Year 12
4.1.1.1 Economic methodology
4.1.1.2 The nature and purpose of economic activity
4.1.1.3 Economic resources
4.1.1.4 Scarcity, choice and the allocation of resources
4.1.1.5 Production possibility diagrams
4.1.2.1 Consumer behaviour
4.1.2.2 Imperfect information
4.1.2.3 Aspects of behavioural economic theory
4.1.2.4 Behavioural economics and economic policy
4.1.3.1 The determinants of the demand for goods and services
4.1.3.2 Price, income and cross elasticities of demand
4.1.3.3 The determinants of the supply of goods and services
4.1.3.4 Price elasticity of supply
4.1.3.5 The determination of equilibrium market prices
4.1.3.6 The interrelationship between markets
4.1.8.1 How markets and prices allocate resources
4.1.8.10 Government failure
4.1.8.2 The meaning of market failure
4.1.8.3 Public goods, private goods and quasi-public goods
4.1.8.4 Positive and negative externalities in consumption and production
4.1.8.5 Merit and demerit goods
4.1.8.6 Market imperfections
4.1.8.7 Competition policy
4.1.8.8 Public ownership, privatisation, regulation and deregulation of markets
4.1.8.9 Government intervention in markets
Year 13
4.1.4.1 Production and productivity
4.1.4.2 Specialisation, division of labour and exchange
4.1.4.3 The law of diminishing returns and returns to scale
4.1.4.4 Costs of production
4.1.4.5 Economies and diseconomies of scale
4.1.4.6 Marginal, average and total revenue
4.1.4.7 Profit
4.1.4.8 Technological change
4.1.5.1 Market structures
4.1.5.10 Market structure, static efficiency, dynamic efficiency and resource allocation
4.1.5.11 Consumer and producer surplus
4.1.5.2 The objectives of firms
4.1.5.3 Perfect competition
4.1.5.4 Monopolistic competition
4.1.5.5 Oligopoly
4.1.5.6 Monopoly and monopoly power
4.1.5.7 Price discrimination
4.1.5.8 The dynamics of competition and competitive market processes
4.1.5.9 Contestable and non-contestable markets
4.1.6.1 The demand for labour, marginal productivity theory
4.1.6.2 Influences upon the supply of labour to different markets
4.1.6.3 The determination of relative wage rates and levels of employment in perfectly competitive labour markets
4.1.6.4 The determination of relative wage rates and levels of employment in imperfectly competitive labour markets
4.1.6.5 The Influence of trade unions in determining wages and levels of employment
4.1.6.6 The National Minimum Wage
4.1.6.7 Discrimination in the labour market
4.1.7.1 The distribution of income and wealth: poverty and inequality
4.1.7.2 The problem of poverty
4.1.7.3 Government policies to alleviate poverty and to influence the distribution of income and wealth
Note the topics below may be covered in a different order.
Year 12
4.2.1.1 The objectives of government economic policy
4.2.1.2 Macroeconomic indicators
4.2.1.3 Uses of index numbers
4.2.1.4 Uses of national income data
4.2.2.1 The circular flow of income
4.2.2.2 Aggregate demand and aggregate supply analysis
4.2.2.3 The determinants of aggregate demand
4.2.2.4 Aggregate demand and the level of economic activity
4.2.2.5 Determinants of short-run aggregate supply
4.2.2.6 Determinants of long-run aggregate supply
4.2.3.1 Economic growth and the economic cycle
4.2.3.2 Employment and unemployment
4.2.3.3 Inflation and deflation
4.2.3.4 Possible conflicts between macroeconomic policy objectives
4.2.5.1 Fiscal policy
4.2.5.2 Supply-side policies
(4.2.4.3 Monetary Policy – in Y13 below – to be covered in Y12)
Year 13
4.2.4.1 The structure of financial markets and financial assets
4.2.4.2 Commercial banks and investment banks
4.2.4.3 Central banks and monetary policy
4.2.4.4 The regulation of the financial system
4.2.6.1 Globalisation
4.2.6.2 Trade
4.2.6.3 The balance of payments
4.2.6.4 Exchange rate systems
4.2.6.5 Economic growth and development
(The below is a quick guide to the most common questions – and key points of an answer – occurring 2016-2023)
10 Macro Exam Skeletonsv2.docx
10 Micro Skeleton and Model Answers JH.pdf
(above doc alludes to Min Wage and Trade Union essays below)