GCSE ECONOMICS: SCHEME OF WORK September 2012

Transcription

1 GCSE ECONOMICS: SCHEME OF WORK September 2012 This scheme is intended for use with students following the OCR Economics Specification J320. AIMS 1. To foster an interest in and enjoyment of Economics so that students are given the opportunity to achieve their full potential. 2. To enable students to understand better the world in which they live so that they can participate in decision making as consumers, producers and citizens. 3. To provide students with knowledge and understanding of the key principles and concepts in micro-economic and macro-economic theories and their applications to a range of contexts. 4. To provide students with the necessary skills to apply economic principles to processes, institutions, problems and policy debates. 5. To develop the ability to communicate accurately and effectively in using knowledge and ideas in verbal, numerical, written, diagrammatic and graphical ways. 6. To encourage students to think from an economics perspective. 7. To encourage students to look critically at the basic economic models. OBJECTIVES Students should be able to:- 1. Understand the basic economic problem of allocating scarce resources and ways in which it may be resolved. 2. Develop knowledge and a critical understanding of the main aspects of the UK economy with reference to individuals, groups and organisations within the local, national and international community. 3. Develop an awareness of major issues of economic policy within the UK. 4. Develop a knowledge and understanding of basic economic terminology, the tools of economic analysis and the ability to use and apply them correctly in a range of contexts. 5. Develop skills of numeracy, literacy, selection and employment of relevant sources of information, presentation and interpretation. 6. Distinguish between facts and opinions, and to evaluate quantitative and qualitative data in order to help build arguments and make informed judgements. 7. Understand the limitations of economic methods. 8. Appreciate the perspectives of a range of stakeholders in relation to the environment, individuals, society, government and enterprise. 1

2 In general the course will be taught in the context of the UK economy and its institutions, although where appropriate information on the European Union and other national economies will be used. Textbook to be issued to students: OCR GCSE Economics C. Bancroft, A. Chapman & C. Riches (BCR) 2

3 IV YEAR Autumn Term Unit A591: How the Market Works Resources 1. What is the economic problem? (3/4 weeks) i. The economic problem of scarcity BCR 1.1, 1.2 FOW 1(V) ii. Economic resources - the factors of production BCR 1.1 iii. - the importance of capital (including depreciation) FOW 4(V) RWV 3(V) iv. Choice and opportunity cost BCR 1.2 v. Economic decision making - principle of rationality - internal costs and benefits - external costs and benefits - social costs & benefits vi. Economic decisions on resource allocation - what, how & for whom to produce BCR 1.2 vii. Key features of resource allocation - free market economy BCR planned economy FOW 10(V) - mixed economy Getting The Right Mix (V) viii. Advantages and disadvantages of a free market economy ix. Role of government in UK economy - the budget & macroeconomic management - market failure - income redistribution Unit test 1 2. What are competitive markets? (7/8 weeks) Op of economy (V) FOW 10(V) Made of Money (V) i. Competitive markets - definition BCR 2.1 ii. Consumers and demand - definition BCR 2.3, Law of Demand FOW 8(V) - individual & market demand curves & schedules - conditions of demand iii. Producers and supply - definition BCR 2.6, - Law of Supply FOW 9(V) - individual & market supply curves & schedules - conditions of supply iv. Price determination - market equilibrium BCR 2.8, market disequilibrium Simple S & D (V) - effects of changing market conditions Fruit Shop - impact of competition on price Economics (V) - effects of taxes and subsidies - effects of maximum & minimum prices 3

4 v. Price elasticity of demand - definition BCR formula What Gives (V) - calculations - relationship with demand curve - determinants - relationship with revenue vi. Price elasticity of supply - definition BCR formula - calculations - relationship with supply curve - determinants Unit test 2 vii. The competitive market - assumptions for perfect competition BCR methods of competition RWV 5(V) - implications of competition for business - implications of competition for consumers viii. The monopoly market - definition of monopoly BCR causes of monopoly RWV (V) - consequences of monopoly Dispatches: - role of government in promoting competition Tesco (V) Unit test 3 Spring Term 3. How do firms operate in competitive markets? (10/11 weeks) i. Definition and aim of production - production chains BCR capital/labour intensity Key Stge Comedy: - primary, secondary & tertiary industry Bus. basics (D) ii. Organisation of production - the division of labour by product & by process BCR 1.4 RWV 2(V) - advantages & disadvantages FOW 2 & 3(V) iii. Production and exchange - barter & its problems BCR functions & characteristics of money FOW 6 & 7 (V) iv. Private and public sector production (key differences between) - definition of private & public sector BCR 1.2, 1.3 Bus. Org. (V) - types of firm What is a Bus.? (V) - ownership & control Bus. Finance (V) - aims of firms Org. Compared (V) - finance (role of shares) v. Costs of production - definitions & calculations of fixed, variable, total & average costs BCR 3.1 vi. Revenue from production - definitions & calculations of total & average BCR 3.1 revenue vii. Profits - definition & calculation BCR profit & other objectives of businesses Unit test 4 4

5 viii. Productivity - definition BCR difference between production & productivity - causes of productivity improvements (specialisation, factor substitution, worker involvement) - impact of competitive forces on the need for increased productivity ix. Growth of firms - methods of growth BCR 3.3, reasons for growth RWV 1(V) - internal economies & diseconomies of scale Key Stge Comedy: - external economies & diseconomies of scale Econs of scale (D) - costs & benefits of growth for a business x. Product markets - role & operation of product markets - benefits & limitations of product markets xi. Rewards for labour - identify difference between gross & net income BCR identify difference between real & nominal income - non-monetary rewards xii. Determination of wages in an occupation - demand for labour - supply of labour - labour market equilibrium xiii. Wage differentials - identify differentials within and between occupations BCR reasons for differentials xiv. The national minimum wage - definition of national minimum wage BCR advantages of national minimum wage - disadvantages of national minimum wage Unit test 5 Summer Term Unit A592: How the Economy Works 4. What are the economic objectives of a government? (7/8 weeks) i. Objectives of government policies - macroeconomic policy objectives BCR policies & policy combinations to achieve objectives ii. Economic growth - definition of economic growth BCR 4.2, measurement of economic growth - distinction between GDP & GDP per capita - recent UK economic growth trends - causes of economic growth - costs & benefits of economic growth - government policies to achieve economic growth 5

6 iii. Employment and unemployment - definition of employment & unemployment - measurement of unemployment - recent UK unemployment statistics - causes & types of unemployment - consequences of unemployment - government policies to reduce unemployment: demand side supply side iv. Price stability and inflation - definitions of price stability, inflation & rate of inflation - measurement of inflation by CPI - recent UK inflation statistics - causes of inflation - consequences of inflation, including the benefits of a low rate of inflation - government policies to control inflation & achieve price stability BCR 4.4 BCR 4.5, 4.6 RWV 4(V) Unit test 6 V YEAR Autumn Term 5. How does the UK government raise and spend its money? (4/5 weeks) i. Government expenditure - identify main areas of spending BCR reasons for spending (micro & macro) Red Box (V) ii. Government income - identify main sources of income BCR 5.1 iii. Taxation - reasons for taxation (micro & macro) BCR 5.1, principles of taxation Red Box (V) - classification of taxation: direct & indirect progressive, regressive & proportional - economic effects of changes in direct & indirect taxes iv. Distribution of income - definition of distribution of income BCR 5.2, measurement of distribution of income - reasons for income inequality - government measures to redistribute income - consequences of redistribution measures v. Correcting market failure - definitions (private, external & social costs & benefits) Unit test 7 BCR 5.4, 2.9 Road congest. (V) - consequences of externalities Are we there yet? - government policies to control externalities (taxation, subsidies, price control & regulation) - definitions of merit & demerit goods - government policies for merit & demerit goods Roads (V) 6

7 6. Which policies can the UK government use? (4 weeks) i. Fiscal policy - definition of fiscal policy BCR budget deficit, surplus & balance - economic effects of fiscal policy ii. Monetary & interest rate policy - definitions of money & interest rate BCR 6.2, reasons for different interest rates - definition of interest rate policy - role of Monetary Policy Committee & use of interest rates to achieve a rate of inflation target - economic effects of interest rate policy iii. Supply side policy - definition of supply side policy BCR examples of supply side policies & how they work - economic effects of supply side policy iv. Government policy conflicts - idea of policy conflict BCR trade-offs between macro objectives Unit test 8 Unit A593: The UK Economy and Globalisation 7. Why do countries trade? (6 weeks) i. Globalisation - definition of globalisation BCR 7.1, reasons for growth of globalisation Global Econ. (V) - definition of multinational company - role of multinational companies in globalisation ii. Specialisation and trade - definition of specialisation BCR principle of absolute advantage Trading Nations (V) - advantages of trade - consequences of global interdependence - negative externalities from trade iii. World Trade Organisation (WTO) - definition of free trade BCR arguments for free trade - promotion of free trade by WTO iv. Patterns of trade - definitions of an import & an export BCR 7.5, main UK imports & exports with the EU & rest of world - impact of changes in trade patterns on UK & EU - impact of China & India on world trade patterns Spring Term v. Protectionism - definition of protectionism BCR methods of protection Global Econ. (V) - reasons for protectionism - consequences of protectionism 7

8 8. Why is the UK in the European Union? (2/3 weeks) i. The European Union - background & membership of EU & euro BCR 8.1 ii. Single market - advantages & disadvantages of single market Key Stge Comedy: iii. Single currency - advantages & disadvantages of single currency EU (D) Unit test 9 Introduce case study 9. How is the UK s international trade recorded? (1/2 weeks) i. Balance of payments - components of the current account BCR calculations of balance of trade in goods, balance of trade in services & current account balance ii. Balance of payments deficit - balance of payments deficit & surplus BCR reasons for balance of payments deficit - measures to rectify balance of payments deficit 10. How important is the value of a currency? (2 weeks) i. Exchange rates - definition of exchange rate BCR 10.1 ii. Foreign exchange markets - demand for s in sterling market BCR 10.1, supply of s in sterling market - determination of exchange rate - influence of interest rate on exchange rate - impact of exchange rate changes on trade & international competitiveness 11. How does a country become more competitive? (2/3 weeks) i. Factors influencing competitiveness - wages & relative unit labour costs BCR exchange rate - productivity - other costs ii. Government policy & international - low inflation BCR 11.2 competitiveness - sustainable economic growth - incentives for investment - investment in education & training iii. The UK & globalisation - costs & benefits of globalisation to the UK BCR Why do some less developed countries struggle to achieve growth and benefit from international trade? (2 weeks) i. Poverty - definition of absolute poverty BCR definition of relative poverty - difference between absolute & relative poverty - policies to reduce poverty 8

9 ii. Limits to benefits from globalisation Summer Term - poor infrastructure, poor education & training, health & population problems, debt, weak government & corruption, low inward investment, lack of foreign currency, etc BCR What measures may be used to support growth for less developed countries? (2 weeks) i. Ways of supporting growth - aid versus trade BCR debt relief - investment in physical capital - investment in human capital - fair trade schemes - non-government organisations Unit test 10 Revision for examinations Provisional examination dates (2013) A591: How the market works Wednesday 22 nd May (pm) A592: How the economy works Wednesday 22 nd May (pm) A593: The UK economy and globalisation Monday 3 rd June (am) Review date July