Price
Students will learn to explain price as a reflection of worth and its role in determining an efficient distribution of resources whilst being able to draw and analyse the interaction of supply and demand which will determine equilibrium price and quantity. Students will have the opportunity to answer a series of multiple-choice questions on the topic of price and also one extended written question based on equilibrium price and quantity change in diesel-powered vehicles.
Competition
In this unit, students will learn to explain competition between producers in a marketplace including the reasons why producers compete and to be able to analyse how competition can affect pricing strategies. Pupils will have a series of multiple-choice questions to answer on the topic of competition whilst also having the opportunity to complete a six-mark question evaluating the economic impact of competition on consumers.
Production
Students will learn to evaluate the importance of production and productivity for the economy whilst learning mathematical formulae such as revenue, costs, averages, profit, loss and how these can affect overall supply for firms. Pupils will be given a series of multiple-choice questions that will test their knowledge on production whilst also having the opportunity to answer a six-mark question on evaluating the importance for producers to always make a profit.
The Labour Market
Pupils will be able to explain the role and operation of the labour market, including the interaction between workers and employers whilst being able to analyse the determination of wages/salaries through supply and demand diagrams. Students will sit an end of unit test consisting of a series of multiple-choice questions and a six-mark question analysing how an increase in demand for British made electric vehicles could affect the demand for labour.
The Role of Money and Financial Markets
Students will be able to explain the role of money as a medium of exchange whilst learning about the financial sector and their role in the economy such as commercial banks, the central bank, insurance companies and building societies. There will be an end of unit test comprising of multiple-choice questions on the topic of financial markets and a chance to complete a six-mark question evaluating the importance of the financial sector for producers.
Economic Growth
Students will explore what is meant by the term economic growth and learn the differing ways that gross domestic product can be mathematically calculated and measured along with analysing historical GDP data. Students will complete an end of unit test with a series of multiple-choice questions, some mathematical problem-solving questions to respond to and a chance to answer a six-mark question on how the determinants of economic growth can lead to an increase in output in an economy.
Low Unemployment
Pupils will explore the different types of unemployment along with evaluating the causes and consequences of unemployment for individuals, regions, countries and the government. Students will sit an end of unit test consisting of multiple-choice questions on the topic of low unemployment, numerous mathematical questions regarding the claimant count and unemployment rate and a six-mark question related to the difficulties that unemployment poses to the government.
Fair Distribution of Income
Students will be able to explain what is meant by the distribution of income, including different types of income and knowing the major differences between income and wealth whilst evaluating the causes of these differences and the consequences this has on the economy. Students will sit an end of unit test consisting of multiple-choice questions on distribution of income, numerous mathematical questions on differences of income and wealth and pupils will also have the opportunity to answer a six-mark question analysing why households in the UK may have differing incomes.
Price Stability
Pupils will be able to explain what is meant by price stability, inflation, including the difference between real and nominal values whilst evaluating the causes of inflation and the subsequent consequences that this will have for consumers, producers, savers and the government. The assessment will consist of multiple choice questions based on price stability, frequent mathematical questions based on inflation, real and nominal values from the consumer price index along with a chance to answer a six-mark question on the consequences of inflation for the government.
Fiscal Policy
Students will be exploring the purposes of government spending and sources of government revenue, including direct/indirect taxation to achieve economic objectives whilst studying the costs and benefits that fiscal policy brings on the economy. Pupils will sit an end of unit test comprising of multiple choice questions, numerous mathematical questions focusing on budget deficits/surpluses and a chance to answer a six-mark question on how fiscal policy can help achieve a low level of unemployment.