Economics Induction Task 2014

WG6 – Sixth Form Induction Information and Tasks
In this subject you will develop 2 areas of specialism:
the study of specific markets such as the oil market, how it works, what
determines the price and who can buy the product, what causes the market to go
wrong, strategies by the government to correct this failure and the unintended
consequences that stem from this.
The study of macroeconomics where you will become familiar with the
workings of the UK economy; what is causing unemployment, what will be the effect
of the pound weakening, should the government reduce spending or increase
spending to kick start the economy, what is the role of government?
Independent learning in this subject requires: (include 5hrs of independent
Reading newspapers: The Times, The Telegraph, The Guardian, Independent,
reading business publications (the Economist, Economic Review), keep up to date
by watching television news/documentaries, read the textbook issued to you, use the
Library for additional texts, use the pre learning for preparation for forthcoming
lessons and additional source material. Use the internet: Tutor2u is a great source of
business news especially during term time: become familiar with it.
Suggested reading List: see newspapers above
Useful Websites
:- www.tutor2u, BBC business news,
Future Career aspirations linked to this subject are: an Economics degree is the
most valued degree when the financial sector is recruiting. Most trading rooms will
have their own Economics department interpreting economic data as it comes in.
Large firms such as Ford have large departments predicting which economies will
grow and need specific types of cars. The Bank of England, central government and
local government all have large departments contributing to future planning.
Induction Task &
Success Criteria
What is causing the rise in prices in the housing market?
Students must collect at least 6 articles which attempt to
explain why UK house prices are rising.
They need to identify the following and write a good
paragraph on each:
Macroeconomic causes
Demographic causes
Regional differences
A focus on London as a special case
They must then conclude, justifying what are the main
causes of the price increase. The skill of evaluation is
important here. We would like to see comparing, contrasting,
looking at long term influences as opposed to short term, the
most important factor(s), possibly ranking the influences in
order of importance. Work on 300 words for this last section.
First lesson in September 2014