RevisionChecklist_for_AS_Economics_9708_FINAL

Revision Checklist for AS/A Level

Economics 9708

Guide for Students

REVISION CHECKLIST for AS Level Economics 9708

A guide for students

How to use this guide

The guide describes what you need to know about your AS Economics examination.

It will help you to plan your revision programme and will explain what the examiners are looking for.

The guide contains the following sections:

Section 1 - How will you be tested?

This section will give you information about the different examination papers you will take. Section 2 - What will be tested?

This section describes the five assessment objectives in Economics.

Section 3 - What you need to know

This shows the syllabus content so that you can check:

?which topics you need to know about

?details about each topic area in the syllabus

?how much of the syllabus you have covered

Section 1 - How will you be tested?

The table below gives you information about the examination papers you will take.

Paper Type Duration Number of Questions Maximum Mark Weight (%

of total

marks for syllabus)

1 Multiple Choice (Core)

1 hour 30 30 40

2 (a) Data Response (Core)

45 minutes (recommended) 1 20 30

2 (b) Structured Essay (Core)

45 minutes (recommended) 1 from a choice of 3 20 30

Section 2 - What will be tested?

The syllabus sets out the five assessment objectives in Economics.

Number of

Assessment

Objective

Skill Demonstration of Skill

1 Knowledge and Understanding You should be able to demonstrate

knowledge and understanding of the

specified content.

2 Interpretation You should be able to interpret economic

information presented in:

? verbal

? numerical or

? graphical forms.

3 Explanation and Analysis You should be able to explain and

analyse economic issues and arguments,

using relevant economic:

? concepts

? theories and

? information.

4 Evaluation You should be able to evaluate

economic:

? information

? arguments

? proposals and

? policies.

You should be able to take into

consideration relevant information and

theory.

You should be able to distinguish facts

from:

?hypothetical statements and

? value judgements.

5 Organisation, Presentation and

Communication You should be able to organise, present and communicate economic ideas and informed judgements in a:

? clear

? logical and

? appropriate form.

The Multiple Choice component (Paper 1) will seek to test particularly Assessment Objectives 1, 2 and 3.

The Data Response part of Paper 2will seek to test particularly Assessment Objectives 2 and 3 and, to a lesser extent, Assessment objectives 1, 4 and 5.

The Structured Essay part of Paper 2 will seek to test particularly Assessment Objectives 1, 3, 4 and 5 and, to a lesser extent, Assessment Objective 2.

Section 3 - What you need to know

A table is provided below which describes the topics which will be tested in your examination papers. You can use the table throughout the course to check the topics you have covered. You can also use it as a revision aid.

The column headed ‘comments’ can be used:

?to add further information about the details of each bullet point, or to give appropriate examples

?to highlight areas of difficulty which you might need to ask your teacher about.

Theme Topic You should be able to:

Comments

1 Basic

Economic Ideas

Scarcity, choice and resource allocation ? Define the meaning of scarcity ? Explain the inevitability of choices at all levels:

o individual o firm

o government

? Define and explain the concept of opportunity cost ? Consider basic questions of:

o what will be produced o how it will be produced

o for whom it will be produced

Different allocative mechanisms Distinguish between:

? market economies

? planned economies ? mixed economies

Production possibility curve Explain:

? the shape of the production possibility curve ? shifts of the production possibility curve

The margin Explain decision making at the margin Positive and normative statements Distinguish between:

? positive and

? normative statements

Ceteris paribus Explain the meaning of ceteris paribus Factors of production Define the four factors of production:

? Land ? Labour ? Capital ? Enterprise

Division of Labour Explain the meaning of division of labour Money Describe and explain:

? the functions of money

? the characteristics of money

2 The Price

Individual Demand curves Explain the construction of individual demand curves

System Aggregation of individual demand curves to give market demand

Explain how individual demand curves are aggregated to give market demand Factors influencing demand Identify and explain the various factors that can influence market

demand

Movements along and shifts of a demand curve Explain and distinguish between: ? movements along a demand curve

? shifts of a demand curve

Price, income and cross elasticities of demand ? Explain the meaning of ? Calculate

? Analyse the factors affecting

? Assess the implications for revenue and business decisions

of

o price elasticity of o demand

o income elasticity of o demand

o cross elasticity of o demand

Firms’ supply curves Explain how individual firms’ supply curves are aggregated to

give market supply

Factors influencing market supply Movements along and shifts of a supply curve Identify and explain the various factors that can influence market supply, including: ? indirect taxes and ? subsidies Explain and distinguish between:

? movements along a supply curve ? shifts of a supply curve

Price elasticity of supply

Explain:

? the determinants of the price elasticity of supply

? the implications of price elasticity of supply for speed/ease

with which businesses react to changed market conditions

Interaction of demand and supply Equilibrium price and quantity Explain:

? the meaning of equilibrium and disequilibrium ? the effects of changes in supply and demand on equilibrium price and quantity

? the applications of demand and supply analysis

Consumer surplus Explain the meaning of consumer surplus

Prices as rationing and allocative mechanisms Analyse how prices can be used as:

? rationing and

? allocative mechanisms

3 Government

Intervention in the Price System Externalities Explain and distinguish between: ? positive and ? negative externalities

Social costs and social benefits Explain social costs as the sum of:

? private costs and

? external costs

Explain social benefits as the sum of: ? private benefits and ? external benefits

Decision-making using cost-benefit analysis

Explain decision-making using cost-benefit analysis

Private goods and public goods Merit goods and demerit goods Explain and distinguish between:

? private goods and ? public goods Explain and distinguish between:

? merit goods and ? demerit goods

Government intervention Explain government intervention through:

? maximum price controls ? price stabilisation

? taxes

? subsidies

?direct provision of goods and services

4 International Trade Principles of absolute and

comparative advantage

Other explanations and

determinants of trade flows

Explain the principles of:

? absolute advantage

?comparative advantage and

?their real-world limitations

Explain the opportunity cost concept allied to trade

Account for other explanations and determinants of trade flows Arguments for free trade and

motives for protection

Explain:

?arguments for free trade and

?motives for protection

Types of protection and their

effects

Explain:

?types of protection and

? their effects

Economic integration Explain the features of, and the differences between, a:

?free trade area

? customs union

? economic union

Terms of Trade Explain the meaning of the terms of trade

Balance of Payments Explain the components of the balance of payments

5 Measurement in the Macro-economy Different forms of

measurement in the macro-

economy

Explain different types of measurement:

? Employment statistics

?Size and components of labour force

? Labour productivity

?Definition of unemployment

?Unemployment rate; patterns and trends in employment and

unemployment

?Difficulties involved in measuring unemployment

General price level

Price indices

Explain:

?the general price level

?price indices, such as the consumer price index and the

retail price index

6 Macro-economic Problems

Inflation Define inflation Explain the:

? degrees of inflation ? causes of inflation

? consequences of inflation

Balance of Payments Problems Explain the: ? meaning of balance of payments equilibrium and

disequilibrium

? causes of balance of payments disequilibrium

? consequences of balance of payments disequilibrium on the

domestic and external economy

Fluctuations in Foreign Exchange Rates Define exchange rates and explain: ? the measurement of exchange rates – nominal, real, trade-weighted exchange rates

? the determination of exchange rates – fixed, floating,

managed float

? the factors underlying fluctuations in exchange rates ? the effects of changing exchange rates on the economy

7 Macro-economic Policies Macro-economic policies Analyse policies designed to: ? correct balance of payments disequilibrium or

? influence the exchange rate