Paper structure Key Terms

Qualification Structure

The framework that outlines how a qualification is organized, including assessment methods and timing.

End-of-Course Assessment

An evaluation method where students are tested on all course content at the conclusion of their studies.

Linear Qualification

A qualification structure where all assessments are taken at the end of the course.

Assessment Structure

The organization and timing of evaluations in an educational program.

Ceteris Paribus

A Latin phrase meaning 'all other things being equal', used to isolate the effect of one variable in economic analysis.

Social Optimum

The level of output where the marginal social cost equals the marginal social benefit, leading to maximum social welfare.

Market Failure

A situation in which the allocation of goods and services by a free market is not efficient.

Externality

A side effect or consequence of an industrial or commercial activity that affects other parties without being reflected in the costs of the goods or services involved.

Externality

A side effect or consequence of an industrial or commercial activity that affects other parties without being reflected in costs.

Market Failure

A situation in which the allocation of goods and services is not efficient, often leading to a net social welfare loss.

National Economy

The economic activities and policies that occur within a specific country.

International Economy

The economic interactions and relationships between different countries.

Monetary Policy

The process by which a central bank manages the money supply and interest rates to influence economic activity.

Fiscal Policy

Government policy regarding taxation and spending to influence the economy.

Inflation

A sustained increase in the general price level of goods and services in an economy over a period of time.

Monetary Policy

The process by which a central bank manages the supply of money, often targeting an inflation rate or interest rate to ensure price stability and general trust in the currency.

A-Level

Advanced Level qualifications, typically taken by students in the UK at the end of secondary education.

Economic principles

Fundamental concepts that underpin economic theories and practices, such as supply and demand, opportunity cost, and market equilibrium.

Market Failure

A situation where the allocation of goods and services is not efficient, often justifying government intervention.

Externalities

Costs or benefits incurred by third parties who are not involved in a transaction, leading to market inefficiencies.

Ceteris Paribus

A Latin phrase meaning 'all other things being equal,' used in economics to isolate the effect of one variable by holding others constant.

Substitution Effect

The change in quantity demanded of a good due to a change in its price relative to the price of substitute goods.