OCR AS Level Economics

Syllabus H060 · For first assessment in 2016 · sourced from OCR – official AS Level Economics (H060) specification PDF, sections 2b and 2c, verified 2026-10-27.

1. 1. Scarcity and choice

   • 1.1 The basic economic problem
   • 1.2 The market economy
   • 1.3 Opportunity cost
   • 1.4 Specialisation and trade

2. 2. How competitive markets work

   • 2.1 Allocation of resources
   • 2.2 The objectives of economic agents
   • 2.3 Supply and demand and the interaction of markets
   • 2.4 Elasticity
   • 2.5 Productive and allocative efficiency
   • 2.6 Costs and revenue
   • 2.7 Economies and diseconomies of scale

3. 3. Market failure and government intervention

   • 3.1 Market failure
   • 3.2 Externalities
   • 3.3 Information asymmetries
   • 3.4 Alternative methods of government intervention
   • 3.5 Government failure

4. 4. Economic policy objectives and indicators of macroeconomic performance

   • 4.1 Economic growth
   • 4.2 Employment/unemployment
   • 4.3 Inflation
   • 4.4 Trends in macroeconomic indicators

5. 5. Aggregate demand and aggregate supply

   • 5.1 Circular flow of income
   • 5.2 Aggregate demand (AD)
   • 5.3 Aggregate supply (AS)
   • 5.4 Aggregate demand and supply
   • 5.5 Macroeconomic equilibrium

6. 6. The application of policy instruments

   • 6.1 Fiscal policy
   • 6.2 Monetary policy
   • 6.3 Supply side policy
   • 6.4 Policy conflicts

7. 7. The global context

   • 7.1 International trade
   • 7.2 Balance of payments
   • 7.3 Exchange rates