Economics

Assessment

Paper 1: Markets & Market Failure (written exam – 33.3%) You will study the following topics: • Economic methodology and the economic problem • Individual economic decision making • Price determination in a competitive market • Production, costs and revenue • Perfect competition, imperfectly competitive markets and monopoly • The labour market • The distribution of income and wealth: poverty and inequality • The market mechanism, market failure and government intervention in markets You will be assessed through a combination of short answer and essay questions. Paper 2: The National & International Economy (written exam – 33.3%) You will study the following topics: • The measurement of macroeconomic performance • How the macroeconomy works • Economic performance • Financial markets and monetary policy • Fiscal policy and supply-side policies • The international economy You will be assessed through a combination of short answer and essay questions. Paper 3: Economic Principles & Issues (written exam – 33.3%) This exam will cover all of the topics of papers 1 and 2. Section A will consist of multiple choice questions. Section B will require you to analyse a case study.