ECONOMICS- Scheme of Work 2016-2017
Year 9
Week Unit - Topic Area Learning Outcomes
1 Topic 1- Basic Students should be able to
economic define the nature of the
problem: economic problem in terms of
choice and the finite resources and unlimited
allocation of wants.
resources
Students should be able to
2-3 Factors of define the factors of
production, production (land, labour,
Opportunity cost capital, enterprise). Students
should be able to define
opportunity cost and describe
particular circumstances to
illustrate the concept.
4-5 Students should be able to
Production
evaluate the implications of
possibility curve particular courses of action in
terms of opportunity cost.
Students should be able to
describe production possibility
. mics/content/topics/introducti
Instructional Objectives
• economic problem
• factors of production
• opportunity cost
• resource allocation
• choice
• production possibility curves.
A good place to start is to get the
students talking about what is meant
by a want and how it differs from a
need. They could each write down a
list of five needs and five wants and
compare them to see how they differ.
The students could then think of
examples of finite resources; oil
would be a good example. They could
use the internet to look for articles on
the theme of oil running out.
The students could also attempt to
contrast economic goods and free
goods; air could be considered a free
good but they could discuss whether
fresh air is becoming increasingly
scarce.
Students could be given a list of ten
resources and they would need to say
which type of factor of production they
were examples of.
The role of the entrepreneur is often
interesting; students could research a
particular entrepreneur, either in their
own country or one in another
country, and give a presentation on
him or her, explaining why he/she
Learning Activities and Resources Assessment, TOK and
LP
A good place to start is to get the
students thinking and talking about
what is meant by a want and how it
differs from a need. They could each
write down a list of six needs and six
wants and compare them to see how
they differ.
A good way to get students thinking
about the different types of
production is to get them to choose
two or three products and to write
down the stages involved in their
production. It is also useful to give
them a list of resources and get them
to say which kind of factor of
production they are an example of;
Alternatively, the discussion/debate could
focus on the alternative possible uses of
a particular piece of land. Students
should be encouraged to research in
local newspapers and on the internet for
current examples of opportunity cost in
their own countries.
URL – http://www.tutor2u.net/econo
on/scarcity.htm URL – http://www.s
cool.co.uk/quicklearn Free Market v
Command Economies: The
economic problem
Anderton, Unit 1, pages 6-7 Harrison
and Nutter, Chapter 3, pages 14-15
Moynihan and Titley, Chapter 1,
pages 1-7
 was successful.
Students should be encouraged to
consider a range of examples from
their own experience, either in terms
of time or products which illustrate the
concept of opportunity cost. For
example, staying in to complete a
homework assignment or going out or
saving money for the future or buying
an expensive consumer good. They
can then go beyond this personal
dimension and apply the concept in
terms of decisions made by
governments, such as building a
school or buying military weapons. A
class debate could be organised,
comparing expenditure on different
items.

6 Topic 2: Candidates should be able to:
The allocation of • describe the allocation of
resources: resources in market and
how the market mixed economic systems;
works; describe the terms
market failure primary, secondary and serice
(tertiary) sector in an
economy
7-8 Demand and • demonstrate the principle of
equilibrium price and analyse
supply analysis
simple market situations with
changes in
Elasticity of demand and supply
9-10
supply and • describe the causes of
demand changes in demand and
supply conditions and analyse
such changes to show
effects in the market
11 Market failure,
• market and mixed economic
systems
• demand and supply analysis
• price elasticity
• market failure
• social and private costs and
benefits.
- describe the allocation of resources
in market and mixed economic
systems.
- demonstrate the principle of
equilibrium price and analyse simple
market situations with changes in
demand and supply
- describe the causes of changes in
demand and supply conditions and
analyse such changes to show effects
in the market
- describe the concept of market
failure and explain the reasons for its
occurrence
Students could start by researching their
own country, or any economy, to
discover the extent to which it is
characterised by features of a market or
a mixed economy. All economies are, to
some extent, mixed economies and they
could find out the proportion of the public
and private sectors in an economy. They
could do a case study of an industry or
organisation that has gone through a
process of privatisation, focusing on the
advantages and disadvantages of such a
change. It would be interesting to study
an economy that was going through a
transition process, such as Russia or
China; in both countries, there has been
a move towards a greater importance for
the market.
Social and private • define price elasticity of
cost demand and supply and
perform simple calculations
• demonstrate the usefulness
of price elasticity in particular
situations such as revenue
changes,
consumer expenditure
• evaluate the merits of the
market system
• describe the concept of
market failure and explain the
reasons for its occurrence
• define private and social
costs1 and benefits and
discuss conflicts of interest in
relation to these costs
and benefits in the short-term
and long-term through studies
of the following issues:
– conserving resources
versus using resources
– public expenditure versus
private expenditure.
define private and social costs and
benefits and discuss conflicts of
interest in relation to these costs and
benefits in the short term and long
term through studies of the following
issues:
: conserving resources versus using
resources
: public expenditure versus private
expenditure
talking about prices in an economy and,
in particular, why some goods are more
expensive than others. They are likely to
have an idea that a shortage of a product
will probably lead to an increase in its
price while an excess of a product would
be likely to lead to a decrease in its price.
They could think of examples which
support this. A useful exercise would be
to get the students to construct a demand
schedule showing the extent of their
demand for a particular product at
different prices and then to plot this in a
demand curve (such as on page 16 of
the book). They could do the same for
supply (as on page 18 of the book).
28-37 Harrison and Nutter, Chapter
7, pages 61-71 and 74-77
URL – http://www.bized.ac.uk/virtual
dc/trade/theory/th17.htm URL –
http://www.bized.ac.uk/virtual
/via/theories/ped.htm URL –
http://www.bized.ac.uk/virtual
/via/theories/determinants_p ed.htm
URL – http://www.bized.ac.uk/virtual
/via/theories/interpreting_ped .htm
URL – http://www.tutor2u.net/econo
mics/content/topics/elasticity/
elastic.htm URL –
http://www.tutor2u.net/econo
mics/content/topics//elasticity
//elasticity_of_supply.htm URL –
http://www.s cool.co.uk/quicklearn
Elasticities: Price elasticity of
demand formulae
12 Topic 3: Candidates should be able to: • functions of money Students could work in groups to discuss
The individual as • describe the functions of • exchange the functions that money performs in an
money and the need for • central banks, stock exchanges economy; they may not come up with the
producer,
exchange and commercial banks precise four descriptions, but they will
consumer and probably have some idea of the role that
borrower - - • describe the functions of • labour market money performs in an economy.
Functions of money central banks, stock • motives for spending, saving They could start by discussing the
and the need for exchanges, commercial and borrowing. functions that are performed by banks.
exchange banks Each student could be asked to get some
• identify the factors affecting information about a commercial bank,
an individual’s choice of either in the form of a leaflet or booklet or
13 Functions of central occupation (wage factors and through obtaining information from the
banks, stock non-wage factors) internet, and then to analyse the various
exchanges, functions that are carried out.
• describe likely changes in
commercial banks A homework assignment could be to
earnings over time for an
discuss this with parents/other
individual
relatives/friends/teachers to get an idea
• describe the differences in
earnings between different of the various influences on an
14 Factors affecting an
individual’s choice groups of workers individual’s choice of occupation. These
of occupation (wage (male/female; people could be interviewed and a
factors and non- skilled/unskilled; summary of the findings produced. It is
wage factors) private/public; important that students find examples of
agricultural/manufacturing/ser both wage and non-wage factors. These
vices) findings could then be reported back to
15-16 Changes in
earnings over time • describe trade unions and the whole class.
for an individual. analyse their role in an Another activity would be to get students
Differences in economy to choose a particular occupation which
earnings between • describe the benefits and they are interested in and to find out
different ccupational disadvantages of information about it that would relate to
groups people choosing that occupation
specialisation for the Students could work in groups and
(male/female, individual
skilled/unskilled, analyse the various reasons why people
• analyse the different motives
private/public, spend money. They may be able to find
agricultural/manufac for spending, saving and
on the internet information about typical
turing/services borrowing
patterns of expenditure in their country.
17 Trade unions and • discuss how and why Anderton, Units 50-51, pages 126-
their role in an different income groups have 131 Anderton, Unit 68, pages 170-
economy. Benefits different expenditure patterns 171 Anderton, Unit 79, pages 196-
and disadvantages (spending, saving and 197 Harrison and Nutter, Chapter
of specialisation for
the individual
borrowing). URL – http://www.tutor2u.net/econo
mics/content/topics/monetary
Different motives for policy/boe.htm URL –
18
spending, saving http://www.tutor2u.net/econo
and borrowing. - mics/content/topics/monetary
How and why policy/independent_boe.htm URL –
different income http://www.bankofengland.co .uk
groups have URL – http://www.londonstockexcha
different nge.com URL –
expenditure
patterns (spending,
http://www.proshare.org
saving, borrowing)

19-20 Topic 4: Candidates should be able to: • types and sizes of business students thinking and talking about the
The private firm • describe the type of organisation variety of business organisations which
as producer business organisation in the • demand for factors of production exist in an economy and how they might
and employer - - public and private sectors: • costs and revenue differ. Two important distinctions would
Type of business sole trader (proprietor), • profit maximisation and other be between the private and the public
organisation in the public limited companies, business goals sector and between large and small
public and private multinationals, cooperatives, • perfect competition organisations. Each student should then
sectors: sole state-owned enterprises • monopoly research a particular business
proprietors, (public corporations) • advantages and disadvantages organisation and report back to the group
partnerships, private
• describe the effects of of increased scale. on what they discovered (the teacher will
moving firms from the public A useful starting point is to make need to ensure that there is at least one
companies, public
sector to the private sector students aware of the distinction example of each of the different types).
companies, multi-
and vice versa between how a business person
nationals, co- Anderton, Unit 31, pages 80- 83
• describe and evaluate the would define profit and how an
operatives, public
effects of changes in the economist would. Harrison and Nutter, Chapter 9,
corporations pages 91-93 Moynihan and Titley,
structure of business
organisations Chapter 4, pages 61-70
21 Evaluate the effects • describe what determines URL – http://www.bized.ac.uk/virtual
of changes in the demand for factors of /via/theories/cal_total_costs. htm
structure of production
business
URL – http://www.bbc.co.uk/schools
• distinguish between labour-
organisations. - /bitesize/business/production
intensive and capital-intensive
What determines production /productioncostsrev2.shtml URL –
 the demand for • define productivity and http://www.s cool.co.uk/quicklearn
factors of production recognise the difference Costs and Revenue: Costs and their
between productivity and curves URL – http://www.s
Total and average production
22-23 cool.co.uk/quicklearn Costs and
cost, fixed and • define total and average
cost, fixed and variable cost Revenue: Worked example of costs
variable cost and
perform simple and perform simple and their curves
calculations. - Total calculations URL – http://www.s
and average • analyse particular situations cool.co.uk/quicklearn Costs and
revenue and to show changes in total and Revenue: Profit
perform simple average cost as output
24-25 changes
calculations.
• define total and average
Principle of profit revenue and perform simple
maximisation as a
calculations
• describe the principle of
goal
profit maximisation as a goal
Integration,
and recognise that business
economies and
organisations may
diseconomies of
have different goals
scale
• describe the characteristics
of perfect competition and
monopoly
• describe pricing and output
policies in perfect competition
and monopoly
• describe the main reasons
for the different sizes of firms
(size of market, capital,
organisation)
• describe and evaluate
integration, economies and
diseconomies of scale
• discuss the advantages and
disadvantages of monopoly.
production, marketing and
selling
26 Topic 5: Candidates should be able to: • government as a producer and Students could work in groups and think
Role of • describe the government as an employer of as many reasons as they can why
government in a producer of goods and • aims of government economic governments might need to get involved
Economy - - services and as an employer policy in economic activities. They could
Government as a • describe the aims of • fiscal, monetary and supply-side research their own country to discover
producer of goods government policies, such as policies such examples, analysing why it such
and services and as full employment, price • types of taxation intervention was considered necessary.
an employer stability, economic growth, • possible policy conflicts They could also try and find out about
redistribution of income, • government’s influence on such examples in other countries. Merit
balance of payments stability private producers. goods and public goods are not on the
• explain fiscal, monetary and syllabus as such, but it would be helpful if
supply-side policies students had an understanding of such
27-28 - Aims of
• analyse the use of fiscal, goods.
government
monetary and supply-side Students also need to consider the role
policies, e.g. full
policies of the government as an employer. They
employment, price
• discuss the possible
stability, economic could research the different kinds of
conflicts between government
growth, workers that are employed by the
aims
redistribution of government in their own country and find
• describe the types of
income, balance of out what proportion of the total this
taxation (direct, indirect,
payments stability represented. It would also be useful to
progressive, regressive,
proportional) and the impact find out if this proportion was increasing
of or decreasing. The government of each
Conflicts between taxation country is likely to have a website
29-30
government aims. - • discuss the government’s containing such information.
describe the types Students need to find out information
influence (regulation,
of taxation (direct, about the types of taxation in either their
subsidies, taxes) on private
indirect, own country or another country of their
producers. choice. Taxation will vary greatly
progressive,
regressive, between different countries but students
proportional) and will need to have an understanding of the
the impact of main types of tax and how they differ,
taxation such as the distinction between direct
taxes on income and indirect taxes on
expenditure. They need to be able to
Government’s compare and contrast the different types
31 influence of taxation, appreciating the advantages
(regulation, and disadvantages of each.
 subsidies, taxes) on Students could work in groups and
private producers discuss the various areas in which
governments can influence private
producers and the different methods they
could use, such as regulation, subsidies
and taxes, reporting their findings back to
the whole class.
Anderton, Unit 56, pages 142-143
Anderton, page 150
URL – http://www.bized.ac.uk/virtual
/economy/policy/tols/govern
ment/gexpex.htm URL –
http://www.bized.ac.uk/virtual
/economy/policy/tools/govern
ment/gexpth2.htm URL –
http://www.bized.ac.uk/virtual
/economy/policy/tools/govern
ment/gexpth3.htm URL –
http://www.bized.ac.uk/virtual
/economy/policy/tools/govern
ment/gexpth4.htm URL –
http://www.s cool.co.uk/quicklearn
Market Failure: Public, merit and
demerit goods URL – http://www.s
cool.co.uk/quicklearn Taxation and
Government Spending: Governmen

Year 10

1-2 Topic 6: With regards to prices, • price indices Students will need to show how the RPI
Economic candidates should be able • inflation and deflation or CPI is constructed. They could find out
indicators - prices to: • employment and unemployment how the ‘shopping basket’ is made up in
– describe how the • describe how a consumer • GDP, economic growth and their own country; there is likely to be
retail price index is
prices index/retail prices index recession information about this on a government
is calculated website. They could work in groups to
calculated. prices –
 Causes and • discuss the causes and • GDP and other measures of discuss the potential problems of drawing
consequences of consequences of inflation living standards up an index, such as agreeing on the
inflation • discuss the causes and weightings to be given to particular
consequences of deflation. products or the choice of a year as a
employment – With regards to base year. They could consider the
3-4
describe the employment, candidates advantages and disadvantages of using
changing patterns should be able to: such an index to measure the rate of
and levels of • describe the changing inflation in a country.
employment. patterns and levels of Students will need to discuss the causes
employment – employment of inflation and, in particular, be able to
discuss the causes
• discuss the causes and distinguish clearly between demand pull
and consequences
consequences of and cost push inflation. They could work
unemployment. in groups to evaluate these two
of unemployment.
With regards to output, approaches (and others) and report their
candidates should be able
output – define ideas back to the whole class.
5-7 to:
Gross Domestic Students should also discuss the
• define Gross Domestic
Product (GDP). consequences of inflation. They need to
Product (GDP)
output – describe • describe and have a general
consider which people are likely to suffer
simple measures most at a time of inflation, such as those
understanding of the causes
and indicators of on fixed incomes. Students would benefit
and consequences of
comparative living economic growth from a discussion of the problems faced
standards, e.g. GDP • define the term recession by countries experiencing a high rate of
per head, Human • describe and evaluate inflation, such as Germany in 1923 and,
Development Index measures and indicators of more recently, Zimbabwe.
(HDI) comparative living standards, Students could work in groups and put
such as GDP per head, together a list of the possible limitations
7-8 - describe why Human Development Index of GDP per capita as a way of measuring
some countries are (HDI). living standards. They could then go on
classified as to consider how the HDI goes further
developed and than GDP but they would need to discuss
others are not. other possible indicators that could be
describe the factors included in an index. It would be useful if
that affect students could find out the HDI of their
population growth own country and to see approximately
(birth rate, death what position this was in terms of world
rate, fertility rate, rankings (the book includes examples of
net migration) and some countries on page 160).
discuss reasons for
 the different rates of Anderton, Units 60-63, pages 152-
growth in different 159 Anderton, page 164 Harrison
countries. and Nutter, Chapter 15, pages 164-
9-10 166 Moynihan and Titley, Chapter
factors that affect
13, pages 266-279
population growth
(birth rate, death URL – http://www.bized.ac.uk/virtual
rate, fertility rate, /economy/policy/advisors/ge
net migration) and neral.htm URL –
discuss reasons for http://www.bized.ac.uk/virtual
the different rates of /economy/policy/advisors/ge
growth in different neral4.htm URL –
countries. Living http://www.bized.ac.uk/virtual
standards within
/economy/policy/outcomes/in
countries and
flation/inflex.htm URL –
between countries,
both developed and http://www.bized.ac.uk/virtual
developing. /dc/copper/theory/th17.htm URL –
http://www.bized.ac.uk/virtual
/dc/copper/theory/th20.htm

11-12 Topic 7: Candidates should be able to: • developed and developing Students need to be able to recognise
Developed and • describe why some countries the main differences between developed
developing countries are classified as • absolute and relative poverty and developing economies, although
economies: developed and others are not • alleviating poverty they need to understand that with over
trends in • describe the difference • population growth 200 countries in the world, the
production, between absolute and relative • differences in living standards. distinctions are not always going to be
population and poverty absolutely clear. They each need to pick
living standards • recognise and discuss one developed and one developing
- why some policies to alleviate poverty economy and then make a comparison of
countries are • describe the factors that the two. The International Monetary
classified as
affect population growth (birth Fund, World Bank and United Nations
rate, death rate, fertility rate, websites contain a lot of relevant
developed and
net migration) and information to make such a comparison
others are not.
discuss reasons for the possible. This should allow them to
13-14 different rates of growth in understand why some countries are
Policies to alleviate
different countries
poverty. factors that classified as developed and others are
affect population not.
 growth (birth rate, • analyse the problems and Students could work in groups and find
death rate, fertility consequences of these out how a particular country is attempting
rate, net migration) population changes for to reduce poverty; they could then give a
and discuss countries at different stages of presentation to the rest of the class (the
reasons for the development case study on page 169 of the book is
different rates of • describe the effects of very good in relation to alleviating poverty
growth in different changing size and structure of in India).
countries. population on an economy Students could find out information about
• discuss differences in the birth rate, the death rate, the fertility
problems and standards of living within rate and net migration in their own
15-16 countries and between
consequences of country and analyse the effects of these
these population countries, both developed and on the rate of population growth.
changes for developing. Students need to be able to compare and
countries at different contrast living standards both within and
stages of between countries and to do this, they
development. the need to consider the ways in which these
effects of changing can be measured, such as differences in
size and structure of real GDP per capita and HDI. They need
population on an to work in groups to consider the possible
economy. difficulties involved in measuring living
standards. They could then go on to
Differences in living consider what else might be included in
17-18 standards within any assessment of living standards and
countries and report back their findings to the whole
between countries, class.
both developed and Anderton, Units 82-83, pages 204-
developing 209 Moynihan and Titley, Chapter 3,
pages 38-44 Moynihan and Titley,
Chapter 17, pages 377-381
URL – http://www.tutor2u.net/econo
mics/content/topics/develop
ment/development_introducti on.htm
URL – http://www.tutor2u.net/econo
mics/content/topics/develop
ment/development_economic s.htm
URL – http://www.tutor2u.net/econo
 mics/content/topics/develop
ment/development_ldcs.htm
URL – http://www.tutor2u.net/econo
mics/content/topics/develop
ment/development_populatio
n_migration.htm URL –
http://www.imf.org

19-20 Topic 8: Candidates should be able to: • specialisation Students need to consider the idea of
International • describe the benefits and • current account of the balance of specialisation at the regional level. They
aspects - Benefits disadvantages of payments need to find out an example of an
and disadvantages specialisation at regional and • current account deficits and industry that is concentrated in a
of specialisation at
national levels surpluses particular region (or in particular regions),
• describe the structure of the • exchange rate fluctuations either in their own country or in another
regional and
current account of the • protectionism and free trade. country of their choice, explain why it is
national levels
balance of payments concentrated there and then consider the
• discuss the causes and advantages and disadvantages of this
21-22 structure of the
consequences of current regional specialisation and concentration
current account of
account deficits and surpluses of industry. Students should bring in the
the balance of • define exchange rates
payments concepts of external economies and
• discuss the causes and diseconomies of scale and external
consequences of exchange benefits and costs.
exchange rates. rate fluctuations
23-24 Students also need to consider the idea
causes and • describe methods of trade
consequences of of specialisation at the national level.
protection
Students need to recognise that factor
exchange rate • discuss the merits of free
fluctuations. endowments will not be equally
trade and protection. distributed around the world and each
methods of country will, therefore, need to use its
25-26 protection. merits of resources as efficiently as possible. They
free trade and could choose one country, consider the
protection quantity and quality of factors of
production that it has and then consider
how these influence its trading activities.
It would also be useful to discover if this
has changed over time.
Students could then give a presentation
to the rest of the class with some groups
focusing on the regional level and others
concentrating on the national level.
Students could find out the type of
exchange rate system that its country
uses. They could also find out its value
against certain other currencies and this
could then be plotted on a poster or wall
chart.
Students need to be able to consider the
advantages and disadvantages of both
free trade and protection. They need to
work in groups to consider the relative
merits of each. In particular they need to
consider the possible reasons for trade
protection. This would be a very
interesting topic to have a debate on.
Anderton, Unit 7, pages 20- 21
Anderton, Unit 19, pages 52- 53
Anderton, Unit 45, pages 114-115
Why Trade?: The case for free trade
– absolute advantage URL –
http://www.s cool.co.uk/quicklearn
Why Trade?: The case for free trade
– comparative advantage URL –
http://s cool.co.uk/quicklearn Why
Trade?: International
competitiveness
RL – http://www.tutor2u.net/econo
mics/content/topics/externaliti
es/policy_towards_externaliti es.htm
URL – http://www.tutor2u.net/econo
mics/content/topics/trade/co
mparative_advantage.htm URL –
http://www.tutor2u.net/econo
 mics/content/topics/trade/gai
ns_from_trade.htm

27 Revision