AS Unit 1
Introduction to Economic Principles
- Multiple choice and structured questions
- Covers the full AS content: markets, resource allocation, market failure and the macroeconomy
1 hour 15 minutes75 uniform marks15% of A level
WJEC A-Level Economics, memorised fast.
Long notes are boring. Brain-hack the whole 1520QS specification with active recall and actually remember it.
- Spec 1520QS
- 17 topics
- 129 subtopics
WJEC A-Level Economics 1520QS
Scarcity and Choice
Topic overviewScarcity, choice and opportunity costProduction possibility frontiers (PPFs): Production possibility frontier diagrams to depict choiceProduction possibility frontiers (PPFs): Factors which may shift the PPF inwards or outwardsSpecialisation, division of labour and exchange: Advantages and disadvantages of specialisationSpecialisation, division of labour and exchange: Productivity
Demand and Supply in Product Markets
Topic overviewFactors influencing demand and supply in product markets: Product marketFactors influencing demand and supply: Main influences on demand and supply in product marketsThe determination of equilibrium price: Equilibrium price and output, and disequilibriumThe determination of equilibrium price: How the market adjusts to a new equilibriumThe determination of equilibrium price: Consumer and producer surplus on the diagramConsumer and producer surplusPrice, income and cross price elasticities: Price elasticity of demandPrice, income and cross price elasticities: Income and cross price elasticity of demandPrice, income and cross price elasticities: Price elasticity of supply, uses of elasticity and tax incidence
Demand and Supply in Labour Markets
Topic overviewWage determination: Demand for labour as a derived demandWage determination: Equilibrium wage rate and shifts in labour demand and supplyWage determination: Elasticity of demand for labour and Elasticity of supply of labourWage determination: Causes of wage differentials, Effects of wage differentials, and wages in WalesLabour market issues: Factors which affect flexibility in labour marketsLabour market issues: Effects of the statutory national minimum wage on labour marketsLabour market issues: Impact of migration on labour markets
Resource Allocation
Market Failure
Topic overviewUnderstanding market failure: Market failureUnderstanding market failure: Public goods, Merit and demerit goodsUnderstanding market failure: ExternalitiesUnderstanding market failure: Externalities of consumption and monopoly powerUnderstanding market failure: Information asymmetries and gaps, Income inequalityUnderstanding market failure: Volatile prices and externality diagramsWhy and how governments intervene in markets: Reasons for government intervention in marketsWhy and how governments intervene in markets: Maximum prices, road pricing, pollution permits and other interventionsWhy and how governments intervene in markets: Evaluating government interventionThe effects of government intervention: Government intervention can create distortions in marketsThe effects of government intervention: Reasons for government failure
Macroeconomic Theory (AS)
Topic overviewThe circular flow of income model: Flows in the circular flow modelThe circular flow of income model: Injections into and withdrawals from the circular flowThe circular flow of income model: Model to explain the concept of national income equilibriumThe units of aggregate demand (AD): Units of aggregate demand: consumptionThe units of aggregate demand (AD): Factors affecting consumption and investment, and the AD curveThe AD function: Why an AD function will slope downward from left to rightThe AD function: Changes in the unitsThe aggregate supply (AS) function: Shape of the Keynesian long run aggregate supply curveThe aggregate supply (AS) function: Factors which might result in a shift in LRASAD/AS analysis
Government Policy Objectives
Topic overviewEconomic growth: Actual and potential growth, output gaps and the business cycleEconomic growth: Benefits of economic growth for households, government and firmsEconomic growth: Illustrating growth on PPF and AD/AS diagramsUnemployment (AS): Measurement and typesUnemployment (AS): CostsUnemployment (AS): Causes
Policy Instruments (AS)
Topic overviewFiscal policy: FrameworkFiscal policy: Direct and indirect taxes and demand side fiscal policyFiscal policy: Automatic stabilisers, time lags and the Laffer curveMonetary policy: Bank of England and the Monetary Policy Committee, Inflation targetMonetary policy: Bank Rate and the transmission mechanismExchange rates and exchange rate policy: Exchange rates in a free marketExchange rates and exchange rate policy: Exchange rate policySupply side policies: Aims of supply side policiesSupply side policies: Market-based supply side policies and Limitations of supply side policies
International Trade (AS)
Costs, Revenues and Profits
Topic overviewCosts, revenues and profits: Law of diminishing returnsCosts, revenues and profits: Product, total and average costsCosts, revenues and profits: Total, average and marginal values for revenue and costsCosts, revenues and profits: Internal and external economies and diseconomies of scaleCosts, revenues and profits: Concept of profit maximisationThe growth of firms: How and why firms might growThe growth of firms: Types of integration/ mergersEfficiency
Market Structures
Topic overviewBackground to market structuresBusiness objectivesPerfect competition: Perfect competition and its underpinning assumptionsPerfect competition: Efficiency of perfectly competitive marketsMonopolistic competitionMonopoly: Monopoly and its underpinning assumptionsMonopoly: Comparing monopoly with perfect competitionMonopoly: Potential costs and benefits of monopolyOligopoly: Main features of oligopolistic markets and the concept of interdependenceOligopoly: Potential costs and benefits of oligopolyCompetition policy: Why governments are concerned about monopoly powerCompetition policy: Benefits and limits of competitionPrivatisation: Way in which privatisation may increase competitionPrivatisation: Effects of privatisation on competition
Macroeconomic Theory (A2)
Macroeconomic Objectives (A2)
Topic overviewEconomic growth: Actual vs potential economic growth and Causes of growthEconomic growth: Benefits and costs of growthUnemployment (A2): Measurement and typesUnemployment (A2): Costs, measurement and the Phillips curveUnemployment (A2): CausesInflation and deflation: Measurement and calculationInflation and deflation: CausesInflation and deflation: CostsInflation and deflation: DeflationThe balance of payments: Current account imbalances: causesThe balance of payments: Current account imbalances: impactsThe balance of payments: Solutions to current account deficits
Policy Instruments (A2)
Topic overviewControl of the national (public sector) debt: CausesControl of the national (public sector) debt: ImplicationsThe operation of monetary policy: Interest rates and how quantitative easing worksThe operation of monetary policy: Effects and criticisms of quantitative easingThe operation of monetary policy: Quantitative tightening, Funding for Lending and the financial sectorMonetary stability: Asset bubbles and financial crisesFinancial stability
International Trade (A2)
Topic overviewAdvantages and disadvantages of free trade: Advantages of free tradeAdvantages and disadvantages of free trade: Disadvantages of free tradeProtectionism: Free trade compared with protectionist measuresProtectionism: Key methods of protectionismGlobalisation: What globalisation is and what drives it, Benefits of globalisationGlobalisation: Costs of globalisation and Evaluating the net impact of globalisationTrade and the UK: Absolute and comparative advantage, Terms of trade and the gains from tradeTrade and the UK: Disadvantages of international tradeTrade and the UK: Methods of protectionTrade and the UK: Arguments for and against protectionismTrade and the UK: World Trade Organisation and globalisationTrade and the UK: UK’s major export sectors and an integrated world economy
Non-UK Economies
Economic Development
Topic overviewMeasurement: What is meant by economic development and how it is measuredMeasurement: Human development index, More indirect indicators such as access to health and educationObstacles: Why LEDCs may face difficulties in competing with MEDCsObstacles: Relevant obstaclesSolutions: Liberalisation as a route to development, Aid and debt reliefSolutions: Foreign direct investment and trade strategies
What WJEC A-Level Economics covers
WJEC A-Level Economics is sat as four written units, with nothing optional. The units are not divided by content: AS Unit 1 (multiple choice and structured questions) and AS Unit 2 (compulsory data response questions) both cover the full AS content — product and labour markets, resource allocation, market failure, the macroeconomic model, the government's objectives and its policy instruments. A2 Unit 3 (structured questions and a data response) and A2 Unit 4 (one essay each on microeconomics, macroeconomics, and trade and development) both cover all A level content, adding the theory of the firm, market structures, the macroeconomic objectives in depth, monetary and financial stability, international trade, non-UK economies and economic development. Several content areas are taught twice, once at AS and again at A2, and the guide keeps the two apart.
WJEC GCE AS and A Level Economics, qualification code 1520QS. Read the WJEC specification ↗
How it is assessed
AS Unit 2
Economics in Action
- Compulsory data response questions
- Covers the full AS content
2 hours125 uniform marks25% of A level
A2 Unit 3
Exploring Economic Behaviour
- Structured questions on A2 content and one compulsory data response
- Covers all A level content
2 hours150 uniform marks30% of A level
A2 Unit 4
Evaluating Economic Models and Policies
- One essay in each section: Microeconomics, Macroeconomics, and Trade and Development
- Covers all A level content
2 hours 30 minutes150 uniform marks30% of A level
The full specification
17 topics, 129 subtopics. Open any topic to see what is inside it.
01Scarcity and Choice5 subtopicsOpen topic
- Scarcity, choice and opportunity cost
- Production possibility frontiers (PPFs): Production possibility frontier diagrams to depict choice
- Production possibility frontiers (PPFs): Factors which may shift the PPF inwards or outwards
- Specialisation, division of labour and exchange: Advantages and disadvantages of specialisation
- Specialisation, division of labour and exchange: Productivity
02Demand and Supply in Product Markets9 subtopicsOpen topic
- Factors influencing demand and supply in product markets: Product market
- Factors influencing demand and supply: Main influences on demand and supply in product markets
- The determination of equilibrium price: Equilibrium price and output, and disequilibrium
- The determination of equilibrium price: How the market adjusts to a new equilibrium
- The determination of equilibrium price: Consumer and producer surplus on the diagram
- Consumer and producer surplus
- Price, income and cross price elasticities: Price elasticity of demand
- Price, income and cross price elasticities: Income and cross price elasticity of demand
- Price, income and cross price elasticities: Price elasticity of supply, uses of elasticity and tax incidence
03Demand and Supply in Labour Markets7 subtopicsOpen topic
- Wage determination: Demand for labour as a derived demand
- Wage determination: Equilibrium wage rate and shifts in labour demand and supply
- Wage determination: Elasticity of demand for labour and Elasticity of supply of labour
- Wage determination: Causes of wage differentials, Effects of wage differentials, and wages in Wales
- Labour market issues: Factors which affect flexibility in labour markets
- Labour market issues: Effects of the statutory national minimum wage on labour markets
- Labour market issues: Impact of migration on labour markets
04Resource Allocation2 subtopicsOpen topic
05Market Failure11 subtopicsOpen topic
- Understanding market failure: Market failure
- Understanding market failure: Public goods, Merit and demerit goods
- Understanding market failure: Externalities
- Understanding market failure: Externalities of consumption and monopoly power
- Understanding market failure: Information asymmetries and gaps, Income inequality
- Understanding market failure: Volatile prices and externality diagrams
- Why and how governments intervene in markets: Reasons for government intervention in markets
- Why and how governments intervene in markets: Maximum prices, road pricing, pollution permits and other interventions
- Why and how governments intervene in markets: Evaluating government intervention
- The effects of government intervention: Government intervention can create distortions in markets
- The effects of government intervention: Reasons for government failure
06Macroeconomic Theory (AS)10 subtopicsOpen topic
- The circular flow of income model: Flows in the circular flow model
- The circular flow of income model: Injections into and withdrawals from the circular flow
- The circular flow of income model: Model to explain the concept of national income equilibrium
- The units of aggregate demand (AD): Units of aggregate demand: consumption
- The units of aggregate demand (AD): Factors affecting consumption and investment, and the AD curve
- The AD function: Why an AD function will slope downward from left to right
- The AD function: Changes in the units
- The aggregate supply (AS) function: Shape of the Keynesian long run aggregate supply curve
- The aggregate supply (AS) function: Factors which might result in a shift in LRAS
- AD/AS analysis
07Government Policy Objectives6 subtopicsOpen topic
- Economic growth: Actual and potential growth, output gaps and the business cycle
- Economic growth: Benefits of economic growth for households, government and firms
- Economic growth: Illustrating growth on PPF and AD/AS diagrams
- Unemployment (AS): Measurement and types
- Unemployment (AS): Costs
- Unemployment (AS): Causes
08Policy Instruments (AS)9 subtopicsOpen topic
- Fiscal policy: Framework
- Fiscal policy: Direct and indirect taxes and demand side fiscal policy
- Fiscal policy: Automatic stabilisers, time lags and the Laffer curve
- Monetary policy: Bank of England and the Monetary Policy Committee, Inflation target
- Monetary policy: Bank Rate and the transmission mechanism
- Exchange rates and exchange rate policy: Exchange rates in a free market
- Exchange rates and exchange rate policy: Exchange rate policy
- Supply side policies: Aims of supply side policies
- Supply side policies: Market-based supply side policies and Limitations of supply side policies
09International Trade (AS)3 subtopicsOpen topic
10Costs, Revenues and Profits8 subtopicsOpen topic
- Costs, revenues and profits: Law of diminishing returns
- Costs, revenues and profits: Product, total and average costs
- Costs, revenues and profits: Total, average and marginal values for revenue and costs
- Costs, revenues and profits: Internal and external economies and diseconomies of scale
- Costs, revenues and profits: Concept of profit maximisation
- The growth of firms: How and why firms might grow
- The growth of firms: Types of integration/ mergers
- Efficiency
11Market Structures14 subtopicsOpen topic
- Background to market structures
- Business objectives
- Perfect competition: Perfect competition and its underpinning assumptions
- Perfect competition: Efficiency of perfectly competitive markets
- Monopolistic competition
- Monopoly: Monopoly and its underpinning assumptions
- Monopoly: Comparing monopoly with perfect competition
- Monopoly: Potential costs and benefits of monopoly
- Oligopoly: Main features of oligopolistic markets and the concept of interdependence
- Oligopoly: Potential costs and benefits of oligopoly
- Competition policy: Why governments are concerned about monopoly power
- Competition policy: Benefits and limits of competition
- Privatisation: Way in which privatisation may increase competition
- Privatisation: Effects of privatisation on competition
12Macroeconomic Theory (A2)5 subtopicsOpen topic
13Macroeconomic Objectives (A2)12 subtopicsOpen topic
- Economic growth: Actual vs potential economic growth and Causes of growth
- Economic growth: Benefits and costs of growth
- Unemployment (A2): Measurement and types
- Unemployment (A2): Costs, measurement and the Phillips curve
- Unemployment (A2): Causes
- Inflation and deflation: Measurement and calculation
- Inflation and deflation: Causes
- Inflation and deflation: Costs
- Inflation and deflation: Deflation
- The balance of payments: Current account imbalances: causes
- The balance of payments: Current account imbalances: impacts
- The balance of payments: Solutions to current account deficits
14Policy Instruments (A2)7 subtopicsOpen topic
- Control of the national (public sector) debt: Causes
- Control of the national (public sector) debt: Implications
- The operation of monetary policy: Interest rates and how quantitative easing works
- The operation of monetary policy: Effects and criticisms of quantitative easing
- The operation of monetary policy: Quantitative tightening, Funding for Lending and the financial sector
- Monetary stability: Asset bubbles and financial crises
- Financial stability
15International Trade (A2)12 subtopicsOpen topic
- Advantages and disadvantages of free trade: Advantages of free trade
- Advantages and disadvantages of free trade: Disadvantages of free trade
- Protectionism: Free trade compared with protectionist measures
- Protectionism: Key methods of protectionism
- Globalisation: What globalisation is and what drives it, Benefits of globalisation
- Globalisation: Costs of globalisation and Evaluating the net impact of globalisation
- Trade and the UK: Absolute and comparative advantage, Terms of trade and the gains from trade
- Trade and the UK: Disadvantages of international trade
- Trade and the UK: Methods of protection
- Trade and the UK: Arguments for and against protectionism
- Trade and the UK: World Trade Organisation and globalisation
- Trade and the UK: UK’s major export sectors and an integrated world economy
16Non-UK Economies3 subtopicsOpen topic
17Economic Development6 subtopicsOpen topic
- Measurement: What is meant by economic development and how it is measured
- Measurement: Human development index, More indirect indicators such as access to health and education
- Obstacles: Why LEDCs may face difficulties in competing with MEDCs
- Obstacles: Relevant obstacles
- Solutions: Liberalisation as a route to development, Aid and debt relief
- Solutions: Foreign direct investment and trade strategies
How you work through it
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What are the three core ideas of the economic problem?
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What are the advantages of specialisation?
Key term
What benefits does specialisation bring to individual workers?
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How reviews are timed
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What is inside Levo
Six ways to work the same material
Economics revision questions
Common questions about revising WJEC A-Level Economics. Tap any to open it.
How do you memorise WJEC A-Level Economics?
By testing yourself, not rereading. Active recall, pulling each answer from memory then checking it, builds far stronger memory than highlighting notes. Levo runs the method for you across all 17 Economics topics and brings each one back on a spaced schedule so it stays memorised.
What is the fastest way to revise Economics for WJEC?
Skip the long notes and go straight to retrieval. Levo turns the 1520QS specification into short questions you drill with rapid recall, cram whole papers in one sitting, and a readiness score tells you exactly what is left to learn.
What topics are on WJEC A-Level Economics (1520QS)?
There are 17 topics, split across 129 subtopics, from Scarcity and Choice, Demand and Supply in Product Markets, Demand and Supply in Labour Markets and more. Every topic is listed above, and each one opens to the subtopics inside it.
What do you get inside Levo for Economics?
Six ways to work the same material. The 3-step method for learning a set, Cram for sorting a whole paper into what you know and what you do not, Blank Blitz for making key facts automatic, Build It for assembling full-mark answers, Test It for catching misconceptions, and Brain Breaks between sessions. A readiness score tracks how much of the subject you have memorised.
Is active recall better than rereading your notes for Economics?
Consistently, yes. Rereading feels productive but fades quickly. Retrieving an answer from memory, the way Levo tests you, is what actually forms durable memory, and it shows you honestly what you do and do not know.
Does Levo cover the whole WJEC Economics specification?
Every topic on the 1520QS specification is covered, written from the published subject content. The full list is above, and each topic opens to its subtopics so you can see exactly what is there before you subscribe.
How can you encourage your teenager to revise?
Make it short, structured and low-pressure. Levo gives a clear daily plan, quick sessions rather than marathon ones, streaks that reward showing up, and an honest readiness score, so revision feels like progress instead of a chore. Parents can add an account and follow along.
Can you revise Economics the night before an exam?
Yes. Cram mode is built for exactly that: fly through a whole paper, sort every topic into red, amber and green, then drill just the reds and ambers you do not know yet. It is the honest version of a last-minute session.
Every question in Economics, on a schedule.
Attempt a question from memory, write the correct version, then attempt it again. Levo records the jump between your first attempt and your last, and brings each question back on the day you are due to forget it.
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