Revision of GCSE Specifications. Draft Proposals. Economics

Transcription

1 Revision of GCSE Specifications Draft Proposals Economics GCSE Draft Proposals for Consultation_2016

2 Contents Introduction 3 Specification at a Glance 4 Subject Content for each Component 5 Summary of Changes 16 Assessment 19 Progression from Key Stage 3 20 Progression to GCE 25 Support 25 2

3 Introduction Awarding Bodies are revising their GCSE and GCE specifications to ensure that both content and assessment continue to reflect the needs of learners and the society, economy and environment in which they live and work. The revision programme is now underway to review our GCSE and produce revised specifications for first teaching from September The new specification should provide opportunities for students to build upon the knowledge, understanding and skills developed at Key Stage 3, and the relevant requirements of the Northern Ireland Curriculum at Key Stage 4. This document has been designed to provide you with an outline of our draft proposals for the revised GCSE specification. For further information on the revision of GCSE Specifications go to: 3

4 A. Specification at a Glance Content Assessment Weighting Availability 1. Basic Economic Ideas Two external examination papers: 2. Producing and Consuming Paper 1: Two compulsory data response questions 1 hour 15 minutes 40% Summer 3. Financial Capability 4. Managing the Economy Paper 2: Three short answer and two short, structured data response questions (all compulsory) and one essay question from a choice of three. 60% Terminal assessment 5. The Global Economy 1 hour 45 minutes 4

5 B. Subject Content We have divided the course into five components. A brief description of each component is provided below. Content Basic Economic Ideas Description Candidates will be able to demonstrate knowledge and understanding and where appropriate, skills in relation to the following: Basic economic problem understand the basic economic problem and the need for choice; explain the concept of opportunity cost and apply it in various situations; use a straight-line production possibility frontier to illustrate resource choices and costs; Resources and goods define the factors of production and their associated rewards; understand how an economy must decide what, how and for whom to produce; consider different ways in which these decisions could be made and the moral, ethical, social, legislative and cultural issues involved; distinguish between consumer goods, capital goods and services; 5

6 Content Description Basic Economic Ideas (cont d) Specialisation classify production into primary, secondary and tertiary sectors; explain and apply the concepts of specialisation in a range of different contexts; demonstrate an understanding of how specialisation results in interdependence and the need for exchange; and demonstrate an understanding of the perspectives of different economic agents including consumers, producers and government in relation to economic activity. 6

7 Content Producing and Consuming Demand, Supply, Price Determination and Elasticity Description Candidates will be able to demonstrate knowledge and understanding and where appropriate, skills in relation to the following: explain what is meant by a market and market forces; understand the role of prices and profits in a market economy and consider the moral, ethical and cultural issues involved in production for profit; apply the concepts of demand and supply to product, service and factor markets; analyse how equilibrium price and quantity are established and affected by changes in demand and supply; demonstrate an understanding of the importance of price elasticity of supply and price elasticity of demand for producers; The Labour Market analyse differences in wage rates and consider the moral, ethical and social issues involved in wage inequality; understand the role of trade unions, analyse their impact on the labour market and consider the moral, ethical and legislative issues involved in trade union activity; understand the role of the Low Pay Commissions; analyse the impact of population changes, including those resulting from immigration and emigration, on product and labour markets; 7

8 Content Description Producing and Consuming (cont d) Costs and Revenue explain the importance of information on costs and revenue in business decision-making; analyse the costs and revenue of a business; undertake simple break-even analysis and examine the effects of changes in costs or revenue; understand the factors that give rise to economies and diseconomies of scale; examine the impact of information technology on business growth, costs and revenue; Competition and Growth explain the various ways in which businesses can compete and grow; demonstrate an understanding of the main types of competitive and non-competitive including monopolies and oligopolies; analyse the impact of competition on producers and consumers; evaluate the possible effects of competition and growth on producers and consumers. 8

9 Content Description Producing and Consuming (cont d) Market Failure explain and analyse ways in which markets may fail to operate efficiently; evaluate the potential social, environmental and ethical consequences of particular production and consumption decisions, for example, those involving merit and demerit goods, pollution, congestion and climate change, income inequality; understand the role of the Competition and Markets Authority; understand how and why public utilities are regulated. evaluate the effectiveness of such controls and regulation; and Correcting Market Failure understand that governments may attempt to correct market failure but that such actions do not always succeed. 9

10 Content Financial Capability Description Candidates will be able to demonstrate knowledge and understanding and where appropriate, skills in relation to the following: Money and Financial Products explain the functions that money performs in the economy; describe how people pay for goods and services; evaluate cash, debit cards, credit cards and store cards as means of payment; explain the role of interest rates and account for differences and changes; interpret different rates of interest and analyse their impact on saving, borrowing and investment; demonstrate knowledge and understanding of savings, loan, mortgage, insurance and pension products and make comparisons between alternatives in terms of risk and return; Managing Personal Finances relate their knowledge of financial products to an individual s changing financial needs; identify sources of financial information and advice; analyse basic information on cost, risk and return to inform financial choices; understand the reasons for growing consumer debt; discuss how individuals can best avoid, seek redress or resolve financial difficulties and consider the moral, ethical, social, legislative and cultural issues associated with lending and borrowing; 10

11 Content Description Financial Capability (cont d) Financial Services Industry understand the role and importance of the financial sector for the economy; examine the contribution of the financial services industry to the UK economy; understand how the financial services sector is regulated; and demonstrate understanding of market failure in the financial sector and the impact of this on consumers and sellers of financial products. 11

12 Content Managing the Economy Description Candidates will be able to demonstrate knowledge and understanding and where appropriate, skills in relation to the following: Circular Flow of Income demonstrate an understanding of the circular flow model; examine the effects of the injections into and leakages from the circular flow that occur as a result of the economic activity of firms, households and government; The Private and Public Sectors distinguish between the private and public sectors of the economy; examine the economic functions of central and local government; discuss the arguments for and against privatisation, deregulation and joint arrangements between the public and private sectors; Government Economic Objectives explain the government s key economic objectives, including market efficiency, income distribution, environmental concerns, economic growth, job creation and price stability; stability in public finances; trade competitiveness and the need to balance the current account; understand how these are related and, on occasions, may conflict; consider the moral, ethical, social and legislative issues involved in deciding on policy priorities and resolving policy conflicts; understand how economic data can be used to measure the effectiveness of government economic policy and inform policy changes; 12

13 Content Description Managing the Economy (cont d) Economic Growth explain what is meant by economic growth and sustainable growth; examine the causes of economic growth; analyse the effects of economic growth, including the possible social and environmental consequences that may accompany it; Unemployment define unemployment and explain how it may be measured; analyse the potential causes of unemployment; examine the effects of unemployment on individuals, communities and the economy as a whole; Inflation explain what is meant by inflation and how it is measured; understand the main causes of inflation; examine the effects of inflation on individuals, firms and the economy as a whole; Government Policy Instruments explain ways in which governments and agencies attempt to regulate and control markets, through, for example, public provision, price controls, taxation, subsidies and a national minimum (living) wage; understand the basic principles of fiscal, monetary and supply-side policies and describe how they may be used to try to achieve key economic objectives; explain the role of the Bank of England in implementing monetary policy; and evaluate the likely impact of changes in fiscal, monetary and supply-side policies on economic growth, unemployment and inflation. 13

14 Content The Global Economy Description Candidates will be able to demonstrate knowledge and understanding and where appropriate, skills in relation to the following: Trade explain the potential benefits of international trade; analyse the reasons for, and effects of, trade barriers; examine the causes and consequences of the changing patterns of international trade; explain what is in the Balance of Payments Current Account and make basic trade calculations; evaluate policies that can be used to correct trade imbalances; Globalisation and Development explain what is meant by globalisation; analyse its causes and effects and consider the moral, ethical, social and cultural issues involved; explain the role played by the World Trade Organisation (WTO) and customs unions/free trade areas such as the European Union (EU) and North American Free Trade Agreement (NAFTA); analyse the characteristics of developing and developed countries; discuss the cases for and against foreign aid for developing countries; understand and apply the concept of sustainable development; Exchange Rates understand the roles played by the IMF and World Bank in the global economy; evaluate how trade and aid affect economic development including their possible moral, ethical, social and environmental impact; 14

15 Content Description The Global Economy (cont d) European Union understand what is measured by an exchange rate; analyse the factors that determine the external value of a currency and may cause this value to change; evaluate the impact of exchange rate changes on trade and the economy as a whole; describe the aims and role of the EU; analyse the effects of the EU on the UK and other economies, including its social, cultural and legislative implications; examine the effects of EU enlargement; and evaluate the impact of the Euro on the UK and Eurozone economies. 15

16 C. Summary of Changes What s New at a Glance Producing and Consuming: Demand, Supply and Price Determination Demonstrate an understanding of the importance of price elasticity of supply and demand for producers Competition and Growth Demonstrate an understanding of the main types of competitive and non-competitive businesses including monopolies and oligopolies Financial Capability: Money and Financial Products Interpret different rates of interest and analyse their impact on saving, borrowing and investment Managing Personal Finances Demonstrate understanding of market failure in the financial sector and the impact of this on consumers of financial products Some areas of content in Managing the Economy have also been updated, for example: - reference to the Competition and Markets Authority replaces the Competition Commission; and - regulation of utilities replaces specific reference to defunct regulatory organisations (Government Policy Instruments). 16

17 What will remain from the current Specification The broad content of this specification as detailed under the following points remains unchanged. However, some bullet points within sections and sub-sections are updated to reflect changes within the economy. Basic Economic Ideas Basic economic problem Resources and goods Specialisation Producing and Consuming Demand, Supply and Price Determination Competition and Growth Costs and Revenue Market Failure Financial Capability Money and Financial Products Managing Personal Finances Financial Services Authority Managing the Economy Circular Flow of Income The Private and Public Sectors Government Economic Objectives Correcting Market Failure Economic Growth Unemployment Inflation Government Policy Instruments 17

18 The Global Economy Trade Globalisation and Development Exchange rates European Union 18

19 D. External Assessment Number of Papers Two written papers Types of Questions Short questions Data response questions - some that require short questions (Paper 1) and some that require more extended answers (Paper 2). Calculations and interpretation of statistics may be examined in any data response question. Extended response questions Length / Time Paper 1: 1 hour 15 minutes Paper 2: 1 hour 45 minutes Weighting Paper 1: 40% Paper 2: 60% Additional Information Candidates may be asked questions from any section of the specification on either paper. It should be noted that Paper 1 is no longer based on a pre-release case study as in the current specification. The proposal to change this has been brought about due to feedback from teachers who feel that that the pre-release makes it difficult to teach the appropriate content and may not provide the opportunity to respond to the breadth of content that has been taught in centres. 19

20 E. Progression from Key Stage 3 Cross Curricular Skills at Key Stage 4 Communication Students should be enabled to: communicate meaning, feelings and viewpoints in a logical and coherent manner; make oral and written summaries, reports and presentations, which take account of audience and purpose, for example written analysis of an economics problem, issue or event such as a decision to build a new road; a presentation of the implications of a government policy decision on different economic agents such as a change in taxes and benefits; participate in discussions, debates and interviews, for example discussion of the importance of efficient allocation of resources; build an argument about the relative effectiveness of policy options to tackle unemployment; collecting primary research to investigate a simple economic decision about demand and supply; and interpret, analyse and present information in oral, written and ICT format, for example analysis of economic data such as rates of employment, inflation and economic growth. Using Mathematics Students should be enabled to: use mathematical language and notation with confidence; use mental computation to calculate, estimate and make predictions in a range of simulated and real life contexts, for example calculate percentages and percentage changes, including interest on savings; select and apply mathematical concepts and problem-solving strategies in a range of simulated and real-life contexts, for example calculation of income including gross and net pay; interpret and analyse a wide range of mathematical data, for example analysis of data on the performance of the economy; 20

21 assess probability and risk in a range of simulated and real life contexts, for example understand risks associated with choices of personal financial products, business decisions to expand; and present mathematical data in a variety of formats which take account of audience and purpose, for example construct graphs from data including demand and supply curves, complete simple calculations of price elasticity of demand and supply. Using ICT Students should be enabled to make effective use of information and communications technology in a wide range of contexts to access, manage, select and present information, including mathematical information, for example carry out secondary research of concepts and trends; use simple models relating to current economic issues and events, interpret statistical and graphical information on the performance of businesses and the economy; use ICT tools to present their analyses and evaluations of economic behaviour. 21

22 Progression of Thinking Skills and Personal Capabilities Self-Management Students should be enabled to develop the capability to: plan work; set personal learning goals and targets to meet deadlines; monitor, review and evaluate their progress and improve their learning; and effectively manage their time. Working with Others Students should be enabled to develop the capability to: learn with and from others through co-operation; and participate in effective teams and accept responsibility for achieving collective goals; and listen actively to others and influence group thinking and decisionmaking, taking account of others opinions. Thinking, Problem Solving, Decision Making Students should be enabled to develop the capability to: identify and analyse relationships and patterns, for example understand the relationship between price and demand; propose justified explanations, for example use evidence to provide positive rather than normative explanations of economic problems or events; reason, form opinions and justify their views; analyse critically and assess evidence to understand how information or evidence can be used to serve different purposes or agendas, for example be aware of how different moral and ethical values influence economic decisions; analyse and evaluate multiple perspectives, for example those of different economic agents in the pursuit of income, profit and resource allocation; explore unfamiliar views without prejudice, for example consider the perspectives of a range of stakeholders in an economic investment decision; weigh up options and justify decisions, for example make a reasoned and informed decision about the most effective government policy to tackle a problem; and 22

23 apply and evaluate a range of approaches to solve problems in familiar and novel contexts. Managing Information Understand and organise statistical information and financial information, for example review and evaluate the impact of exchange rate changes on trade and the economy as a whole, and make informed judgements. Being Creative Understand how an economy decides on what good to produce, for example consider different ways in which decisions on resources and goods could be made and the moral, ethical, social, legislative and cultural issues involved. Progression from Relevant Areas of Learning The revised GCSE Economics specification content will build on pupils prior learning and knowledge and understanding of, and support progression and continuity in learning and a deeper understanding of concepts, themes and issues at Key Stage 4. For example: Financial capability is the ability to manage one s finances and to become a confident, questioning and informed consumer of financial services. The development of financial capability is lifelong a continuum along which we need to move as we develop not only an awareness and understanding of money matters, but also the skills, critical judgement and resolve to manage them. The specification enables students to use mathematical and financial information in an analytic way on economic matters. 23

24 Relevance of Learning to Everyday Life and Work Economics is more than a collection of facts and figures. It reflects the way the economic/business world in which we live works; it enables students to understand the economic environment in which they live; and the impact that world events may have on their own ability to resource goods and their spending power. It will support them in understanding the marketplace and how encourage them to make informed decision on issues such as buying goods, and exchange rates. Candidates will be able to make informed decisions, as they relate their knowledge of financial products to changing financial needs and be able to identify sources of financial information and advice. 24

25 F. Progression to GCE This GCSE provides progression to GCE, as in the assessment it prepares candidates by offering a similar range of questions; short, data response and extended response. In addition the content lays the foundations of key economic concepts that are then considered in more depth at GCE, for example students will build an understanding of: demand and supply; reasons and ramifications of economic growth, nationally and globally; monopoly and oligopoly; and the global economy and how it works. G. Support The range of support provided by CCEA will include: Past papers; Mark schemes; Chief Examiner s report; Guidance on progression from Key Stage 3; Schemes of work; Centre support visits; Support days for teachers; Portfolio clinics; Resource list; and Exemplification of examination performance. 25