Assessment map

Assessment map for unit 1: Introduction to economics

This page provides a map of the various assessments included in the unit, including short answers responses, essays and areas for discussion.  I have included a section A and section B blank essay template which will help your classes prepare their essay responses.

Unit 1.1: Economics as a social science

SyllabusAssessment

Explain that economics is a social science, including the social nature of economics

Student investigation and research: Research other leading economists and present your findings to the class

Model building in economics and why economists assume ceteris paribus when developing economic models

  • the use of logic
  • the use of hypotheses, models, theories
  • the ceteris paribus assumption
  • empirical evidence
  • refutation
Complete a table: on whether economics is 'a natural or a social science?', based on the video and presentation.  Available at:  Economics as a social science 

The difference between positive and normative economic statements.  Value judgements in policy making.

Short exercise: Separate a range of statements into positive and normative economic statements: Positive and normative powerpoint

Activity on scarcity within the local hospital: Introductory activity 

Introduction to the nine central concepts: scarcity, choice, efficiency, equity, economic well-being, sustainability, change, interdependence, interventionAssessed explicitly in the Internal assessment process
Scarcity in our society
SyllabusAssessment

Scarcity and sustainability

  • opportunity cost
  • the cost of choice
  • free goods

Activity on scarcity within the local hospital: Introductory activity 

Explain how economics considers how scarce resources are allocated?Activity on types of economic systems

The three basic economic questions for any society to answer - what to produce, how to produce and for whom to produce.  Means of answering the economic questions

Island exercise on creating an island economy.  Completed in unit 3.1

Presentation activity based on the impact of the sharing economy on different stakeholders

Outline the meaning of the term marketMarket place power point with discussion activity
Choice and opportunity cost
SyllabusAssessment
Explain that as a result of scarcity, choices have to be made and for every economic choice made, an alternative is always foregoneActivity on opportunity cost: red pill, blue pill

Factors of production—land, labour, capital and entrepreneurship

  • the production possibilities curve model (PPC)
  • assumptions of the model
  • increasing versus constant opportunity cost

Features of the model: opportunity cost, scarcity, choice, free goods, unemployment of resources, efficiency, actual growth and growth in production possibilities

Essays on PPF diagrams, included on page:  Factors of production 

1. Use a production possibility frontier (PPF) diagram to explain the relationship between factors of production, economic goods and opportunity cost?  Mark scheme included PPF essay 1

2. Use a production possibility frontier (PPF) diagram  to explain the difference between a movement along a production possibility frontier (PPF) and an outward shift? Mark scheme included PPF essay 2

Circular flow of national income model 
Syllabus Assessment
Explain, using a diagram, the circular flow of income between households and firms in a closed economy with no government.Activity 2 on page: Circular flow of national income 
Identify the four factors of production and their respective payments (rent, wages, interest and profit) and explain that these constitute the income flow in the model.Short answer activities on page: Circular flow of national income 
Outline that the income flow is numerically equivalent to the expenditure flow and the value of output flow.Short answer activities on page: Circular flow of national income 
Explain, using a diagram, the circular flow of income in an open economy with government and financial markets, referring to leakages/ withdrawals (savings, taxes and import expenditure) and injections (investment, government expenditure and export revenue).Short answer activities on page: Circular flow of national income 
Interdependence between economic decision makers interacting and making choices in an economy: households, firms, the government, the banks and financial sector, and the foreign sector (foreign firms and households)Activity 6, Paper one style question on page: Circular flow of national income 
Unit 1.2: Central themes of economics
SyllabusAssessment

Economic methodology

  • the role of positive economics
  • the use of logic
  • the use of hypotheses, models, theories
  • the ceteris paribus assumption
  • empirical evidence
  • refutation
  • the role of normative economics
  • value judgements in policy making.

Power point activity on positive, normative statements on page:  Economics as a social science 

Market versus government intervention

Economic systems: free market economy, planned economy and mixed economy

Class exercise comparing the level of intervention in Hong Kong and Sweden, on page Economic systems 
The threat to sustainability as a result of the current patterns of resource allocationShort response activities on page Economic growth 
The extent to which the goal of economic efficiency may conflict with the goal of equityShort response activities on page Economic growth 
The distinction between economic growth and economic development

Short response and paper two style question on page Economic development  

Short response and paper two style question on page Economic growth in LEDCs

Economic history

Syllabus area: Origins of economic ideas in a historical contextAssessment

18th century: Adam Smith and laissez faire

19th century: classical microeconomics (utility); the concept of the margin; Classical macroeconomics (Say’s law); Marxist critique of classical economic thought

20th century: Keynesian revolution; rise of macroeconomic policy; monetarist/new classical counter revolution

21st century: increasing dialogue with other disciplines such as psychology and the growing role of behavioural economics; increasing awareness of the interdependencies that exist between the economy, society and environment and the need to appreciate the compelling reasons for moving towards a circular economy

Homework exercise on page: Economics as a social science 

The economics of inequality 

Syllabus areaAssessment
The meaning of equity and equalityCompleted in Unit 3.4: Economics of inequality and poverty 

Blank essay template available at:  Section A template

Section B template

 

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