Visit the Youtube channel of Khan Academy, where you can find a series of tutorial videos in economics.
Chapter 1: Basic economic ideas and resource allocation
Outline
At the outset of the course, it is essential that learners develop their understanding of the basic economic problem of scarcity and choice, and why this arises. This section also introduces the key fundamental economic ideas and principles which will underpin learning throughout the rest of the course. In particular, basic economic concepts and their links to the key concept Scarcity and choice are examined in detail.
The AS Level (2iec) topics covered in this section are:
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scarcity, choice and opportunity cost
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positive and normative statements
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factors of production
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resource allocation in different economic systems and issues of transition
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production possibility curves
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money
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classification of goods and services.
Week | Date | Topic | Coursework |
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Scarcity, choice and opportunity cost |
(1) Scarcity and Choices (tutor2u) |
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Positive and normative statements |
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Factors of production |
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Resource allocation in different economic systems and issues of transition |
(1) Scarcity and Choice in Resource Allocation (tutor2u - pdf) |
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Production possibility curves |
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Money |
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Classification of goods and services |
Chapter 2: The price system and the micro economy
Outline
The theory of supply and demand and how it is used to determine market equilibrium levels of price and output are fundamental requirements for understanding and applying economic knowledge throughout the curriculum and in real-life practice. This section provides a basic platform from which learners are able to analyse and evaluate a variety of alternative market situations.
The AS Level (2iec) topics covered in this section are:
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demand and supply curves
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price elasticity, income elasticity and cross-elasticities of demand
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price elasticity of supply
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interaction of demand and supply
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market equilibrium and disequilibrium
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consumer and producer surplus.
Week | Date | Topic | Coursework |
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Demand and supply curves |
(1) Theory of Demand (tutor2u) |
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Price elasticity, income elasticity and cross-elasticities of demand |
(1) Explaining Price Elasticity of Demand |
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Price elasticity of supply |
(1) Explaining Price Elasticity of Supply (tutor2u) |
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Interaction of demand and supply; Market equilibrium and disequilibrium |
(1) Equilibrium Market Prices (tutor2u) |
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Consumer and producer surplus |
Chapter 3: Government microeconomic intervention
This topic builds upon the market analysis developed in section 2. The emphasis is on government intervention in the market and learners will be given opportunities to apply theory introduced in section 2.
Outline
The AS Level topics covered in this section are:
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maximum, and minimum prices
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taxes (direct and indirect)
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subsidies
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transfer payments
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direct provision of goods and services
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nationalisation and privatisation.
Week | Date | Topic | Coursework |
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13 |
6/1 — 10/1 |
Government microeconomic intervention (part 1) |
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Maximum and minimum prices |
(1) Watch tutor2u video, |
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Direct and indirect taxes (part 1) |
(1) Read Economics Online (tax incidence) and Economics Online (specific tax and ad valorem tax), |
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Direct and indirect taxes (part 2) |
(7) Exercises 2 and 3 in workbook (page 46) , |
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14 |
13/1 — 17/1 |
Government microeconomic intervention (part 2) |
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Subsidies; |
(1) Read coursebook (pages 73-74), |
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Direct provision of goods and services |
(1) Read coursebook (pages 74-76), |
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Assessment |
(1) Exam-style questions in coursebook (page 79), |
Chapter 4: The macroeconomy
This section introduces learners to the study of the economy as a whole, rather than focusing upon the behaviour of particular markets. It develops knowledge and understanding of key macroeconomic indicators such as inflation, balance of payments and exchange rates and enables learners to apply this understanding to analyse and evaluate aggregate economic behaviour in a range of different economic settings.
Outline
The AS Level topics covered in this section are:
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aggregate demand (AD) and aggregate supply (AS) analysis
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inflation
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balance of payments
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exchange rates
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the terms of trade
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principles of absolute and comparative advantage
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protectionism.
Week | Date | Topic | Coursework |
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15 |
20/1 — 24/1 |
The macroeconomy |
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Aggregate demand (AD) and aggregate supply (AS) analysis |
(1) Read coursebook (pages 81-85), |
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Inflation |
(1) Read coursebook (pages 86-90), |
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Balance of payments |
(1) Read coursebook (pages 90-94), |
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16 |
27/1 — 31/1 |
The macroeconomy |
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Exchange rate |
(1) Read coursebook (pages 94-100), |
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Terms of trade |
(1) Prepare PowerPoint presentation on the data response question, |
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Assessment |
Chapter 5: Government macro intervention
This section builds on the learning undertaken in the previous AS units to link together macroeconomic theory and government macroeconomic policy. In particular, learners will have the opportunity to focus on the key fiscal, monetary and supply side policy instruments and look at how effective these are in correcting balance of payment deficits, inflation and deflation. Learners will also have plenty of opportunity to look at different approaches and assess and evaluate how effective governments are in achieving their macro-economic aims.
The AS Level topics covered in this section are:
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types of policy: fiscal, monetary and supply side policy
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policies to correct balance of payments disequilibrium
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policies to correct inflation and deflation.
Week | Date | Topic | Coursework |
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24 |
2/3 — 6/3 |
Government macro intervention |
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Fiscal policy |
(1) Expansionary Fiscal Policy: Definition, Examples |
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Monetary policy and supply side policies |
(1) Monetary Policy - Managing Demand (tutor2u) |
Revision (March-April)
Outline
Revise will include the five chapters of the AS level. We will start with elements of chapter 4.
Week | Date | Topic | Coursework |
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16/3 |
Terms of trade |
(1) Read pages 100-101 in your coursebook (10 min) |
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17/3 |
Absolute and comparative advantage |
(1) Read pages 102-104 in your coursebook (10 min) |
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19/3 |
Free trade |
(1) Read pages 104-108 in your coursebook (20 min) |
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23/3 |
Protectionism |
(1) Read pages 108-111 in your coursebook (20 min) |
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27/3 |
Doing Economics: Measuring Climate Change |
(1) Read the empirical project 1 on measuring climate change, and complete it with the introduction to Capitalism and Democracy, as well as the Capitalist Revolution and finally Economics of the Environment |
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20/4 |
Market failure and inefficient allocation of resources |
(1) Adam Smith (the "invisible hand"), and Jean-Baptiste Say ("Say’s Law"). See Say’s law: supply creates its own demand. The slides presented in our Meeting. |
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21/4 |
Market failure and inefficient allocation of resources |
(1) MCQ in Microsoft Forms (see Teams). You can revise yesterday’s material using the following slides |
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24/4 |
Government microeconomic intervention: subsidies |
(1) Subsidies: Consumer and Producer Benefit |
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27/4 |
The macroeconomy |
(1) Economics of volatility (1) |
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28/4 |
Government macro intervention |
(1) Introduction to Monetary Policy (9 min) |
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4/5 |
Taxes |
(1) Watch the short video Should we tax the rich more? |