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AS/A Level Economics 9708
Unit 3: Macro economic measurement and inflation
Recommended Prior Knowledge
Understanding of micro/macro distinction.
Context
The Unit introduces the measurement of macro economic variables and sets up the first elements of international economic aspects.
Outline
The ways employment/unemployment and productivity are measured are examined and the structure of the balance of payments is set out. The construction of a price
index to measure inflation is explained before the causes and consequences of inflation itself are considered.
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Learning outcomes
Suggested Teaching activities
Learning resources
5a
Candidates should understand the
idea of the labour force
analyse recent trends in employment and unemployment
Anderton Unit s 29 and 72
Bamford Chap 5
Gillespie Pages 76, 77, 78 and 79
Stanlake Chap 56
Bized Learning materials economics Topic
9, Unemployment and inflation
S-cool Unemployment – some definitions
Tutor2u Labour Market Participation Rates
Tutor2u Measuring Unemployment
Tutor2u Long Term Unemployment
•
be familiar with the format of
employment statistics and their
recent patterns and trends
compare trends between economies
1
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4f
5b
Learning outcomes
Suggested Teaching activities
•
know how unemployment is
measured and how it has behaved
contrast different methods of measuring unemployment
•
understand the meaning and
measurement of productivity
make international comparisons of productivity and comparisons
over time
Candidates should distinguish
between exports and imports, goods
and services
classify different trade and capital transactions
•
distinguish between trade and
capital flows
assemble balance of payments table from random items
•
understand the structure of the
balance of payments account
examine recent balance of payments accounts
•
analyse a balance of payments
account
compare international positions
•
represent exports and imports in
supply and demand diagrams
produce supply and demand diagrams for national and international
economy
Candidates should understand the
idea of a general price level
examine trends in inflation
•
construct a weighted price index
and use it to measure price
changes
construct student price index
•
be aware of the problems in
constructing, maintaining and
interpreting a price index
calculate changes over time
•
interpret the meaning of changes
contrast changes in weights over time
2
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Learning resources
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Learning outcomes
Suggested Teaching activities
in price data
6a
Candidates should define inflation
case study of hyper inflation e.g. Germany 1923 contrast past
instances of cost push, demand pull and monetary inflation
•
understand the terms describing
aspects of inflation
compare effects of inflation from different viewpoints e.g. borrowers,
lenders, taxpayers and the government
•
analyse the causes and
consequences of inflation
examine links between inflation and international competitiveness
3
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Learning resources