ECONOMICS
Specification
For teaching from September 2015 onwards
For AS and A-level exams in 2016 onwards
Version 1.3 29 June 2022
,Contents
1 Introduction 5
1.1 Why choose AQA for AS and A-level Economics 5
1.2 Support and resources to help you teach 6
2 Specification at a glance 8
2.1 AS 8
2.2 A-level 9
3 Subject content – AS 13
3.1 The operation of markets and market failure 13
3.2 The national economy in a global context 23
4 Subject content – A-level 31
4.1 Individuals, firms, markets and market failure 31
4.2 The national and international economy 49
5 Scheme of assessment 63
5.1 Aims 64
5.2 Assessment objectives 64
5.3 Assessment weightings 65
6 General administration 67
6.1 Entries and codes 67
6.2 Overlaps with other qualifications 67
6.3 Awarding grades and reporting results 67
6.4 Re-sits and shelf life 68
6.5 Previous learning and prerequisites 68
6.6 Access to assessment: diversity and inclusion 68
6.7 Working with AQA for the first time 69
, AQA AS and A-level Economics . AS and A-level exams June 2016
onwards. Version 1.3 29 June 2022
6.8 Private candidates 69
7 Annex: Quantitative skills in Economics
71
7.1 AS 71
7.2 A-level 71
Visit for the most up-to-date specification, resources, support and
administration 3
, Are you using the latest version of this specification?
• You will always find the most up-to-date version of this specification on our website at
• We will write to you if there are significant changes to the specification.
4 Visit for the most up-to-date specification, resources, support and administration
1 Introduction
1.1 Why choose AQA for AS and A-level Economics
Relevant content designed by experts
Our approach to Economics is to apply economic theory to support analysis of current economic problems
and issues, and encourage students to appreciate the interrelationships between microeconomics and
macroeconomics.
We have worked closely with teachers and universities to develop engaging and up-to-date content so that
students can relate what they are learning to the world around them – locally, nationally and globally.
Real life skills
Students develop the knowledge and skills needed to understand and analyse data, think critically about
issues and make informed decisions.
They will also build upon their quantitative skills and appreciate that, when evaluating arguments, both
qualitative and quantitative evidence are important.
Assessment success
Our question papers use a variety of assessment styles including real-life case studies and data exercises to
better prepare students for further study and employment.
Working with our assessment specialists, our question papers have been developed so that they provide
clear opportunities for students to apply their knowledge and skills, enabling them to achieve their
potential.
Flexibility on teaching
Both our AS and A-level provide strong stand-alone qualifications that can be taught together or
independently of one another, allowing you to choose the approach that is best suited to your needs and
those of your students.
Specification
For teaching from September 2015 onwards
For AS and A-level exams in 2016 onwards
Version 1.3 29 June 2022
,Contents
1 Introduction 5
1.1 Why choose AQA for AS and A-level Economics 5
1.2 Support and resources to help you teach 6
2 Specification at a glance 8
2.1 AS 8
2.2 A-level 9
3 Subject content – AS 13
3.1 The operation of markets and market failure 13
3.2 The national economy in a global context 23
4 Subject content – A-level 31
4.1 Individuals, firms, markets and market failure 31
4.2 The national and international economy 49
5 Scheme of assessment 63
5.1 Aims 64
5.2 Assessment objectives 64
5.3 Assessment weightings 65
6 General administration 67
6.1 Entries and codes 67
6.2 Overlaps with other qualifications 67
6.3 Awarding grades and reporting results 67
6.4 Re-sits and shelf life 68
6.5 Previous learning and prerequisites 68
6.6 Access to assessment: diversity and inclusion 68
6.7 Working with AQA for the first time 69
, AQA AS and A-level Economics . AS and A-level exams June 2016
onwards. Version 1.3 29 June 2022
6.8 Private candidates 69
7 Annex: Quantitative skills in Economics
71
7.1 AS 71
7.2 A-level 71
Visit for the most up-to-date specification, resources, support and
administration 3
, Are you using the latest version of this specification?
• You will always find the most up-to-date version of this specification on our website at
• We will write to you if there are significant changes to the specification.
4 Visit for the most up-to-date specification, resources, support and administration
1 Introduction
1.1 Why choose AQA for AS and A-level Economics
Relevant content designed by experts
Our approach to Economics is to apply economic theory to support analysis of current economic problems
and issues, and encourage students to appreciate the interrelationships between microeconomics and
macroeconomics.
We have worked closely with teachers and universities to develop engaging and up-to-date content so that
students can relate what they are learning to the world around them – locally, nationally and globally.
Real life skills
Students develop the knowledge and skills needed to understand and analyse data, think critically about
issues and make informed decisions.
They will also build upon their quantitative skills and appreciate that, when evaluating arguments, both
qualitative and quantitative evidence are important.
Assessment success
Our question papers use a variety of assessment styles including real-life case studies and data exercises to
better prepare students for further study and employment.
Working with our assessment specialists, our question papers have been developed so that they provide
clear opportunities for students to apply their knowledge and skills, enabling them to achieve their
potential.
Flexibility on teaching
Both our AS and A-level provide strong stand-alone qualifications that can be taught together or
independently of one another, allowing you to choose the approach that is best suited to your needs and
those of your students.
