One of the discipline assessments selected for the OECD's Assessment of Higher Education Learning Outcomes (AHELO) Feasibility Study focuses on the development of an assessment in Economics. This assessment is designed to measure the skills and knowledge of final-year first cycle (Bachelor degree) university students and to be suitable for translation and use in a range of countries and languages. Development of the Economics Assessment Framework and Economics Assessment took place between July and December 2010 and this report details their evolution. The Assessment Framework defines the domain to be tested and specifies the expected learning outcomes for students in the target group. The Economics Assessment comprises both a constructed response task and multiple choice items and is designed to be used in a 90 minute time period.