OCR A-Level Economics (H460): complete guide to the three components and the exams

OCR A-Level Economics (specification H460) is a two-year linear course assessed by three written papers at the end of Year 13. There is no coursework. This page is the index: below is a module-by-module map of the content, the exam structure, and how to study each one.

How the content is organised

OCR groups the subject into microeconomics (how individual markets allocate resources) and macroeconomics (the economy as a whole). Across this site that content is split into seven study modules so each is small enough to master, then drawn together synoptically.

Introduction to markets (micro)

Scarcity, choice and opportunity cost, the production possibility frontier, economic systems and efficiency, demand and supply, the four elasticities, the price mechanism and consumer and producer surplus.

Market failure and government intervention (micro)

Externalities, public goods and the free-rider problem, information failure and merit and demerit goods, and the toolkit of intervention (taxes, subsidies, price controls, regulation and tradable permits) together with the risk of government failure.

Business economics and competition (micro)

Business objectives and the principal-agent problem, costs, revenues and profit, economies of scale, the four market structures (perfect competition, monopolistic competition, oligopoly and monopoly), contestability, and the labour market including monopsony and trade unions.

Macroeconomic indicators (macro)

The macroeconomic objectives and how performance is measured: GDP and economic growth, inflation through the CPI and RPI, unemployment, the balance of payments, and the measurement of inequality through the Lorenz curve and Gini coefficient.

Aggregate demand and supply (macro)

The circular flow of income, the components of aggregate demand, short-run and long-run aggregate supply, macroeconomic equilibrium, the multiplier and accelerator, and the causes of economic growth and the economic cycle.

Macroeconomic policy (macro)

Fiscal, monetary and supply-side policy, the policy trade-offs including the Phillips curve, the role of the financial sector and central banks, and how policy is applied to the objectives.

International and development economics (macro, synoptic)

International trade and comparative advantage, globalisation, exchange-rate systems, protectionism and trading blocs, the balance of payments in depth, and economic development in emerging and developing economies.

Exam structure

OCR Economics is assessed by three equally weighted written papers, all sat at the end of the course. Each is 80 marks, 2 hours, and worth 33.33 per cent. A calculator is allowed in every paper.

• Component 1 - Microeconomics (H460/01). Section A is data-response; Section B is one extended-response essay chosen from two, up to 25 marks. Covers the three micro modules.
• Component 2 - Macroeconomics (H460/02). Same structure as Component 1: data response plus a chosen extended-response essay. Covers the macro modules.
• Component 3 - Themes in economics (H460/03). The synoptic paper. It opens with 30 multiple-choice questions, then short-answer and extended-response questions on an unseen theme that combines micro and macro analysis from across the whole specification.

At least 20 per cent of marks across the qualification assess quantitative skills, and the higher-tariff questions are marked by levels of response.

How to study OCR Economics

Economics rewards precise definitions, accurate diagrams and, above all, evaluation.

1. Work from the specification content. Each statement is a checklist; questions are written from it.
2. Draw every diagram from memory. Demand and supply, externality, cost and revenue, market-structure and AD-AS diagrams recur constantly.
3. Learn the definitions and the quantitative skills. Elasticities, the multiplier, index numbers and the Gini coefficient must be automatic.
4. Drill evaluation. The extended-response questions reward a supported judgement that weighs magnitude, time period, elasticities and the groups affected.
5. Practise the synoptic Component 3 format. Rehearse the unseen-theme paper, combining micro and macro analysis under timed conditions, and time the 30 multiple-choice questions.

Work through the modules

Each module has an overview guide and a set of focused answer pages with worked exam questions and cross-links: introduction to markets, market failure and government intervention, business economics and competition, macroeconomic indicators, aggregate demand and supply, macroeconomic policy, and international and development economics.

For the official specification

OCR publishes the full specification (H460), past papers and mark schemes at ocr.org.uk. Always revise from the current specification and OCR's own past papers, because the question style and the levels-of-response mark schemes are board-specific.