INTERNATIONAL ADVANCED LEVEL EDEXCEL INTERNATIONAL GCSE .
INTERNATIONAL ADVANCED LEVELEDEXCEL INTERNATIONAL GCSEECONOMICSECONOMICSSPECIFICATIONGETTINGSTARTED GUIDEEdexcel International GCSE in Economics (9-1) (4ET0)Pearson Edexcel International Advanced Subsidiary in Economics (XEC11)First examination JunePearson Edexcel International Advanced Level in Economics (YEC11)First teaching September 2018First examination from January 2019First certification from August 2019 (International Advanced Subsidiary) and August 2020 (InternationalAdvanced Level)
International Advanced Level EconomicsGetting Started GuideContents1. Introduction. 21.1 Key principles . 21.2 Support for the new specification . 32. Qualification overview . 42.1 Changes to specification . 42.2 Changes to assessment . 73. Planning . 103.1 Planning and delivering the course . 103.2 Suggested resources . 104. Content guidance . 115. Assessment guidance . 1105.1 IAS assessment . 1105.2 International A level assessment . 1106. Transferable skills . 1126.1 Why transferable skills? . 1126.2 Defining transferable skills . 1127. Student Guide . 1137.1 Why study the Pearson Edexcel IAL in Economics . 1137.2 What will I learn? . 1138. Quantitative skills . 1169. Glossary of command words . 11810. Levels-based mark schemes . 120
Getting Started Guide for Students and TeachersGetting Started Guide for Teachers1. IntroductionThis Getting Started guide will give you an overview of the International Advanced Level (IAL)in Economics qualification and what it means for you and your students. This guidance isintended to help you plan the course in outline and give you further insight into the principlesbehind the content to help you and your students succeed.1.1 Key principlesThe specification has been developed with the following key principles:Clear specificationClear guidance on what students need to learn, providing clarity for planning, teaching andassessment. A review of other curricula and qualifications was undertaken to ensure that it iscomparable with those taken in high-performing jurisdictions internationally. Key stakeholderswere consulted on content and assessment, including higher education academics, teachersand employers to ensure this qualification is suitable for an international context.Progression, not repetitionThe specification allows the development of understanding while at the same time avoidingrepetition, ensuring students are engaged and thereby inspired to develop their knowledge.Reflect today’s global worldThe International Advanced Level in Economics specification develops an understanding ofcurrent developments in Economics. You will in the sample assessment material notice that arange of global contexts have been used to assess students. In teaching this unit it is helpfulfor candidates to explore today’s global world to best prepare students for the assessment inthis unit.Clear assessmentsClear and consistent use of command words across assessments and between series. Ourapproach to assessments, definitions for the command words and details of how the commandwords are explained can be found in the glossary.Clear mark schemesThe new mark schemes provide a consistent understanding of the skills, and connectionsbetween these skills, required for each question type. Clear wording reflects how teachers andexaminers describe the qualities of student work, so the expectations are clear for teachersand markers.Skills for progressionThe variety of content that will be found in the examination allows the student to demonstrateknowledge as well as its application, which are required elements for further study orprogression into employment.Pearson Edexcel International Advanced Level in Economics – Getting Started Guide Pearson Education Ltd 20182
Getting Started Guide for Students and Teachers1.2 Support for the new specificationOur package of support to help you plan and implement the new specification includes:Getting Ready to Teach events – We will provide Getting Ready to Teach events, deliveredby subject specialists, ahead of the first teaching in September 2018. This training event willoutline all the requirements for teaching and learning in the new specification to supportteachers to deliver their teaching with confidence.Planning – In this guide, we have provided a course planner that you can adapt to suit yourdepartment.Teaching and learning – To support you in delivering the new specification, we will beproviding suggested resource lists and suggested activities.Understanding the standard –Sample Assessment Materials will be provided.Tracking learner progress – Results Plus provides the most detailed analysis available ofyour students’ exam performance. It can help you identify topics and skills where studentscould benefit from further learning.Subject Advisor service – Our subject advisor service, and online community will ensureyou receive help and guidance from us as well as enabling you to share ideas and informationwith each other. You can sign up to receive e-newsletters from the subject advisor to keep upto date with qualification updates, and product and service news.Our subject advisor, Colin Leith, can be contacted with any questions in the following ways: E-mail: TeachingEconomics@pearson.com Phone: Intl: 44 (0)20 7010 2182Centres may find it beneficial to review this document in conjunction with: International Advanced Level Economics Sample Assessment Materials Assessment Objective descriptors in the International Advanced Level Economicsspecification (page 51) Quantitative skills in Appendix 7 of the specification for International Advanced LevelEconomics (page 69) Taxonomy (command words) descriptors in Appendix 6 of the specification forInternational Advanced Level Economics (page 68) Levels based mark band guidance in the Sample Assessment Materials.Pearson Edexcel International Advanced Level in Economics – Getting Started Guide Pearson Education Ltd 20183
Getting Started Guide for Students and Teachers2. Qualification overviewThis section provides an overview of the course to help you see what you will need to teach.The overview gives a general summary of each of the examined papers.2.1 Changes to specificationIn this IAL specification students are introduced to core economic concepts and principles anddevelop an understanding of microeconomic and macroeconomic issues, before building onthis core knowledge and understanding to consider more complex issues and wider contexts.In this thematic approach, progression is continuous as students develop their knowledge andunderstanding throughout the course of study.Students use economic models to help them understand the complexities of the world aroundthem, and use data to help them analyse markets and economies, and how governments tryto influence both. Students are introduced to different perspectives and develop anunderstanding of economic issues.In developing the 2018 specification we have retained the strengths of the 2013 specification: engaging and updated content development economics global focus AS and A level courses designed to allow co-teachability.The specification content has changed to provide more detail about what students need tolearn.Changes have been made to bring the specification up-to-date and to provide acomprehensive assessment of the content.There is greater emphasis on the application of appropriate quantitative skills in a range ofeconomic contexts. The assessment of these skills will include at least level 2 mathematicalskills as a minimum of 15% of the overall AS and 20% of the overall A Level marks.Students are expected to accomplish the following quantitative skills as part of their AS and Alevel study: calculate, use and understand ratios and fractions calculate, use and understand percentages and percentage changes understand and use the terms mean, median and relevant quantiles construct and interpret a range of standard graphical forms calculate and interpret index numbers calculate cost, revenue and profit (marginal, average, totals) make calculations to convert from money to real terms make calculations of elasticity and interpret the result interpret, apply and analyse information in written, graphical and numerical forms* skills in bold are not a requirement in the AS level.More information about the application of quantitative skills is given in Section 8.The IAL qualification is structured into four units, with two microeconomic and twomacroeconomic units. The content is structured coherently and logically, which enablesstudents to build on their knowledge and understanding as they progress throughout thecourse – students are introduced to economics through building knowledge and application ofmicroeconomic and macroeconomic concepts in Unit 1 and Unit 2, with breadth and depth ofknowledge and understanding, with applications to more complex concepts and modelsPearson Edexcel International Advanced Level in Economics – Getting Started Guide Pearson Education Ltd 20184
Getting Started Guide for Students and Teachersdeveloped in Unit 3 and Unit 4. This division between microeconomic and macroeconomic unitsalso supports teacher specialism and ensures the specification is deliverable for two teachingspecialists.The chart below provides an overview of the course. The IAL Economics is structured into fourunits with four externally assessed examinations:IAS Unit 1: Markets in action Introductory conceptsIAS Unit 2: Macroeconomic performanceand policy Measures of economic performance Consumer behaviour anddemand Aggregate demand (AD) Supply Aggregate supply (AS) Price determination National income Market failure Economic growth Government intervention in Macroeconomic objectives and policiesmarketsIA2 Unit 3: Business behaviour Types and size of businessesIA2 Unit 4: Developments in the globaleconomy Revenue, costs and profits Market structures and contestability Labour markets Government intervention Causes and effects of globalisation Trade and the global economy Balance of payments, exchange ratesand international competitiveness Poverty and inequality The role of the state in themacroeconomy Growth and development in developing,emerging and developed economiesThe main changes are as follows:1. Labour markets removed from Unit 1 and included in Unit 3.2. Increased emphasis on the financial sector in Unit 1 and in Unit 2.3. International competitiveness moved from Unit 3 to Unit 4.Specific content changes:Unit 1: New section on the nature of economics. Role of financial markets included after ‘the role of money’. Inclusion of reference to Adam Smith and Karl Marx in section on free market andcommand economies. Market failure section includes reference to ‘moral hazard’ and to ‘speculation andmarket bubbles’. Labour markets transferred to Unit 3. The distinction between free goods and economic goods.Pearson Edexcel International Advanced Level in Economics – Getting Started Guide Pearson Education Ltd 20185
Getting Started Guide for Students and TeachersUnit 2: National happiness and wellbeing included in section on economic growth. Measures of human development transferred to Unit 4. Reference to the savings ratio in section on consumption. Section on ‘the multiplier’ includes alternative methods of calculation. Reference to foreign direct investment and productivity in the section on economicgrowth. Inclusion of ‘the role of central banks in the conduct of monetary policy’ in the sectionon macroeconomic policies.Unit 3: Joint ventures and state-owned enterprises included in the section on ‘types ofbusinesses’. Transnational companies transferred to Unit 4. Minimum efficient scale included in section on ‘economies of scale’. Separate section on economic efficiency included at the beginning of the section on‘market structures and contestability’. Game theory included in section on ‘oligopoly’. Natural monopoly included in section on ‘monopoly’. New section on ‘labour markets’ (transferred from Unit 1 and expanded). Measures to control transnational companies transferred to Unit 4.Unit 4: Section on characteristics of globalisation, includes foreign direct investment (FDI). New section on international competitiveness (transferred from Unit 4 and expanded). Distinction between automatic stabilisers and discretionary fiscal policy included insection on ‘public sector borrowing’. Measures to control transnational companies transferred from Unit 3. Measures of economic development included (transferred from Unit 2). Inclusion of Harrod-Domar model and Prebisch-Singer hypothesis included in section on‘constraints on growth and development’. Inclusion of Lewis model in section on ‘measures to promote growth and development.Pearson Edexcel International Advanced Level in Economics – Getting Started Guide Pearson Education Ltd 20186
Getting Started Guide for Students and Teachers2.2 Changes to assessmentThe assessment structures for the AS and A level qualifications are outlined below and onpage 8. More detail on the assessment for each component is given in Section 5 on page 110.The weights given to the assessment objectives are summarised in the table below:Assessment ObjectiveAO1Demonstrate knowledge of terms, concepts, theories andmodels to show an understanding of the behaviour ofeconomic agentsWeightingIAS: 27.5%IA2: 18.75%IAL: 23.1%IAS: 30%AO2Apply knowledge and understanding to various economiccontextsIA2: 22.5%IAL: 26.25%IAS: 22.5%AO3Analyse issues and evidence, showing an understandingof their impact on economic agentsIA2: 28.75%IAL: 25.6%IAS: 20%AO4Evaluate economic arguments and use appropriateevidence to support informed judgementsIA2: 30%IAL: 25%NB Totals have been rounded either up or down.A detailed breakdown of the Assessment Objectives can be found on page 51 in thespecification which shows the Assessment Objectives at Unit level.There are two AS Level papers (papers 1 and 2), each comprising 80 marks and 1¾hoursin duration.For the full A Level candidates take papers 3 and 4 in addition to papers 1 and 2. Papers 3 and4 comprise 80 marks and 2 hours in duration.Pearson Edexcel International Advanced Level in Economics – Getting Started Guide Pearson Education Ltd 20187
Getting Started Guide for Students and TeachersUnitUnit 1: Marketsin actionIASorIA2IASAssessment InformationSection A: Multiple-choice questions.Students answer all questions (6 marks)Marks andlength ofexamination80 marks1¾ hoursSection B: Short-answer questions.Students answer all questions (20marks)Questions drawnfrom Unit 1content.Section C: Based on stimulus material,one data response question comprising anumber of parts (34 marks)Section D: One extended open-responsequestion, students select one from achoice of two (20 marks)Unit 2:Macroeconomicperformance andpolicyIASSection A: Multiple-choice questions.Students answer all questions (6 marks)80 marks1¾ hoursSection B: Short-answer questions,students answer all questions (20marks)Questions drawnfrom Unit 2content.Section C: Based on stimulus material,one data response question comprising anumber of parts (34 marks)Section D: One extended open-responsequestion, students select one from achoice of two (20 marks)Unit 3: BusinessbehaviourIA2Questions drawnfrom Units 1, 2, 3and 4 content.80 marks2 hoursSection B: Based on stimulus material,one data response question comprising anumber of parts (34 marks)Questions drawnfrom Units 1, 2and 3 content.Unit 4:Developments inthe globaleconomySection A: Multiple-choice questions,students answer all questions (6 marks)Section C: Two extended open-responsequestion, students select one from achoice of three (40 marks)IA2Section A: Multiple-choice questions,students answer all questions (6 marks)80 marks2 hoursSection B: Based on stimulus material,one data response question comprising anumber of parts (34 marks)Section C: Two extended open-responsequestion, students select one from achoice of three (40 marks)Pearson Edexcel International Advanced Level in Economics – Getting Started Guide Pearson Education Ltd 20188
Getting Started Guide for Students and TeachersChanges have been made to the approach of the AS Level and A Level papers to ensure theassessments are clear and consistent, enabling students to understand the skills they arerequired to demonstrate and not overly focus on exam technique. The changes summarisedbelow are explained in detail in Section 4: A reduction in the variety of command words used, careful definition of the skills thatcomprise each command word and consistent application of the command words withinand across assessments. Skills based mark schemes that focus on the qualities students are expected todemonstrate in their answers rather than the quantity of points within responses.Clarity of the skills required by each command word reflects how teachers andexaminers describe the qualities of student work, so the expectations are clear forteachers and for markers and reduces subjectivity. The inclusion of multiple choice questions in all 4 papers. These questions focus onknowledge, understanding, application and, to a lesser degree, analysis. The introduction of short-answer questions on paper 1 and on paper 2. Thesequestions focus on knowledge, understanding and application, ensuring questions areexplicit and clear in the knowledge and understanding students are required todemonstrate. Choice is provided for the extended open-response questions, enabling students torespond to an issue based on a context they are more engaged or familiar with. Thereis no choice of data response question. This allows students to focus on one, broaderdata response context, which supports comparability across papers and reduces timespent in the exam on processing a second data response context and question that willnot contribute to the overall marks.Pearson Edexcel International Advanced Level in Economics – Getting Started Guide Pearson Education Ltd 20189
Getting Started Guide for Students and Teachers3. Planning3.1 Planning and delivering the courseThe IAL in Economics qualification can be taught and assessed as either: distinct modules of teaching and learning with related units of assessment taken atappropriate stages during the course; or a linear course, that is assessed in its entirety
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