WJEC A-Level Economics Active Recall Guide
WJEC · A-Level
WJEC A-Level Economics Active Recall Guide
A question-and-answer revision guide for WJEC A-Level Economics, built to be worked in three passes rather than read.
- WJEC
- A-Level
- 17 topics

The 3-step active recall method
Re-reading notes is a futile process when your aim is to remember the information and successfully apply it in exam settings. Active recall is the method you use to ensure the information sticks for a long period of time.
But even active recall can be futile unless you have a structured way of implementing it. This is where the 3-step active recall method comes in, a structured method that is signature to the Levo Learning guides.
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Step 1
Answer up to 10 questions cold, closed book, even if you are unsure on the topic.
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Step 2
Answer the same questions again, but open book. Write the correct answer down even if it seems pointless.
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Step 3
Repeat as step 1 and answer the questions closed book again.
Worked across the WJEC A-Level Economics specification, one subtopic at a time.
The subject, and what is assessed
WJEC A-Level Economics is assessed by four units, two at AS and two at A2. AS Unit 1 lasts 1 hour 15 minutes and AS Unit 2 lasts 2 hours, each worth 20% of the A-Level.
A2 Unit 3 lasts 2 hours and A2 Unit 4 lasts 2 hours 30 minutes, each worth 30%. A2 Unit 4 covers all A-Level content and sets one essay in each of microeconomics, macroeconomics, and trade and development.
| Paper | Length | Weighting |
|---|---|---|
| AS Unit 1 | 1 hour 15 minutes | 20% |
| AS Unit 2 | 2 hours | 20% |
| A2 Unit 3 | 2 hours | 30% |
| A2 Unit 4 | 2 hours 30 minutes | 30% |
Memorisation, then application
Marks are given for applying content to the question that has been set, which cannot happen while the content is still being looked up. Step 1 shows what is actually held.
Step 2 puts the correct wording in front of you while the gap is still fresh. Step 3 repeats the cold test, and the difference between the first and third attempt is the part that has moved.
Every question in the guide is paired with its answer in the same document, so step 2 is done from the guide itself rather than from a separate set of notes.
What is inside the guide
Questions are grouped by topic and then by subtopic, following the WJEC specification. Open a topic to see its subtopics.
Scarcity and Choice3 subtopics
- Scarcity, choice and opportunity cost17
- Production possibility frontiers (PPFs)27
- Specialisation, division of labour and exchange24
Demand and Supply in Product Markets4 subtopics
- Factors influencing demand and supply in product markets34
- The determination of equilibrium price and output in a freely competitive market31
- Consumer and producer surplus17
- Price, income and cross price elasticities of demand, price elasticity of supply51
Demand and Supply in Labour Markets2 subtopics
- Wage determination51
- Labour market issues37
Resource Allocation1 subtopic
- How resources are allocated in a free market economy19
Market Failure3 subtopics
- Understanding market failure72
- Why and how governments intervene in markets39
- The effects of government intervention25
Macroeconomic Theory (AS)5 subtopics
- The circular flow of income model26
- The units of aggregate demand (AD)26
- The AD function19
- The aggregate supply (AS) function23
- AD/AS analysis18
Government Policy Objectives2 subtopics
- Economic growth28
- Unemployment37
Policy Instruments (AS)4 subtopics
- Fiscal policy26
- Monetary policy26
- Exchange rates and exchange rate policy26
- Supply side policies29
International Trade (AS)1 subtopic
- Free trade and protectionism35
Costs, Revenues and Profits3 subtopics
- Costs, revenues and profits71
- The growth of firms31
- Efficiency20
Market Structures8 subtopics
- Background to market structures11
- Business objectives19
- Perfect competition27
- Monopolistic competition16
- Monopoly28
- Oligopoly23
- Competition policy33
- Privatisation21
Macroeconomic Theory (A2)4 subtopics
- Short run aggregate supply (SRAS)19
- Long run aggregate supply (LRAS)21
- The short run Phillips curve19
- The long run Phillips curve14
Macroeconomic Objectives (A2)4 subtopics
- Economic growth26
- Unemployment26
- Inflation and deflation67
- The balance of payments31
Policy Instruments (A2)3 subtopics
- Control of the national (public sector) debt17
- The operation of monetary policy and monetary stability39
- Financial stability16
International Trade (A2)4 subtopics
- Advantages and disadvantages of free trade25
- Protectionism26
- Globalisation27
- Trade and the UK68
Non-UK Economies1 subtopic
- European Union51
Economic Development3 subtopics
- Measurement26
- Obstacles21
- Solutions26
Sample questions
Taken from the WJEC A-Level Economics guide. Answer each one closed book first, then open the answer.
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Scarcity and Choice
Why does choice arise in economics?
Show the answer
Choice arises because scarcity forces economic agents to decide between alternative uses of limited resources. -
Demand and Supply in Product Markets
What is the primary objective that consumers are assumed to pursue in economic theory?
Show the answer
Consumers are assumed to seek to maximise satisfaction or utility. -
Demand and Supply in Labour Markets
What does it mean to say that the demand for labour is a derived demand?
Show the answer
It means the demand for labour depends on the demand for the goods or services that labour produces, rather than being demanded for its own sake. -
Resource Allocation
What does profit signal to firms in a free market economy?
Show the answer
Profit signals where consumer demand is high relative to supply, indicating which industries are most valued by consumers. -
Market Failure
In the context of market failure, what does efficiency refer to?
Show the answer
Efficiency refers to the maximisation of the sum of consumer surplus and producer surplus. -
Macroeconomic Theory (AS)
What does the circular flow of income model illustrate about an economy?
Show the answer
It shows the continuous movement of money, goods, and services between households and firms in an economy. -
Government Policy Objectives
What does economic growth mean in the technical sense used by economists?
Show the answer
A lasting expansion in what the economy is able to produce, its productive potential, as distinct from a short-run rise in measured output. -
Policy Instruments (AS)
Why do economists usually regard capital expenditure more favourably than current expenditure?
Show the answer
Capital expenditure raises the economy's productive capacity and can generate future output and tax revenue that help service the borrowing used to fund it, whereas current spending is consumed immediately.
Questions about this guide
How do you use active recall for WJEC A-Level Economics?
Answer up to 10 questions cold and closed book. Answer the same questions again open book, writing the correct answer down.
Then answer them closed book one more time. The difference between the first and third attempt is what has moved into recall.
How is WJEC A-Level Economics assessed?
WJEC A-Level Economics is assessed by 4 components: AS Unit 1 (1 hour 15 minutes, 20%); AS Unit 2 (2 hours, 20%); A2 Unit 3 (2 hours, 30%); A2 Unit 4 (2 hours 30 minutes, 30%).
What topics does the WJEC A-Level Economics active recall guide cover?
It covers Scarcity and Choice, Demand and Supply in Product Markets, Demand and Supply in Labour Markets, Resource Allocation, Market Failure, Macroeconomic Theory (AS), Government Policy Objectives, Policy Instruments (AS), International Trade (AS), Costs, Revenues and Profits, Market Structures, Macroeconomic Theory (A2), Macroeconomic Objectives (A2) and Policy Instruments (A2).
The full list is set out on this page.
Is the WJEC A-Level Economics guide a PDF?
Yes. It is a digital PDF sent to the email address on your order after purchase.
Check the address is correct at checkout, and check junk or spam if it has not arrived.
Does the guide include the answers?
Yes. Every question has its answer in the same document, grouped by topic, so step 2 of the method is done from the guide.
WJEC A-Level Economics Active Recall Guide
Every question paired with its answer, grouped by topic, ready to work in three passes.