AQA Economics explores how markets and economies operate, focusing on economic decision-making, market failure, and macroeconomic performance. It places strong emphasis on analysis and evaluation.
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Paper 1: How markets work:
Economic foundations
Resource allocation
How prices are determined
Production, costs, revenue and profit
Competitive and concentrated markets
Market failure
Paper 2: How the economy works:
Introduction to the national economy
Government objectives
How the government manages the economy
International trade and the global economy
The role of money and financial markets
The operation of markets and market failure
1. Economic methodology and the economic problem
2. Price determination in a competitive market
3. Production, costs and revenue
4. Competitive and concentrated markets
5. The market mechanism, market failure and government intervention in markets
The national economy in a global context
6. The measurement of macroeconomic performance
7. How the macroeconomy works : the circular flow of income, AD/AS analysis, and related concepts
8. Economic performance
9. Macroeconomic policy
Individuals, firms, markets and market failure
1. The economic problem and economic methodology
2. Individual economic decision making
3. Price determination in a competitive market
4. Production, costs and revenue
5. Perfect competition, imperfectly competitive markets and monopoly
6. The labour market
7. The distribution of income and wealth: poverty and inequality
8. The market mechanism, market failure and government intervention in markets
The national and international economy
9. The measurement of macroeconomic performance
10. How the macroeconomy works : the circular flow of income, AD/AS analysis, and related concepts
11. Economic performance
12. Financial markets and monetary policy
13. Fiscal policy and supply-side policies
14. The international economy
