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    Unit 1

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    AbdulBasitBilalSheikh
    The document provides an overview of the topics covered in the first unit of an AS Level economics course, including scarcity, choice and opportunity cost, factors of production, resource allocation in different economic systems, production possibility curves, money, and classification of goods and services. It is recommended that this section should take approximately 20% of the AS course.

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    Unit 1

    Uploaded by

    AbdulBasitBilalSheikh
    22 views2 pages
    The document provides an overview of the topics covered in the first unit of an AS Level economics course, including scarcity, choice and opportunity cost, factors of production, resource allocation in different economic systems, production possibility curves, money, and classification of goods and services. It is recommended that this section should take approximately 20% of the AS course.

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    The document provides an overview of the topics covered in the first unit of an AS Level economics course, including scarcity, choice and opportunity cost, factors of production, resource allocation in different economic systems, production possibility curves, money, and classification of goods and services. It is recommended that this section should take approximately 20% of the AS course.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    22 views2 pages

    Unit 1

    Uploaded by

    AbdulBasitBilalSheikh
    The document provides an overview of the topics covered in the first unit of an AS Level economics course, including scarcity, choice and opportunity cost, factors of production, resource allocation in different economic systems, production possibility curves, money, and classification of goods and services. It is recommended that this section should take approximately 20% of the AS course.

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    Unit 1: Basic economic ideas and

    resource allocation (AS Level)


    Recommended prior knowledge 
    No specific prior knowledge is required for this unit, although basic literacy skills
    combined with an ability to handle data and produce graphs and diagrams would
    be helpful. Learners who have previously studied IGCSE or O level Economics
    may be able to progress more quickly through certain topics in this section. 

    Context 
    At the outset of the course, it is essential that learners develop their understanding
    of the basic economic problem of scarcity and choice, and why this arises. This
    section also introduces the key fundamental economic ideas and principles which
    will underpin learning throughout the rest of the course. In particular, basic
    economic concepts and their links to the key concept Scarcity and choice are
    examined in detail. 

    Outline 
    The AS Level topics covered in this section are:

     scarcity, choice and opportunity cost


     positive and normative statements
     factors of production
     resource allocation in different economic systems and issues of transition
     production possibility curves
     money
     classification of goods and services. 

    Suggested teaching time 


    It is recommended that this section should take approximately 20% of the AS
    course (10% of the whole AS and A Level programme).

    1.a.1 the fundamental economic problem

    1.a.2 the meaning of scarcity and the inevitability of choices at all levels


    (individual, firms, governments)

    1.a.3 the basic questions of what will be produced, how and for whom

    1.a.4 the meaning of the term, ‘ceteris paribus’


    1.a.5 the margin and decision making at the margin

    1.a.6 short run, long run, very long run

    1.b.1 the distinction between facts and value judgements

    1.c.1 the rewards to the factors of production: land, labour, capital and enterprise

    1.c.2 specialisation and division of labour

    1.d.1 decision making in market, planned and mixed economies

    1.d.2 the role of the factor enterprise in a modern economy

    1.e.1 shape and shifts of the curve

    1.e.2 constant and increasing opportunity costs

    1.f.1 functions and characteristics in a modern economy

    1.f.2 barter, cash and bank deposits, cheques, near money, liquidity

    1.g.1 free goods, private goods (economic goods) and public goods

    1.g.2 merit goods and demerit goods as the outcome of imperfect information by


    consumers

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