A Level Economics Topics By Exam Board: Full List

Starting A Level Economics or feeling overwhelmed by what you need to revise? You're not alone. With so many topics spanning microeconomics and macroeconomics, it's easy to feel lost in the sea of content.

This complete guide breaks down every A Level Economics topic by exam board, so you know exactly what to study. Whether you're taking AQA or Edexcel, we've got you covered with clear topic lists, exam insights, and practical revision tips.

Let's dive into what makes A Level Economics tick and help you tackle your revision with confidence.

AQA A Level Economics Topics

AQA splits A Level Economics into two main areas: microeconomics (individual markets) and macroeconomics (the whole economy). My teaching experience has shown me that students have a natural affinity for either micro or macro. However, with a solid learning and revision system in place, students are quickly able to excel at both. Here's everything you need to know for each paper.

Microeconomics

Economic Methodology & The Economic Problem

This foundational topic explores how economists think and the basic problem all societies face: unlimited wants but limited resources.

You'll study scarcity, opportunity cost, and how societies choose what to produce. Production Possibility Frontiers (PPFs) are crucial here - they show the maximum combinations of goods an economy can produce.

Key concepts include positive versus normative statements and how economists use models to understand real-world behaviour.

Individual Economic Decision Making

Ever wondered why people make the choices they do? This topic dives into consumer behaviour and decision-making.

Traditional economic theory assumes people are rational, but behavioural economics shows this isn't always true. You'll explore concepts like loss aversion, anchoring, and how emotions affect our choices.

Understanding utility theory and how consumers maximise satisfaction with limited budgets is essential for exam success.

Price Determination

Supply and demand form the heart of microeconomics. This topic covers how prices are set in free markets.

You'll master supply and demand curves, understand what shifts them, and learn about different types of elasticity. Price elasticity of demand is particularly important - it measures how responsive demand is to price changes.

Market equilibrium, where supply meets demand, creates the market price. This is known as the price mechanism. This is a fascinating topic and my students always love learning about it.

Production, Costs, Revenues & Profit

How do firms decide what to produce and at what cost? This topic breaks down business decision-making.

You'll learn about different types of costs (fixed, variable, marginal) and how they affect production decisions. Understanding economies and diseconomies of scale helps explain why some firms grow large whilst others stay small.

Revenue calculations and profit maximisation are key skills you'll need for data response questions.

Market Structures

Not all markets work the same way. This topic compares different market types and their effects on consumers.

Perfect competition represents the ideal competitive market, whilst monopolies have just one seller. Oligopolies involve a few large firms competing, often through non-price competition like advertising.

Contestability theory explains how the threat of new firms entering can keep existing firms competitive, even in concentrated markets.

Labour Markets

Why do some jobs pay more than others? Labour market theory explains wage determination and employment patterns.

Supply and demand for labour work similarly to goods markets, but with important differences. You'll study factors affecting labour demand (productivity, derived demand) and supply (population, education, migration).

Trade unions, minimum wages, and discrimination all influence how labour markets operate in practice.

Distribution of Income & Wealth

This topic tackles inequality - one of the biggest economic issues of our time.

The Gini coefficient measures inequality, whilst Lorenz curves show income distribution graphically. You'll explore causes of inequality and government policies to address it.

Understanding the difference between income (flow) and wealth (stock) is crucial for analysing distribution patterns.

Market Mechanism, Market Failure & Government Intervention

Markets don't always work perfectly. This topic examines when markets fail and what governments can do about it.

Externalities occur when production or consumption affects third parties. Public goods like national defence can't be provided by private markets alone.

Government interventions include taxes, subsidies, regulation, and competition policy. But government failure can occur when intervention makes things worse.

Macroeconomics

Measurement of Macroeconomic Performance

How do we know if the economy is doing well? This topic covers the key indicators economists use to track economic health.

GDP measures the total value of everything produced in a country. But it's not perfect - it doesn't capture things like happiness or environmental damage.

Inflation measures how fast prices are rising. A bit of inflation is normal, but too much can hurt people on fixed incomes.

Unemployment statistics tell us how many people want work but can't find it. The balance of payments tracks money flowing in and out of the country.

How the Macroeconomy Works

Ever wondered how the whole economy fits together? This topic shows you the big picture.

The circular flow model demonstrates how money moves around the economy between households, firms, and the government. Leakages (like saving) take money out, whilst injections (like investment) put money back in.

Aggregate demand shows total spending in the economy. Aggregate supply shows how much firms can produce. Where they meet determines the price level and national output.

The multiplier effect explains why small changes can have big impacts. If the government spends £1 billion on infrastructure, the total boost to GDP might be much larger.

Economic Performance

This topic dives deeper into what makes economies grow and what can go wrong.

Economic growth means producing more goods and services over time. But growth isn't always steady - economies go through cycles of boom and recession.

Output gaps occur when the economy produces more or less than its potential. Positive gaps can cause inflation, whilst negative gaps mean wasted resources.

The trade balance affects the whole economy. If we import more than we export, money leaves the country, affecting exchange rates and jobs.

Financial Markets & Monetary Policy

Money makes the world go round, and this topic explains how financial markets and central banks keep everything moving.

The Bank of England sets interest rates to control inflation and support growth. Lower rates encourage borrowing and spending, whilst higher rates cool things down.

Quantitative easing involves creating new money to buy government bonds. It's a tool central banks use when normal interest rate policy isn't enough.

Financial markets connect savers and borrowers. When they work well, money flows to its most productive uses.

Fiscal Policy & Supply-Side Policies

Governments have powerful tools to influence the economy beyond just monetary policy.

Fiscal policy involves government spending and taxation. Higher spending or lower taxes can boost demand, but this might increase government debt.

Supply-side policies aim to increase the economy's productive capacity. This includes education, infrastructure investment, and reducing business regulations.

The key is finding the right balance. Too much stimulus can cause inflation, whilst too little can leave the economy sluggish.

The International Economy

No country exists in isolation. This topic explores how international trade and globalisation affect national economies.

Trade theory explains why countries benefit from specialisation and exchange. Even when one country is better at everything, both countries can gain from trade.

Exchange rates determine how much one currency is worth in terms of another. They affect the price of imports and exports, influencing the whole economy.

Globalisation has increased international connections but also created new challenges. Brexit, trade wars, and supply chain disruptions show how global events affect local economies.

What is Covered in AQA A Level Economics Exam Papers?

Exam-Style Questions & Assessment Insights for AQA Economics

Paper 1 – Microeconomics (Markets and Market Failure)

• Data response: Candidates apply demand and supply, elasticity, or cost/revenue analysis to a case (e.g. supermarket competition, minimum wage, pollution taxes).
  

• Essay questions: Often test evaluation of market structures, government intervention, and externalities.Examples include:

  • “Evaluate the effectiveness of minimum wage policy in reducing poverty.”

  • “Assess whether oligopolistic markets benefit consumers.”

  • “Discuss whether government intervention always improves market outcomes.”

Paper 2 – Macroeconomics (National & International Economy)

• Data response: AD/AS, inflation, unemployment, balance of payments, often with charts/tables to interpret.
  

• Essay questions: Usually policy-based — monetary vs fiscal, supply-side vs demand-side, policy conflicts. Examples include:

• “Evaluate the likely effects of a fall in interest rates on the UK economy.”

• “To what extent should governments prioritise reducing unemployment over inflation?”

• “Assess the significance of exchange rate changes for UK exporters.”

Paper 3 – Synoptic (Economic Principles & Issues)

• Section A: 30 multiple choice (e.g. “Which diagram best shows the impact of a subsidy?”).
  

• Section B: Case study essay questions (application-heavy, covering both micro and macro). Examples include:

• “Discuss the likely micro and macroeconomic effects of rising fuel prices.”

• “Evaluate the economic consequences of government spending on infrastructure.”

Save My Exams’ resources for AQA A Level Economics

Revision Notes

Exam questions with student friendly model answers

Past papers and markschemes

Edexcel A Level Economics A Topics

Edexcel organises content into four themes across two years, with a different approach to AQA's micro/macro split.

Theme 1: Introduction to Markets and Market Failure

Theme 1 introduces core economic concepts and market operations. You'll start with the nature of economics, including scarcity and production possibility frontiers.

Market theory covers demand, supply, and price determination. Elasticity concepts are crucial - price elasticity of demand, income elasticity, and cross elasticity all appear regularly in exams.

Market failure topics include externalities, public goods, and information gaps. Government intervention methods and potential government failure complete this theme.

Theme 2: The UK Economy – Performance and Policies

This theme shifts focus to macroeconomics and the UK's economic performance.

Key measures include GDP growth, inflation rates, unemployment levels, and trade balances. You'll learn how these indicators connect and sometimes conflict.

Aggregate demand and supply models explain how the whole economy works. The circular flow of income and the multiplier effect show how changes spread through the economy.

Macroeconomic policies - monetary, fiscal, and supply-side - give governments tools to influence economic performance.

Theme 3: Business Behaviour and the Labour Market

Building on Theme 1, this advanced microeconomics theme explores business decisions and labour markets.

Business objectives extend beyond simple profit maximisation to include revenue targets, market share, and social responsibility.

Market structure analysis becomes more sophisticated, examining pricing strategies, barriers to entry and competitive behaviour in different market types.

Labour market theory covers wage determination, trade union influence, and government interventions like minimum wages.

Theme 4: A Global Perspective

The final theme takes a worldwide view of economic issues and policies.

International trade theory explains why countries trade and the effects of protectionist policies. Exchange rate systems and their impacts on trade flows are key areas.

Development economics examines why some countries are richer than others and strategies for promoting growth in developing nations.

The financial sector's role, including central banks and monetary policy transmission, completes your economics education.

What is Covered in Edexcel A Level Economics Exam Papers?

Exam-Style Questions & Assessment Insights for Edexcel A Level Economics A

Theme 1 & 3 (Microeconomics: Markets, Business & Labour)

• Micro essays often focus on elasticities, market failure, and business objectives.
  

• Labour market essays are frequent, including minimum wage, discrimination, and trade unions. Examples include:

• “Assess the effectiveness of government intervention in reducing the consumption of demerit goods.”

• “Discuss whether monopolies are always against the public interest.”

• “Evaluate the likely impact of a rise in the National Minimum Wage on firms and workers.”

Theme 2 & 4 (Macroeconomics: UK Economy & Global Perspective)

• Macro essays frequently test policies and trade/globalisation issues.
  

• Theme 4 brings in development economics, which AQA doesn’t cover as deeply. Examples of essay questions include:

• “Evaluate the economic effects of globalisation on developing economies.”

• “To what extent should the government use fiscal rather than monetary policy to achieve economic stability?”

• “Discuss whether exchange rate changes are the most significant factor influencing the UK’s trade balance.”

Paper 3 (Synoptic Case Study)

• Entirely based on a real-world context (e.g. Brexit, COVID recovery, energy crisis).
  

• Questions integrate micro + macro, testing applied evaluation. Examples include:

  • “Assess the likely micro and macroeconomic effects of increased government spending on renewable energy.”

  • “Evaluate the consequences of protectionist policies for consumers, firms, and governments.”

Frequently Asked Questions

How many topics are there in A Level Economics?

Both AQA and Edexcel cover similar content but organise it differently. AQA has 8 main microeconomics topics and 6 macroeconomics topics, whilst Edexcel splits content across 4 themes.

The total content volume is comparable between exam boards, typically requiring 180 guided learning hours according to (opens in a new tab)Ofqual regulations (opens in a new tab).

Which exam board is easier: AQA or Edexcel?

There's no definitively "easier" exam board - both assess similar content to the same standard. AQA includes multiple choice questions in Paper 3, which some students find helpful for securing marks.

Edexcel's theme-based structure may suit students who prefer integrated learning, whilst AQA's clear micro/macro split might appeal to those who like distinct subject areas.

Your school's teaching expertise and available resources often matter more than the exam board choice. Save My Exams has got you covered on both!

Do I need maths to do well in A Level Economics?

You don't need A Level Maths, but strong numeracy skills are essential. Both exam boards require calculations involving percentages, ratios, and basic algebra.

Common calculations include elasticity values, GDP growth rates, and index numbers. Around 20% of marks involve quantitative skills according to (opens in a new tab)DfE subject requirements (opens in a new tab).

GCSE Maths grade 6 or above is typically recommended by most schools and colleges.

What topics come up the most in exams?

Market failure and government intervention appear frequently across both exam boards, often combined with current examples like environmental policies or housing markets.

Macroeconomic policy questions are common, especially those linking monetary and fiscal policy to economic performance indicators.

Labour market topics, including minimum wage and inequality, regularly feature in essays due to their policy relevance and real-world applications.

How do I structure an essay in A Level Economics?

Strong economics essays follow a clear structure: introduction, multiple analytical paragraphs, application to case study material, evaluation, and conclusion.

Start each paragraph with a clear point, explain the economic theory, apply it to the context, and analyse the effects. Use real-world examples and current data where possible.

Evaluation paragraphs should consider alternative viewpoints, limitations of theories, and short-run versus long-run effects. Always reach a justified conclusion based on your analysis.

You can learn more about the specific essay essay structure required for each type of question in the Edexcel A Level Economic A syllabus by reading the guidance put together by the specialists at Save My Exams

Final Thoughts

Mastering A Level Economics topics requires both theoretical understanding and practical application skills. The breadth of content might seem daunting, but breaking it down by exam board and topic makes it manageable.

Focus on understanding core concepts thoroughly rather than memorising facts. Economics is about applying theories to real-world situations, so stay updated with current economic news and policy debates.

Start your revision with the topics you find most challenging, building confidence as you progress. Remember, success in A Level Economics comes from combining solid knowledge with strong analytical and evaluation skills.

Whether you're aiming for top universities or simply want to understand how the economy works, these topics provide the foundation for economic thinking that will serve you well beyond your exams.

If you want a more in depth understanding of the topics for each syllabus, Save My Exams provides the following resources

Save My Exams’ resources for Edexcel A Level Economics

Revision Notes

Exam questions with student friendly model answers

Flashcards

Past papers and markschemes

References

AQA. (2021). AS and A-level Economics (7135, 7136) specification (Version 1.2). AQA. https://www.aqa.org.uk/subjects/economics/as-and-a-level/economics-7135-7136 (opens in a new tab)

Office of Qualifications and Examinations Regulation [Ofqual]. (2014, April 9). GCE subject‑level conditions and requirements for economics [PDF]. GOV.UK (opens in a new tab). Retrieved from (opens in a new tab)https://www.gov.uk/government/publications/gce-subject-level-conditions-and-requirements-for-economics (opens in a new tab)

Pearson. (2015). Edexcel AS and A level Economics A specification (Issue 2). Pearson Education Ltd. https://qualifications.pearson.com/en/qualifications/edexcel-a-levels/economics-a-2015.html (opens in a new tab)