WJEC A Level Economics specification (1520)
Understanding the exam specification is key to doing well in your WJEC A Level Economics exam. It lays out exactly what you need to learn, how you'll be assessed, and what skills the examiners seek. Whether you're working through the course for the first time or revising for your final exams, the specification helps you stay focused and confident in your preparation.
We've included helpful revision tools to support you in putting the specification into practice. Wherever you're starting from, you'll find everything you need to feel prepared, from the official specification to high-quality resources designed to help you succeed.
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In the next section, you'll find a simplified summary of the official WJEC A Level Economics specification, along with a breakdown of key topics, assessment structure, and useful study resources. We've also included links to topic-level guides and revision tools to help you put the specification into practice.
Contents
Disclaimer
This page includes a summary of the official WJEC A Level Economics (1520) specification, provided to support your revision. While we've made every effort to ensure accuracy, Save My Exams is not affiliated with the awarding body.
For the most complete and up-to-date information, we strongly recommend consulting the official WJEC specification PDF.
Specification overview
This A Level Economics qualification from WJEC develops learners' ability to think critically about economic issues affecting individuals, businesses, and governments. It provides a balanced combination of microeconomic and macroeconomic content contextualised through current local, national and global issues, including those relevant to Wales. The course aims to build economic awareness, quantitative reasoning, and an appreciation of the interrelated nature of economic theory and practice. It supports progression to higher education and equips learners with transferable analytical and evaluative skills for employment and citizenship.
Subject content breakdown
AS Unit 1: Introduction to Economic Principles
- Scarcity and choice, PPFs, specialisation and productivity
- Demand and supply in product markets, consumer/producer surplus, elasticity
- Wage determination, labour market issues, minimum wage, migration
- Allocation of resources in a free market, price mechanism, rational behaviour
- Market failure: externalities, public/merit goods, monopoly, information failure, inequality
- Government intervention: taxation, subsidies, price controls, regulation, public provision
- Government failure: distortion, inefficiency, policy drawbacks
AS Unit 2: Economics in Action
- Circular flow of income, injections and withdrawals, national income equilibrium
- Aggregate demand and supply: components and shifts
- AD/AS interaction, LRAS, Keynesian vs Neo-Classical views
- Government objectives: growth, inflation, unemployment, BoP
- Policy instruments: fiscal, monetary, supply-side
- Exchange rates: impacts, policy use, Marshall-Lerner condition
- Free trade and protectionism: costs, benefits, globalisation
- Sustainable development, comparative advantage, international competitiveness
A2 Unit 3: Exploring Economic Behaviour
- Costs, revenues and profits: SR/LR concepts, profit maximisation, normal/abnormal profit
- Growth of firms: internal/external growth, mergers, economies of scale
- Efficiency: productive, allocative, dynamic, Pareto
- Market structures: perfect competition, monopoly, oligopoly, monopolistic competition
- Price discrimination, collusion, contestability, game theory
- Government intervention: regulation, competition policy, privatisation
A2 Unit 4: Evaluating Economic Models and Policies
- Short-run and long-run AS: Keynesian vs Neo-Classical
- Phillips Curve: inflation-unemployment trade-offs, expectations
- Growth: actual vs potential, output gaps, sustainability, policy impact
- Unemployment: types, causes, solutions (demand/supply side)
- Inflation and deflation: causes, measurement, costs, policies
- Balance of payments: measurement, causes, solutions
- Fiscal and public sector debt: structural vs cyclical, policy trade-offs
- QE, financial stability, asset bubbles, regulation
- Development: HDI, inequality, LEDC challenges, aid, FDI, liberalisation
- Global economics: EU, EMU, WTO, terms of trade, Welsh and UK trade links
Assessment structure
AS Unit 1: Introduction to Economic Principles
- Written exam: 1 hour 15 minutes
- 55 marks; 15% of A Level
- Multiple choice and structured questions
AS Unit 2: Economics in Action
- Written exam: 2 hours
- 80 marks; 25% of A Level
- Compulsory data response questions
A2 Unit 3: Exploring Economic Behaviour
- Written exam: 2 hours
- 80 marks; 30% of A Level
- Structured questions and one data response
A2 Unit 4: Evaluating Economic Models and Policies
- Written exam: 2 hours 30 minutes
- 90 marks; 30% of A Level
- Three essays (one from each section): Microeconomics, Macroeconomics, Trade and Development
Minimum 20% of assessment evaluates quantitative skills
Key tips for success
Doing well in your WJEC A Level Economics isn't just about how much you study, but how you study. Here are a few proven tips to help you stay on track
- Start with a clear plan: Break the subject into topics and create a revision schedule that allows enough time for each. Start early to avoid last-minute stress.
- Focus on understanding, not memorising: Use our revision notes to build a strong foundation in each topic, making sure you actually understand the material.
- Practise regularly: Attempt past papers to familiarise yourself with the exam format and timing. Mark your answers to see how close you are to full marks.
- Be strategic with your revision: Use exam questions by topic to focus on weaker areas, and flashcards to reinforce important facts and terminology.
- Learn from mistakes: Whether it's from mock exams or practice questions, spend time reviewing what went wrong and why. This helps prevent repeat mistakes in the real exam.
- Stay balanced: Don't forget to take regular breaks, eat well, and get enough sleep, a healthy routine makes revision much more effective.
With the right approach and consistent practice, you'll build confidence and improve your chances of exam success.
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