WJEC AS Economics specification (2520)
Understanding the exam specification is key to doing well in your WJEC 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 WJEC 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 WJEC AS Economics (2520) 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 AS Economics course (WJEC) offers learners a foundational understanding of key economic principles, including how markets function and how government policies influence national and global economies. The course develops learners' ability to think analytically and evaluate economic arguments and data. It prepares students for further study in economics or related fields and encourages the application of economic thinking to real-world situations, including those relevant to Wales and the wider UK.Subject content breakdown
Unit 1: Introduction to Economic Principles
- Scarcity and choice: the basic economic problem and opportunity cost
- Production possibility curves and allocation of resources
- Specialisation, division of labour, and exchange
- Demand and supply: determinants, elasticity (PED, PES)
- Market equilibrium and price mechanism
- Consumer and producer surplus
- Types of market failure: externalities, public goods, information failure
- Government intervention: taxation, subsidies, regulation, price controls
- National income: circular flow model
- Economic objectives: growth, employment, inflation, balance of payments
- Policy instruments: fiscal, monetary, and supply-side
- Macroeconomic indicators and evaluation of policy effectiveness
Assessment structure
AS Unit 1: Introduction to Economic Principles
- Written exam: 1 hour 30 minutes
- 80 marks
- 20% of full A level, 100% of AS
- Section A: 15 short-answer questions
- Section B: One data response question (30 marks)
- Section C: One extended essay question (25 marks, choice of two)
Assessment Features
- All assessment is linear
- Quantitative skills integrated (minimum 10% of total marks)
- Use of data, diagrams, and real economic contexts expected
- Exam questions assess understanding, application, analysis, and evaluation
Grading
- AS is a stand-alone qualification graded A–E
- May contribute 40% to full A level award when combined with A2 units
Key tips for success
Doing well in your WJEC 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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