Economics

    OCR
    GCSE

    Specification: J205

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

    33

    Topics

    0

    Objectives

    132

    Exam Tips

    113

    Pitfalls

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    Study Guides

    10 revision guides for OCR GCSE Economics

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    Key Features

    • Master key concepts
    • Develop exam technique
    • Apply knowledge effectively

    Assessment Objectives

    AO1
    35%

    Demonstrate knowledge and understanding of economic concepts and issues

    AO2
    35%

    Apply knowledge and understanding of economic concepts and issues to a variety of contexts

    AO3
    30%

    Analyse and evaluate economic evidence and issues to demonstrate understanding of economic behaviour, make judgements and draw conclusions

    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

    OCR
    State
    1 mark

    Give a single fact or term

    Identify
    1 mark

    Name or select

    Describe
    2-4 marks

    Account of process or features

    Explain
    3-6 marks

    Give reasons with BUSINESS-FACING outcomes

    Analyse
    6-9 marks

    Examine methodically showing cause→effect→outcome

    Evaluate
    9-12 marks

    Judge, weigh up evidence, reach SYNOPTIC conclusion

    Common Exam Mistakes

    Pitfalls to avoid in your exams

    • •Defining 'Capital' as money or finance rather than man-made aids to production (machinery, infrastructure).
    • •Confusing 'Scarcity' (permanent limited resources) with 'Shortage' (temporary market disequilibrium).
    • •Failing to identify the 'next best' alternative, instead listing multiple alternatives or general disadvantages.
    • •Defining 'Capital' as money or investment rather than physical assets like machinery or infrastructure.
    • •Limiting 'Land' to agricultural plots rather than including raw materials like oil, fish, or timber.
    • •Failing to identify the specific reward for Enterprise (Profit) distinct from Labour (Wages).
    • •Labelling axes with 'Price' and 'Quantity' (Supply/Demand convention) instead of 'Good A' and 'Good B' or 'Capital/Consumer Goods'.
    • •Confusing a movement along the PPF (reallocation) with a shift of the PPF (change in productive capacity).

    Top Examiner Tips

    Expert advice for exam success

    • •When defining opportunity cost, the phrase 'next best alternative' is non-negotiable for full AO1 marks.
    • •In 6-mark analysis questions, use connectives (e.g., 'this leads to', 'consequently') to build developed chains of reasoning.
    • •Always refer to the specific data or text in the stimulus material to secure AO2 application marks.
    • •For government contexts, link opportunity cost to budget constraints and the trade-off between different public services (e.g., healthcare vs. education).
    • •When given a case study, explicitly quote the text to identify which specific factor is being referred to (e.g., 'the delivery van' as Capital).
    • •Ensure the distinction between 'Capital Goods' (used to produce) and 'Consumer Goods' (used to satisfy wants) is clear in analysis.
    • •For 'Evaluate' questions regarding factor substitution (e.g., machinery replacing labour), consider both short-term costs and long-term efficiency.
    • •Always pair the factor with its correct reward when describing income distribution.

    Specification Topics

    33 topics

    Scarcity and Opportunity Cost

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    Economic Resources (Factors of Production)

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    Production Possibility Frontiers (PPFs)

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    Specialisation and Trade

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    Demand and Factors Influencing Demand

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    Supply and Factors Influencing Supply

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    Market Equilibrium and Price Determination

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    Elasticity of Demand (Price, Income, Cross)

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    Elasticity of Supply

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    Market Failure (Externalities, Public Goods, Information Asymmetry)

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    Government Intervention (Taxes, Subsidies, Price Controls)

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    Different market structures (perfect competition, monopolies, oligopolies etc)

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    Measures of Economic Performance (GDP, Inflation, Unemployment)

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    Circular Flow of Income

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    Aggregate Demand and Aggregate Supply

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    Business Cycle

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    Economic Growth

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    Fiscal Policy (Government Spending and Taxation)

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    Monetary Policy (Interest Rates, Quantitative Easing)

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    Inflation and its Control

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    Unemployment and its Causes

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    Poverty and Inequality

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    Government Policies to Correct Market Failure

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    International Trade

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    Exchange Rates

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    Balance of Payments

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    Globalisation

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    Development Economics (Poverty, Aid, Debt)

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    Data Interpretation and Analysis

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    Graphical Analysis (Drawing and Interpreting Graphs)

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    Evaluation of Economic Arguments

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    Application of Economic Concepts to Real-World Scenarios

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    Essay Writing and Structured Answers

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