Economics (4ECO)

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Economics (4ECO)

Oxford College is pleased to offer the Edexcel International GCSE in Economics.

This course will provide you with the opportunity to experience Economics and is designed to provide a basis for progression to further study in GCE Advanced Subsidiary and Advanced Level Economics.

The Edexcel International GCSE in Economics qualification will enable you to;

  • develop an understanding of economic concepts and apply these concepts to real-life situations.
  • interpret and evaluate economic data in order to make reasoned arguments and informed judgements.
  • develop an awareness of economic change and its impact on developing and developed economies.
  • understand economic issues, problems and possible solutions that affect mixed economies.
  • participate effectively in society as citizens, producers and consumers.

This course consists of five units:

Unit 1 -Demand and Supply 

Unit 2 -Market equilibrium and labour market 

Unit 3 -Production and Competition 

Unit 4 -Macroeconomics: Objectives and Policies 

Unit 5 -International Trade and Exchange Rates 

Unit 1 -Demand and Supply 

In the study of this first unit, you will explore the following key topic areas;

  • Economics and the fundamental economic questions
  • Demand and Supply
  • Elasticity

These topic areas will explore the fundamental basics of economics. The question of supply and demand and elasticity. This unit will help you to understand the relationship between price and quantity demanded and quantity supplied and the concept of the market equilibrium, shifts and movements of demand and supply curves.

Unit 2 -Market equilibrium and labour market 

In the study of the second unit of the course, you will explore the following key topic areas;

  • The role of the market in solving the economic problem
  • The labour market

This unit will help you to understand how wages and employment function in a free economy including aspects such as the division of labour, the advantages and disadvantages of division of labour: for the worker and for the firm.

You will also consider factors affecting demand for labour including demand for final product, the availability of substitutes such as machines and productivity of the workforce. You will also investigate factors affecting supply of labour such as determinants of working population, including distribution, retirement and school-leaving age, female participation in the labour force.

Unit 3 -Production and Competition 

In the study of the third unit of the course, you will explore the following key topic areas;

  • Production and Productivity
  •  Firms and Market

This unit will help you to investigate factors of production such as land, labour, capital and enterprise. You will consider the sectors of the economy: primary, secondary and tertiary and consider the changing importance of these sectors in terms of employment and output over time, in developing and developed economies.

Unit 4 -Macroeconomics: Objectives and Policies 

In the study of the fourth unit of the course, you will explore the following key topic areas;

  • Macroeconomics Basics
  • Macroeconomic Policy

This unit will help you to consider aspects such as government revenue and expenditure, revenue: direct and indirect taxation and the main areas of public sector spending. You will explore taxation, regulation and incentives aimed at the protection of the environment and also interest rates and money supply as well as the supply of money.

Unit 5 -International Trade and Exchange Rates 

In the study of the final unit of the course, you will explore the following key topic areas;

  • Trading with the World
  • Foreign Exchange Market and the Exchange Rate

This unit discusses Globalisation and the increasing integration and interdependence of national

economies. You will consider MNCs (multi-national companies) source factors, produce and

sell in various countries and the reasons for globalised operations; key drivers in global

economy, including role of ICT, transport and tourism.

Winners and losers from globalisation are also considered the relationships between MNCs and developed countries, international debt, commodity prices and living standards in developing countries and the effect on the development gap and also impacts that economics can have on the natural environment.

Examination Board: Edexcel

Examination Codes: 4EC0

By the end of the Edexcel International GCSE you will have begun to successfully investigate key areas of Economics and be prepared for further progression in this and related fields.

The format of the Examinations

PLEASE NOTE: All exams will be held during the May - June exam period.

Paper 1 is externally assessed through an examination paper lasting 2 hours.

Paper 2 is externally assessed through an examination paper lasting 1 hour.

Paper 1: Economics Paper code: 4EC0/01

  • Externally assessed
  • Availability: January and June series
  • First assessment: June 2011

Overview of content

There are four areas of subject content. Students are required to study all four areas.

A The Market System

  • Demand and supply
  • The role of the market in solving the economic problem
  • The labour market

B Business Economics

  • Production
  • Competition
  • Public and private sectors

C Government and the Economy

  • Macroeconomic objectives
  • Policies
  • Relationship between objectives and policies

D The Global Economy

  • Globalisation
  • International trade
  • Exchange rates

Overview of assessment

  • This qualification is assessed through an examination paper lasting two hours and
  • 30 minutes, set and marked by Edexcel.
  • Single tier of entry.
  • The total number of marks available is 120.
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