OCR GCSE Economics (J205): complete guide to the two components, exam structure and skills

OCR GCSE (9-1) Economics (specification J205) is a linear course assessed by two written papers at the end of the course. There is no coursework grade. This page is the index: below is a map of the two components, the two-paper exam structure, the calculations and diagrams you must master, and the case study and evaluation skills that run across the whole course.

The two components

OCR splits the specification into a microeconomics component and a macroeconomics component.

Component 01: Introduction to economics (microeconomics). How individual markets use prices to allocate scarce resources, how firms produce, and how the labour market and money work. It covers the main economic groups and factors of production, the basic economic problem, markets and sectors, demand and supply, price determination, price elasticity, competition and market structures, production, costs and revenue, the labour market, and the role of money and financial markets.

Component 02: National and international economics (macroeconomics). How the whole economy behaves, how government manages it, and how the UK trades with the rest of the world. It covers the economic objectives, economic growth and GDP, unemployment, inflation, the distribution of income and wealth, fiscal, monetary and supply-side policy, market failure, international trade, the balance of payments, exchange rates, and globalisation.

Exam structure

OCR GCSE Economics is assessed by two written papers, both sat at the end of the course. A calculator is allowed in both.

• J205/01: Introduction to economics. 1 hour 30 minutes, 80 marks, 50%. Part A is 20 multiple choice questions; Part B is three case studies with short, medium and extended response questions built from data and context.
• J205/02: National and international economics. 1 hour 30 minutes, 80 marks, 50%. Same structure as J205/01, examining the macroeconomic content and assuming the microeconomics from Component 01.

The 6 mark questions in Part B are synoptic, so they reward drawing the whole course together. At least 10% of marks assess quantitative skills.

The calculations and diagrams you must master

The quantitative and graphical marks come from a fixed set of skills. Learn each one and practise interpreting the result.

1. The demand and supply diagram. Draw and label equilibrium, movements versus shifts, surpluses and shortages, and the labour market.
2. Price elasticity. Calculate price elasticity of demand and supply and judge elastic versus inelastic.
3. Costs, revenue and profit. Calculate total cost, average cost, total revenue, average revenue, and profit or loss.
4. Macroeconomic figures. Calculate and interpret GDP and GDP per capita, percentage change, inflation and unemployment rates.
5. Finance and trade. Calculate the effect of interest rate changes on saving and borrowing, and convert between currencies using an exchange rate.

The skills that run across the course

Each component rewards content knowledge, but the marks come from applying it through OCR's command words.

1. Knowledge and definitions. State, give an example and calculate questions test precise recall and method.
2. Application to data. Explain questions need theory linked to the figures or context in the case study.
3. Analysis. Analyse questions need a developed chain of consequences (because, which means, leading to).
4. Evaluation. The extended questions need a balanced, two-sided argument and a justified conclusion.

The components, topic by topic

Each component is split into modules, each with an overview guide, dot-point answer pages and a quiz. Browse the full set at /gcse-ocr/economics/syllabus.

For the official specification

OCR publishes the full specification (J205), past papers and mark schemes at ocr.org.uk. Always revise from the current specification and OCR's own past papers, because question style, command words and the case study format are board-specific.