OCR A-level Economics Year 12 revision

Topic 1.1: The economic problem

It builds on what you learned at GCSE in Introduction to economics, and takes it further.

There are 4 parts: we start with economics as a social science, and finish with factors of production, specialisation, division of labour, trade and money.

1. 1.1.1Economics as a social science: positive and normative statements, ceteris paribus and the scientific method21 questions
2. 1.1.2The economic problem and price determinationFree 13 questions
3. 1.1.3Scarcity, choice, opportunity cost and production possibility frontiers43 questions
4. 1.1.4Factors of production, specialisation, division of labour, trade and money27 questions

Topic 1.2: Resource allocation

It builds on what you learned at GCSE in Introduction to economics, and takes it further.

There are 2 parts: we start with economic systems, and finish with rational decision making and behavioural economics (bounded rationality, nudge, heuristics).

1. 1.2.1Economic systems: free market, mixed and command economies and the allocation of resources24 questions
2. 1.2.2Rational decision making and behavioural economics (bounded rationality, nudge, heuristics)37 questions

Topic 1.3: Supply and demand

It builds on what you learned at GCSE in Markets: demand, supply and price, and takes it further.

There are 8 parts: we start with utility, diminishing marginal utility and the demand curve, and finish with changes in market equilibrium and the effects on price, quantity and resource allocation.

1. 1.3.1Utility, diminishing marginal utility and the demand curveFree 30 questions
2. 1.3.2Price elasticity of demand: calculation, determinants and total revenue22 questions
3. 1.3.3Income and cross elasticity of demand23 questions
4. 1.3.4Price elasticity of supply: calculation and determinants25 questions
5. 1.3.5Joint, composite and derived demand; competitive supply31 questions
6. 1.3.6Consumer and producer surplus27 questions
7. 1.3.7The price mechanism: rationing, signalling and incentive functions27 questions
8. 1.3.8Changes in market equilibrium and the effects on price, quantity and resource allocation36 questions

Topic 1.4: Market failure

It builds on what you learned at GCSE in The limitations of markets, and takes it further.

There are 9 parts: we start with production, costs and market failure, and finish with other market failures.

1. 1.4.1Production, costs and market failure37 questions
2. 1.4.2Efficiency: allocative, productive, dynamic and X-inefficiency35 questions
3. 1.4.3Types of market failure and welfare lossFree 41 questions
4. 1.4.4Externalities: negative and positive externalities in production and consumption28 questions
5. 1.4.5Public goods, quasi-public goods and the free-rider problem32 questions
6. 1.4.6Merit and demerit goods27 questions
7. 1.4.7Information failure and asymmetric information33 questions
8. 1.4.8Common access resources, the tragedy of the commons and environmental sustainability29 questions
9. 1.4.9Other market failures: factor immobility, unstable commodity markets, inequity and market power84 questions

Topic 1.5: Government intervention

It builds on what you learned at GCSE in The limitations of markets, and takes it further.

There are 7 parts: we start with indirect taxes and subsidies, and finish with government failure.

1. 1.5.1Indirect taxes and subsidies: effects, incidence and evaluationFree 27 questions
2. 1.5.2Maximum and minimum price controls24 questions
3. 1.5.3Buffer stocks and stabilising commodity prices27 questions
4. 1.5.4Tradable pollution permits, carbon taxes and regulation25 questions
5. 1.5.5Provision of information, nudges and direct provision of goods and services34 questions
6. 1.5.6Nationalisation, privatisation, regulation and competition policy31 questions
7. 1.5.7Government failure26 questions

Topic 2.1: Economic policy objectives and indicators

It builds on what you learned at GCSE in Economic objectives, and takes it further.

There are 15 parts: we start with measuring performance and AD/AS, and finish with environmental sustainability and wider measures of living standards.

1. 2.1.1Measuring performance and AD/ASFree 13 questions
2. 2.1.2Macroeconomic objectives and indicators of economic performance58 questions
3. 2.1.3Measuring economic growth: GDP, GNI, real vs nominal, per capita and PPP28 questions
4. 2.1.4Measuring inflation: CPI, RPI, price indices, weights and limitations53 questions
5. 2.1.5Measuring employment and unemployment: claimant count, Labour Force Survey and inactivity60 questions
6. 2.1.6The balance of payments and the current account29 questions
7. 2.1.7Measuring income and wealth distribution: Lorenz curve, Gini coefficient and poverty33 questions
8. 2.1.8Causes of economic growthFree 31 questions
9. 2.1.9Costs and benefits of economic growth33 questions
10. 2.1.10Causes and effects of inflation, deflation and disinflation55 questions
11. 2.1.11Unemployment: types, causes and effects66 questions
12. 2.1.12Causes and consequences of current account deficits and surpluses18 questions
13. 2.1.13Exchange rates and their effect on the economy62 questions
14. 2.1.14Causes and effects of inequality and poverty36 questions
15. 2.1.15Environmental sustainability and wider measures of living standards33 questions

Topic 2.2: Aggregate demand and aggregate supply

This topic builds the model of aggregate demand and aggregate supply, used to analyse the whole economy.

We will cover the circular flow of income, the components of aggregate demand, and what drives consumption, saving and investment.

Then we look at short and long run aggregate supply, Keynesian and classical views, the multiplier, output gaps and economic shocks.

1. 2.2.1The circular flow of income, injections and withdrawalsFree 64 questions
2. 2.2.2Aggregate demand: components and the AD curve48 questions
3. 2.2.3Determinants of consumption, saving and investment25 questions
4. 2.2.4Aggregate supply: short-run and long-run AS and factors shifting them31 questions
5. 2.2.5Macroeconomic equilibrium: Keynesian and classical views of LRAS65 questions
6. 2.2.6The multiplier effect61 questions
7. 2.2.7Actual and potential growth, output gaps and the economic cycle26 questions
8. 2.2.8Demand-side and supply-side shocks30 questions

Topic 2.3: Application of policy instruments

It builds on what you learned at GCSE in Fiscal, monetary and supply-side policy, and takes it further.

There are 9 parts: we start with economic policy, and finish with evaluating the policy mix.

1. 2.3.1Economic policy11 questions
2. 2.3.2Policy objectives, conflicts and trade-offsFree 32 questions
3. 2.3.3Fiscal policy: government spending, taxation, budget deficits and national debt75 questions
4. 2.3.4Fiscal policy: automatic stabilisers, effectiveness and limitations74 questions
5. 2.3.5Monetary policy: interest rates, inflation targeting, the MPC and transmission mechanism58 questions
6. 2.3.6Quantitative easing and other unconventional monetary tools34 questions
7. 2.3.7Supply-side policies: market-based approaches29 questions
8. 2.3.8Supply-side policies: interventionist approaches35 questions
9. 2.3.9Evaluating the policy mix: time lags, uncertainty, conflicts and external constraints28 questions

Topic Q: Quantitative skills

There are 6 parts: we start with percentages, index numbers and real versus nominal values, and finish with interpreting data.

1. Q.1Percentages, index numbers and real versus nominal valuesFree 42 questions
2. Q.2Calculating and interpreting elasticities (PED, YED, XED, PES)11 questions
3. Q.3Linear demand and supply equations, equilibrium and shifts26 questions
4. Q.4Reading and drawing graphs: gradients, areas, surplus and tax incidence calculations63 questions
5. Q.5Macro calculations: growth rates, inflation, multiplier and weighted averages42 questions
6. Q.6Interpreting data: tables, time series, Lorenz curves and Gini coefficients63 questions

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