| A | B | C | D | E | F | G | H | I | J | K | |
|---|---|---|---|---|---|---|---|---|---|---|---|
1 | Confidence | Practiced | Example Question | Points to include | |||||||
2 | Typical Marks | Low | Med | High | Notes | Short Qs | Essay Qs | ||||
3 | Theme 1: Markets & Market Failure | ||||||||||
4 | 1.1.1 | Economics as a social science | 2 | ||||||||
5 | 1.1.2 | Positive and normative economic statements | 2 | ||||||||
6 | 1.1.3 | The economic problem | 2 | ||||||||
7 | 1.1.4 | Production possibility frontiers | 4 | ||||||||
8 | 1.1.5 | Specialisation and the division of labour | 8 | ||||||||
9 | 1.1.6 | Free market economies, mixed/command economy | 2 | To what extent would nationalising railways improve economic welfare of consumers and producers? [12] | Role of profit motive, nationalising would reduce incentive to work - compensation more closely related to MRP, incentive to improve quality/service to maintain market share, incentive to innovate with ways to reduce costs - potential impact on prices for customers. Impacts of potential for profits to increase income of shareholders and revenues of government. However: Natural monopoly so potential for prices to remain high, evidence of profits being provided to shareholders at the expense of quality of service or maintenance of infratructure. Firms may use monoposony power to suppress wages of workers, nationalised industry will not look to keep costs so low. Provision of services to rural areas where it is not profitable. | ||||||
10 | 1.2.1 | Rational decision making | 8 | ||||||||
11 | 1.2.2 | Demand | 5 | ||||||||
12 | 1.2.3 | Price, income and cross elasticities of demand | 8 | ||||||||
13 | 1.2.4 | Supply | 5 | ||||||||
14 | 1.2.5 | Elasticity of supply | 8 | ||||||||
15 | 1.2.6 | Price determination | 12 | ||||||||
16 | 1.2.7 | Price mechanism | 2 | ||||||||
17 | 1.2.8 | Consumer and producer surplus | 4 | ||||||||
18 | 1.2.9 | Indirect taxes and subsidies | 15 | ||||||||
19 | 1.2.10 | Alternative views of consumer behaviour | 8 | To what extent can consumer behaviour in buying 'X' be considered irrational? (8) | Examples of irrationality and how they could apply, counter exmples, discussion of how impact may be limited, why behaviour could be considered rational | ||||||
20 | 1.3.1 | Types of market failure | 25 | ||||||||
21 | 1.3.2 | Externalities | 25 | Evauate the micro and macroeconomic effects of policies to reduce carbon emissions/plastic waste [25] | Choose policy eg: tax, cap&trade, regulation. Micro externality diagram and analysis including impact to firms and or labour markets. Discussion of welfare & efficiency. Macro effects stem from this, impact to firms' costs (SRAS shift) and therefore GDP, inflation, int'l competitiveness and curret account. Possible evaluations on PED, part of global initiatives, potential to become global leader in substitute industries and attract FDI. | ||||||
22 | 1.3.3 | Public goods | 5 | Explain why the the free market provision of flood defences would lead to a free rider problem [5] | Define and explain public good, refer to extracts, implication as to why this creates free riders. | ||||||
23 | 1.3.4 | Information gaps | 15 | ||||||||
24 | 1.3.5 | Government intervention in markets | 25 | ||||||||
25 | 1.3.6 | Government failure | 15 | ||||||||
26 | |||||||||||
27 | Theme 2: The UK economy – performance and policies | ||||||||||
28 | 2.1.1 | Economic growth | 10 | ||||||||
29 | 2.1.2 | Inflation | 8 | Explain the likely cause of the change in inflation shown in Figure 1 [5] | identify change in data - identify cause, exaplin why important - extend reasoning with the implication for government. | ||||||
30 | 2.1.3 | Employment and unemployment | 10 | Explain the likely cause of the change in unemployment shown in Figure 1 [5] | identify change in data - identify cause, exaplin why important - extend reasoning with the implication for government. | ||||||
31 | 2.1.4 | Balance of payments | 15 | ||||||||
32 | 2.2.1 | The characteristics of aggregate demand (AD) | 2 | ||||||||
33 | 2.2.2 | Consumption (C) | 8 | ||||||||
34 | 2.2.3 | Investment (I) | 10 | ||||||||
35 | 2.2.4 | Government expenditure (G) | 5 | ||||||||
36 | 2.2.5 | Net trade (X-M) | 12 | ||||||||
37 | 2.3.1 | The characteristics of AS | 2 | ||||||||
38 | 2.3.2 | Short-run AS | 2 | Assess the effects of a rise in fuel prices on the economy of country X [8] | SRAS shift inwards (NOT AD UNLESS A NEXT EXPORTER/IMPORTER) - pros vs cons, size of change significant?, how long lasting?, tax revenue for government?, availability of subs? | ||||||
39 | 2.3.3 | Long-run AS | 2 | ||||||||
40 | 2.4.1 | National income | 5 | ||||||||
41 | 2.4.2 | Injections and withdrawals | 5 | ||||||||
42 | 2.4.3 | Equilibrium levels of real national output | 8 | ||||||||
43 | 2.4.4 | The multiplier | 10 | ||||||||
44 | 2.5.1 | Causes of growth | 5 | ||||||||
45 | 2.5.2 | Output gaps | 5 | ||||||||
46 | 2.5.3 | Trade (business) cycle | 5 | ||||||||
47 | 2.5.4 | The impact of economic growth | 15 | To what extent does economic growth improve development? [12] | |||||||
48 | 2.6.1 | Possible macroeconomic objectives | 8 | ||||||||
49 | 2.6.2 | Demand-side policies | 25 | ||||||||
50 | 2.6.3 | Supply-side policies | 25 | ||||||||
51 | 2.6.4 | Conflicts and trade-offs | 25 | ||||||||
52 | |||||||||||
53 | Theme 3: Business behaviour and the labour market | ||||||||||
54 | 3.1.1 | Sizes and types of firm | |||||||||
55 | 3.1.2 | Business growth | |||||||||
56 | 3.1.3 | Demergers | |||||||||
57 | 3.2.1 | Business objectives | |||||||||
58 | 3.3.1 | Revenue | |||||||||
59 | 3.3.2 | Costs | |||||||||
60 | 3.3.3 | Economies and diseconomies of scale | |||||||||
61 | 3.3.4 | Normal profits, supernormal profits and losses | |||||||||
62 | 3.4.1 | Efficiency | |||||||||
63 | 3.4.2 | Perfect competition | |||||||||
64 | 3.4.3 | Monopolistic competition | |||||||||
65 | 3.4.4 | Oligopoly | With the aid of a payoff matrix, discuss to extent to which an oligopoly reduces consumer welfare? [12] | ||||||||
66 | 3.4.5 | Monopoly | Discuss the micro and macroeconomic impact of 'market X' being dominated by one firm [25] | ||||||||
67 | 3.4.6 | Monopsony | To what extent does Amazon improve the welfare of households in country X? [8] | ||||||||
68 | 3.4.7 | Contestability | |||||||||
69 | 3.5.1 | Demand for labour | |||||||||
70 | 3.5.2 | Supply of labour | |||||||||
71 | 3.5.3 | Wage determination markets | Discuss the micro and macroeconomic impact of increasing the minimum wage/immigration? [25] | ||||||||
72 | 3.6.1 | Government intervention | |||||||||
73 | 3.6.2 | The impact of government intervention | |||||||||
74 | |||||||||||
75 | Theme 4: A global perspective | ||||||||||
76 | 4.1.1 | Globalisation | |||||||||
77 | 4.1.2 | Specialisation and trade | |||||||||
78 | 4.1.3 | Patterns of trade | |||||||||
79 | 4.1.4 | Terms of trade | Explain the impact of the price changes shown in figure 1 on country X's terms of trade [5] | ||||||||
80 | 4.1.5 | Trading blocs and the WTO | Discuss the benefits of being in a trade bloc for the development of country X [12] | ||||||||
81 | 4.1.6 | Restrictions on free trade | |||||||||
82 | 4.1.7 | Balance of payments | |||||||||
83 | 4.1.8 | Exchange rates | |||||||||
84 | 4.1.9 | International competitiveness | |||||||||
85 | 4.2.1 | Absolute and relative poverty | |||||||||
86 | 4.2.2 | Inequality | With reference to figure 1 explain the difference between absolut and relative povery [5] | ||||||||
87 | 4.3.1 | Measures of development | |||||||||
88 | 4.3.2 | Factors influencing growth and development | Dicuss the micro and macroeconomic effects of the De Beers/diamond industry in Botswana [25] | ||||||||
89 | 4.3.3 | Strategies influencing growth and development | Discuss micro and macroeconomic policies to achieve development in country X [25] | ||||||||
90 | 4.4.1 | Role of financial markets | |||||||||
91 | 4.4.2 | Market failure in the financial sector | |||||||||
92 | 4.4.3 | Role of central banks | |||||||||
93 | 4.4.1 | Public expenditure | |||||||||
94 | 4.4.2 | Taxation | |||||||||
95 | 4.4.3 | Public sector finances | |||||||||
96 | 4.4.4 | Macroeconomic policies in a global context | |||||||||
97 | |||||||||||