GCSE Economics Topics By Exam Board: Full List

Getting your head around GCSE Economics can feel overwhelming at first. But once you know exactly what topics you need to study, everything becomes much clearer.

As someone who has taught Economics in the classroom for over 20 years and worked as an examiner, I know exactly how overwhelming the subject can feel at first. I’ve seen hundreds of students go from confusion to confidence simply by breaking topics into manageable sections and understanding how examiners test them.

This guide breaks down all the GCSE Economics topics by exam board. You'll see exactly what's covered, how it's assessed, and which areas need your attention most.

Whether you're just starting your Economics journey or revising for your exams, this complete topic breakdown will help you stay organised and confident.

AQA GCSE Economics Topics

AQA splits its GCSE Economics course into two main themes that connect to show how markets and the wider economy work together.

1. How Markets Work

Economic Foundations

This topic covers the building blocks you'll use throughout your course. You'll learn the difference between needs (like food and shelter) and wants (like the latest trainers), plus how consumers, producers and government interact. 

The four factors of production - land, labour, capital and enterprise - are the resources needed to make everything. Most importantly, you'll master opportunity cost - what you give up when making any choice.

Resource Allocation

Here you'll discover how markets distribute resources and why specialisation works. Markets are simply places where buyers and sellers meet to agree prices. You'll learn about factor markets (where workers are hired) versus product markets (where finished goods are sold). 

The topic covers primary (farming), secondary (manufacturing) and tertiary (services) sectors, showing how the UK became a service economy.

How Prices Are Determined

This is where economics gets exciting. Demand shows what makes consumers buy more or less of something. Supply covers what influences how much producers want to sell. Put them together and you get equilibrium price. 

You'll also study intermarket relationships - how coffee price rises might boost tea demand - and price elasticity, which measures how sensitive buying decisions are to price changes.

Production, Costs, Revenue and Profit

The business side of economics with essential calculations for your exams. You'll work out fixed costs (like rent) and variable costs (like materials), calculate revenue from sales, and determine profit. 

The topic covers business objectives beyond profit and explains how economies of scale let bigger businesses cut average costs.

I always reminded my classes that these calculations aren’t about being a “maths genius” - they’re about applying simple skills carefully. Over the years as an examiner, I’ve seen plenty of students lose marks by rushing. Careful step-by-step working is what earns top marks, not speed.

Competitive and Concentrated Markets

Different market structures affect prices and choices differently. Competitive markets have many firms selling similar products, keeping prices low. Monopolies have one dominant firm, whilst oligopolies have a few large ones. 

You'll apply supply and demand to the labour market to understand why some jobs pay more than others.

Market Failure

Sometimes markets don't work perfectly. You'll learn about misallocation of resources and externalities - costs or benefits affecting people who weren't part of the original transaction. Pollution is a negative externality, whilst education creates positive ones.

2. How the Economy Works

Introduction to the National Economy

This connects individual decisions to the broader economy. Interest rates affect almost everything - low rates encourage borrowing and spending, high rates encourage saving. 

You'll learn how government raises money through direct taxes (income tax) and indirect taxes (VAT), plus where this money gets spent.

Government Objectives

Governments juggle several goals: full employment, price stability, economic growth, and balanced trade. You'll calculate GDP to measure growth and understand different types of unemployment. Inflation measures rising prices, helping some people (borrowers) but hurting others (savers).

How the Government Manages the Economy

Three main toolkits exist. Fiscal policy uses spending and taxation. Monetary policy involves interest rates and money supply. Supply-side policies boost long-term productive capacity through education and infrastructure. 

You'll also study how governments fix market failures through taxes and subsidies.

International Trade and the Global Economy

Countries benefit from trading through comparative advantage - specialising in what they're relatively best at. 

Exchange rates affect tourists, exporters and importers. Free-trade agreements create larger markets but increase competition. 

Globalisation brings opportunities and challenges.

The Role of Money and Financial Markets

Money serves as a medium of exchange, store of value, and unit of account. 

Banks and financial institutions channel savings into investment, making economic growth possible. The Bank of England controls money creation and sets interest rates.

What is Covered in AQA GCSE Economics Exam Papers?

Save My Exams has a bank of past papers you can access here.

OCR GCSE Economics Topics

OCR splits its GCSE Economics course into four main sections. 

1. Introduction to Economics

This is your starting point for everything else in the course. You'll learn about the three main economic groups - consumers who buy things, producers who make things, and government who sets the rules. 

The factors of production (land, labour, capital and enterprise) are the building blocks for creating all goods and services. 

The basic economic problem drives everything: we have unlimited wants but limited resources, so we must make choices. Every choice has an opportunity cost - what you give up to get something else.

2. The Role of Markets and Money

This section covers how markets work and coordinate economic activity. You'll discover what markets actually are and how they allocate resources without any central planning. The topic covers primary (farming, mining), secondary (manufacturing) and tertiary (services) sectors.

You'll master supply and demand - drawing curves, understanding what shifts them, and finding equilibrium price where they meet. 

Competition between producers affects prices and innovation. 

Production covers business costs, revenue and profit calculations you'll need for exams. 

The labour market applies supply and demand to jobs and wages. 

Finally, you'll explore money's role as a medium of exchange and how banks channel savings into investment.

3. Economic Objectives and the Role of Government

Governments try to achieve several goals that sometimes work against each other. 

Economic growth means the country produces more goods and services each year, measured using GDP. Low unemployment aims to give everyone who wants a job the chance to find one, covering different types like seasonal and structural unemployment. 

Fair distribution of income tackles inequality between rich and poor through taxes and benefits. Price stability keeps inflation under control so prices don't rise too fast.

You'll learn how governments use fiscal policy (spending and taxes), monetary policy (interest rates), and supply-side policies (education, training) to achieve these objectives.

4. International Trade and the Global Economy

No country exists in isolation, making international economics crucial. You'll discover why countries benefit from trading with each other and how this creates mutual gains. 

The balance of payments tracks all the money flowing in and out of a country through trade and investment. 

Exchange rates determine how much one currency is worth compared to another, affecting everyone from tourists to major exporters. 

Globalisation covers how the world economy has become increasingly connected, bringing both opportunities and challenges to developed and developing countries alike.

What is Covered in OCR GCSE Economics Exam Papers?

Save My Exams has a bank of past papers you can access here.

Frequently Asked Questions

How many topics are there in GCSE Economics?

Both exam boards cover around 10-15 major topic areas. Each contains several subtopics, giving you roughly 50-60 specific concepts to master. AQA has 11 main topics across two papers, whilst OCR structures theirs into 4 major themes.

Is GCSE Economics hard?

GCSE Economics is moderately challenging but very manageable with good preparation. Using a range of revision techniques will set you up for success.

You need to understand concepts rather than just memorise facts. The maths stays at Key Stage 3 level - no advanced skills are needed. Most students find the logical structure helpful once they grasp basic principles.

Which topics come up most in exams?

Supply and demand analysis appears in almost every exam paper. Price elasticity calculations are very common. Government policy topics feature heavily in Paper 2. Market failure and externalities regularly appear with current affairs examples. Economic indicators like GDP, unemployment and inflation need data interpretation skills.

Do I need to know maths for GCSE Economics?

You'll need basic Key Stage 3 maths - percentages, averages, simple interest, and graph reading. Most calculations apply maths to economic contexts rather than pure mathematical problems. Think calculating price elasticity or profit margins.

What's the difference between AQA and OCR GCSE Economics?

AQA structures content around "How markets work" and "How the economy works" themes. OCR builds systematically from "Introduction to Economics" to "National and International Economics". Both cover similar core concepts with slightly different organisation - AQA integrates topics more, whilst OCR builds concepts step by step.

Final Thoughts

After twenty years in the classroom and many years marking exam scripts, I’ve seen one clear pattern: the students who succeed in GCSE Economics are those who focus early on the fundamentals, practise applying them to real-life examples, and get comfortable with past paper questions. 

With that approach, Economics becomes not just manageable, but genuinely enjoyable. Stick with it - you’ll not only ace your exams, but also gain insights into how the world really works.

References

AQA. (2016). GCSE Economics (8136): Specification (Version 1.0). AQA Education. (opens in a new tab)https://www.aqa.org.uk/8136 (opens in a new tab)

Oxford Cambridge and RSA (OCR). (2024). GCSE (9–1) Economics J205: Specification (Version 1.5). Cambridge University Press & Assessment. (opens in a new tab)https://www.ocr.org.uk/gcseeconomics (opens in a new tab)