Oxford AQA International A Level (IAL) Economics specification (9640)
Understanding the exam specification is key to doing well in your Oxford AQA International A Level (IAL) 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 Oxford AQA International A Level (IAL) 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 Oxford AQA International A Level (IAL) Economics (9640) 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 Oxford AQA specification PDF.
Specification overview
OxfordAQA International A Level Economics develops learners’ ability to think like economists, encouraging analytical and critical evaluation of economic issues in global and local contexts. The course explores microeconomic and macroeconomic principles, applying theory to real-world challenges. It promotes decision-making based on data interpretation and policy analysis. Learners gain a strong foundation in economic models, markets, government policy, and international economics, supporting progression to higher education and informed citizenship in a rapidly changing economic environment.
Subject content breakdown
3.1 The operation of markets
- Scarcity, choice and resource allocation
- Specialisation and division of labour
- Demand and supply, price elasticity, and market equilibrium
- Consumer and producer surplus
- Types of market failure and government intervention
- Objectives and behaviour of firms
3.2 The national economy
- Circular flow of income and aggregate demand/supply
- Multiplier and accelerator effects
- Macroeconomic objectives: growth, inflation, unemployment, balance of payments
- Policy instruments: monetary, fiscal, and supply-side policies
- Government spending and taxation
3.3 Developments in the global economy
- Globalisation, international trade and protectionism
- Exchange rates and balance of payments
- Comparative advantage and trading blocs
- Foreign direct investment and the role of multinational enterprises
- Development economics: measuring development, barriers to growth, strategies for growth
3.4 Theory of the firm and market structures
- Costs, revenues and profits
- Market structures: perfect competition, monopoly, oligopoly, monopolistic competition
- Pricing and output strategies
- Contestable markets and regulation
- Labour markets: demand, supply, wage determination, labour market failure
3.5 The role of government and economic policy
- Public goods, merit/demerit goods, inequality and redistribution
- Market failure and government failure
- National debt and fiscal sustainability
- Environmental economics: externalities, policies and sustainability
Assessment structure
Unit 1: The Operation of Markets
- 1 hour 30 minutes, 80 marks
- Section A: multiple choice and calculation
- Section B: data response and extended response
- 50% of AS, 20% of A Level
Unit 2: The National Economy
- 1 hour 30 minutes, 80 marks
- Similar format to Unit 1
- 50% of AS, 20% of A Level
Unit 3: Developments in the Global Economy
- 2 hours, 100 marks
- Section A: data response (two from three)
- Section B: one extended response from choice of two
- 30% of A Level
Unit 4: Markets and Market Failure
- 2 hours, 100 marks
- Section A: data response (two from three)
- Section B: one extended response from choice of two
30% of A Level
- AS qualification: Units 1 and 2
- A Level qualification: All four units
- All assessments are externally assessed and written in English
- Grades: AS (A–E), A Level (A–E), with A awarded to those achieving grade A overall and 90% in A2 units
Key tips for success
Doing well in your Oxford AQA International A Level (IAL) 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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