Current Economic Issues: Local, UK and EU economic issues: Poverty

Current Economic Issues: Local, UK and EU economic issues: Poverty Research Candidates should use a variety of data (both statistical and non-statistical) in their research. In addition to statistical websites there is a wide variety of news items in this area. Care should be taken to guide candidates away from overly theoretical studies that would be inappropriate for their age and ability. Limitations Candidates should focus on issues in their local area and in the UK in general. They should restrict their study to the last ten years. 1 week 07 th Jun SPECIFICATION CONTENT Introduction to Current Economic Issues- Topic 1 Research Portfolio The meaning of poverty Go through the scheme of work for Unit 12. RESOURCES AND OTHER GUIDANCE Introduce current economic issues- Topic 1 Poverty in the UK Economy. Give students a copy of the AQA Topics for investigation and Teachers notes for Jun 11 examination. Introduce research portfolio- where students will be given a framework to follow for their research. They should keep a file or folder with all the research conducted for this topic including articles from internet, books, magazines, newspapers and possibly video clips on a storage device. To make sure that they carry out research, students should be told that this portfolio will be marked and the marks will go in the grade tracker. Introduce poverty www.jrf.org.uk/film/poverty-media-overview http://news.bbc.co.uk/cbbcnews/hi/specials/2006/the_wrong_trainers/default.stm 1 week 14 th Jun Poverty in UK Articles from shared folder about mythology of poverty and poverty-definitions Students can access statistics for the local area on http://www.endchildpoverty.org.uk/why-end-child-poverty/poverty-in-your-area Types of poverty Adapt the presentations on types of poverty from www.tutor2u.net/presentations Absolute and relative Articles from shared folder- reporting-poverty-journalist guide, poverty definitions Macintosh HD:Users:timpunter:Desktop:Teaching Jul 2010:Head of Department:Schemes of Work:GCSE Econ Unit12 scheme.doc1

1 weeks 21 st Jun Causes of poverty - Poor education, limited infrastructure,unequal income,social deprivation, drugs and alcohol dependency. Effects of poverty Individual UK Economy Solutions to poverty Taxes, subsidies, government expenditure,wage s policies, laws amongst others. Students need to know about the various causes of poverty which can be found from www.tutor2u.net/presentations and articles EAPN Explainer Articles on Child poverty and housing and monitoring poverty and social exclusion 2009 www.jrf.org.uk/film/poverty-media-overview www.barnados.org.uk www.jrf.org.uk www.barnados.org.uk gives information about actions to deal with child poverty. www.ukcap.org Articles How to halve child poverty by 2010 Eradicating UK poverty summary Through thick and thin Budget 2010- child poverty Government and policy on poverty. Ethical considerations www.jrf.org.uk Other relevant websites and articles www.statistics.gov.uk Macintosh HD:Users:timpunter:Desktop:Teaching Jul 2010:Head of Department:Schemes of Work:GCSE Econ Unit12 scheme.doc2

2 weeks 28 th Jun- www.ebrd.org www.youtube.com Summary poverty report Very good article, strongly advised to read, Reporting poverty in the UK Newspaper articles. Work Experience 9 th July 2 weeks Catching up on portfolio Completing portfolio in computer room if available. Macintosh HD:Users:timpunter:Desktop:Teaching Jul 2010:Head of Department:Schemes of Work:GCSE Econ Unit12 scheme.doc3

The Global Economy: Developing Economies (India and China) Research Candidates should use a variety of data (both statistical and non-statistical) in their research. In addition to statistical websites there is a wide variety of news items in this area. Care should be taken to guide candidates away from overly theoretical studies that would be inappropriate for their age and ability. Limitations Candidates should focus on the study of India and China and developing countries in general. They should restrict their study to the last ten years. Resources Tutor2u: www.tutor2u.net/revision_notes_economics_gcse.asp Bized: www.bized.co.uk/educators/level2 UNIT 12 MANAGING THE ECONOMY In this section, candidates will consider targets and policies the government may use to achieve its objectives. Candidates will consider fiscal, monetary and supply-side policies within the context of the economic cycle. Candidates will also consider the European Union and its effect on the UK economy. 1.1 Economic Objectives of the Government 6th Sep CONTENT Specification More Detail 1.1 Economic Objectives of the Government Economic Objectives of the Government Candidates should understand the principal government objectives of economic growth, full employment, stable prices and balance of payments. Macintosh HD:Users:timpunter:Desktop:Teaching Jul 2010:Head of Department:Schemes of Work:GCSE Econ Unit12 scheme.doc4

13th Sep Methods of measurement and trends over time methods of measurement and trends over time government objectives, conflicts and ethical issues the welfare state and its alternatives. Candidates should be aware of the methods available to measure economic performance such as: inflation, economic growth, the balance of payments, budgets deficits and surpluses. Relevant methods will thus include the consumer price index (CPI), real gross domestic product (GDP) and the significance of a balance of payments deficit or surplus. 20 th Sep China and India Measures of performance Candidates should not confuse balance of payments deficits and surpluses with budget deficits and surpluses. 27 th Sep China and India Causes of economic growth 4 th Oct Conflicts 11 th Oct Unequal distribution of growth 18 th Oct China and India Distribution of income Candidates should be aware that conflicts can arise when attempting to achieve these objectives and the links to equity and equality. Candidates should be aware that conflicts can arise when attempting to achieve the government s economic objectives and be aware of links to equity and equality. For example, there may be a trade-off between inflation and unemployment, or between economic growth and the balance of payments. Also, economic growth may not benefit all sections of society equally if it leads to a more unequal distribution of income and wealth. 1 st ethical issues Candidates should consider how Candidates should consider how ethical issues affect Nov ethical issues affect the the achievement of government objectives, for achievement of government example whether growth is sustainable, or whether objectives. trade protection is ever justified in achieving balance of payments equilibrium. Macintosh HD:Users:timpunter:Desktop:Teaching Jul 2010:Head of Department:Schemes of Work:GCSE Econ Unit12 scheme.doc5

8 th Nov Ethical considerations regarding growth, eg externalities, equality issues on China and India 15 th Nov Impact of economic growth on China and India including Sustainable development issues Macintosh HD:Users:timpunter:Desktop:Teaching Jul 2010:Head of Department:Schemes of Work:GCSE Econ Unit12 scheme.doc6

22 nd Nov 29 th Nov The welfare state and its alternatives Candidates should be aware of the benefits and drawbacks of the welfare state and the alternative of individuals providing for themselves. Testing Period key term, mock exam and portfolio deadline Candidates should be aware of the benefits and drawbacks of the welfare state and the alternative of individuals providing for themselves. They should appreciate that the welfare state enables people to have access to education and healthcare free at the point of consumption but that this may lead to shortages and variable quality of provision. The provision of state benefits may also lead to reduced incentives for some people to work. Macintosh HD:Users:timpunter:Desktop:Teaching Jul 2010:Head of Department:Schemes of Work:GCSE Econ Unit12 scheme.doc7

1.2 The Economy at Work Resources Tutor2u: www.tutor2u.net/revision_notes_economics_gcse.asp Bank of England: www.bankofengland.co.uk/education including What if? film Bized virtual economy: www.bized.co.uk/virtualeceonomy Bized virtual central bank: www.bized.co.uk/bankofbized Peter Day s In Business BBC archive of radio podcasts: www.bbc.co.uk/inbusiness eg Winter 2007 Monopoly Money CONTENT Specification More Detail 6 th Candidates should be aware of the Candidates should be aware of the differences Dec Types of economy differences between free market between free market and mixed economies. They and mixed economies. should appreciate that goods and services in the UK economy come about through a mixture of government 13 th Dec Market failure 3 rd Jan Externalities 10th Jan The concept of an economic cycle Candidates should understand market failure as the inability of the market system to allocate resources efficiently. Candidates should understand externalities as the difference between social costs (benefits) and private costs (benefits), and apply the concepts in a relevant context. Candidates should be able to explain the characteristics of the economic cycle: boom, recession, slump and recovery. and free market provision.` Candidates should understand market failure as the inability of the market system to allocate resources efficiently. They should be aware that there are a range of possible sources of market failure including negative and positive externalities, immobility of labour and unequal distribution of income. Candidates should understand externalities as the difference between private costs and social costs, or private benefits and social benefits, and apply the concepts in a relevant context. Candidates should thus be aware of at least a small number of examples of situations that may give rise to externalities. Candidates should be able to explain the characteristics of the economic cycle: boom, recession, slump and recovery. They should be aware of the key features of each of these stages in terms of levels of economic activity. Government revenue Candidates need to consider how Candidates need to consider how the government 17th and the government collects revenue collects revenues and its patterns of expenditure. They Jan and its patterns of expenditure. should thus be aware of the main types and objectives of taxation and the main categories of government Macintosh HD:Users:timpunter:Desktop:Teaching Jul 2010:Head of Department:Schemes of Work:GCSE Econ Unit12 scheme.doc8

expenditure of taxation and the main categories of government spending. Macintosh HD:Users:timpunter:Desktop:Teaching Jul 2010:Head of Department:Schemes of Work:GCSE Econ Unit12 scheme.doc9

24 th Jan Fiscal policies 31 st Jan Monetary policies 7 th Feb Supply-side policies 21st Feb Testing period Key terms & mock exam Candidates should be aware of how the government can affect levels of income and expenditure through fiscal policies. Candidates should be familiar with the role of the Bank of England in controlling the level of demand. Candidates should be familiar with supply side policies such as: education and training, incentives To work and competition policy. Candidates should be aware of how the government can affect levels of income and expenditure through fiscal policies. For example, they should understand how increases and decreases in income tax can decrease/increase consumer spending and thus impact upon total spending in the economy. They should be aware of how fiscal policy can be used to achieve the government s objectives. Candidates should be familiar with the role of the Bank of England in controlling the level of demand. Candidates should be aware of the use of interest rates to control inflation. They should broadly understand how an increase or decrease in the official interest rate influences decisions about whether consumers spend or save, or whether businesses invest. They should be aware of how monetary policy can be used to achieve the government s objectives. Candidates should be familiar with supply-side policies such as: education and training, incentives to work and competition policy. They should understand that these policies are largely fiscal in nature and that they are designed to improve long-term economic growth. Macintosh HD:Users:timpunter:Desktop:Teaching Jul 2010:Head of Department:Schemes of Work:GCSE Econ Unit12 scheme.doc10

1.3 The Role of the European Union Resources The EU website: www.europa.eu Eurostat: http://epp.eurostat.ec.europa.eu European Central Bank: www.ecb.int 28 th Feb 7th Mar 14th Mar 21 st Mar CONTENT Specification More Detail Candidates should understand the significance of the EU as a Single European Market with a single European currency. The effects of membership of the EU The Euro The impact of EU enlargement on the UK EU key terms test and exam practice Candidates should know the potential benefits and drawbacks of the UK joining the Euro. Candidates should have an appreciation of the potential impact on the UK economy of EU enlargement. Candidates should understand the significance of the EU as a Single European Market with a single currency. They should be aware of the broad make-up of the EU and that it promotes the free movement of goods, services, people and capital between its members. They should be aware of the benefits of EU membership to the UK, including trade and job creation. A detailed knowledge of the European Commission is not required. Candidates should know the potential benefits and drawbacks of the UK not joining the Euro. They should thus be broadly aware of the issues relating to exchange rate fluctuations and exchange costs, as well as the impact of deferring monetary policy to the European Central Bank (ECB). A detailed knowledge of the ECB is not required, however. Candidates should have an appreciation of the potential impact on the UK of EU enlargement, for example increased potential market size and possible competition for jobs. 28 th Mar 18 th April 25 th April 2 nd May UK Poverty recap UK Poverty exam practice Mock Exam Unit 11 & 12 Mock Exam Unit 11 & 12 Macintosh HD:Users:timpunter:Desktop:Teaching Jul 2010:Head of Department:Schemes of Work:GCSE Econ Unit12 scheme.doc11