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AS/A Level Economics

A/AS Level Economics syllabus aims to:

provide a basis of factual knowledge of economics encourage the student to develop:

  • a facility for self-expression, not only in writing but also in using additional aids, such as statistics and diagrams, where appropriate the habit of using works of reference as sources of data specific to economics
  • the habit of reading critically to gain information about the changing economy we live in
  • an appreciation of the methods of study used by the economist, and of the most effective ways economic data may be analysed, correlated, discussed and presented.




International Trade

macroeconomics theory

macroeconomics problems

macroeconomics policies



Cambridge International A/AS Level Economics

Syllabus code 9708

Centres and candidates may choose to:

  • take all Advanced Level (A Level) and Advanced Subsidiary Level (AS Level) components at one exam session, leading to the full A Level qualification (Papers 1, 2, 3 and 4)
  • take the AS Level components (Papers 1 and 2) at one exam session and, having received the AS qualification, take both A Level components (Papers 3 and 4) at a later session, leading to the full A Level qualification
  • take the AS Level components only (Papers 1 and 2) at one exam session, leading to the AS qualification.

Paper 1 [1 hour]

30 multiple choice questions (Core)

Paper 2 [1 hour 30 mins]

  • Data response (Core) 1 question
  • Structured essay (Core) 1 from a choice of 3

Paper 3 [1 hour]

30 multiple choice questions (Supplement)

Paper 4 [2 hours 15 mins]

  • Data response (Supplement) 1 question
  • Essays (Supplement) 2 from a choice of 6

Students appearing for AS Level have to sit for only Paper 1 and Paper 2

Students appearing for A level have to sit for all the four papers i.e. Paper 1,2,3 and 4.

Papers 3 and 4 test the topics in the Supplement, but also require a knowledge and understanding of the topics in the Core.



Core: AS and A Level

Supplement: A Level only (Additional material for A Level)

1. Basic economic ideas

Scarcity, choice and resource


• Production possibility curves

• Different allocative mechanisms

• Problems of transition

• Positive and normative statements

• Division of labour

• Money: functions and


• Efficient resource allocation

• Concept of economic efficiency

2. The price system and the theory of the firm

• Individual and market demand curves

• Price, income and cross elasticities of demand

• Firms’ supply curves

• Price elasticity of supply

• Interaction of demand and supply

• Consumer and producer surplus

• Prices as rationing and allocative mechanisms

• Law of Diminishing Marginal Utility

• Budget lines

• Short-run and long-run production and cost functions

• Demand and supply for labour

• Wage determination

• Types of cost, revenue and profit

• Growth and survival of firms

• Differing objectives of a firm

• Different market structures

• Contestable markets

• Conduct and performance of firms

3. Government intervention in the price system

• Externalities

• Social costs and social benefits

• Decision making using cost-benefit analysis

• Private and public goods

• Merit and demerit goods

• Examples of government


• Sources of market failure

• Objectives of government microeconomic policy

• Additional policies to correct

market failure and policies towards income and wealth redistribution

• Effectiveness of government policies • Privatisation

4. International trade

• Principles of absolute and comparative advantage

• Arguments for free trade and motives for protection

• Types of protection

• Types of economic integration

• Terms of trade

• Components of the balance of payments

There are no additional international trade topics

5. Theory and measurement in the macroeconomy

• Employment statistics

• General price level: price indices

• Money and real data

• Shape and determinants of Aggregate Demand (AD) and Aggregate Supply (AS)

• Interaction of AD and AS

• The circular flow of income

• National income statistics

• Money supply and the Quantity

Theory of Money

• Keynesian and Monetarist schools

• Aggregate Expenditure function

• The demand for money and

interest rate determination

• Liquidity Preference theory and Loanable Funds theory

6. Macroeconomic problems

• Inflation

• Balance of payments problems

• Fluctuations in foreign exchange rates

• Economic growth and development

• Unemployment

• Inter-connectedness of problems

7. Macroeconomic policies

• Policies to correct balance of payments disequilibrium or influence the exchange rate

• Comment on possible conflicts between macroeconomic policy objectives

• Objectives of macroeconomic policies

• Policies towards developing economies

• Types of policy

• Evaluating policy options


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