IGCSE Economics: Examining board: EDEXCEL (as of May/June 2011)

Despite its excellent exam results, the Department has decided to switch to the EDEXCEL examining board and, as of September 2009, students in the Fourth Form have been taught according to the specifications of this particular board.  The first EDEXCEL examination will be taken in May/June 2011.
Three main reasons for making the switch to EDEXCEL from CAMBRIDGE are:

• Simplified examinations for our students: instead of sitting three papers, they will only sit one.
• Greater clarity offered in the course specifications.
• Smoother continuation from IGCSE to the AS level, since both are offered by the same exam board.

The new Edexcel IGCSE in Economics is designed as a two-year course. As students progress through the course they are introduced to new ideas and concepts while continuing to use and reinforce previously learned concepts and skills. The course is designed to give students a sound understanding of economics, and the ability to use knowledge, skills and understanding appropriately in the context of individual countries and the global economy.

Aims of Course

The new Edexcel IGCSE in Economics qualification enables students 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.

Assessment

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

The assessment of this qualification is 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.
• The examination paper consists of four compulsory questions, each worth 30 marks.
• The questions are a mixture of structured, data response, short-answer, multiple-choice and open-ended questions.
• Each question will be based on a particular theme which will relate to one of the four sections of the subject content. However, due to the nature of economics, there may be some overlap between the questions.

Specification at a glance
The Edexcel in Economics is assessed through a written examination paper.
Paper 1: Economics Paper code/; 4EC0/01

• Externally assessed
• First assessment: 2011

What Kind of Student is this course suitable for?
The course will apeal to students who:

• Have an interest in current affairs and will enjoy studying a subject that affects their daily lives.
• Wish to pursue a career in an economics-related or busines-related field.
• Wish to keep their options open since the subject can later be combined with a wide range of social sciences, humanities, science subjects and languages.

Recommendations
It is highly recommended that students who may be planning to take Economics AS Level or Business Studies AS Level opt to follow the IGCSE Economics course since it will give them a solid background to build on an AS Level. The IGCSE will most useful for both the AS Economics course and the AS Business Studies course.
This is not to say, however, that students who have not done IGCSE Economics will not be able to cope with the demands of the course and also perform well. On the contrary, in the past many of our very best results came from students that had no previous background knowledge in the subject. Therefor, it is still possible for able, non-IGCSE students to opt for AS Economics/Business Studies without compromising their performance at this level. This especially applies to students who have opted for the three sciences at GCSE level and have not had the opportunity to study Economics at IGCSE.