Main Economic Groups
Students will be learning the differences between a good and a service, the three economic groups of people including consumers, producers and government and how they interdepend on one another. Students will be given an end of unit multiple-choice questions test as well as creating an online resource explaining the three main economic groups worked on in lesson time.
Factors of Production
Students will be exploring the factor inputs of producing a good or a service through CELL (capital, enterprise, labour, land) and how these might be combined. Students will complete an end of unit multiple-choice questions test on the factors of production as well as completing data response questions in lesson time.
The Basic Economic Problem
Students will be learning what is meant by scarce resources, opportunity costs, sustainability and unlimited wants through exploring the basic economic problem questions asked of what to produce, how to produce and for whom to produce for. Students will have the opportunity to answer 2 and 6 mark questions during this topic’s assessment which will be teacher guided step-by-step as well as multiple-choice questions on the topic of the basic economic problem.
The Role of Markets and Money
Pupils will explore the definition of the term ‘market’ and also how the three economic sectors of primary, secondary and tertiary play an important role within the economy which will lead onto the concept of specialisation and how this impacts the main economic groups. Students will have an opportunity to answer a series of multiple-choice questions as well as tackling a 6-mark question on the benefits of specialisation for a country/region.
Demand
Students will learn about what consumers are willing and able to buy at a specific price at a specific point in time and the factors behind why demand may change for certain industries along with practising demand curve shifts and movements to challenge the most mathematically inclined pupils. Students will frequently practice the drawing of demand curves to particular case studies and calculating price elasticity of demand addressing any misconceptions as to why a demand curve may shift or move along the line. There will also be a summative assessment consisting of multiple-choice questions and an opportunity to tackle a 6-mark question of why PED would be considered important for railway companies.
Supply
Students will learn about what producers are willing and able to sell at a specific price at a specific point in time and the factors behind why supply may change for certain firms along with practising supply curve shifts and movements to challenge the most mathematically inclined pupils. Students will frequently practice drawing supply curves and why they may shift/move along the line as well as mathematical calculations involving price elasticity of supply. Pupils will also be assessed summatively through multiple-choice questions and a 6-mark question on why price elasticity of supply might be important for supermarkets.