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6th Form Curriculum Guide - Year 13 Economics
Global EconomyGlobal Economy   
3.1 Globalisation The term ‘globalisation’ describes a range of economic developments that enhance the ability of nations and firms to trade within a rules-based system. Topics Covered: -Growing Economies -Trade and Growth -Trading Blocs -Trade policy and trade negotiations -Exchange Rates 3.2 Economic factors in business expansion Firms need to be able to assess the relative merits of competing potential locations for market growth and production. Topics Covered: -Conditions that prompt trade -Assessing the potential of different economies 3.3 Impact of globalisation on global companies Firms need to understand the differences between consumers in different countries and cultures. Topics Covered: -Responding to global demand - Demand-side factors in global markets
Assessment: EOU assessment, AS papers biweekly to refresh theme 1 and theme 2Key Words and Terms
Making Markets work 2Making Markets work 2   
4.4 Macroeconomic policies and impact on firms and individuals Economic fluctuations may well affect the fortunes of firms and individuals, and this encourages a demand for policies that reduce harm and promote wellbeing. Topics Covered: -The AD/AS model -Demand-side policies -Supply-side policies -The impact of macroeconomic policies 4.5 Risk and the financial sector Firms and individuals require access to credit to meet their respective needs. The financial sector provides a system that facilitates growth and development; economic policies regulate that system in the hope of ensuring stability. Topics Covered: -Risks and uncertainty -The role of the financial sector -The role of the central bank -The Global Financial Crisis
Assessment: EOU and Mock examsKey Words and Terms
Making the Market workMaking the Market work   
4.1 Competition and market power Firms operate in markets with varying degrees of competition and this affects their decisions and the way in which resources are used. Topics Covered: -Spectrum of Competition -Barriers to entry -Oligopoly -Business Objectives and pricing decisions - Productive and allocative efficiency 4.2 Market power and market failure Firms do not always behave in a way that benefits all economic agents and governments may intervene to regulate the power these firms have. Topics Covered: -Market Failure -Business Regulation -Arguments for and against regulation 4.3 Market failure across the economy Markets may not produce outcomes that are always considered socially desirable. This may prompt governments to intervene in an attempt to change the outcomes. Topics Covered: -Market Failure in society - Externalities -Polices to deal with market failure
Assessment: EOU assessmentKey Words and Terms
Revision and Final examinationRevision and Final examination   
Revision for Theme 1,2,3 and 4. Paper 3 preparation on pre-release material. Assessment: Paper 1- Markets and how they work. (Theme 1 and 4) Paper 2- Competing in the global economy (Theme 2 and 3) Paper 3- The economic environment and business (Theme 1,2,3 and 4)
Assessment: Mock Papers and final examinationKey Words and Terms
The global economyThe global economy   
3.4 Impact of globalisation on local and national economies Large firms can wield significant market power and can have both positive and negative effects in the countries in which they operate. Topics Covered -Impact of MNCs -Ethical Issues -Controlling MNCs 3.5 Global labour markets Globalisation has opened up labour markets, giving firms access to a greater number of potential employees. Production has sometimes moved to where labour is cheaper and this has had an impact on both pay and job opportunities. Topics Covered: -Employment Patters -Wage Rates -Minimum wage legislation 3.6 Inequality and re-distribution Globalisation has helped to reduce the number of people living in absolute poverty and has had an impact on inequality between and within nations. Topics Covered: -Poverty and Inequality -Reducing Poverty -The Impact of inequality on economics agents -Re-distribution of income and wealth
Assessment: EOU assessment and Mock PaperKey Words and Terms