OCR GCSE Economics specification (J205)
Understanding the exam specification is key to doing well in your OCR GCSE 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 OCR GCSE 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 OCR GCSE Economics (J205) 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 OCR specification PDF.
Specification overview
OCR’s GCSE (9–1) in Economics gives learners the tools to understand, analyse and evaluate the functioning of markets and economies at local, national and global levels. It encourages critical thinking and decision-making by focusing on real-world scenarios and economic issues. Students explore the interactions of consumers, producers and governments, developing economic reasoning, quantitative skills and the ability to make informed judgements. The course is inclusive and structured to engage first-time learners, while preparing them for further study in economics or related disciplines:contentReference[oaicite:0]{index=0}.
Subject content breakdown
Component 1: Introduction to Economics
- Main economic groups: consumers, producers, government; factors of production (land, labour, capital, enterprise)
- Basic economic problem: scarce resources, unlimited wants, opportunity cost
- Markets and sectors: primary, secondary, tertiary; factor vs product markets
- Demand and supply: curves, elasticity, shifts/movements, consequences
- Price determination: equilibrium price, allocation of resources, market efficiency
- Competition: impacts on price, monopoly vs oligopoly, economic effects
- Production: costs, revenues, profit/loss, productivity, economies of scale
- Labour market: interaction of workers/employers, wage determination, gross/net pay
- Role of money and financial markets: functions of money, financial institutions, interest rates and their impact:contentReference[oaicite:1]{index=1}
Component 2: National and International Economics
- Economic objectives: growth, unemployment, income distribution, price stability
- Growth: GDP, per capita measures, causes and consequences
- Unemployment: types, causes, impacts, measurement (Claimant Count)
- Distribution: income vs wealth, causes and effects of inequality
- Inflation: measurement (CPI), real vs nominal, causes and impacts
- Fiscal policy: government revenue/expenditure, taxation, budgeting, impact assessment
- Monetary policy: use to control inflation and support economic objectives
- Supply-side policy: definition, purpose, evaluation
- Market failure: externalities, government intervention (taxes, subsidies, regulation)
- International trade: reasons for trade, benefits to consumers/producers
- Balance of payments: deficits/surpluses, impact and evaluation
- Exchange rates: determination via supply/demand, impact on trade, currency conversion
- Globalisation: development indicators, benefits/drawbacks for developed and less developed countries:contentReference[oaicite:2]{index=2}
Assessment structure
J205/01: Introduction to Economics
- Written paper: 1 hour 30 minutes
- 80 marks
- 50% of GCSE
- Part A: 20 multiple choice questions
- Part B: three short case studies with short, medium and extended response questions
- Includes assessment of quantitative skills (calculations, data interpretation)
J205/02: National and International Economics
- Written paper: 1 hour 30 minutes
- 80 marks
- 50% of GCSE
- Identical format to J205/01 (Part A and Part B)
- Extended response questions assess synoptic knowledge
Assessment Objectives
- AO1: Knowledge and understanding – 35%
- AO2: Application – 35%
- AO3: Analysis and evaluation – 30%
Quantitative Skills
- At least 10% of marks
- Includes: percentages, averages, totals (profit, revenue), graphs (supply/demand), interpreting data (e.g. inflation, trade):contentReference[oaicite:3]{index=3}
Key tips for success
Doing well in your OCR GCSE 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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