Introduction · Web viewThe purpose of this Planning Framework is to support the teaching and learning of GCSE Economics. The Planning Framework is based on specification content

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CCEA Planning Framework for GCSE Economics

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GCSE Economics

Contents Page

Introduction 1

Unit 3:1: Basic Economic Ideas 5

Unit 3:2: Producing and Consuming 15

Unit 3:3: Financial Capability 43

Unit 3:4: Managing the Economy 53

Unit 3:5: The Global Economy 73

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IntroductionThe purpose of this Planning Framework is to support the teaching and learning of GCSE Economics. The Planning Framework is based on specification content but should not be used as a replacement for the specification. It provides suggestions for a range of teaching and learning activities which provide opportunities for students to develop their: Knowledge and understanding Subject specific skills The Cross-Curricular Skills Thinking Skills and Personal Capabilities

The Planning Framework is not mandatory, prescriptive or exhaustive. Teachers are encouraged to adapt and develop it to best meet the needs of their students.

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Subject Skills Assessed through GCSE Economics:The following skills are assessed in GCSE Economics:Students will be able to: demonstrate a wide understanding of a range of concepts, theories and

economic issues. analyse economic behaviour and its impact on the economy; and evaluate quantitative and qualitative evident effectively and

communicate decisions and make informed judgements.

Supporting the Development of Statutory Key Stage 4 Cross-Curricular Skills and Thinking Skills and Personal CapabilitiesThis specification builds on the learning experiences from Key Stage 3 as required for the statutory Northern Ireland Curriculum. It also offers opportunities for students to contribute to the aim and objectives of the Curriculum at Key Stage 4, and to continue to develop the Cross-Curricular Skills and the Thinking Skills and Personal Capabilities. The extent of the development of these skills and capabilities will be dependent on the teaching and learning methodology used.

Cross-Curricular Skills at Key Stage 4Students will be enabled to make effective use of information and communication technology in a wide range of contexts to access, manage, select and present information; including mathematical information, for example secondary research online; collation and graphical presentation of data and use of spreadsheets for financial data on a wide range of topics.

Thinking Skills and Personal Capabilities at Key Stage 4Although not statutory at Key Stage 4 this specification also allows opportunities for further development of the Thinking Skills and Personal Capabilities of Managing Information and Creativity.

Students will be able to set personal learning goals and targets to meet deadlines, for example to identify, organise and manage actions in an action plan. They will be able evaluate their responses to practice exam questions, identifying weaknesses and seeking support as required. Time management will be improved as they will be encouraged to work systematically and in an organised way to complete tasks.

Key Stage 4 Statutory Skills and Personal Capabilities

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Communication Skills Comm – T&L (Talking & Listening) W (Writing) R (Reading)

Using Mathematics UM

Using ICT UICT

Problem solving PS

Working with Others WO

Self-Management SM

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Assessment for LearningWhere reference is made to past papers throughout this Planning Framework, teachers will recognise opportunities for formative assessment activities.

Key FeaturesThe Planning Framework:

Includes suggestions for a range of teaching and learning activities which are aligned to the GCSE Economics specification content.

Highlights opportunities for inquiry-based learning. Indicates opportunities to develop subject knowledge and

understanding and specific skills. Indicates opportunities to develop the Cross-Curricular Skills and

Thinking Skills and Personal Capabilities. Provides relevant, interesting, motivating and enjoyable teaching and

learning activities which will enhance the student’s learning experience.

Makes reference to supporting resources.

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Unit 3:1Basic Economic Ideas

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Specification Content

Learning Outcomes Suggestions for Teaching and Learning Activities Supporting Cross Curricular Skills, Thinking Skills and Personal Capabilities

Basic Economic Problem

Students should be able to:

Resources and goods

Demonstrate understanding that the basic economic problem involves unlimited wants and limited resources and it results in the need for choice;

explain the concept of opportunity cost and apply it in various situations; and

use a straight-line production possibility frontier (PPF) to illustrate resource choices opportunity cost, and changes in economic growth.

Introduction to the basic economic problem.

Discuss the basic economic problem and the problem of scarcity and explain opportunity cost.

Students to be given a range of scenarios and are asked to identify the opportunity cost facing individuals or firms as a result of these actions.

Discuss the concept of straight line PPF and illustrate, explaining resource choices and opportunity cost can be represented diagrammatically.

Using figures, students to use graph paper to plot a straight line PPF and illustrate opportunity cost.

Set questions for students to illustrate: opportunity cost at different points along the

frontier; points where resources are and are not being used

efficiently; and production combinations that are not attainable with

the available resources and/or technology.

Comm, UICT

UM

PS

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Resources Question and Answers.Specimen Assessment Materials and Past Examination PapersReading:Bancroft, C., Chapman, A., & Riches, C., (2009), OCR GCSE Economics, (pp 7)Jones, R., (2010), Edexcel International GCSE Economics, (p 40-42).Articles at: www.tutor2u.net; www.economicshelp.org

Video clip from tutor 2u blog: www.tutor2u.net/economics/blog/economics-at-the-movies-utility-of-decorative-pillows

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http://www.tutor2u.net/economics/blog/economics-at-the-movies-utility-of-decorative-pillows

http://www.tutor2u.net/economics/blog/economics-at-the-movies-utility-of-decorative-pillows

http://www.economicshelp.org/

http://www.tutor2u.net/




Resources and Goods (cont.)


define the factors of production (land, labour, capital and enterprise) and their associated rewards;

demonstrate understanding how an economy decides what, how and for whom to produce;

explore different ways of making these decisions and the moral, ethical, social, legislative and cultural issues involved; and

distinguish between

Discuss the four factors of production and their associated rewards.

Student activities: Show students images of the four factors of production and ask them to classify them into the correct category.Use case study information and ask students to identify and give examples of the factors of production required for the organisation.

As a class review the problem of scarcity and that economies must make decisions about what, how and for whom to produce.

NHS scarcity task, students to match the treatment to the costs for NHS. Teachers could allocate students a budget and ask them to select treatments to provide to highlight the moral and ethical issues involved in making these decisions

Comm, UICT

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Resources and Goods (cont.)

consumer goods, capital goods and services.


classify production into primary, secondary and tertiary sectors.

Student activity: Research examples of each sector and which sector has had the most growth in the UK in recent years.

http://www.bbc.co.uk/schools/gcsebitesize/geography/economic_change/characteristics_industry_rev1.shtml

Discussion of why there has been a decline in the secondary sector and a rise in the tertiary sector in recent years in the UK.

Plenary activity: Provide students with a range of examples and ask them to classify into primary, secondary and tertiary sectors.

Worksheet available: https:// www.tutor2u.net/business/blog/lesson-worksheet-classification-of-business

Complete revision quiz:

https://www.tutor2u.net/business/quiz/gcse/economicsectors/quiz.html

Comm

UICT

Resources Horner, D., Madgett, D., & Chapman, T., (2014), AQA Economics, Oxford Press, Oxford, UK.Jones, R., (2010), Edexcel International GCSE Economics, Pearson, Essex, UK.Bancroft, C., Chapman, A., & Riches, C., (2009), OCR GCSE Economics, Pearson, London, UK.

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http://www.tutor2u.net/business/blog/lesson-worksheet-classification-of-business

http://www.tutor2u.net/business/blog/lesson-worksheet-classification-of-business






Proctor, N., Pratten, John, (2001), GCSE Economics, Tudor Educational, UK.www.bbc.co.uk; www.tutor2u.net; www.economicshelp.org www.bbc.co.uk ; www.investni .co.uk ; www.tutor2u.net;www.tutor2u.net/economics/blog/nhs-treatment-price-tags-an-exercise-for-students

Reading:Bancroft, C., Chapman, A., & Riches, C., (2009), OCR GCSE Economics, (p 4-5)Jones, R., (2010), Edexcel International GCSE Economics, (p 69-71, 48).

Question and Answers.Teacher notes and PowerpointsSpecimen Assessment Materials and Past Examination PapersReading:Bancroft, C., Chapman, A., & Riches, C., (2009), OCR GCSE Economics, (p 4-5)Jones, R., (2010), Edexcel International GCSE Economics, (p 184, 74-75).Proctor, N., Pratten, John.,(2001), GCSE Economics, (p4,8,21)www.bbc.co.uk; www.tutor2u.net; www.economicshelp.org

Articles at: www.tutor2u.net; www.economicshelp.org

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http://www.bbc.co.uk/

http://www.tutor2u.net/economics/blog/nhs-treatment-price-tags-an-exercise-for-students


http://www.investni/








Specialisation

Students should be able to: explain the concept

of specialisation;

explain how and why individuals, firms and countries specialise; and

demonstrate an understanding of how specialisation results in interdependence and the need for exchange;

demonstrate an understanding of the perspectives of different economic agents including consumers, producers and

Discuss using examples the concept of specialisation and the resulting interdependence and need for exchange. Outline the reasons for specialisation and the costs and benefits of specialisation. Discuss the perspectives of different economic agents including consumers, producers and government in relation to economic activity

Students could be given a case study on an economy who specialises in production of particular goods or services and asked to consider, in groups, why they may specialise in this area.

Students activity: research which goods and services a variety of countries specialise in.Students to undertake a thought shower where they discuss and come up with benefits and drawbacks of specialisation. Answers should be fed back to the class and the teacher should fill in gaps in understanding.

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government in relation to economic activity;

evaluate the costs and benefits of specialisation.

Resources Question and Answers.Teacher notes and PowerpointsSpecimen Assessment Materials and Past Examination Papers

Reading:Horner, D., Madgett, D., & Chapman, T., (2014), AQA Economics (p 30-31)

Bancroft, C., Chapman, A., & Riches, C., (2009), OCR GCSE Economics, (p 10-11)Jones, R., (2010), Edexcel International GCSE Economics, (p 53-57, 21).Articles at: www.tutor2u.net; www.economicshelp.org

Horner, D., Madgett, D., & Chapman, T., (2014), AQA Economics, Oxford Press, Oxford, UK.Jones, R., (2010), Edexcel International GCSE Economics, Pearson, Essex, UK.Bancroft, C., Chapman, A., & Riches, C., (2009), OCR GCSE Economics, Pearson, London, UK.Proctor, N., Pratten, John. (2001), GCSE Economics, Tudor Educational, UK.www.bbc.co.uk; www.tutor2u.net; www.economicshelp.org www.bbc.co.uk ; www.investni .co.uk ; www.tutor2u.net;

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The private and public sectors


distinguish between the private and public sectors of the economy; and

examine the economic functions of central and local government.

Using relevant examples discuss the functions of central and local government and distinguish the private and public sector

Use the CCEA classroom activity and discuss

Student discussion will be required on activities 5, 7.

Further research opportunities could be provided to students in terms of researching more roles and functions of central and local government

UICT

WO, Comm – T&L

Resources Horner, D., Madgett, D., & Chapman, T., (2014), AQA Economics, Oxford Press, Oxford, UK.Jones, R., (2010), Edexcel International GCSE Economics, Pearson, Essex, UK.Bancroft, C., Chapman, A., & Riches, C., (2009), OCR GCSE Economics, Pearson, London, UK.Proctor, N., Pratten, John. (2001), GCSE Economics, Tudor Educational, UK.www.bbc.co.uk; www.tutor2u.net; www.economicshelp.org; www.bbc.co.uk; www.investni .co.uk ; www.tutor2u.net;

Question and Answers.CCEA classroom Activity Teacher notes and PowerpointsSpecimen Assessment Materials and Past Examination PapersReading:

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Bancroft, C., Chapman, A., & Riches, C., (2009), OCR GCSE Economics, (p 8-9)Jones, R., (2010), Edexcel International GCSE Economics, (p 46, 50, 119-123).Proctor, N., Pratten, John. (2001), GCSE Economics, (p 99-100, 110-111)Articles at: www.tutor2u.net; www.economicshelp.org

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Interpreting economic data


interpret a range of simple economic data presented in a range of formats i.e. graphs, charts, tables and diagrams (this includes a basic understanding of index number form).

Review various ways of interpreting economic data and model some examples (See CCEA GCSE Economics Course Companion for details)

Interpret data from several sources. www.ons.gov.uk has excellent labour market and macroeconomic data in the form of graphs and charts in their statistical bulletins.

In groups, students could be presented with two different answers to interpreting the data and asked to choose which answer is best, explaining their reasoning why to create success criteria for interpreting economic data.

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WO

Resources Question and Answers.CCEA Course CompanionTeacher notes and PowerpointsSpecimen Assessment Materials and Past Examination PapersReading:Articles at: www.tutor2u.net; www.economicshelp.org; www.ons.gov.uk; www.bbc.co.uk/news

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http://www.ons.gov.uk/







www.bbc.co.uk; www.tutor2u.net; www.economicshelp.org; www.bbc.co.uk/news; www.ons.gov.uk

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http://www.bbc.co.uk/news





Unit 3:2Producing and Consuming

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Markets Students should be able to: demonstrate

understanding of the concepts of a market and market forces;

demonstrate understanding of the role of prices and profits in a market economy; and

explore the moral, ethical and cultural issues involved in production for profit.

Using images, illustrate different ways in which buyers and sellers of products are brought together, e.g. market stalls, labour market, retail outlet etc.

Introduce the ideas of supply and demand as market forces. The teacher could give examples of price changes in markets e.g. oil, housingTeacher to explain the signalling and rationing function of the price mechanism.

Discussion about why the prices of these goods may change?

Students to research other markets which have experienced price rises recently in the UK.

Discussion questions presented to students in groups to consider the moral, ethical and cultural issues involved in production for profite.g. should services such as healthcare and education only be provided if private profit is being made.

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Resources Reading:Jones, R., (2010), Edexcel International GCSE Economics, (p 2, 3).Articles at: www.tutor2u.net; www.economicshelp.org ; bbc.co.uk/news

Jones, R., (2010), Edexcel International GCSE Economics, Pearson, Essex, UK.Proctor, N., Pratten, John. (2001), GCSE Economics, Tudor Educational, UK.Bancroft, C., Chapman, A., & Riches, C., (2009), OCR GCSE Economics, Pearson, London, UK.

www.bbc.co.uk; www.tutor2u.net; www.economicshelp.org; www.bbc.co.uk;

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Demand Students should be able to: explain what is

meant by demand;

explain the causes and effects of;

– shifts of, and – movements along,

the demand curve;

demonstrate understanding of the meaning of price elasticity of demand (PED); and

calculate and interpret PED (from the given formula).

Discuss the concept of demand and illustrate a demand curve, explaining the relationship between price and quantity demanded.

Formula of PED explained and a calculation of price elastic demand and price inelastic demand modelled and interpreted.

Discuss the importance of PED estimates for various producers.

Students presented with images of a variety of different products e.g. luxury car, bread, butter, TV, designer handbag etc. Students to consider what factors have an impact on demand for these products. Teacher to link this to factors which shift the demand curve.

Students also to consider if price increased by 10% to what extent would demand be affected to introduce concept of PED.

UM

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UM

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Demand (cont.)


demonstrate understanding of the importance of PED for producers.

Students to be presented with scenarios for 2 products (one where demand is price elastic and one where demand is price inelastic)

Students to illustrate the demand curve for each product and explain the impact of a price rise on each product. Teacher can then introduce usefulness of these estimates to producers.

Comm - R

PS, UM

Resources Question and Answers.Teacher notes and PowerpointsSpecimen Assessment Materials and Past Examination PapersReading:Bancroft, C., Chapman, A., & Riches, C., (2009), OCR GCSE Economics, (p17-23)Jones, R., (2010), Edexcel International GCSE Economics, (p 4-11, 24-26).Proctor, N., Pratten, John.,(2001), GCSE Economics, (p 28-31,38)Articles at: www.tutor2u.net/search?q=demand; www.economicshelp.org

Horner, D., Madgett, D., & Chapman, T., (2014), AQA Economics, Oxford Press, Oxford, UK.Jones, R., (2010), Edexcel International GCSE Economics, Pearson, Essex, UK.

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Bancroft, C., Chapman, A., & Riches, C., (2009), OCR GCSE Economics, Pearson, London, UK.Proctor, N., Pratten, John, (2001), GCSE Economics, Tudor Educational, UK.www.bbc.co.uk; www.tutor2u.net; www.economicshelp.org ; www.bbc.co.uk ; www.tutor2u.net;

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Supply Students should be able to: explain what is

meant by supply;

explain the causes and effects of;– shifts of the

supply curve; and – movements along

the supply curve;

demonstrate an understanding of the meaning of price elasticity of supply;

calculate and interpret price elasticity of supply (from a given formula).

demonstrate

Formula of PES explained and a calculation of price elastic supply and price inelastic supply modelled and interpreted.

Discuss the importance of PES estimates for producers.

Students to use data to plot a simple supply curve.

Students to complete a “thought shower” considering what factors might affect a firm’s supply of a product/service e.g. costs of production etc.Teacher may wish to provide scenarios as a basis for discussion.

Students also to calculate and interpret PES estimates.

WO

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PS, Comm – R, T&L

UM

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understanding of price elasticity of supply for producers.

Resources Question and Answers.Teacher notes and PowerpointsSpecimen Assessment Materials and Past Examination PapersReading:

Bancroft, C., Chapman, A., & Riches, C., (2009), OCR GCSE Economics, (p24-27)Jones, R., (2010), Edexcel International GCSE Economics, (p 4-12-18, 29-31).Proctor, N., Pratten, John.,(2001), GCSE Economics, (p 31-33,40)

Articles at: www.tutor2u.net/economics/topics/supply; www.economicshelp.org

Jones, R., (2010), Edexcel International GCSE Economics, Pearson, Essex, UK.Bancroft, C., Chapman, A., & Riches, C., (2009), OCR GCSE Economics, Pearson, London, UK.Proctor, N., Pratten, John, (2001), GCSE Economics, Tudor Educational, UK.www.bbc.co.uk; www.tutor2u.net; www.economicshelp.org ; www.bbc.co.uk ;

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http://www.tutor2u.net/economics/topics/supply




Price determination


analyse how changes in demand and supply establish and affect equilibrium price and quantity; and

examine how changes in a product’s market price affect market conditions in related markets.

Demonstrate how to model price determination and illustrate changes on equilibrium price and quantity.

Distinguish between complementary and substitute goods and illustrate the impact of a price change in e.g. the market for chairs, on the market conditions in related markets e.g. tables.

Students given scenarios and they must illustrate and analyse what happens in the markets. This could be completed individually or as a paired activity where one student instructs, whilst the other draws.

Scenarios could include any situation which could cause a shift in either the demand curve or the supply curve e.g. the impact of a fall in income on the market for luxury holidays.

Students could undertake a “sage and scribe” type activity. Teacher to provide one set of questions and students to take it in turns to be the sage – person describing or scribe – person drawing. The sage must instruct the scribe step by step how to construct the

PS, WO

Comm, PS, WO

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diagram to answer the question, then swap roles.

Resources Question and Answers.Teacher notes and PowerPointsSpecimen Assessment Materials and Past Examination PapersReading:Bancroft, C., Chapman, A., & Riches, C., (2009), OCR GCSE Economics, (p28-31)Jones, R., (2010), Edexcel International GCSE Economics, (p 19-23).Proctor, N., Pratten, John.,(2001), GCSE Economics, (p 33-34)

Articles at: www.tutor2u.net/economics; www.economicshelp.org

Jones, R., (2010), Edexcel International GCSE Economics, Pearson, Essex, UK.Proctor, N., Pratten, John, (2001), GCSE Economics, Tudor Educational, UK.Bancroft, C., Chapman, A., & Riches, C., (2009), OCR GCSE Economics, Pearson, London, UK.www.bbc.co.uk; www.tutor2u.net; www.economicshelp.org ; www.bbc.co.uk ;

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http://www.tutor2u.net/economics




The labour market

Students should be able to: demonstrate

understanding of wage determination using simple demand and supply analysis;

analyse differences in wage rates;

explore the moral, ethical and social issues involved in wage inequality; and

demonstrate understanding of the role of the Low Pay Commission (LPC).

Illustrate wage determination in an industry using simple demand and supply analysis.

Present students with a range of different job roles e.g. cleaner, professional footballer, nurse etc. Ask students to rank occupations from best paid (per week) to worst paid.

Reveal answers and show the real wages. Encourage discussion as to why this is the case.

Using an agree – disagree continuum ask the students to mark their opinion on the extent to which they agree/disagree with a question about the moral, ethical or social issues involved in wage inequality.E.g. Professional footballers in the UK are paid too much money.

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The labour market (cont.)


explain and evaluate the advantages and disadvantages of a national minimum wage or a living wage;

demonstrate understanding of the role of trade unions;

analyse how trade unions affect the labour market; and

explore the moral and ethical issues that arise from trade union activity; and

Illustrate and explain National Minimum Wage diagram.

Explain the role of trade unions in the labour market using appropriate examples. Explain the moral and ethical issues that arise from trade union activity. Explain how population changes, including those resulting from immigration and emigration, affect product and labour market.

Students to read NMW fact file and answer questions at the end.

Students to match the trade union to the occupation e.g. ASLEF – train drivers, NUT – Teachers etc.

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analyse how population changes, including those resulting from immigration and emigration, affect product and labour markets.

Provide students with case study information about industrial action in the UK. www.tutor2u.net/economics/topics/trade-union

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http://www.tutor2u.net/economics/topics/trade-union


Resources Question and Answers.Teacher notes and PowerPointsSpecimen Assessment Materials and Past Examination Papers

Question and Answers.CCCEA NMW and Living Wage Fact fileTeacher notes and PowerpointsSpecimen Assessment Materials and Past Examination PapersReading:Bancroft, C., Chapman, A., & Riches, C., (2009), OCR GCSE Economics, (p43)Jones, R., (2010), Edexcel International GCSE Economics, (p 64-65).Horner, D., Madgett, D., & Chapman, T., (2014), AQA Economics (p37-39)

Articles at: www.tutor2u.net/economics/topics/trade-union; www.economicshelp.org

Reading:Bancroft, C., Chapman, A., & Riches, C., (2009), OCR GCSE Economics, (p41-42)Jones, R., (2010), Edexcel International GCSE Economics, (p 58-62).Horner, D., Madgett, D., & Chapman, T., (2014), AQA Economics (p37-39)Articles at: www.tutor2u.net/economics; www.economicshelp.org

Low Pay commission: www.gov.uk/government/organisations/low-pay-commission

Jones, R., (2010), Edexcel International GCSE Economics, Pearson, Essex, UK.Horner, D., Madgett, D., & Chapman, T., (2014), AQA Economics, Oxford Press, Oxford, UK.Bancroft, C., Chapman, A., & Riches, C., (2009), OCR GCSE Economics, Pearson, London, UK.www.bbc.co.uk; www.tutor2u.net; www.economicshelp.org ; www.bbc.co.uk ;

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http://www.gov.uk/government/organisations/low-pay-commission


http://www.tutor2u.net/economics





Costs, revenues and profit


explain the distinction between fixed, variable and total costs of production;

analyse and calculate the costs and revenue of a business;

construct a simple break‐even graph and label– break‐even point;– total costs (TC);– total revenue

(TR); and– profit and loss;

undertake simple break‐even analysis and examine the

Explain the distinction between fixed, variable and total costs of production. Explain the concept of break-even analysis and model a break-even graph.

Students to list as many costs for firms as possible. Then categorise them into fixed or variable costs where appropriate.

Students to calculate from a range of figures the FC, TVC, TC and TR.Students then to plot this on graph paper to create a break even graph and identify the break even point.

Provide scenarios outlining a change in costs or revenues, ask students to plot the new line and identify the new break even point.

In groups students to use business case studies to examine the impact of changing costs for firms.

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effects of cost changes or revenue changes; and

explain the importance of information on costs and revenue in business decision making.

Resources Question and Answers.Teacher notes and PowerpointsSpecimen Assessment Materials and Past Examination PapersReading:Bancroft, C., Chapman, A., & Riches, C., (2009), OCR GCSE Economics, (p 32-33)Jones, R., (2010), Edexcel International GCSE Economics, (p 78).

Articles at: www.tutor2u.net/business/topics/breakeven; www.economicshelp.org

Jones, R., (2010), Edexcel International GCSE Economics, Pearson, Essex, UK.Bancroft, C., Chapman, A., & Riches, C., (2009), OCR GCSE Economics, Pearson, London, UK.Horner, D., Madgett, D., & Chapman, T., (2014), AQA Economics, Oxford Press, Oxford, UK.www.bbc.co.uk; www.tutor2u.net; www.economicshelp.org; www.bbc.co.uk;

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http://www.tutor2u.net/business/topics/breakeven



Learning Outcomes Suggestions for Teaching and Learning Activities Supporting Key Stage 4 Statutory

Skills and Personal

CapabilitiesProductivity demonstrate

understanding of the difference between production and productivity;

explain the economic benefits of increased productivity;

Explain the difference between production and productivity. As a class watch the Tutor2U video resource and discuss.

Comm – T&LWO

analyse the following factors that influence productivity:

- workforce equality; and

- technology and investment.

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Business Growth

Students should be able to: explain how

businesses can grow:– internally through

investment; and– externally,

through integration.

analyse the advantages and disadvantages of the following types of integration:

- vertical;- horizontal;- lateral; and- conglomerate;

and

evaluate the impact of mergers and takeovers on competition in the

Explain the distinction between internal and external methods of growth and provide students with recent examples of mergers and takeovers.

Students to be provided with a case study e.g. Nissan and Mitsubishi/Sky and 21st Century Fox. They must explain the effects of the merger to producers and consumers.

Students to research recent examples of merger and takeover activity.

Students, in groups, could be asked to classify mergers and takeovers (historical and recent) into categories of takeovers or mergers and teacher to question based on which type of integration has taken place.

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market.

analyse and evaluate how business growth affects producers and consumers.

Resources Question and Answers.Teacher notes and PowerpointsSpecimen Assessment Materials and Past Examination PapersReading:Bancroft, C., Chapman, A., & Riches, C., (2009), OCR GCSE Economics, (p36-37)Jones, R., (2010), Edexcel International GCSE Economics, (p102-107).

Recent examples to be found: www.tutor2u.net/economics/topics/business-growth; www.economicshelp.org

Jones, R., (2010), Edexcel International GCSE Economics, Pearson, Essex, UK.Horner, D., Madgett, D., & Chapman, T., (2014), AQA Economics, Oxford Press, Oxford, UK.Bancroft, C., Chapman, A., & Riches, C., (2009), OCR GCSE Economics, Pearson, London, UK.www.bbc.co.uk; www.tutor2u.net; www.economicshelp.org ; www.bbc.co.uk ;Distinguishing between Production and Productivity: www.tutor2u.net/economics/reference/distinguishing-between-production-and-productivity

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http://www.tutor2u.net/economics/reference/distinguishing-between-production-and-productivity









Competition Students should be able to: explain the following

ways in which businesses can compete:– price competition;

and non‐price competition;

demonstrate understanding of what is meant by a competitive and non‐competitive market;

explain what is meant by a monopoly and an oligopoly (knowledge of theoretical models of competition, including monopolistic competition, is not

Ask the class, to define the term ‘competition’ and explain the two types of competition. Explain the difference between a competitive and non-competitive market and outline the characteristics in a monopoly and oligopoly. Explanation of why profits are lower in a competitive market.

Students to be provided with a list of ways in which businesses can compete. Students to sort these into 2 categories, price and non-price competition.

Upon knowledge of the characteristics, students to research examples of monopoly and oligopoly in real life.

Students could be provided with a case study example of either working monopoly or oligopoly and asked to evaluate impacts on profits and impacts to the consumer.

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Competition (cont.)

required); and

explain why profits are likely to be lower in a competitive market.


evaluate the economic impact of competition on the economy;

demonstrate understanding of the factors that cause internal and external economies and diseconomies of scale;

evaluate how

Explore the concepts of internal and external economies of scale.

The following article could be used as a basis for discussion of whether super schools would lead to economies or diseconomies of scale. Students could be asked to list all the advantages and disadvantages of super schools and this could be used to introduce the concept. http://www.bbc.co.uk/news/education-34486006

Article from tutor2u.net could also be used – it uses Pepsico as an example

Students to use case studies to examine reasons for and impacts of businesses increasing their scale of

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http://www.bbc.co.uk/news/education-34486006

http://www.bbc.co.uk/news/education-34486006




Competition (cont.)

economies of scale affect business behaviour;

examine how information technology affects the following:– business growth;– costs; and– revenue;

analyse and evaluate how competition affects producers and consumers.


discuss the arguments for and against the following:– privatisation;– nationalisation;

production.

Explain the arguments for and against privatisation, nationalisation, deregulation and joint arrangements, using industry examples.

Students to research examples of each of these topics.

Explain the role of the CMA and how and why public utilities are regulated.

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– deregulation; and– joint

arrangements between the private and public sectors;

demonstrate understanding of how and why public utilities are regulated (only a broad overview is required); and

demonstrate understanding of the role of the Competition & Markets Authority (CMA) (only a broad overview is required).

identify positive and negative externalities;

Complete research activity on the roles and functions of the CMA. Students to complete case study on the regulation of public utilities.

Students could be presented with the question: “Regulation of public utilities does more harm than good.” Students should be asked to place themselves along the agree – disagree continuum and asked to justify their position.

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demonstrate understanding of the difference between social and private costs and benefit;

analyse how production and consumption can result in social costs and benefits.

Resources Reading:Jones, R., (2010), Edexcel International GCSE Economics, (p 125-126).

www.gov.uk/government/organisations/competition-and-markets-authority/aboutwww.tutor2u.net/economics/reference/competition-and-markets-authority-cma

Question and Answers.Teacher notes and PowerPointsSpecimen Assessment Materials and Past Examination Papers

Reading:Bancroft, C., Chapman, A., & Riches, C., (2009), OCR GCSE Economics, (p14-15)Jones, R., (2010), Edexcel International GCSE Economics, (p109-117).

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http://www.tutor2u.net/economics/reference/competition-and-markets-authority-cma

http://www.gov.uk/government/organisations/competition-and-markets-authority/about




Articles from: www.tutor2u.net; www.economicshelp.org

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Resources (cont.)

Reading:Bancroft, C., Chapman, A., & Riches, C., (2009), OCR GCSE Economics, (p38-39)Jones, R., (2010), Edexcel International GCSE Economics, (p 82-86, 90-91).Articles from: www.economicshelp.orgRevision powerpoint from: www.tutor2u.net/business/reference/economies-of-scale

Reading:Bancroft, C., Chapman, A., & Riches, C., (2009), OCR GCSE Economics, (p 12,13)Jones, R., (2010), Edexcel International GCSE Economics, (p 129-133, 138).www.bbc.co.uk/news/business-23253370Articles from: www.economicshelp.orgRevision powerpoint from: www.tutor2u.net/business/reference/economies-of-scale

Jones, R., (2010), Edexcel International GCSE Economics, Pearson, Essex, UK.Horner, D., Madgett, D., & Chapman, T., (2014), AQA Economics, Oxford Press, Oxford, UK.Bancroft, C., Chapman, A., & Riches, C., (2009), OCR GCSE Economics, Pearson, London, UK.www.bbc.co.uk; www.tutor2u.net; www.economicshelp.org ; www.bbc.co.uk /news/business ; www.gov.uk/government/organisations/competition-and-markets-authority/about

Question and Answers.Teacher notes and PowerPointsSpecimen Assessment Materials and Past Examination PapersReading:Bancroft, C., Chapman, A., & Riches, C., (2009), OCR GCSE Economics, (p38-39)Jones, R., (2010), Edexcel International GCSE Economics, (p 82-86, 90-91).

Articles from: www.economicshelp.orgRevision powerpoint from: www.tutor2u.net/business/reference/economies-of-scale

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http://www.tutor2u.net/business/reference/economies-of-scale









http://www.bbc.co.uk/news/business-23253370




Reading:Bancroft, C., Chapman, A., & Riches, C., (2009), OCR GCSE Economics, (p 12,13)Jones, R., (2010), Edexcel International GCSE Economics, (p 129-133, 138).

Q&A article (Royal Mail): www.bbc.co.uk/news/business-23253370Articles from: www.economicshelp.orgRevision powerpoint from: www.tutor2u.net/business/reference/economies-of-scale

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Market Failure

Students should be able to: Identify, explain and

analyse, paying particular attention to pollution, traffic congestions and climate change, ways in which markets may fail to operate efficiently, including:– the production of

negative externalities;

– the under provision of merit goods;

– the over provision of demerit goods;

– the under provision of public goods and income inequality.

evaluate the

Identify, explain and analyse ways in which markets may fail, using the CCEA PowerPoint as an aid.

Students to complete the activities and case studies outlined in the CCEA market failure PowerPoint.

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potential social, environmental and ethical consequences of market failure.

Resources Question and Answers.Teacher notes and Powerpoints (including CCEA market failure Powerpoint.)Specimen Assessment Materials and Past Examination Papers

Reading:Bancroft, C., Chapman, A., & Riches, C., (2009), OCR GCSE Economics, (p69,74)Jones, R., (2010), Edexcel International GCSE Economics, (p 92-94).


Reading:Jones, R., (2010), Edexcel International GCSE Economics, (p 125-126).

www.gov.uk/government/organisations/competition-and-markets-authority/aboutwww.tutor2u.net/economics/reference/competition-and-markets-authority-cma

Jones, R., (2010), Edexcel International GCSE Economics, Pearson, Essex, UK.Horner, D., Madgett, D., & Chapman, T., (2014), AQA Economics, Oxford Press, Oxford, UK.Bancroft, C., Chapman, A., & Riches, C., (2009), OCR GCSE Economics, Pearson, London, UK.www.bbc.co.uk; www.tutor2u.net; www.economicshelp.org; www.bbc.co.uk/news/business;

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http://www.bbc.co.uk/news/business




http://www.tutor2u.net/economics/reference/competition-and-markets-authority-cma





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Correcting Market Failure


explain policies that the government can use to help correct market failure;

understand that governments’ attempts to correct market failure do not always succeed (a detailed knowledge of government action is not required); and

evaluate the effectiveness of government controls and regulation.

Outline a range of policies the government can use to correct market failure. Discuss recent examples.

Students to analyse the impact of government policies to correct market failure e.g. Public smoking ban, minimum prices on alcohol, congestion charges etc.

Students could be provided with a case of market failure and asked to rank government policies from most to least effective at correcting the market failure. They should be encouraged to justify their answers.

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Resources Question and Answers.Teacher notes and Powerpoints (including CCEA market failure Powerpoint.)Specimen Assessment Materials and Past Examination Papers

Reading:Bancroft, C., Chapman, A., & Riches, C., (2009), OCR GCSE Economics, (p74-75)Jones, R., (2010), Edexcel International GCSE Economics, (p 124-128).Information on Scotland, minimum unit alcohol pricing: www.gov.scot/Topics/Health/Services/Alcohol/minimum-pricingArticles from: www.tutor2u.net; www.economicshelp.org

Jones, R., (2010), Edexcel International GCSE Economics, Pearson, Essex, UK.Horner, D., Madgett, D., & Chapman, T., (2014), AQA Economics, Oxford Press, Oxford, UK.Bancroft, C., Chapman, A., & Riches, C., (2009), OCR GCSE Economics, Pearson, London, UK.www.bbc.co.uk; www.tutor2u.net; www.economicshelp.org; www.bbc.co.uk/news/business

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http://www.gov.scot/Topics/Health/Services/Alcohol/minimum-pricing


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Unit 3:3Financial Capability

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Money and financial Products


explain the functions that money performs in the economy;

describe how people pay for goods and services;

evaluate the following as means of payment:

- cash;- cheques;- debit cards;- store cards;

and- electronic fund

transfers; and

demonstrate knowledge and understanding of the following and make

Introduction to money and financial products

Define and explain concepts of costs, risks and return; various financial products; concept of an interest rate; role of interest rates; and interest rate differences relative to savings, borrowing and investment.

Ask students to compile a list of 20 purchases (large and small) that a family may make over a period of time.

Ask students to identify possible ways in which these items could be paid for (e.g. card, cash, credit card, store card, cheque, electronic transfer) and to justify their choice. Discuss the pros and cons of different payment methods.

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comparisons between alternatives, distinguishing between risk and return:– savings– loans– mortgages– insurance

products– shares

explain the role of interest rates, and the reasons for interest rate differences and changes; and

interpret different interest rates and analyse how they affect saving, borrowing and investment.

Student activities: students should undertake research aimed at: (i) providing examples of different financial products; (ii) explaining examples of how risk and return affect financial products; and (iii) provide examples of different interest rates supported with reference to a range of different financial products used by individuals.

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Resources Question and Answers and Fact File:

Teacher notes and PowerPoints

Specimen Assessment Materials and Past Examination Papers

Reading:Bancroft, C., Chapman, A., & Riches, C., (2009), OCR GCSE Economics, (pp 78-79)Horner, D., Madgett, D., & Chapman, T., (2014), AQA Economics, (pp. 17-23)Ward, A. (2016), An Introduction To Personal Finance, 4th Edition, (pp. 75-77; 115-117; 91-93; 137-138; 183-185)Articles at: www.tutor2u.net; www.economicshelp.org; www.moneyadviceservice.org.uk/en

Hall A., & Dorling Kindersley, (2008), Show Me The Money, Hodder Education, London, UK.Horner, D., Madgett, D., & Chapman, T., (2014), AQA Economics, Oxford Press, Oxford, UK.Jones, R., (2010), Edexcel International GCSE Economics, Pearson, Essex, UK.Ward, A. (2016), An Introduction To Personal Finance, 4th Edition, Chartered Accountants Ireland, Dublin, Ireland.www.bbc.co.uk; www.investni .co.uk ; www.tutor2uk.net; www.moneyadviceservice.org.uk/en; www.economicshelp.org

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http://www.tutor2uk.net/



http://www.moneyadviceservice.org.uk/en






Managing Personal Finances


demonstrate understanding of why people choose to save and borrow; and

demonstrate understanding of the concept of a personal life cycle and the different stages in the cycle;

relate knowledge of financial products to an individual’s changing financial needs;

analyse basic information on cost, risk and return to inform financial choices; and

Introduction to managing personal finances.

Define and explain concepts of saving and borrowing; personal life cycle; individual financial needs and how they change over time;

Students should undertake research aimed at: (i) providing examples of different savings/borrowing products; (ii) explaining examples of how the life cycle works under different personal scenarios; (iii) providing examples of how an individual’s financial needs change over time; (iv) providing examples of the costs, risk and return relationship to inform an individual’s financial choices.

Introduction to managing personal finances.

Define and explain concepts of consumer debt; impact

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Managing Personal Finances (cont.)

demonstrate understanding of the reasons for growing consumer debt.

Students should be able to: analyse how growing

debt affects the following both positively and negatively:– consumers– producers– the economy as a

whole

evaluate sources of reliable financial information and advice;

discuss how

of growing debt levels; sources of reliable financial information; avoiding/resolving financial difficulties and ethical/other issues of debt.

Student activities: students should undertake research aimed at: (i) providing examples of consumer debt; (ii) supporting the reasons for growing levels of consumer debt; (iii) providing examples of reliable financial information; (iv) providing examples of how to avoid/ resolve financial difficulties; (v) drawing up a simple debt repayment plan; (vi) locating examples demonstrating moral, ethical and other issues associated with lending/borrowing.

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individuals can best present or resolve financial difficulties;

discuss the moral, ethical, social, legislative and cultural issues associated with lending and borrowing.

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Resources Question and Answers and Fact File:Teacher notes and PowerPointSpecimen Assessment Materials and Past Examination Papers

Reading:Economics, (pp 78-79)Horner, D., Madgett, D., & Chapman, T., (2014), AQA Economics, (pp. 8-9; 17-23)Jones, R., (2010), Edexcel International GCSE Economics, (p 153)Ward, A. (2016), An Introduction To Personal Finance, 4th Edition, (pp. 57-71)Articles at: www.tutor2u.net; www.economicshelp.org; www.moneyadviceservice.org.uk/enHall A., & Dorling Kindersley, (2008), Show Me The Money, Hodder Education, London, UK.Horner, D., Madgett, D., & Chapman, T., (2014), AQA Economics, Oxford Press, Oxford, UK.Jones, R., (2010), Edexcel International GCSE Economics, Pearson, Essex, UK.Ward, A. (2016), An Introduction To Personal Finance, 4th Edition, Chartered Accountants Ireland, Dublin, Ireland.www.bbc.co.uk; www.investni co.uk ; www.tutor2uk.net; www.moneyadviceservice.org.uk/en; www.economicshelp.org

Question and Answers and Fact File:Teacher notes and PowerPointsSpecimen Assessment Materials and Past Examination Papers

Reading:Horner, D., Madgett, D., & Chapman, T., (2014), AQA Economics, (pp. 22-24)Ward, A. (2016), An Introduction To Personal Finance, 4th Edition, (pp. 91-110)Articles at: www.tutor2u.net; www.economicshelp.org; www.moneyadviceservice.org.uk/enHorner, D., Madgett, D., & Chapman, T., (2014), AQA Economics, Oxford Press, Oxford, UK.Ward, A. (2016), An Introduction To Personal Finance, 4th Edition, Chartered Accountants Ireland, Dublin, Ireland.www.bbc.co.uk; www.investni .co.uk ; www.tutor2uk.net; www.moneyadviceservice.org.uk/en; www.economicshelp.org

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Financial Services Industry


demonstrate understanding of the financial services industry’s contribution to the UK economy;

demonstrate understanding of market failure in the financial sector and how this affects consumers and sellers of financial products (only a broad overview is required); and

demonstrate understanding that the financial services sector is regulated

Introduction to the financial services industry.

Discuss the nature of the financial services industry and its contribution to the UK economy; explain concept of market failure and how it might apply in relation to consumers/sellers of financial products/services and explain how the FSI is regulated in the UK.

Students should undertake research aimed at: (i) providing examples demonstrating nature of the FSI; (ii) supporting the contribution of the FSI to the UK economy; (iii) providing examples of market failure in relation to financial markets and how it might impact consumers/sellers; (iv) providing examples the ways in which the financial services industry in the UK is regulated. Consider group work.

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to protect consumer interests and ensure economic stability.

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Resources Question and Answers and Fact File; Teacher notes and PowerpointsSpecimen Assessment Materials and Past Examination Papers

Reading:Horner, D., Madgett, D., & Chapman, T., (2014), AQA Economics, (pp 71-72).Jones, R., (2010), Edexcel International GCSE Economics, (pp. 49-50).Ward, A. (2016), An Introduction To Personal Finance, 4th Edition, (pp. 221-229)Articles at: www.tutor2u.net; www.economicshelp.org; www.moneyadviceservice.org.uk/en

Horner, D., Madgett, D., & Chapman, T., (2014), AQA Economics, Oxford Press, Oxford, UK.Jones, R., (2010), Edexcel International GCSE Economics, Pearson, Essex, UK.Ward, A. (2016), An Introduction To Personal Finance, 4th Edition, Chartered Accountants Ireland, Dublin, Ireland.www.bbc.co.uk; www.investni .co.uk ; www.tutor2uk.net; www.belfasttelegraph.co.uk; www.economicshelp.org

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http://www.belfasttelegraph.co.uk/








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Unit 3:4Managing the Economy

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Circular Flow of Income


understanding of the circular flow model; and

examine how the economic activity of households, firms and the government causes the following:- injections into the

circular flow through consumption investment and exports, and

- leakages from the circular flow through savings, taxation and imports.

examine the effects of these injections and leakages.

Explain and discuss the circular flow of income

Outline the impact of injections and leakages on the position of the macroeconomy.

Students to complete the activities outlined within the CCEA powerpoint.

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Resources Question and Answers.Teacher notes and Powerpoints (including CCEA circular flow of income Powerpoint.)Specimen Assessment Materials and Past Examination PapersReading:Proctor, N., Pratten, John.,(2001), GCSE Economics, (p 47-50)Articles from: www.tutor2u.net; www.economicshelp.orgProctor, N., Pratten, John. (2001), GCSE Economics, Tudor Educational, UK.www.bbc.co.uk; www.tutor2u.net; www.economicshelp.org; www.bbc.co.uk/news/business

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Government Economic Objectives

Students should be able to: explain the following

key economic objectives of the government;

– sustainable economic growth;

– maintaining full employment;

– ensuring price stability;

– maintaining exchange rate stability;

– balancing the current account;

– reducing income inequality

demonstrate understanding of how economic data can be used to

Outline the key economic objectives of the government and demonstrate how the government can use policies to achieve these objectives. Show students how economic data can be used to measure the effectiveness of the policies.

Students to create classroom display whereby they can keep track and record changes in the key economic variables.

Students could be provided with graphs/numerical data showing changes in trend of each of the economic objectives from the websites suggested.A carousel activity could be undertaken whereby each table has a graph/data. Students could move round the tables and describe the trends shown at each station.Group feedback should occur and be used to draw up model answers.

Discussion of how pursuing one particular objective e.g. maintaining full employment may conflict with moral, ethical and social issues.E.g. Discuss the moral issues associated with

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Government Economic Objectives (cont.)

measure the effectiveness of government economic policy and inform policy changes.


understanding that the government can use a range of policies to achieve a key economic objective;

analyse how these key economic objectives may be related and may sometimes conflict; and

analyse the moral, ethical and social issues involved in deciding on policy priorities and resolving policy

increasing incentives to work with controversial policies such as reducing welfare benefits. Discussion to evaluate the social impact of this as well as the economic. Student should be encouraged to form a judgement using their discussion points as supporting evidence.

Using the HM Treasury website, ask students to research the government’s: general aims for the economy; achievements and targets; major policy changes; and main spending priorities.

Provide students with an economic decision, issue or event that illustrates conflicting objectives, e.g. plans for an expansion in house building versus environmental concerns, tax cuts and increases in government spending to boost economic growth versus the control of inflation. Ask students to identify the ways in which different groups might be affected and how the conflict may be reconciled.

Provide students with simplified summary data on UK economic performance over time and in comparison with other major economies. Ask students, in groups, to analyse the effectiveness of economic management.

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conflicts.Resources Jones, R., (2010), Edexcel International GCSE Economics, (p 135, 139-163).


Proctor, N., Pratten, John, (2001), GCSE Economics, Tudor Educational, UK.Jones, R., (2010), Edexcel International GCSE Economics, Pearson, Essex, UK.Bancroft, C., Chapman, A., & Riches, C., (2009), OCR GCSE Economics, Pearson, London, UK.Horner, D., Madgett, D., & Chapman, T., (2014), AQA Economics, Oxford Press, Oxford, UK.www.bbc.co.uk; www.tutor2u.net; www.economicshelp.org; www.bbc.co.uk/news/business

Moynihan and Titley (2000) Chapter 15www/hm-treasury.gov.ukTutor2u: GCSE Economics Revision Notes – The Big Picture: www.tutor2u.net

EBEA Learning Resources, GCSE Economics, The National and International Economy: www.ebea.org.uk

The UK Economy at a Glance Information Sheet – UK Trade and Investment: www.uktradeinvest.gov.uk

CCEA (2007) GCSE Economics Paper 2 Foundation, Question 4

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Economic and sustainable growth


explain what is meant by economic growth and sustainable growth;

examine the causes of economic growth;

analyse the effects of economic growth, including its social and environmental consequences; and

identify, explain and evaluate policies that a government uses to achieve economic growth.

Explain the concepts of economic growth and sustainable economic growth and the policies used by a government to achieve it.

Class discussion on the benefits and drawbacks of economic growth, including social and environmental consequences.

Use the video clip: the impossible hamster to encourage discussion about rates of economic growth:www.youtube.com/watch?v=Sqwd_u6HkMo

Article which contradicts it: www.telegraph.co.uk/finance/economics/11252978/Interstellar-and-the-Impossible-Hamster-are-wrong-unlimited-growth-is-possible.html

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Resources Question and Answers.Teacher notes and Powerpoints Specimen Assessment Materials and Past Examination PapersReading:

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http://www.telegraph.co.uk/finance/economics/11252978/Interstellar-and-the-Impossible-Hamster-are-wrong-unlimited-growth-is-possible.html



http://www.youtube.com/watch?v=Sqwd_u6HkMo


Bancroft, C., Chapman, A., & Riches, C., (2009), OCR GCSE Economics, (54-57)Jones, R., (2010), Edexcel International GCSE Economics, (p 139-145).Articles from: www.tutor2u.net; www.economicshelp.org

Proctor, N., Pratten, John. (2001), GCSE Economics, Tudor Educational, UK.Jones, R., (2010), Edexcel International GCSE Economics, Pearson, Essex, UK.Bancroft, C., Chapman, A., & Riches, C., (2009), OCR GCSE Economics, Pearson, London, UK.Horner, D., Madgett, D., & Chapman, T., (2014), AQA Economics, Oxford Press, Oxford, UK.www.bbc.co.uk; www.tutor2u.net; www.economicshelp.org; www.bbc.co.uk/news/business

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Unemployment

Students should be able to: define

unemployment and explain how it is measured;

examine unemployment’s negative impacts on individuals, communities and the economy as a whole;

analyse the causes of unemployment; and

identify, explain and evaluate government policies to reduce unemployment.

Define and explain how explain how unemployment is measured and discuss the causes and impacts of unemployment.

Students to come up with their own definition of unemployment and then compare it to the actual definition.

In groups, students to be given images representing the cause of unemployment and then try to explain how each image would cause unemployment e.g. structural unemployment, frictional unemployment etc.

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Bancroft, C., Chapman, A., & Riches, C., (2009), OCR GCSE Economics, (58-61)Jones, R., (2010), Edexcel International GCSE Economics, (p 155-159).

www.tutor2u.net/economics/topics/unemployment

Proctor, N., Pratten, John, (2001), GCSE Economics, Tudor Educational, UK.Jones, R., (2010), Edexcel International GCSE Economics, Pearson, Essex, UK.Horner, D., Madgett, D., & Chapman, T., (2014), AQA Economics, Oxford Press, Oxford, UK.Bancroft, C., Chapman, A., & Riches, C., (2009), OCR GCSE Economics, Pearson, London, UK.www.bbc.co.uk; www.tutor2u.net; www.economicshelp.org; www.bbc.co.uk/news/business

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http://www.tutor2u.net/economics/topics/unemployment




Inflation Students should be able to: define inflation and

explain how inflation is measured using the Consumer Prices Index (CPI);

demonstrate understanding of the main causes of inflation, including demand‐pull inflation and cost‐push inflation;

examine the costs of high inflation and the benefits of low inflation for individuals, firms and the economy as a whole; and

identify, explain and evaluate government

Define and explain how inflation is measured and the main causes of inflation. Explain the costs of high inflation and benefits of low inflation to the economy. Outline policies used to reduce inflation and evaluate their effectiveness. Class discussion.

Students to calculate the CPI rate of inflation of a basket of goods using the tutor2u activity.www.tutor2u.net/economics/reference/inflation-measuring-inflation

Students to research items which have recently entered the CPI basket of goods and goods which have left to represent the changing nature.

Class discussion on whether or not “inflation is always undesireable.”

Trends in inflation can be analysed from statistical bulletins from www.ons.gov.uk

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http://www.tutor2u.net/economics/reference/inflation-measuring-inflation

http://www.tutor2u.net/economics/reference/inflation-measuring-inflation


policies to reduce inflation.

Resources Question and Answers.Teacher notes and PowerPoints Specimen Assessment Materials and Past Examination PapersReading:Bancroft, C., Chapman, A., & Riches, C., (2009), OCR GCSE Economics, (62-65)Jones, R., (2010), Edexcel International GCSE Economics, (p 146-152).www.tutor2u.net/economics/topics/inflationwww.ons.gov.ukwww.bankofengland.co.uk

Proctor, N, Pratten, John. (2001), GCSE Economics, Tudor Educational, UK.Jones, R., (2010), Edexcel International GCSE Economics, Pearson, Essex, UK.Bancroft, C., Chapman, A., & Riches, C., (2009), OCR GCSE Economics, Pearson, London, UK.Horner, D., Madgett, D., & Chapman, T., (2014), AQA Economics, Oxford Press, Oxford, UK.www.bbc.co.uk; www.tutor2u.net; www.economicshelp.org; www.bbc.co.uk/news/business

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http://www.bankofengland.co.uk/


http://www.tutor2u.net/economics/topics/inflation




Government Policy Instruments

Students should be able to: explain how

governments and agencies regulate and control markets, for example through:– public provision;– price controls;– taxation;– subsidies; and/or– a national

minimum wage or a living wage.

explain how governments and agencies attempt to achieve their macroeconomic objectives through macroeconomic policy

Explain to students the different government policy instruments with examples of how each works in the economy.

Case studies could be provided on the NHS for public provision, minimum prices on alcohol in Scotland, Taxation and subsidies, using up to date budget information and the national minimum or living wage using the CCEA Fact file.

Students to examine the effectiveness of each policy and the impact on the economy.

Students might be presented with various taxes and must categorise them into direct or indirect taxes.

Students could be presented with a variety of statements which could be debated. Split class into groups and ask them to create notes to debate / present for their argument. E.g. in a group of 4, students could be put into pairs to debate either sided of the question.e.g. “subsidies to exporters will be the best solution to balancing the current account.”

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Fiscal Policy

demonstrate understanding of fiscal policy, including direct and indirect taxation, and government spending and borrowing.

demonstrate understanding of why and how a government achieves a balanced budget, a budget surplus or a budget deficit; and

explain how a government uses

Review and discuss the instruments of fiscal policy and the impact on the budget position. Explain the impact of fiscal policy, both expansionary and contractionary on key economic objectives.

Students to list what they think are the top areas of tax revenue and government spending. Then compare this against the actual figures. These can be found in the most recent budget statement. The Guardian also provides good graphical displays.

Students to calculate using data given, the budget position in an economy and if it is improving or deteriorating.

Students in pairs to illustrate and explain the impact of both contractionary and expansionary fiscal policy on

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fiscal policy to try to achieve its key economic objectives.

the macro economy.

Students provided with a mind map structure where they must demonstrate the impact of fiscal policy on each of the macroeconomic objectives outline in the specification.

Resources Question and Answers.Teacher notes and Powerpoints Specimen Assessment Materials and Past Examination PapersReading:Bancroft, C., Chapman, A., & Riches, C., (2009), OCR GCSE Economics, (67-68)Jones, R., (2010), Edexcel International GCSE Economics, (p 168-169).

www.hmrc.gov.uk/gds/online/new.htmTeacher notes and Powerpoints Specimen Assessment Materials and Past Examination Papers

Reading:Bancroft, C., Chapman, A., & Riches, C., (2009), OCR GCSE Economics, (76-77)Jones, R., (2010), Edexcel International GCSE Economics, (p 171-175).www.hmrc.gov.uk/gds/online/new.htmwww.ons.gov.ukwww.theguardian.comwww.ons.gov.uk

Question and Answers.

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http://www.theguardian.com/


http://www.hmrc.gov.uk/gds/online/new.htm

http://www.hmrc.gov.uk/gds/online/new.htm




Monetary Policy


understanding of monetary policy, including the role of interest rates; and the importance of the Bank of England’s base rate of interest.

understand how interest rate policy works to achieve a target rate of inflation;

explain how a government uses monetary policy to try to achieve its key economic objectives; and

explain the Bank of

Explain the instruments of monetary policy and current rates of interest and levels of QE. This can be done with the aid of the CCEA Monetary Policy PowerPoint.Explain the impact of these policies on key economic objectives

Complete the interest rate activities within the CCEA Monetary Policy PowerPoint.

Watch the video on quantitative easing. Students draw up a list of advantages and disadvantages.www.bbc.co.uk/news/business-16974497

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England’s role in implementing monetary policy (only a simple understanding of quantitative easing is required (QE).

Resources Question and Answers.Teacher notes and PowerPoints Specimen Assessment Materials and Past Examination Papers

Reading:Bancroft, C., Chapman, A., & Riches, C., (2009), OCR GCSE Economics, (78-81)Jones, R., (2010), Edexcel International GCSE Economics, (p 176-180).

www.bankofengland.co.ukwww.bbc.co.uk/news/business

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http://www.bankofengland.co.uk/




Supply-side Policy


understanding of supply‐side policies;

identify examples of supply‐side policies and explain how they work; and

describe how a government uses supply‐side policies to try to achieve its key economic objectives.

Explain the purpose of supply-side policies with the use of examples.

Students to research areas of education spending and welfare reform for the UK.

UICT

Resources Question and Answers.Teacher notes and PowerPoints Specimen Assessment Materials and Past Examination Papers

Reading:Bancroft, C., Chapman, A., & Riches, C., (2009), OCR GCSE Economics, (82-83)Jones, R., (2010), Edexcel International GCSE Economics, (180-185).

Articles: www.economicshelp.org.ukwww.tutor2u.net/economics/topics/supply-side-policies

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http://www.tutor2u.net/economics/topics/supply-side-policies

http://www.economicshelp.org.uk/




Reading:Bancroft, C., Chapman, A., & Riches, C., (2009), OCR GCSE Economics, (82-83)Jones, R., (2010), Edexcel International GCSE Economics, (180-185).

Articles: www.economicshelp.org.ukwww.tutor2u.net/economics/topics/supply-side-policies



Effectiveness of Government Policy

Students should be able to: evaluate how

changes in fiscal, monetary and supply‐side policies are likely to affect the following:– economic growth;– unemployment;

and– inflation.

Students to be presented with a grid whereby they must fill in examples of each type of policy, and the impact on each government indicator a) economic growth, b) unemployment, c) inflation.

Agree and disagree continuumDiscussion on the following topics: Expansionary monetary policy has been ineffective

at promoting growth and employment in the UK since the recession.

Fiscal Policy is the most effective of all 3 government policies

Supply side policies are most effective in improving

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http://www.tutor2u.net/economics/topics/supply-side-policies

http://www.economicshelp.org.uk/




the UK’s persistent deficit on the current account.

The following article could be provided as a case study. Students could be encouraged to illustrate the long term supply side impact but also evaluate the possible issues in terms of time, opportunity cost and possibility of government failure.https://www.theguardian.com/public-leadersnetwork/2017/apr/28/what-is-hs2-and-how-much-will-it-cost

UICT, PSComm - W

Resources Proctor, N., Pratten, John, (2001), GCSE Economics, Tudor Educational, UK.Jones, R., (2010), Edexcel International GCSE Economics, Pearson, Essex, UK.Horner, D., Madgett, D., & Chapman, T., (2014), AQA Economics, Oxford Press, Oxford, UK.Bancroft, C., Chapman, A., & Riches, C., (2009), OCR GCSE Economics, Pearson, London, UK.www.bbc.co.uk; www.tutor2u.net; www.economicshelp.org; www.bbc.co.uk/news/business

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https://www.theguardian.com/public-leadersnetwork/2017/apr/28/what-is-hs2-and-how-much-will-it-cost

https://www.theguardian.com/public-leadersnetwork/2017/apr/28/what-is-hs2-and-how-much-will-it-cost


Unit 3:5The Global Economy

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Skills and Personal

CapabilitiesBalance of Payments

Students should be able to: explain the contents

of the balance of payments current account and make basic trade calculations;

Review the contents of the balance of payments current account and trade calculations; explain the reasons for a UK current account deficit; evaluate policies that can be used to correct trade imbalances.

Student activities: students should undertake research aimed at: (i) understanding the contents of the balance of payments; (ii) understanding basic trade calculations; (iii) demonstrating the reasons for a UK current account deficit; (iv) evaluating policies that can be used to correct trade imbalances; and (v) providing practical/numerical examples of UK balance of payments.

UM, UICT, PS

demonstrate understanding of the reasons for a UK current account deficit;

Question and Answers and Fact File; Teacher notes and Powerpoints

Specimen Assessment Materials and Past Examination Paper

Reading: Students read following sources and create a table to highlight advantages and disadvantages of various strategies.

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Skills and Personal

Capabilities evaluate policies

that can be used to correct trade imbalances.

Bancroft, C., Chapman, A., & Riches, C., (2009), OCR GCSE Economics, (pp. 112-115)Jones, R., (2010), Edexcel International GCSE Economics, (pp. 137; 153; 162-163)Pratten, J., & Proctor, N., (2001),GCSE Economics, (pp. 61-62; 85-87; 130-131)Articles at: www.tutor2u.net; www.economicshelp.org;

Resources Bancroft, C., Chapman, A., & Riches, C., (2009), OCR GCSE Economics, Pearson, London, UK.Pratten, J., & Proctor, N., (2001),GCSE Economics, Tudor Educational, Liverpool Academic Press, UK.Jones, R., (2010), Edexcel International GCSE Economics, Pearson, Essex, UK.www.bbc.co.uk; www.investni. Co.uk; www.tutor2uk.net; www.belfasttelegraph.co.uk; www.economicshelp.org



Skills and Personal

CapabilitiesGlobalisation Students should be

able to: demonstrate

understanding of globalisation;

Explain the concept of globalisation; review examples of globalisation and the factors that have contributed to the globalisation; demonstrating an understanding of globalisation and an analysis of moral, ethical, social and cultural issues involved in globalisation...

analyse the factors that have contributed to

Student activities: students should undertake research aimed at: (i) providing examples globalisation; (ii) demonstrating an understanding of globalisation; (iii)

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globalisation; providing examples of the factors which contribute to globalisation; and (iv) providing examples which support an analysis of the moral, ethical, social and cultural issues involved in globalisation.

demonstrate understanding of globalisation and analyse the moral, ethical, social and cultural issues involved

Question and Answers and Fact File; Teacher notes and Powerpoints

Specimen Assessment Materials and Past Examination Papers

SM

Reading: Students create a mindmap.Bancroft, C., Chapman, A., & Riches, C., (2009), OCR GCSE Economics, (pp. 94-95; 124-125)Horner, D., Madgett, D., & Chapman, T., (2014), AQA Economics, (pp.47; 58; 60).Jones, R., (2010), Edexcel International GCSE Economics, (pp. 192-4; 201).Articles at: www.tutor2u.net; www.economicshelp.org;

Comm – RSM

Resources Bancroft, C., Chapman, A., & Riches, C., (2009), OCR GCSE Economics, Pearson, London, UK.Horner, D., Madgett, D., & Chapman, T., (2014), AQA Economics, Oxford Press, Oxford, UK.Jones, R., (2010), Edexcel International GCSE Economics, Pearson, Essex, UK.www.bbc.co.uk; www.investni. Co.uk; www.tutor2uk.net; www.belfasttelegraph.co.uk; www.economicshelp.org



Skills and Personal

CapabilitiesTrade Students should be

able to: explain the benefits

Discuss the benefits of international trade; review the causes and consequences of the changing patterns of international trade; explain the main methods of trade WO

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of international trade;

protection, for example tariffs, quotas and embargoes; explain the role of the World Trade Organisation/NAFTA in reducing trade barriers; and understand/ analyse the reasons for trade protection.

examine the causes and consequences of the changing patterns of international trade;

Students should undertake research aimed at: (i) providing examples demonstrating aim/role of EU; (ii) providing examples demonstrating the effects of EU enlargement; (iii) providing examples of impact on social, moral and other issues affecting UK economy; (iv) providing examples the ways in which the Euro affects the EU economy and (v) providing examples of the costs/benefits of EU members for the UK economy.

UICT, SM

PS

identify the main methods of trade protection, for example tariffs, quotas and embargoes;

Question and Answers and Fact File; Teacher notes and PowerpointsSpecimen Assessment Materials and Past Examination Papers

SM

explain how the following encourages free trade:- The Word

Trade Organisation (WTO) and the reduction of world trade barriers; and

Reading:Bancroft, C., Chapman, A., & Riches, C., (2009), OCR GCSE Economics, (pp. 93-107)Horner, D., Madgett, D., & Chapman, T., (2014), AQA Economics, (pp. 46-49).Jones, R., (2010), Edexcel International GCSE Economics, (pp. 162; 206-211).Articles at: www.tutor2u.net; www.economicshelp.org;

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Skills and Personal

Capabilities– Customs unions

or free trade areas such as the European Union (EU) and the North American Free Trade Agreement (NAFTA); and

Student tasks (i) in groups of 3-4, identify/agree or an object/item which has been imported to NI from outside the EU, and bring it to class (e.g. mobile phone, banana); summarise key issues such as brand name, origin, likely import duties; the impact of free trade agreements to facilitate the import to NI, the likely impact on balance of trade for UK of the import of such items; (ii) in groups of 3-4, identify/select an exported item which is exported from NI (e.g. NI beef exports, buses); summarise the “Top 5’ reasons (on a powerpoint slide for presentation to rest of class) why the importing country might wish to opt for trade protection; (iii) using the object/item identified above, consider inviting a representative from a business which exports its product range to discuss the practical issues facing the business as it engages in international trade – you should prepare a list of 3 key questions in advance for discussion with the guest speaker, aimed enhancing your understanding of trade activities. Make a note of the answers and summarise the key discussion points as a class group.

WO

PS

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WOComm - W

demonstrate understanding of and analyse the reasons for trade protection.

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Skills and Personal

CapabilitiesResources Bancroft, C., Chapman, A., & Riches, C., (2009), OCR GCSE Economics, Pearson, London, UK.

Horner, D., Madgett, D., & Chapman, T., (2014), AQA Economics, Oxford Press, Oxford, UK.Jones, R., (2010), Edexcel International GCSE Economics, Pearson, Essex, UKwww.bbc.co.uk; www.investni. Co.uk; www.tutor2uk.net; www.belfasttelegraph.co.uk; www.economicshelp.org

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http://www.belfasttelegraph.co.uk/







Skills and Personal

CapabilitiesExchange Rates


understanding of the term exchange rate;

Explain the term exchange rates; review how exchange rates are determined through the interaction of supply and demand; analyse the factors which cause such values to change; and evaluate how exchange rate changes affect trade and the economy as a whole.

demonstrate understanding of how exchange rates are determined through the interaction of demand and supply;

Activity: Students should undertake research aimed at: (i) understanding the concept of an exchange rate; (ii) providing examples demonstrating various exchange rates and how they are determined; (iii) providing examples analysing the factors causing changes in exchange rates; and (iv) providing examples which help evaluate how exchange rate changes affect trade and the economy as a whole.

UICT, PS

analyse the factors that cause this value to change;


UM, SM

evaluate how exchange rate changes affect trade and the economy as a whole.

Read the following sources. In groups students describe different scenarios based on a following £ strategy and a using £ strategy against the Euro. Bancroft, C., Chapman, A., & Riches, C., (2009), OCR GCSE Economics, (pp. 116-119)Horner, D., Madgett, D., & Chapman, T., (2014), AQA

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Economics, (pp. 50-52; 86).Jones, R., (2010), Edexcel International GCSE Economics, (pp. 230-236).Pratten, J., & Proctor, N., (2001),GCSE Economics, (pp. 62; 89-91)Articles at: www.tutor2u.net; www.economicshelp.org;

Resources Bancroft, C., Chapman, A., & Riches, C., (2009), OCR GCSE Economics, Pearson, London, UK.Horner, D., Madgett, D., & Chapman, T., (2014), AQA Economics, Oxford Press, Oxford, UK.Jones, R., (2010), Edexcel International GCSE Economics, Pearson, Essex, UK.Pratten, J., & Proctor, N., (2001),GCSE Economics, Tudor Educational, Liverpool Academic Press, UK; www.bbc.co.uk; www.investni. Co.uk; www.tutor2uk.net; www.belfasttelegraph.co.uk; www.economicshelp.org

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Skills and Personal

CapabilitiesDevelopment Students should be

able to: analyse the

characteristics of developing and developed countries;

Explain and discuss the characteristics of developing/developed countries; review the concept of sustainable development; discuss the arguments and against foreign aid for developing countries; discuss the role of the International Monetary Fund (IMF) and World Bank in the global economy; and evaluate how trade and aid impact economic development, including moral, ethical, social environmental and cultural issues.

demonstrate understanding of sustainable development and apply the concept;

discuss the cases for and against foreign aid for developing countries;

Activity: Students should undertake research aimed at: (i) providing examples of developing and developed countries; (ii) providing examples of sustainable development; (iii) providing examples supporting the arguments for /against foreign aid for developing countries; (iv) providing examples the ways in which the IMF/World Bank support the global economy; and (v) providing examples supporting the impact of trade and aid on economic development, highlighting the moral, ethical, social, environmental and cultural issues involved.

UICT, WO, PS

demonstrate understanding of the role that the International Monetary Fund (IMF) and the World Bank play in the


Read the following sources, then create a mindmap to illustrate and summarise trade and aid issues

SM

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Skills and Personal

Capabilitiesglobal economy;

evaluate how trade and aid affect economic development, including moral, ethical, social, environmental and cultural issues involved.

Reading:Bancroft, C., Chapman, A., & Riches, C., (2009), OCR GCSE Economics, (pp. 56-57; 126-133)Horner, D., Madgett, D., & Chapman, T., (2014), AQA Economics, (pp. 57).Jones, R., (2010), Edexcel International GCSE Economics, (pp. 76-77;203-207; ;225-229).

Resources Bancroft, C., Chapman, A., & Riches, C., (2009), OCR GCSE Economics, Pearson, London, UK.Horner, D., Madgett, D., & Chapman, T., (2014), AQA Economics, Oxford Press, Oxford, UK.Jones, R., (2010), Edexcel International GCSE Economics, Pearson, Essex, UK; www.bbc.co.uk; www.tutor2u.co.uk; www.economicshelp.org

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European Union

Students should be able to: describe the EU’s

aims and role;

examine the effects of EU enlargement;

analyse the EU’s effects on the UK economy and other economies, including its social, cultural and legislative implications; and

evaluate how the euro affects the UK economy and Eurozone economies.

Review the aims/ role of the EU; discuss the effects of EU enlargement; analyse the effect of EU on UK and other economies; evaluate how the euro affects the UK economy and evaluate the costs/benefits of EU membership for the UK economy.

Activity: students should undertake research aimed at: (i) providing examples demonstrating aim/role of EU; (ii) providing examples demonstrating the effects of EU enlargement; (iii) providing examples of impact on social, moral and other issues affecting UK economy; (iv) providing examples the ways in which the Euro affects the EU economy and (v) providing examples of the costs/benefits of EU members for the UK economy.

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EU (cont.)


Evaluate the costs and benefits of EU membership for the UK economy.

Student tasks: (i) in groups of 3-4, identify/agree 1 project which has received EU funding (e.g. a recent road project, charity funded project) or an item imported from within the EU; (ii) in groups of 3-4, identify and evaluate the likely costs/benefits of EU membership to the UK economy as a result of EU involvement in your chosen project/item imported; (iii) using the object/item identified above, consider inviting a leading economic advisor from a local bank/council/professional body (e.g. Farmers Union) to discuss the practical issues of EU membership- you should prepare a list of 3 key questions in advance for discussion with the guest speaker, aimed at enhancing your understanding of costs/benefits of EU membership. Make a note of the answers and summarise the key discussion points as a class group.

WO, PS

Comm – T&L

SM

Resources Question and Answers and Fact File; Teacher notes and PowerpointsSpecimen Assessment Materials and Past Examination Papers

Reading:Bancroft, C., Chapman, A., & Riches, C., (2009), OCR GCSE Economics, (pp. 108-111)Horner, D., Madgett, D., & Chapman, T., (2014), AQA Economics, (pp 82-86).

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Jones, R., (2010), Edexcel International GCSE Economics, (pp. 218-9; 223; 228).Articles at: www.tutor2u.net; www.economicshelp.org

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Documents

Introduction · Web viewThe purpose of this Planning Framework is to support the teaching and learning of GCSE Economics. The Planning Framework is based on specification content