Oxford AQA International AS Economics specification (9640)
Understanding the exam specification is key to doing well in your Oxford AQA International 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 Oxford AQA International 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 Oxford AQA International AS 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 AS Level Economics aims to develop learners' understanding of both microeconomic and macroeconomic concepts in a global context. The course encourages students to think like economists, equipping them with analytical, quantitative, and critical thinking skills. Learners explore a range of economic perspectives and develop informed judgments based on qualitative and quantitative evidence. The specification provides a strong foundation for higher education and careers in economics, business, and related fields by examining national and global economic environments and applying economic concepts to real-world situations.
Subject content breakdown
3.1 The operation of markets, market failure and the role of government
- The economic problem: scarcity, choice, opportunity cost, economic systems
- Factors of production, resource allocation, production possibility diagrams
- Economic methodology: positive/normative statements, value judgements
- Demand and supply, elasticities, price determination, market interrelationships
- Price mechanism functions, market structures, production, costs, revenue, profit
- Market failure causes: public goods, externalities, merit/demerit goods, market imperfections, inequality
- Government intervention: taxes, subsidies, regulation, government failure
3.2 The national economy in a global environment
- Government macroeconomic objectives and conflicts
- Macroeconomic indicators: GDP, CPI, unemployment, productivity, BoP
- Circular flow of income, aggregate demand and supply, macroeconomic equilibrium
- Determinants of AD, SRAS, LRAS, multiplier process
- Economic growth, unemployment, inflation, balance of payments
- Macroeconomic policies: monetary, fiscal, supply-side
3.3 The economics of business behaviour and the distribution of income
- Rational economic decision making, behavioural influences, firm objectives
- Growth of firms: internal/external, types of integration
- Costs, revenues, profits, diminishing returns, returns to scale
- Market structures: perfect competition, monopolistic competition, oligopoly, monopoly, contestable markets
- Pricing strategies, price discrimination, competition dynamics
- Labour market: demand/supply, wage determination, monopsony, discrimination, minimum wage
- Poverty, inequality, government redistribution policies
3.4 Economic development and the global economy
- Globalisation: causes, consequences, impact on LEDCs/MEDCs
- Trade theories: absolute/comparative advantage, protectionism, terms of trade, WTO
- Balance of payments: current, capital, financial accounts, policy responses
- Exchange rates: determination, impacts, intervention, IMF role
- Financial markets: money, capital, foreign exchange markets, systemic risk, regulation
- Economic growth vs development, measurement,
Assessment structure
Unit 1: The operation of markets, market failure and the role of government
- 1 hour 45 minutes, 80 marks
- 50% of International AS, 20% of International A-level
- Multiple choice questions (15 marks) and data response (65 marks)
Unit 2: The national economy in a global environment
- 1 hour 45 minutes, 80 marks
- 50% of International AS, 20% of International A-level
- Multiple choice questions (15 marks) and data response (65 marks)
Unit 3: The economics of business behaviour and the distribution of income
- 2 hours, 90 marks
- 30% of International A-level
- Multiple choice (10 marks), short answer (10 marks), data response (45 marks), essay (one from two, 25 marks)
Unit 4: Economic development and the global economy
- 2 hours, 90 marks
- 30% of International A-level
- Multiple choice (10 marks), short answer (10 marks), data response (45 marks), essay (one from two, 25 marks)
Assessment Approach
- Modular qualification with staged or linear assessment routes
- AS contributes 40%, A2 60% of full A-level marks
- Includes synoptic assessment and extended response questions
Assessment Objectives Weighting (AS)
- AO1 Knowledge: 28–32%
- AO2 Application: 28–32%
- AO3 Analysis: 22–28%
- AO4 Evaluation: 12–18%
Assessment Objectives Weighting (A-level)
- AO1 Knowledge: 24–28%
- AO2 Application: 24–28%
- AO3 Analysis: 26–30%
- AO4 Evaluation: 18–22%
Key tips for success
Doing well in your Oxford AQA International 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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