Induction Lesson Economics Defined What do you make
- Slides: 19
Induction Lesson
Economics Defined
What do you make of the following news headline • What and why? • How/causes of this? • Implications? • Solutions?
Economics is about… Everything! The world we live in Places we go on holiday The things we buy The houses we live in The food we eat The things we watch on TV The money we earn
Economic objectives: Economic objectives focus on three major areas: The Government Consumers Businesses
The Economic problem? Groups of people that have different aims, opinions, wants and needs
Value judgement A value judgement is a personal opinion as to whether something is right or wrong Examples “Those are nice shoes” “The Government are doing a good job” “ Leaving the EU is a not a good move!”
Positive Statements Can be tested or rejected by referring to evidence/data • A fall in income will lead to a decrease in demand for nice shoes • Leaving the EU Will cause prices to rise
Normative Statements Normative statements express an opinion about what ought to be done • The government should/must increase the minimum wage to £ 9 per hour to help reduce poverty. • The Government Europe must look to get us a good trade deal with
Economics looks at all of these topical debates and more……… • Ceteris Paribus • Latin phrase meaning “Other things being equal” • So what exactly is involved in the Economics curriculum?
Economics Overview • A-level Economics will give you an excellent understanding of how economies allocate their scarce resources to meet the needs and wants of their citizens. • You will develop a greater understanding of the economic problems which face individuals, firms and governments on a local, national and global level and the alternative ways these problems can be resolved.
Micro and Macro Economics • You will investigate microeconomic topics such as how individual decisions impact economic outcomes, the importance of competition, how markets operate and why they fail and how the distribution of income and wealth is affected. • At the same time you will learn about macroeconomics, looking at the ‘big picture’ of how our national economy fits into the global context, the global impact of financial markets and monetary policy and the operation of the international economy.
Further study and career opportunities • An A-level in Economics will benefit you if you are looking to go on to study economics, business or finance at university. The skills you acquire will help you no matter what degree course you choose.
Possible career options • You may choose to pursue a career in a directly related field such as banking or finance. The A-level course in Economics will stand you in good stead by giving you an insight and understanding of the economic forces that impact your day to day activities. • Alternatively, you may decide to follow a career path which isn’t directly related to your course of study. The analytical and evaluation skills that you will have developed will be useful whatever path you choose in the future.
Entry requirements • If you want to know more, please talk to your teacher.
Micro Economic Content • • • Microeconomics: the economic problem and economic methodology individual economic decision making price determination in a competitive market production, costs and revenue perfect competition, imperfectly competitive markets and monopoly the labour market the distribution of income and wealth: poverty and inequality the market mechanism, market failure and government intervention in markets.
Macroeconomic Content: • Macroeconomics: • the measurement of macroeconomic performance • how the macro economy works • economic performance • financial markets and monetary policy • fiscal policy and supply-side policies • the international economy.
A-level assessment • At the end of the two year course, you will sit three two hour written exams – each exam will be worth one third of the A-level. • Paper one will cover markets and market failure, • Paper two will cover the national and international economy AND… • Paper three will draw on material from the whole course. • • • The papers will feature a range of question styles including: multiple choice questions short answer questions essay questions data response questions case studies.
Welcome to Economics and enjoy the journey!
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