Evaluation
WJEC AS-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)
- 3 subtopics
- 9 things to know
- AS Units 1 and 2
What International Trade (AS) covers
International Trade (AS) is AS content, examined in both AS Unit 1 and AS Unit 2, which each cover the full AS content. 37 recall questions across 3 subtopics.
Where it is assessed
AS Units 1 and 2
Introduction to Economic Principles and Economics in Action, both covering the full AS content.
Check the WJEC specification ↗The 3 subtopics
Each one has its own page. WJEC AS Economics students sit this topic in the first year.
- Free trade and protectionism: Benefits and costs of free tradeRecall questions on The benefits and costs of free trade.Open →
- Free trade and protectionism: Main forms of protection; tariffs, quotas and other barriersRecall questions on The main forms of protection; tariffs, quotas and other barriers.Open →
- Free trade and protectionism: Benefits and costs of protectionismRecall questions on The benefits and costs of protectionism.Open →
What you need to know
Answer each one before you reveal it.
Your recallNot started
Process
What happens in the domestic market when a tariff is imposed?
Key term
What is meant by free trade?
Key term
On a tariff diagram, what happens to the world supply curve when a tariff is imposed?
Key term
How do tariffs generate government revenue?
Key term
What is dumping, and how does protectionism address it?
Key term
How does free trade benefit consumers in terms of product variety?
Key term
What happens to the domestic price following the imposition of a tariff?
Key term
How does protectionism affect consumer prices?
Take International Trade (AS) further
The same content, four other ways.
Commonly confused
Pairs that lose marks when they are blurred together.
An embargo vs An administrative barrier
An embargo: a complete ban on trade with a country or in particular goods. An administrative barrier: paperwork, customs delays or licensing rules that slow imports without banning them.
Questions from this topic
Each one with the model answer underneath.
- 1
What is meant by free trade?
Model answer
Free trade occurs when goods and services can be exchanged between countries without government-imposed barriers such as tariffs, quotas, or other restrictions.
- 2
How does free trade benefit consumers in terms of product variety?
Model answer
Consumers gain access to a wider variety of goods and services from different countries, increasing consumer choice.
- 3
Why might free trade lead to lower prices for consumers?
Model answer
Increased competition and access to goods produced more efficiently abroad drives prices down.
- 4
How does free trade promote greater efficiency in production?
Model answer
Countries can specialise in producing goods where they have lower opportunity costs, improving productive efficiency.
- 5
What drives increased economic growth under free trade?
Model answer
Higher exports, increased investment, and productivity gains contribute to faster economic growth.
- 6
How can free trade harm infant industries?
Model answer
New domestic industries may be unable to develop when facing competition from established foreign producers with lower costs.
What is inside Levo
Six ways to work the same material.
International Trade (AS) revision questions
- Is International Trade (AS) examined at AS in WJEC Economics?
- Yes. It sits in AS Units 1 and 2, which you take in the first year, so it is on the AS paper as well as counting towards the full A level.
- What does International Trade (AS) cover in WJEC AS-Level Economics?
- 3 subtopics: free trade and protectionism: benefits and costs of free trade, free trade and protectionism: main forms of protection; tariffs, quotas and other barriers and free trade and protectionism: benefits and costs of protectionism. Each one has its own page with questions and model answers.
- How is International Trade (AS) organised?
- By the WJEC 1520QS specification, subtopic by subtopic, so it matches the order you are taught it in.
Every question in International Trade (AS), 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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