Verdict: Solid Foundations with Math Twists
The January 2025 Oxford AQA International AS Economics examinations offered a balanced evaluation of foundational microeconomic market mechanics (Unit 1) and macroeconomic performance (Unit 2). While the core theory remained accessible, a strong emphasis was placed on precise calculations, diagrammatic mastery, and robust multi-factor evaluation.
Where the Marks are Won or Lost
In Unit 1, candidates faced challenging quantitative prompts including a price elasticity of supply (PES) calculation for natural gas in the UK. Many candidates lost easy marks here by failing to correctly convert percentage changes or rounding incorrectly (yielding a PES of 0.1). High-scoring essays on the fracking debate successfully evaluated alternative policies and market versus government failures. In Unit 2, the multiplier explanation and the causes of demand-pull inflation required precise diagrams showing shift actions and resulting price levels. Evaluative marks were earned by discussing the real-world complexities of export-led growth, emphasizing supply-side constraints, and acknowledging that other countries' economic situations directly determine export success.
Examiner Pitfalls to Avoid
- Imprecise Ratios: In Unit 1, the ratio calculation required an answer formatted to exactly two decimal places (e.g., 3.41:1). Many candidates neglected the exact ratio format and lost marks.
- Weak Diagram Mechanics: Missing labels or incorrect curves on LRAC and AD/AS diagrams severely limited achievement.
- One-Sided Evaluations: High-level evaluation requires a balanced assessment rather than one-sided explanations of energy policies or export strategies.
Syllabus Predictions
With Unit 1 focusing on fracking and fossil fuels, expect next series to test competition policy, monopolistic competition, or labor market discrimination. In Unit 2, quantitative easing and monetary policy dynamics are highly overdue for major essay coverage.