Fiscal Policy
Students will learn about how the government uses taxation and spending to improve economical growth and sustainability to fully evaluate how this impacts different economical groups. Students will have the opportunity to answer an extended six-mark question on how progressive taxes can help redistribute wealth and income as well as a series of multiple-choice questions based on the topic of the fiscal policy.
Monetary Policy
Pupils will be engaging with how the central bank manipulates the interest rates to influence how much money is in a country’s economy and evaluating how this affects consumers saving and borrowing. There will be a six-mark question for them to complete evaluating the effects of a rise in interest rates on consumer spending and saving as well as a series of multiple-choice questions on the topic of the monetary policy.
Supply-side Policy
The students will be exploring the range of differing policies that the government introduce to try and increase aggregate supply through increasing the quality of production and efficiency for the economy and evaluating how this impacts differing economic groups. The pupils will have an opportunity to tackle a six-mark question on evaluating how supply-side policies help tackle inflation and increasing employment along with a series of multiple-choice questions on the topic of the supply-side policies.
Limitations of Markets
Students will be able to explain government policies to correct positive and negative externalities, including taxation and subsidies, state provision, legislation and regulation and information provision. Pupils will be given the opportunity to answer a six-mark question evaluating the effectiveness of a tax on alcohol to limit negative externalities along with a series of multiple-choice questions on the topic of limitations of markets.
Importance of International Trade
The pupils will be able to explain why countries import and export goods and services and the benefits of this for consumers and producers whilst also learning to explain the implications of free trade agreements including the European Union to the British economy. Students will be given an opportunity to answer a series of multiple=choice questions and two-mark questions on the topic of the importance of international trade.
Balance of Payments
The pupils will explain the meaning of a balanced current account, a current account surplus and current account deficit whilst also analysing recent and historical data on exports and imports from the UK. The students will have an opportunity to answer a six-mark question on evaluating whether a fall in the value of the pound to the euro exchange rate might affect the UK’s current account on the balance of payments along with a series of multiple-choice questions on the topic of the balance of payments.
Exchange Rates
The students will be learning how to draw and analyse how exchange rates are determined through the interaction of supply and demand as well as being able to mathematically calculate currency conversion and how this impacts differing economic groups of consumers and producers. The students will have the opportunity to tackle a six-mark question on evaluating whether a fall in the exchange rate for UK producers is actually beneficial and also the chance to answer a series of multiple-choice questions on the topic of exchange rates.
Globalisation
The pupils will be evaluating the costs and benefits of globalisation to producers, workers and consumers in developed countries, including the impact on economic, social and environmental sustainability. The students will have an opportunity to answer a six-mark question on evaluating whether or not the benefits of globalisation are greater than the costs for UK consumers whilst also answering a series of multiple-choice questions on the topic of globalisation.