What should I focus on for AQA A-Level Economics?

Always define key terms like scarcity, opportunity cost, and PPF precisely, as these definitions alone can secure marks.

What should I focus on for AQA A-Level Economics? (2)

Use diagrams liberally, but ensure they are accurately drawn, labelled, and fully explained in the context of the question.

What should I focus on for AQA A-Level Economics? (3)

When evaluating, consider both theoretical extremes and real-world constraints, such as market failures or government intervention.

What should I focus on for AQA A-Level Economics? (4)

Always define key terms like 'scarcity' and 'opportunity cost' clearly in written responses

What should I focus on for AQA A-Level Economics? (5)

When using PPF diagrams, ensure axes are correctly labelled

What are common mistakes in AQA A-Level Economics?

Confusing opportunity cost with monetary cost alone, ignoring non-monetary trade-offs.

What are common mistakes in AQA A-Level Economics? (2)

Misinterpreting points inside the PPF as unattainable rather than showing underutilisation of resources.

What are common mistakes in AQA A-Level Economics? (3)

Failing to recognise that marginal opportunity cost increases when the PPF is concave, leading to weak analysis of trade-offs.

Economics

AQA

A-Level

Specification: 7136

This subject will help you develop key knowledge and skills required for exam success.

Topics

Objectives

Exam Tips

Pitfalls

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Key Features

Master key concepts
Develop exam technique
Apply knowledge effectively

Assessment Objectives

AO1

30%-35%

Demonstrate knowledge of terms/concepts and theories/models to show an understanding of the behaviour of economic agents and how they are affected by and respond to economic issues

AO2

30%-35%

Apply knowledge and understanding to various economic contexts to show how economic agents are affected by and respond to economic issues

AO3

20%-25%

Analyse issues within economics, showing an understanding of their impact on economic agents

AO4

20%-25%

Evaluate economic arguments and use qualitative and quantitative evidence to support informed judgements relating to economic issues

What Gets Top Grades

A*/Grade 9

Knowledge & Understanding

Demonstrates comprehensive and accurate knowledge

Uses correct subject-specific terminology
Shows detailed understanding of concepts
Makes accurate connections between topics
Demonstrates depth beyond surface-level knowledge

Application

Applies knowledge effectively to new contexts

Selects relevant knowledge for the question
Adapts understanding to unfamiliar scenarios
Uses examples appropriately
Shows awareness of context

Analysis & Evaluation

Develops sophisticated analytical arguments

Constructs logical chains of reasoning
Considers multiple perspectives
Weighs evidence to reach justified conclusions
Acknowledges limitations and nuances

Key Command Words

AQA

State

1 mark

Give a single fact or term

Identify

1 mark

Name, select, or recognise

Outline

2 marks

Set out main features briefly

Describe

2-4 marks

Give an account of what something is like or what happens

Explain

3-6 marks

Give reasons with developed cause→effect chains

Compare

2-4 marks

State similarities AND differences (both required)

Analyse

6-9 marks

Examine in detail showing cause→effect→consequence chains

Evaluate

6-12 marks

Weigh up BOTH sides, reach JUSTIFIED conclusion

Assess

6-12 marks

Make judgments about importance with justification

Calculate

2-4 marks

Show formula→substitution→calculation→answer with units

Common Exam Mistakes

Pitfalls to avoid in your exams

•Confusing opportunity cost with monetary cost alone, ignoring non-monetary trade-offs.
•Misinterpreting points inside the PPF as unattainable rather than showing underutilisation of resources.
•Failing to recognise that marginal opportunity cost increases when the PPF is concave, leading to weak analysis of trade-offs.
•Assuming that all shifts of the PPF are parallel, neglecting factor-specific improvements.
•Confusing positive statements (testable) with normative statements (value judgements)
•Failing to explicitly link scarcity to the necessity of choice
•Misinterpreting points inside the PPF as efficient
•Confusing productive efficiency with allocative efficiency

Top Examiner Tips

Expert advice for exam success

•Always define key terms like scarcity, opportunity cost, and PPF precisely, as these definitions alone can secure marks.
•Use diagrams liberally, but ensure they are accurately drawn, labelled, and fully explained in the context of the question.
•When evaluating, consider both theoretical extremes and real-world constraints, such as market failures or government intervention.
•Always define key terms like 'scarcity' and 'opportunity cost' clearly in written responses
•When using PPF diagrams, ensure axes are correctly labelled
•Practice distinguishing between positive and normative statements using real-world examples
•Remember that economics is a social science, meaning human behaviour is not always predictable or rational
•When discussing consumer behaviour, explicitly contrast traditional rational models with behavioural insights.

Specification Topics

15 topics

E2E stub topic

This subtopic introduces the fundamental economic problem of scarcity, exploring how unlimited human wants clash with finite resources, necessitating choice and the incurrence of opportunity cost. It examines how individuals, firms, and governments allocate scarce resources to maximize utility, profits, or social welfare, forming the bedrock of microeconomic analysis and policy evaluation.

E2E stub subtopic

0 objectives3 tips4 pitfalls

Economic methodology and the economic problem

This topic introduces economics as a social science, focusing on the fundamental economic problem of scarcity, the necessity of choice, and the allocation of resources. It covers the methodology of economic enquiry, the distinction between positive and normative statements, the role of value judgements, and the use of production possibility diagrams to illustrate key economic concepts.

0 objectives4 tips5 pitfalls

Individual economic decision making

This topic explores individual economic decision-making, moving beyond the traditional assumption of rational utility maximisation to include insights from behavioural economics. It covers how consumers make choices, the impact of information imperfections, and how behavioural biases and choice architecture influence economic outcomes.

0 objectives5 tips5 pitfalls

Price determination in a competitive market

This topic covers the fundamental microeconomic model of price determination in a competitive market, focusing on the interaction of demand and supply, the role of elasticities, and the interrelationship between different markets.

0 objectives5 tips5 pitfalls

Production, costs and revenue

This topic covers the production process, the distinction between short-run and long-run time periods, the law of diminishing returns, returns to scale, cost structures (fixed, variable, marginal, average), economies and diseconomies of scale, revenue concepts, profit, and the impact of technological change on production and market structures.

0 objectives5 tips5 pitfalls

Perfect competition, imperfectly competitive markets and monopoly

This topic explores the spectrum of market structures from perfect competition to monopoly, including monopolistic competition and oligopoly. It covers firm objectives, efficiency (static and dynamic), pricing strategies like price discrimination, and the dynamics of competition such as contestability and creative destruction.

0 objectives5 tips5 pitfalls

The labour market

This topic covers the labour market, focusing on the demand for and supply of labour, wage determination in both perfectly and imperfectly competitive markets, the role of trade unions, the National Minimum Wage, and discrimination in the labour market.

0 objectives5 tips5 pitfalls

The distribution of income and wealth: poverty and inequality

This topic examines the distribution of income and wealth, the distinction between them, and the causes and consequences of poverty and inequality. It covers the measurement of inequality, the distinction between equity and equality, and the evaluation of government policies designed to redistribute income and wealth and alleviate poverty.

0 objectives4 tips5 pitfalls

The market mechanism, market failure and government intervention in markets

This topic explores how the price mechanism allocates resources in a market economy, the causes and consequences of market failure, and the role of government intervention to correct these failures, including the potential for government failure.

0 objectives5 tips6 pitfalls

The measurement of macroeconomic performance

This topic covers the primary objectives of government macroeconomic policy, the key indicators used to measure economic performance, and the technical use of index numbers to track changes in economic variables.

0 objectives5 tips5 pitfalls

How the macroeconomy works: the circular flow of income, AD/AS analysis and related concepts

This topic covers the fundamental macroeconomic models used to understand the circular flow of income, the determination of national income, and the use of Aggregate Demand (AD) and Aggregate Supply (AS) analysis to explain macroeconomic performance and equilibrium.

0 objectives5 tips5 pitfalls

Economic performance

This topic covers the measurement of macroeconomic performance, the economic cycle, and the analysis of key indicators including economic growth, employment/unemployment, inflation/deflation, and the balance of payments. It explores the causes of cyclical instability and the impacts of economic performance on individuals, the economy, and the environment.

0 objectives6 tips6 pitfalls

Financial markets and monetary policy

This topic covers the structure and function of financial markets, the role of commercial and investment banks, the functions of central banks in monetary policy, and the regulation of the financial system to maintain stability.

0 objectives5 tips5 pitfalls

Fiscal policy and supply-side policies

This topic covers the use of fiscal policy and supply-side policies as macroeconomic tools. It examines how governments manipulate spending, taxation, and the budget balance to influence aggregate demand and supply, as well as the role of supply-side policies in improving the economy's productive potential.

0 objectives5 tips5 pitfalls

The international economy

This topic covers the international economy, focusing on globalisation, international trade theory, the balance of payments, exchange rate systems, and economic growth and development.

0 objectives5 tips5 pitfalls

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