AQA AS Economics specification (7135)
Understanding the exam specification is key to doing well in your AQA AS 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 AQA AS 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 AQA AS Economics (7135) 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 AQA specification PDF.
Specification overview
This AS Economics course (AQA) introduces students to key economic concepts and real-world applications. It focuses on developing an understanding of how markets and the economy operate, both nationally and globally. Learners are encouraged to think logically and critically, interpret data, and evaluate economic arguments. The course provides foundational knowledge and analytical tools relevant for future study or careers in economics, business, or finance.Subject content breakdown
4.1 The operation of markets and market failure
- Economic methodology: positive vs normative statements, the role of models
- Price determination in competitive markets: supply, demand, elasticity, consumer/producer surplus
- Production, costs and revenue: productivity, economies of scale, short vs long run
- Competitive and concentrated markets: perfect competition, monopoly, market dynamics
- Market failure: externalities, public goods, information gaps
- Government intervention: subsidies, taxation, regulation, state provision, pollution permits
4.2 The national economy in a global context
- Economic performance indicators: growth, inflation, unemployment, balance of payments
- Circular flow of income and aggregate demand (AD): components and shifts
- Aggregate supply (AS): short-run and long-run
- Macroeconomic equilibrium: AD/AS analysis
- Macroeconomic policy: monetary, fiscal, supply-side measures
- Policy conflicts and demand/supply-side debates
- The international economy: globalisation, trade, exchange rates
Assessment structure
Paper 1: The operation of markets and market failure
- Written exam: 1 hour 30 minutes
- 80 marks
- 50% of AS Level
- Section A: Data response (one context, three questions including one extended response)
- Section B: Data response (same structure, second context)
- No multiple choice
Paper 2: The national economy in a global context
- Written exam: 1 hour 30 minutes
- 80 marks
- 50% of AS Level
- Section A: Data response (one context, three questions including one extended response)
- Section B: Data response (same structure, second context)
Assessment Objectives
- AO1: Knowledge and understanding (28–34%)
- AO2: Application to real-world scenarios (22–28%)
- AO3: Analysis of economic issues (24–30%)
- AO4: Evaluation and judgement (12–18%)
Assessment Notes
- No coursework or practicals
- Linear structure: both papers taken at end of AS course
- Use of quantitative and graphical analysis expected
Key tips for success
Doing well in your AQA AS 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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