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Economics

 

Unit overview - Theme 3

Theme 2: The UK Economy – Performance and Policies

Skills

Learners will develop the ability to use Macro-Economic modelling tools to explain changes in the macro economy and to make and justify policy recommendations in response to these changes

Learners will develop the ability to identify key statistical and other evidence from texts to support their arguments

Learners will develop the ability to read, interpret and discuss extended articles and Economic Texts of undergraduate level of complexity

Learners will also develop their ability to write in an analytical, academic style.

Knowledge

Government Economic objectives

Key Economic variables; Inflation, Unemployment

The Circular Flow of income Model and its links to Aggregate Demand

Aggregate Supply and equilibrium in the macro-economy

Monetary and Fiscal Policy (Drawing on Government Spending and Tax from Theme 4 and incorporating Monetarist Economic Theory from undergrad texts)

Recent UK Economic History (since 2008)

Key Macro Economic theorists (Keynes, Friedman, Marx)

Rationale

Whilst aspects of this work will be discussed and investigated during the study of theme three, this unit builds upon the micro economic work of theme 3 and applies the skills and concepts learned there to a macro-context.

This unit is very much the ‘core’ of the course and provides key grounding for A2 studies in theme 3 and theme 4 which are taught in parallel. In particular, a thorough understanding of policy objectives and macro-economic AS/AD models is essential and every learner must develop an thorough understanding of these.

By drawing upon the work of key economic philosophers and recent Economic History, learners should develop the ability to analyse economic problems in context and in abstract, preparing them properly for study at an undergraduate level.

Unit overview - Theme 4

Theme 4: A Global Perspective

Skills

Understanding of the significance of a global economic view and the ability to debate different perspectives on this

Understanding of the causes and symptoms of poverty and inequality and develop a view on strategies to best tackle this

Evaluating and analysing existing international economic constructs and institutions and suggesting change or reform

Reading of high level sources and engaging with current thinking and challenges in International and Development Economics

Writing high quality economic analysis at undergraduate level synthesising economic theories from all units

Knowledge

Theory of Comparative advantage

Terms of Trade and Specialisation

Fixed and Floating Exchange Rates

Economic co-operation including Monetary unions and Customs Unions

Restrictions on Trade

Balance of Payments

Globalisation

Poverty and inequality

Measures of development including HDI

Factors influencing Growth and Development

Role of financial markets

Role of Central banks

Role of the state and Public sector finances

Macroeconomic policies in a global context

Rationale

This unit provides both a context for learning across the other three units and an opportunity to synthesise the learning from these units into a coherent view of International Economics

There is some additional theory and content in this unit although this draws directly upon prior and parallel learning and as such, excellent teaching of this unit is required to prepare learners for the synoptic paper 3

The themes taught in this unit relate directly to Economic issues that are regularly featured in the press (trade, the EU, poverty and development, Economics and the Environment). This makes a good understanding of this unit critical to any learners studying Economics as it provides a way for them to use Economic Understanding to debate political and environmental issues demonstrating genuine learning and understanding.

For anyone wishing to read Economics at university, this unit provides an excellent window into the study of Economics at this level

knowledge Organiser

A knowledge organiser is an important document that lists the important facts that learners should know by the end of a unit of work. It is important that learners can recall these facts easily, so that when they are answering challenging questions in their assessments and GCSE and A-Level exams, they are not wasting precious time in exams focusing on remembering simple facts, but making complex arguments, and calculations.

We encourage all pupils to use them by doing the following:

  • Quiz themselves at home, using the read, write, cover, check method.
  • Practise spelling key vocabulary
  • Further researching people, events and processes most relevant to the unit.