economics for Year twelve students, teen

Y12 Economics

1. Year 12 Economics Snap SOW for each topic in chronological order : Microeconomics Economic methodology, the economic problem Price determination in a competitive market Production, costs and revenue The market mechanism Market failure and government intervention

2. Understand the economic problems lies at the heart of economics. Understand the importance of opportunity cost within the subject. AIM HIGH OPPORTUNITIES Be aware of current economic issues to find current examples of the economic problem Key words and phrases: economic problem, normative and positive statements, social science, economic methodology, free market, mixed and command economies, production possibility curve, opportunity cost, resources, factors of production. Calculation of percentage changes IMAGE GALLERY: Economic problem Economics as a social science and differences in methodology from natural and other sciences Positive and normative statements PPF and opportunity cost Allocative and productive efficiency Types of economies Tasks that will be assessed Data response questions Multiple choice questions Generic WWW/EBI Link to assessment criteria Peer & Self Assessment Reflection time Whole school literacy codes Review questions from textbook pages 15, 24, 31,32,40 Tutor2U worksheets on PPC Renewable and non-renewable resources pg. 23 AS Level Paper 1 –High Speed 2 (HS2) Revision for end of topic test NOTES: As with all economics topics, the need to learn concepts precisely in order to use them accurately is vital SnapSOW – Subject Topic: Economic methodology, the economic problem year 12 LINKS TO PREVIOUS LEARNING : Start of course but links made to preparatory work set over summer term 2020 FOCI: ​ LITERACY: ​ HOMEWORK: ​ NUMERACY: ​ ASSESSMENT: ​ RESOURCES: ​ KEY TIMELINE: ​ Powerpoints (Introduction to economics) available on SharePoint Tutor2U worksheets Textbook Year 12 Units 1-5 G-economics on- line lesson on PPC

3. Understand that prices are determined in a free market by the forces of demand and supply. Understand what causes demand and supply to change and what determines the size of price changes AIM HIGH OPPORTUNITIES Through wider reading, evaluate the importance of elasticity. Key words and phrases: demand, price determination, determinants of demand, substitutes, complements, price elasticity of demand, income elasticity of demand, cross price elasticity of demand, supply, inferior goods, normal goods, price elasticity of supply, market equilibrium, Calculate Ped, Yed , Ced Pes and explain what the figures mean. IMAGE GALLERY: Explain demand and the determinants of demand Draw the demand curve and explain shifts Calculate and explain Ped, Yed , Ced and apply to exam questions Explain factors affecting various elasticities Explain supply and the determinants of supply Draw the supply curve and explain movement/shifts Calculate Pes and apply to questions Price determination and factors affecting market price PP: Price determination in a competitive Work sheets on theory of demand, elasticities of demand, theory of supply, price elasticity of supply and equilibrium price Textbook: units 6-11 Tasks that will be assessed Data response questions Multiple choice questions Calculation questions Generic WWW/EBI Link to assessment criteria Peer & Self Assessment Reflection time Whole school literacy codes Review questions from textbook page 213 Tutor2U worksheets Number crunching pg. 73 AS Level January 2010 part c The demand for and supply of fish in the UK pg. 113 Multiple choice questions –Price determination NOTES: Please ensure that all formulas are learnt and diagrams are practised carefully SnapSOW – Price determination in a competitive market year 12 LINKS TO PREVIOUS LEARNING : Link to features of a free market. 2020 FOCI: ​ LITERACY: ​ HOMEWORK: ​ NUMERACY: ​ ASSESSMENT: ​ RESOURCES: ​ KEY TIMELINE: ​

4. Understand the concepts of specialisation and division of labour and the extent to which they are beneficial to economic agents. Understand types of costs in the short run and long run. Understand types of revenue. AIM HIGH OPPORTUNITIES Through wider reading, establish how the cost curves are derived. Key words and phrases: specialisation, division of labour, short run, long run, fixed costs, variable costs, marginal costs, total costs, productivity, production, average revenue, total revenue, marginal revenue, economies of scale and diseconomies of scale, profit, normal profit, supernormal profit. Calculate Fixed costs Variable costs Marginal costs Total costs Total revenue Average revenue Marginal revenue Average total costs . IMAGE GALLERY: Distinguish production and productivity Explain specialisation and evaluate division of labour Calculate and explain fixed, variable, average total costs Explain EOS and disEOS Explain types of EOS and explain how the LRATC curve is derived Explain the types of disEOS Calculate average revenue, total revenue and marginal revenue Explain why ATR is the demand curve Calculate profit and understand supernormal PP: Costs and revenue Work sheets on specialisation and division of labour, costs table Textbook: units 12-16 Tasks that will be assessed Data response questions Multiple choice questions Calculation questions Generic WWW/EBI Link to assessment criteria Peer & Self Assessment Reflection time Whole school literacy codes Review questions from textbook pages 136, 142, 148, 158, 166, 213 Tutor2U worksheets Number crunching-cost table Economies of scale in shipping pg. 157 Multiple choice questions –Costs AS Level paper-The Apple ipad pg. 167 NOTES: Please ensure that all formulas are learnt and diagrams are practised carefully SnapSOW – Production, costs and revenue year 12 LINKS TO PREVIOUS LEARNING : Link to PPF learning. 2020 FOCI: ​ LITERACY: ​ HOMEWORK: ​ NUMERACY: ​ ASSESSMENT: ​ RESOURCES: ​ KEY TIMELINE: ​

5. Understand how the free markets and prices allocate resources. AIM HIGH OPPORTUNITIES Apply the theory above to the rise and fall of the UK coal industry Key words and phrases: the rationing function, the signalling function, the incentive function N/A IMAGE GALLERY: The rationing function The incentive function The signalling function How the price mechanism resolves the basic economic problem in a market economy PP: The functions of the price mechanism Tasks that will be assessed Essay paragraph Multiple choice questions Generic WWW/EBI Link to assessment criteria Peer & Self Assessment Reflection time Whole school literacy codes Review questions from textbook page 213 Write a paragraph on how the price mechanism would allocate resources in the NHS. NOTES: Please ensure that all in an essay these concepts are applied to the context and not just explained. SnapSOW – Market mechanism year 12 LINKS TO PREVIOUS LEARNING : Link to price determination in a free market. 2020 FOCI: ​ LITERACY: ​ HOMEWORK: ​ NUMERACY: ​ ASSESSMENT: ​ RESOURCES: ​ KEY TIMELINE: ​

6. Understand what is meant by market failure and the types of market failure. Analyse and evaluate types of government intervention. Introduce the role of behavioural economics. Define and explain the reasons and consequences of government failure. AIM HIGH OPPORTUNITIES Apply theory to current economic issues e.g. plastics Key words and phrases: market failure, partial market failure, public goods, merit goods, demerit goods, negative and positive externalities, marginal social benefit, marginal social cost, property rights, bounded rationality, bounded self control, choice architecture, framing, altruism, default choices, regulatory capture Work out the value of negative and positive externalities and social costs and social benefits. IMAGE GALLERY: Define market failure Explain the role of private and public goods. Explain merit/demerit goods Introduce diagrams of market failure Analyse market imperfections and link to market failure Introduce aspects of behavioural economic theory Explain and evaluate methods of traditional government intervention and behavioural economics Explain reasons and consequences of government failure. PP: market failure and government intervention On-line lessons: information provision, maximum and minimum prices, permits, government failure Textbook: Unit 29 Worksheets: Merit goods and demerit goods, minimum and maximum prices Tasks that will be assessed Data response questions Multiple choice questions Calculation questions Essays Generic WWW/EBI Link to assessment criteria Peer & Self Assessment Reflection time Whole school literacy codes Review questions from textbook pages 220, 226, 223,239, 245, 265 Tutor2U worksheets Multiple choice questions –Market failure Essay –June 2017, June 2018 AS data question : Charging for the NHS NOTES: Please ensure that all definitions are learnt and diagrams are practised carefully SnapSOW – Market failure and government intervention year 12 LINKS TO PREVIOUS LEARNING : Link to free market economy. 2020 FOCI: ​ LITERACY: ​ HOMEWORK: ​ NUMERACY: ​ ASSESSMENT: ​ RESOURCES: ​ KEY TIMELINE: ​

7. Unit 2 (macroeconomics) Snap SOW for each topic in chronological order : Macroeconomics The objectives of government economic policy The circular flow of income, aggregate demand and aggregate supply Economic growth and the economic cycle Inflation and deflation Employment and unemployment Macroeconomic policies

8. State the objectives of gov macroeconomic policy and understand the macroeconomic indicators. Evaluate the limitations of national income data to assess living standards Explain and calculate index data AIM HIGH OPPORTUNITIES Research current economic data to evaluate the performance of economy Key words and phrases: real GDP, real GDP per capita. CPI, RPI, claimant count, ILO, inflation, unemployment, labour market, productivity, production, current account on balance of payments, price stability, short run, long run growth, recession, budget deficit, budget surplus, equitable distribution of income. Calculate: GDP annual percentage growth Real GDP GDP per capita Current account balance Index numbers Weighted price index . IMAGE GALLERY: State macroeconomic objectives Explain the data used to measure the performance of the economy-real GDP, real GDP per capita, CPI, RPI, measures of unemployment, productivity and current a/c on BOP State the use and limitations of national income data to compare living standards over time Explain how index numbers are calculated and interpreted PP: Macroeconomic objectives and performance indicators Work sheets on national income and index numbers Textbook: units 32 and 33 Tasks that will be assessed Data response questions Multiple choice questions Calculation questions Generic WWW/EBI Link to assessment criteria Peer & Self Assessment Reflection time Whole school literacy codes Review questions from textbook pages 287,301,310 Tutor2U worksheets Number crunching-earnings in the UK 2008-2014 Multiple choice questions AS Level-Measuring the performance of the UK economy NOTES: Please ensure that all formulas are learnt and calculations are practised SnapSOW – The objectives of government economic policy year 12 LINKS TO PREVIOUS LEARNING : Link to mixed economy 2020 FOCI: ​ LITERACY: ​ HOMEWORK: ​ NUMERACY: ​ ASSESSMENT: ​ RESOURCES: ​ KEY TIMELINE: ​

9. Explain the circular flow of income model Use AD/AS diagrams to illustrate macroeconomic equilibrium AIM HIGH OPPORTUNITIES Apply to current economic situation. Key words and phrases: the circular flow of income, withdrawals/leakages, injections, aggregate demand, investment, net exports, consumption, savings, MPC, APC, capital stock, capital consumption, multiplier, marginal propensity to withdraw, aggregate supply, SRAS, LRAS, productive capacity, macroeconomic equilibrium Calculate: The multiplier using a variety of formula Apply to problem type questions. IMAGE GALLERY: Explain the circular flow of income State what is meant by AD and its determinants State factors that shifts AD and analyse these Explain the multiplier effect and calculate the value of it State the determinants of the SRAS curve and factors that shift it Explain the determinants of the LRAS curve and explain the position of the vertical LRAS Use AD/AS to show macro equilibrium. PP: The circular flow of income and AD/AS Textbook: 34-37 Worksheets on AD/AS Tasks that will be assessed Exam question on multiplier-9 mark questions Multiple choice questions Generic WWW/EBI Link to assessment criteria Peer & Self Assessment Reflection time Whole school literacy codes Review questions from textbook page 324, 341, 351, 364 Complete worksheets on aggregate demand, aggregate supply, multiplier Exam question –context 2 2019 NOTES: Ensure you learn the structure to explaining AD/AS diagrams and learn the different labels compared to a micro diagram. SnapSOW – The circular flow of income, aggregate demand and aggregate supply LINKS TO PREVIOUS LEARNING: Macroeconomic objectives 2020 FOCI: ​ LITERACY: ​ HOMEWORK: ​ NUMERACY: ​ ASSESSMENT: ​ RESOURCES: ​ KEY TIMELINE: ​

10. The focus is on analysing the different types of growth and its importance to the macroeconomy. The impact of negative and positive economic shocks is also discussed. AIM HIGH OPPORTUNITIES Apply the theory to the UK context in last 10 years Key words and phrases: short-run economic growth, long-run growth, trend rate of economic growth, the economic cycle, output gaps, negative economic shocks, positive economic shocks N/A IMAGE GALLERY: 1. Explain the difference between the short-run and long-run growth 2. Discuss the various demand-side and supply-side determinants of growth 3. Explain the economic cycle and causes of changes in the phases 4. Distinguish between positive and negative output gaps 4. Explain and illustrate positive and negative shocks 4. Discuss costs and benefits of economic growth PP: economic growth and the economic cycle Textbook: Unit 38 Worksheets: economic growth, shocks and output gaps. Tasks that will be assessed Data response questions Multiple choice questions Essay Generic WWW/EBI Link to assessment criteria Peer & Self Assessment Reflection time Whole school literacy codes Review questions from textbook page 379 Data response question 2019 Essay: Discuss the costs and benefits of economic growth Economic growth multiple choice and worksheets NOTES: Please ensure that an analysis of economic growth refers to the type of growth SnapSOW – Economic growth and the economic cycle year 12 LINKS TO PREVIOUS LEARNING : Link to AD/AS analysis 2020 FOCI: ​ LITERACY: ​ HOMEWORK: ​ NUMERACY: ​ ASSESSMENT: ​ RESOURCES: ​ KEY TIMELINE: ​

11. Understand the causes/types of inflation and the costs/benefits of inflation. AIM HIGH OPPORTUNITIES Apply the theory above to the UK in the last ten years. Key words and phrases: inflation, disinflation, deflation, demand-pull, cost-push inflation, QTM, Fischer’s equation of exchange, inflationary expectations N/A IMAGE GALLERY: Distinguish between inflation and deflation How demand-pull and cost-push influence the price level Analyse how changes in world commodity prices, and other economies affect inflation Analyse how Fischer’s equation of exchange MV= PQ Explain effects of expectations on changes in the price level Analyse effects of deflation Discuss the costs/benefits of inflation PP: Inflation EconplusDal –Causes of inflation, youtube Worksheets: Inflation and deflation Text: Unit 39 Tasks that will be assessed Essay Data response question Multiple choice questions Generic WWW/EBI Link to assessment criteria Peer & Self Assessment Reflection time Whole school literacy codes Review questions from textbook pg. 402 Worksheets : inflation, deflation, inflation and deflation Essay June 2019 a) Discuss the main causes of inflation b) Evaluate the view that inflation is always preferable to deflation Question 1-5 pg. 424 NOTES: Please ensure that in an essay these concepts are applied to the context and not just explained. SnapSOW – Inflation and deflation year 12 LINKS TO PREVIOUS LEARNING : Link to definitions of unemployment, AD/AS and measures of inflation. 2020 FOCI: ​ LITERACY: ​ HOMEWORK: ​ NUMERACY: ​ ASSESSMENT: ​ RESOURCES: ​ KEY TIMELINE: ​

12. Explain types/causes of unemployment and discuss the consequences on individuals and the economy AIM HIGH OPPORTUNITIES Apply the theory above to UK unemployment in the last 10 years. Key words and phrases: voluntary, involuntary unemployment, seasonal, frictional, structural, cyclical unemployment, real wage unemployment Calculate: Rate of unemployment Size of the labour force Rate of employment The participation rate IMAGE GALLERY: The concepts of voluntary and involuntary unemployment Explain the types of unemployment Explain why employment may be determined by demand-side and supply side- factors Discuss the consequences of unemployment for individuals and for performance of the economy PP: Unemployment Worksheets: Employment and unemployment Textbook : unit 39 Tasks that will be assessed Essays Multiple choice questions Generic WWW/EBI Link to assessment criteria Peer & Self Assessment Reflection time Whole school literacy codes Review questions from textbook page 391 Essay from exam paper June 2018 Worksheets NOTES: Please ensure that in an essay these concepts are applied to the UK context and not just explained. SnapSOW – Employment and unemployment year 12 LINKS TO PREVIOUS LEARNING : Link to macro objectives, measures of unemployment 2020 FOCI: ​ LITERACY: ​ HOMEWORK: ​ NUMERACY: ​ ASSESSMENT: ​ RESOURCES: ​ KEY TIMELINE: ​

13. Macroeconomic policy focuses on Fiscal policy Monetary policy Supply side policies AIM HIGH OPPORTUNITIES Keep informed of current economic issues and build up practical examples of these policies to use in answers. Key words and phrases: fiscal policy, indirect tax, direct tax, The Laffer curve, interest rates, crowding out, crowding in, budget deficit, budget surplus, national debt, monetary policy, quantitative easing, free market supply side policies, interventionist supply side policies, discretionary fiscal policy Calculation of percentage changes Calculations of the Multiplier Formula: Fiscal policy Evaluating Fiscal policy Monetary policy-the use of interest rates Quantitative Easing Evaluating Monetary policy Supply side policies Evaluating supply side policies Application of policies to UK economy Tasks that will be assessed Data response questions Multiplier calculation questions Essays (AO3 (15 marks) and AO4 (25 marks) Generic WWW/EBI Link to assessment criteria Peer & Self Assessment Reflection time Whole school literacy codes Objective test on economic policies Essay: Evaluate the economic consequence for the UK economy of a significant shift in the burden of taxation from indirect tax Data response exam question context 2 June 2019 NOTES: You may use a calculator for all calculation questions SnapSOW – Macroeconomic policies LINKS TO PREVIOUS LEARNING: Macroeconomic objectives 2020 FOCI: ​ LITERACY: ​ HOMEWORK: ​ NUMERACY: ​ ASSESSMENT: ​ KEY TIMELINE: ​ RESOURCES: Powerpoints on Sixth Form Online Tutor2U online lessons Tutor2u worksheets and calculation practice sheets Exam questions from exam papers made available on Sixth Form Online Textbook units Multiplier formula

14. Use AD/AS model to analyse causes of conflict in objectives in SR and LR Analyse the short-run Phillips curve and the long-run L shaped Phillips curve and its implications for economic policy. AIM HIGH OPPORTUNITIES Wider reading – use the reading list you have been sent to read around the topic Key words and phrases: The natural rate of unemployment (NRU), The short run Phillips curve, the long run Phillips curve, labour market equilibrium, money illusion, inflationary expectations, trade-off Calculation of percentage changes IMAGE GALLERY: Using AD/AS to explain conflicts in SR and LR Negative and positive output gaps Analyse both the short-run Phillips curve and long-run L-shaped Phillips curve How economic policies may be used to reconcile possible policy conflicts both in the short run and the long run. Tasks that will be assessed Data response questions Multiple choice questions Essays (AO3 (15 marks) and AO4 (25 marks) Generic WWW/EBI Link to assessment criteria Peer & Self Assessment Reflection time Whole school literacy codes Analyse the trade off using AD/AS analysis and SR/LR Phillips curves between inflation and unemployment Discuss the view that falling unemployment will inevitably lead to trade-offs with other macroeconomic policy objectives (June 2017 exam essay) NOTES: This topic needs to be learnt through the use of diagrams. These must be sufficiently practised. SnapSOW – Subject Topic: Conflicting macroeconomic objectives year 12 LINKS TO PREVIOUS LEARNING : Macroeconomic objectives including low and stable inflation, low unemployment, stable and sustained economic growth, satisfactory balance of payments, balanced budget and environmental considerations 2020 FOCI: ​ LITERACY: ​ HOMEWORK: ​ NUMERACY: ​ ASSESSMENT: ​ RESOURCES: ​ KEY TIMELINE: ​ Powerpoints (conflict of macroeconomic objectives) available on Sixth Form Online On-line lesson on Sixth Form Online Tutor2U worksheets Textbook Year 13 Unit 43 G-economics on- line lesson on SRPC and LRPC

15. SnapSOW Economics year 12 Economics Summer term: 2 topics covered: Macroeconomic policies Conflicting macroeconomic objectives

16. Macroeconomic policy focuses on Fiscal policy Monetary policy Supply side policies AIM HIGH OPPORTUNITIES Keep informed of current economic issues and build up practical examples of these policies to use in answers. Key words and phrases: fiscal policy, indirect tax, direct tax, The Laffer curve, interest rates, crowding out, crowding in, budget deficit, budget surplus, national debt, monetary policy, quantitative easing, free market supply side policies, interventionist supply side policies, discretionary fiscal policy Calculation of percentage changes Calculations of the Multiplier Formula: Fiscal policy Evaluating Fiscal policy Monetary policy-the use of interest rates Quantitative Easing Evaluating Monetary policy Supply side policies Evaluating supply side policies Application of policies to UK economy Tasks that will be assessed Data response questions Multiplier calculation questions Essays (AO3 (15 marks) and AO4 (25 marks) Generic WWW/EBI Link to assessment criteria Peer & Self Assessment Reflection time Whole school literacy codes Objective test on economic policies Essay: Evaluate the economic consequence for the UK economy of a significant shift in the burden of taxation from indirect tax Data response exam question context 2 June 2019 NOTES: You may use a calculator for all calculation questions Y12 SnapSOW – Macroeconomic policies LINKS TO PREVIOUS LEARNING: Macroeconomic objectives 2020 FOCI: ​ LITERACY: ​ HOMEWORK: ​ NUMERACY: ​ ASSESSMENT: ​ KEY TIMELINE: ​ RESOURCES: Powerpoints on Sixth Form Online Tutor2U online lessons Tutor2u worksheets and calculation practice sheets Exam questions from exam papers made available on Sixth Form Online Textbook units Multiplier formula

17. Use AD/AS model to analyse causes of conflict in objectives in SR and LR Analyse the short-run Phillips curve and the long-run L shaped Phillips curve and its implications for economic policy. AIM HIGH OPPORTUNITIES Wider reading – use the reading list you have been sent to read around the topic Key words and phrases: The natural rate of unemployment (NRU), The short run Phillips curve, the long run Phillips curve, labour market equilibrium, money illusion, inflationary expectations, trade-off Calculation of percentage changes IMAGE GALLERY: Using AD/AS to explain conflicts in SR and LR Negative and positive output gaps Analyse both the short-run Phillips curve and long-run L-shaped Phillips curve How economic policies may be used to reconcile possible policy conflicts both in the short run and the long run. Tasks that will be assessed Data response questions Multiple choice questions Essays (AO3 (15 marks) and AO4 (25 marks) Generic WWW/EBI Link to assessment criteria Peer & Self Assessment Reflection time Whole school literacy codes Analyse the trade off using AD/AS analysis and SR/LR Phillips curves between inflation and unemployment Discuss the view that falling unemployment will inevitably lead to trade-offs with other macroeconomic policy objectives (June 2017 exam essay) NOTES: This topic needs to be learnt through the use of diagrams. These must be sufficiently practised. SnapSOW – Subject Topic: Conflicting macroeconomic objectives year 12 LINKS TO PREVIOUS LEARNING : Macroeconomic objectives including low and stable inflation, low unemployment, stable and sustained economic growth, satisfactory balance of payments, balanced budget and environmental considerations 2020 FOCI: ​ LITERACY: ​ HOMEWORK: ​ NUMERACY: ​ ASSESSMENT: ​ RESOURCES: ​ KEY TIMELINE: ​ Powerpoints (conflict of macroeconomic objectives) available on Sixth Form Online On-line lesson on Sixth Form Online Tutor2U worksheets Textbook Year 13 Unit 43 G-economics on- line lesson on SRPC and LRPC