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Preparing Year 11 Students for Year 12 Economics Qualifications

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Preparing Year 11 Students for Year 12 Economics Qualifications Preparing Year 11 Students for Year 12 Economics Qualifications A Level Economics Bridging Work Economics enables you to look more deeply into the world around you – how and why it functions the way it does. It can also give you new perspectives on some of the most topical and challenging problems facing the world today. “What would I want students to have, as a basic level of understanding, when they turn up in September?” a realistic expectation of the subject and the range of topics covered an appreciation of the fact that there will be lots of new content an appreciation of the fact it will include quantitative skills an appreciation that this is an essay based subject and that written skills will be crucial to success some understanding of the other skills that they will need to develop over the 2 years of study an ability to contribute in class with real world examples an inquisitive mind Universities and employers regard Economics as a 'numerate' discipline but it is predominantly examined through extended written answers and essays, which means our successful students, are incredibly versatile. Most of our students typically go on to study Economics, Law, Management or other Business related courses. In addition, students often study courses combined with a wide variety of other subjects such as History, Maths or a language because of the strong logical base that the subject provides. Tasks To ensure you are well prepared before you start the course you will need to complete the following three tasks which form part of your initial ‘suitability assessment’ which is reported home in your first few weeks. You will need to bring all your completed work with you when we meet in September as this will form part of the initial work we will then want to develop. In Theme 1. Note: Task 3 is a daily ‘challenge activity’ and could be completed on its own or whilst also working on both Tasks 1 and 2. TASK 1: Introduction to Economics 1 A good economics student not only knows their theory, i.e. the content that is on the specification, but also thinks like an economist. Economics is a subject that surrounds us all day every day. It is a real life subject that appears on the news every day. Variables change constantly, as do people’s behaviours and attitudes. A good economics student is inquisitive. In less than 15 words sum up what you think Economics is about: Now write down 5 things you know about the economy or the study of economics. 1 2 3 4 5 Watch the YouTube clip – Introduction to economics https://youtu.be/sPnQiIZzZtw Now fill in the table below to show what you have learnt about the study of economics. Terminology: In economics, you will learn a lot of new terminology. In this work, so far, you have been introduced to 7 key terms. Before moving on, check that you understand these terms and define them: 1. Microeconomics 2. Macroeconomics 3. Goods 4. Services 5. Finite resources 6. Infinite needs and wants 7. Scarcity In April 2020 the BBC reported that petrol prices, in the UK, were nearing £1 a litre. A key topic in economics is price determination. Question: Do you think this is a micro or macro topic? Justify your answer. Question: Create a small spider diagram to answer: What factors do you think affect the price of petrol? Remember, throughout your study of economics, it is important to keep up-to-date with national and global events. Good practice, after learning a new area of theory, is to practise applying it to a news story. Now Open the BBC story: Coronavirus: Why is the petrol price nearing £1 a litre? https://www.bbc.co.uk/news/business-52188448 Price of petrol Read the introduction and section on “Why are petrol prices falling?” Question: With a different colour pen is there any additional information, or empirical evidence, you can add to your spider diagram? In Economics, there are 9 quantitative skills that need to be developed and applied to contexts in the specification: 1. calculate, use and understand ratios and fractions 2. calculate, use and understand percentages and percentage changes 3. understand and use the terms mean, median and relevant quantiles 4. construct and interpret a range of standard graphical forms 5. calculate and interpret index numbers 6. calculate cost, revenue and profit (marginal, average, totals) 7. make calculations to convert from money to real terms 8. make calculations of elasticity and interpret the result 9. interpret, apply and analyse information in written, graphical and numerical forms Look at the graph, “Oil price in 2020”, presented in the article. This is the type of information is frequently used in economics questions. The 3 comments underneath help to explain the data. However, they are largely descriptive rather than demonstrating quantitative skills. Question 1: What was the peak crude oil price in 2020 by month? Month Price ($) Jan Feb Mar Apr Question 2: What was the mean crude oil price between January and April? Question 3: What was the lowest crude oil price in 2020 by month? Month Price ($) Jan Feb Mar Apr Question 4: What was the mean lowest crude oil price between January and April? TASK 2: Essay Watch the following documentaries (take some notes): 1. Watch ‘Masters of Money’ – John Maynard Keynes https://www.youtube.com/watch?v=hEYdS5sUR90&safe=true Produce a simple summary or mind map of his ideas and think about how they might link to political viewpoints. 2. Watch ‘Masters of Money’ – Fredrick Hayek https://www.youtube.com/watch?v=EIYqTj402PE&safe=true Produce a simple summary or mind map of his ideas and think about how they might link to political viewpoints. 3. Essay Development: Compare and contrast the views of these two important economists and justify which economic ideas might be best suited to improving the UK economy. You must type no more than 1 A4 side answer (font 12) Task 3 Live like an economist: This linked slideshow contains a short task a day for the next 3 weeks. The purpose of this set of activities is to give you a flavour of economics and, hopefully, inspire you to read more around the subject as well as get you looking forward to life as an A Level student in September. I hope you enjoy! Email me with any comments or questions. Mr Edge [email protected] .
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