanced GCE in Economics A is structured into fourthemes and consists of three externally examined papers.Students build knowledge and understanding of core economic models andconcepts in Themes 1 and 2, and then build on this and apply their knowledge tomore complex concepts and models in Themes 3 and 4.Students will need to apply their knowledge and understanding to both familiar andunfamiliar contexts in the assessments and demonstrate an awareness of currenteconomic events and policies.Theme 1: Introduction to marketsand market failureTheme 2: The UK economy –performance and policiesThis theme focuses on microeconomicconcepts. Students will develop anunderstanding of:This theme focuses on macroeconomicconcepts. Students will develop anunderstanding of: nature of economics measures of economic performance how markets work aggregate demand market failure aggregate supply government intervention. national income economic growth macroeconomic objectives andpolicy.Theme 3: Business behaviour andthe labour marketTheme 4: A global perspectiveThis theme develops the microeconomicconcepts introduced in Theme 1 andfocuses on business economics.Students will develop an understandingof:This theme develops the macroeconomicconcepts introduced in Theme 2 andapplies these concepts in a globalcontext. Students will develop anunderstanding of: business growth international economics business objectives poverty and inequality revenues, costs and profits emerging and developing economies market structures the financial sector labour market government intervention.role of the state in themacroeconomy.Pearson Edexcel Level 3 Advanced GCE in Economics ASpecification – Issue 1 – August 2014 Pearson Education Limited 20141

Students must complete all assessment in May/June in any single year.Paper 1: Markets and business behaviour Externally assessed Availability: May/June First assessment: 2017*Paper code: 9EC0/0135% of thetotalqualificationOverview of contentPaper 1 will assess microeconomics and questions will be drawn fromThemes 1 and 3.Overview of assessment Written examination. The paper comprises three sections. Students answer all questions fromSection A and Section B, and one from Section C. Section A comprises a range of multiple-choice and short-answer questions. Section B comprises one data response question broken down into a number ofparts. Section C comprises a choice of extended open-response questions; studentsselect one from a choice of two. Duration: 2 hours. 100 marks available.Paper 2: The national and global economy Externally assessed Availability: May/June First assessment: 2017*Paper code: 9EC0/0235% of thetotalqualificationOverview of contentPaper 2 will assess macroeconomics and questions will be drawn fromThemes 2 and 4.Overview of assessment Written examination. The paper comprises three sections. Students answer all questions fromSection A and Section B, and one from Section C. Section A comprises a range of multiple-choice and short-answer questions. Section B comprises one data response question broken down into a number ofparts. Section C comprises a choice of extended open-response questions; studentsselect one from a choice of two. Duration: 2 hours. 100 marks available.2Pearson Edexcel Level 3 Advanced GCE in Economics ASpecification – Issue 1 – August 2014 Pearson Education Limited 2014

Paper 3: Microeconomics and macroeconomics Externally assessed Availability: May/June First assessment: 2017*Paper code: 9EC0/0330% of thetotalqualificationOverview of contentPaper 3 will assess content across all four themes.Students are required to apply their knowledge and understanding, makeconnections and transfer higher-order skills across all four themes.Overview of assessment Written examination. The paper comprises two sections. Each section comprises one data response question broken down into anumber of parts, including a choice of extended open-response questions;students select one from a choice of two. Duration: 2 hours. 100 marks available.*See Appendix 4: Codes for a description of this code and all other codes relevantto this qualification.Pearson Edexcel Level 3 Advanced GCE in Economics ASpecification – Issue 1 – August 2014 Pearson Education Limited 20143

Assessment Objectives and weightings% inGCEStudents must:AO1Demonstrate knowledge of terms/concepts andtheories/models to show an understanding of the behaviour ofeconomic agents and how they are affected by and respond toeconomic issues22-24Apply knowledge and understanding to various economiccontexts to show how economic agents are affected by andrespond to economic issues22–24AO3Analyse issues within economics, showing an understandingof their impact on economic agents26-28AO4Evaluate economic arguments and use qualitative andquantitative evidence to support informed judgementsrelating to economic issues26-28AO2Total4100%Pearson Edexcel Level 3 Advanced GCE in Economics ASpecification – Issue 1 – August 2014 Pearson Education Limited 2014

Knowledge, skills and understandingTheme 1: Introduction to markets and marketfailureOverviewThis theme is one of two in this qualification that focuses onmicroeconomics. This theme introduces students to themicroeconomic nature of economics, looking at economicproblems and the ways economists think and work.Students will need to build upon the knowledge, skills andunderstanding developed from Theme 1 in Theme 3,making connections across these two microeconomicthemes for Paper 1, and across Themes 1, 2, 3 and 4 inPaper 3. Teaching approaches to content must reflect this.Students will need to apply their knowledge andunderstanding to both familiar and unfamiliar contexts inthe assessments and demonstrate an awareness of currenteconomic events and policies.ContentIn this theme students will consider how markets work,looking at how supply and demand interact to allocateresources in local, national and international markets.They will learn how to apply supply and demand analysis toreal-world situations and be able to offer explanations ofconsumer behaviour. This will involve looking at both howconsumers act in a rational way to maximise utility and howfirms maximise profit, but also why consumers may notbehave rationally.Having investigated how markets work, students will thenlook at market failure. They will look at the nature andcauses of market failure before considering the strengthsand weaknesses of possible government intervention toremedy market failures.This theme will provide a coherent coverage ofmicroeconomic content with students drawing on local,national and global contexts.Students are encouraged to use an enquiring, critical andthoughtful approach to the study of economics and todevelop an ability to think as an economist.To develop their knowledge, skills and understanding ineconomics, students need to have acquired competence inquantitative skills that are relevant to and applied in thecontext of this theme (see Appendix 3: Quantitative skills).Pearson Edexcel Level 3 Advanced GCE in Economics ASpecification – Issue 1 – August 2014 Pearson Education Limited 20145

1.1 Nature of economicsSubject contentWhat students need to learn:1.1.1a) Thinking like an economist: the process of developingmodels in economics, including the need to makeassumptionsEconomics as asocial scienceb) The use of the ceteris paribus assumption in buildingmodelsc) The inability in economics to make scientific experiments1.1.2Positive andnormative economicstatements1.1.3The economicproblema) Distinction between positive and normative economicstatementsb) The role of value judgements in influencing economicdecision making and policya) The problem of scarcity – where there are unlimitedwants and finite resourcesb) The distinction between renewable and non-renewableresourcesc) The importance of opportunity costs to economic agents(consumers, producers and government)1.1.4Productionpossibility frontiersa) The use of production possibility frontiers to depict:othe maximum productive potential of an economyoopportunity cost (through marginal analysis)oeconomic growth or declineoefficient or inefficient allocation of resourcesopossible and unobtainable productionb) The distinction between movements along and shifts inproduction possibility curves, considering the possiblecauses for such changesc) The distinction between capital and consumer goods1.1.5Specialisation andthe division oflaboura) Specialisation and the division of labour: reference toAdam Smithb) The advantages and disadvantages of specialisation andthe division of labour in organising productionc) The advantages and disadvantages of specialising in theproduction of goods and services to traded) The functions of money (as a medium of exchange, ameasure of value, a store of value, a method of deferredpayment)1.1.6Free marketeconomies, mixedeconomy andcommand economya) The distinction between free market, mixed andcommand economies: reference to Adam Smith,Friedrich Hayek and Karl Marxb) The advantages and disadvantages of a free marketeconomy and a command economyc) The role of the state in a mixed economy6Pearson Edexcel Level 3 Advanced GCE in Economics ASpecification – Issue 1 – August 2014 Pearson Education Limited 2014

1.2 How markets workSubject contentWhat students need to learn:1.2.1a) The underlying assumptions of rational economicdecision making:Rational decisionmaking1.2.2Demandoconsumers aim to maximise utilityofirms aim to maximise profitsa) The distinction between movements along a demandcurve and shifts of a demand curveb) The factors that may cause a shift in the demand curve(the conditions of demand)c) The concept of diminishing marginal utility and how thisinfluences the shape of the demand curve1.2.3Price, income andcross elasticities ofdemanda) Understanding of price, income and cross elasticities ofdemandb) Use formulae to calculate price, income and crosselasticities of demandc) Interpret numerical values ofoprice elasticity of demand: unitary elastic, perfectlyand relatively elastic, and perfectly and relativelyinelasticoincome elasticity of demand: inferior, normal andluxury goods; relatively elastic and relatively inelasticocross elasticity of demand: substitutes,complementary and unrelated goodsd) The factors influencing elasticities of demande) The significance of elasticities of demand to firms andgovernment in terms of:othe imposition of indirect taxes and s

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 any other qualificatio

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