Scheme of work This scheme of work for GCSE Economics (8136) is designed to help you plan your teaching. How markets work (80 hours) Economic foundations Total teaching time: 5 hours + 2hours for assessment activities Specification content Skills developed Learning objectives Suggested activities Resources Economic activity Note-making, plus appropriate use of textbooks and other resources. Subject specific terminology. Students will be able to understand: the difference between a need and a want, and how these can change over time the central purpose of economic activity is the production of and services to satisfy needs and wants the key economic decisions are: what to produce, how to produce, and who is to benefit from the and services produced consumers, producers and government are the main economic groups Introduction: non-economic course administration, ground rules and looking at preparatory tasks. Interactions between the main economic groups: teacher-led discussion giving examples of the main economic groups and how they interact with each other. Camping decisions – have a list of items for a camping weekend. Which items are needs and which items are wants? Or Goods vs services –
the interactions between the main economic groups. The factors of production Critical thinking and reasoning through understanding the rewards of each factor of production. Students will be able to: understand the nature of an economic resource identify and understand examples of the four factors of production (land, labour, capital and enterprise) and the reward accrued to each. Economic resources: Student activity separating resources into categories of land, labour, capital and enterprise. For reference – Making choices Thinking critically about the motivations for and effects of choices and use of analysis and reasoning to formulate conclusions. Students will be able to understand: how and why choices are made, and how costs and benefits can be weighed up to make a choice the concept of opportunity cost in the context of economic activity. The basic economic problem: teacher-led presentation of the basic economic problem and what how and for whom to produce. Scarcity: teacher-led look at how choices have an opportunity cost. This could be in the context of the students’ lives for example buying a new phone. Resource allocation Total teaching time: 5 hours + 2 hours for assessment activities
Specification content Skills developed Learning objectives Suggested activities Markets and allocation of resources Subject specific terminology. Students will be able to understand: a market is an opportunity for buyers and sellers to interact in order to establish price the role of markets in allocating scarce resources the difference between factor and product markets. Factor and product markets: student activity separating markets into product or factor. Economic sectors Note-making, note-taking plus appropriate use of textbooks and other resources. Students will be able to understand: the meaning of primary, secondary and tertiary sectors and their relative sizes in the UK the difference between a good and a service. Primary, secondary and tertiary sectors: teacher-led presentation on the nature of the sectors and how to identify them. Could give examples and ask the students to correctly classify them. and services: student activity identifying examples as either goods or services. Specialisation, division of labour, and exchange Students will be able to understand: the meaning of specialisation and the division of labour how and why individuals and producers specialise the and benefits associated with the division of labour, both to the worker and to the firm. Specialisation: teacher-led discussion on the nature of specialisation and the division of labour.
calculations, including percentage changes. Analysis and reasoning skills. the factors which influence supply how to construct an individual firm's supply curve from production data the difference between shifts of, and movements along, the supply curve. Plotting supply: student- focused activities based upon plotting supply curves based upon provided figures for supply. Equilibrium price Use of supply and demand diagrams to show the effects of changes in supply and/or demand plus accompanying logical analysis. Students will be able to understand: how the interaction between supply and demand determines equilibrium price using a supply and demand diagram why excess demand and excess supply can lead to changes in price how to use supply and demand diagrams to understand the impact of changes in equilibrium market prices how demand and supply curves can be applied to a variety of markets how to demonstrate revenue on a demand and supply diagram. Equilibrium price: teacher-led explanation and presentation of the concept of equilibrium and explanation of market forces determining the price of goods and services. Equilibrium on demand and supply curves: use of demand and supply curves to identify equilibrium. Real examples: teacher-led presentation and use of real world examples found in newspapers to illustrate how events affect the equilibrium price in various markets. Intermarket relationships Students will be able to understand: the meaning of complementary and substitute goods the impact of changes in demand, supply and in one market on other related markets. Complements and substitutes: teacher-led discussion using examples of complementary and substitute goods. Students could be asked to provide a complementary or substitute good in response to an example good,
Economies of Group work skills. Subject specific terminology. Students will be able to understand: economies of scale as the effect on average costs of a rise in production the implications and effects of economies of on business behaviour the costs and benefits of growth for a business the different types of economy of scale, including managerial, purchasing, financial, technical and risk-bearing what is meant by diseconomies of scale. Economies of scale: discussion to introduce the concept of economies of scale and their link to increased production. Student activity discussing examples of economies of scale such as ‘bulk buying’, leading to possible discounts from the supplier. Diseconomies of scale: students to identify why firms may not always benefit from growing because of communication problems or issues with control. Competitive and concentrated markets teaching time: 15 hours + 3 hours for assessment activities Specification content Skills developed Learning objectives Suggested activities Resources
Misallocation of resources Evaluation and reasoning skills. Students will be able to understand: market failure as the inability of the market system to allocate resources efficiently the costs associated with misallocation of resources methods of government intervention to counter misallocation of resources. Misallocation of resources: teacher-led discussion on the subject of why the market may not work efficiently or why government intervention may sometimes be required. Methods of intervention: teacher-led discussion on the methods of government intervention including subsidies and indirect taxation. Real world examples: using news sources, students research and consider markets which may not be working well, or situations where the government has intervened. Externalities Note making and research skills. Presentation skills. Application of economic reasoning. Students will be able to understand: externalities as the difference between social costs/benefits and private costs/benefits the difference between positive and negative externalities and identify them that production and consumption can lead to negative externalities. Costs and benefits: teacher-led discussion on the nature of social costs/benefits and private costs/ benefits. Student activity identifying whether example costs and benefits are social or private. Externalities: teacher-led discussion on the nature of externalities giving examples of both positive and negative.
Interest rates, saving, borrowing, spending and investment Analytical and reasoning skills. Quantitative skills calculating interest. Students will be able to understand: what is meant by an interest rate the factors that influence the different rates of interest how changes in interest rates affect consumers' decisions to save, borrow or spend how changes in interest rates affect producers' decisions to save, borrow or invest how to calculate interest on savings. Interest rates: teacher-led discussion on the nature of interest rates and how they will affect savers and borrowers. Student activity identifying the likely effects on savers, borrowers and spenders of increases/decreases in the interest rate. Student activity identifying the likely effects on savers, borrowers and spenders of increases/decreases in the interest rate. Calculating interest on savings: teacher-led activity calculating the amount of interest accrued on various sums of money at various rates of interest. Government income and expenditure Subject specific terminology. Group work skills. Students will be able to understand: the main sources of UK government revenue the main areas of UK government spending the difference between direct and indirect taxation Government revenue and spending: teacher-led discussion on the main sources of UK government revenue and spending. Taxation: teacher-led activity on the different types of taxation. Students can be given examples of taxes and
Economic objectives of the government Subject specific terminology. Research skills. Note making. Presentation skills. Students will be able to understand: the principal objectives of government policies (maintaining full employment, ensuring price stability, achieving economic growth and having a balance of payments) that policies used to achieve one objective can lead to a worsening of another objective that there are other government objectives such as reducing inequality and managing environmental change how the pursuit of a government objective can negatively affect groups of people and conflict with other objectives. Main government objectives: teacher-led discussion to explain the four main government objectives and why they are desirable. Teacher-led activity on how pursuit of one objective can lead to a worsening of another objective. Real examples: students can research into latest figures and/or recent trends for each of the government’s objectives. Economic growth Diagrammatical analysis and interpretation of growth rates. Subject specific terminology. Students will be able to understand: what is meant by economic growth and its significance to economies the difference between GDP and real GDP and GDP per capita and be able to perform simple calculations involving these measurements. GDP: teacher-led activities on interpreting GDP figures, explaining issues such as ‘per capita’ and ‘real’. Student activity with simple calculations of real GDP and GDP per capita from provided example data. Costs and benefits of growth: teacher-led presentation on the costs
Real world examples: students could conduct an investigation into recent figures and trends in the UK’s balance of payments on current account. Distribution of income Research skills. Presentation skills. Real world application of economic theory. Students will be able to understand: the distribution of income in the UK how inequality in the distribution of income can how redistribution of income and wealth can be achieved through taxation and government spending. Inequality: teacher-led activity on the nature of inequality and definitions of wealth and income inequality. Students can conduct research into real world cases of these kinds of inequality and present their findings about the consequences. Government policies involving inequality: teacher-led presentation on how governments can seek to address inequality and redistribute income and wealth. How the government manages the economy Total teaching time: 20 hours + 3 hours for assessment activities
Free-trade agreements including the European Union Note making. Research skills. Analytical skills. Real world application of economic theory. Students will be able to understand: the arguments for and against free trade the significance and benefits of free-trade agreements, such as the EU. Free trade agreements: teacher-led presentation on the nature of free trade agreements outlining the various features, benefits and costs. Students can conduct research into examples of free trade agreements and the effects these have had on the relevant economies. The EU: students should conduct research into the nature of the EU and its free agreement. Teacher-led discussion on the benefits of free trade agreements such as the EU, and the impact of these on economies. Globalisation: benefits and drawbacks Group work. Presentation skills. Real world application of economic theory. Students will be able to understand: the factors that have contributed to the growth of globalisation, including new technology and the operations of multinational companies the benefits and drawbacks of globalisation to producers, workers and consumers in the UK Globalisation: starting with a definition of globalisation. Teacher-led discussion on the growth of globalisation including the factors that have contributed to this growth. Using a list of the main features of globalisations.
that there are moral, ethical and sustainability considerations when UK producers trade with other countries. Students to work in groups to outline possible effects of globalisation on producers, workers and consumers in the UK. Moral and ethical considerations: students should conduct research into the moral and ethical issues surrounding globalisation and increased trade between countries and present their results. The role of money and financial markets Total teaching time: 5 hours + 1 hour for assessment activities Specification content Skills developed Learning objectives Suggested activities Resources The role of money Subject specific terminology. Students will be able to understand: the use of money as a means of deferred payment, store of value, a unit of account and a medium of exchange Function of money: teacher-led presentation on the usefulness of money, focusing on its features and how these are better than