Welcome to Economics
Year11 - Mr Murrays Economic Resource
Exam papers
|
Mark schemes
|
Section 1 - Money
• Candidates should understand the idea of a personal lifecycle and the different stages within the cycle.
• Candidates should appreciate how at each stage, individuals will experience changes in their income, expenditure, savings and debt.
• Candidates should be aware of the difference between needs and wants and how these change over the personal lifecycle.
• Candidates should understand that as income is a scarce resource and wants are unlimited, choices need to be made.
• Candidates should understand the importance of weighing up costs and benefits and considering opportunity costs when making decisions.
• Candidates should understand the meaning of demand and the factors that affect spending. Candidates should appreciate how moving to different stages in the personal lifecycle result in changes in demand for different types of goods and services.
• Candidates should have a basic understanding of how markets for goods operate and understand the reasons why prices change.
• Candidates should understand how businesses compete and the advantages and disadvantages of competition for consumers.
• Candidates should understand why people save and be aware of the main methods available, eg using banks, building societies and National Savings.
• Candidates are only required to have a basic understanding of shares and unit trusts and the working of the stock market.
• Candidates should be able to recommend suitable methods of saving and other financial products for different situations and justify their recommendations, appreciating the risks and rewards of each method.
• Candidates should know the difference between net and gross interest and understand the meaning of the Annual Equivalent Rate (AER).
• Candidates should understand why people borrow money and be aware of the main methods of borrowing, eg mortgages, credit/store cards, personal loans, hire purchase and overdrafts.
• Candidates should be able to select suitable methods of borrowing for different situations and justify their recommendations. They should take into account the degree of risk involved and the importance of the Annual Percentage Rate (APR).
• Candidates should be aware of the effects of changes in interest rates on borrowers and savers.
• Candidates should understand the benefits of financial planning and budgeting, including debt management. The timings of such planning should be linked to changes in the personal lifecycle.
• Candidates should be aware of how factors such as redundancy, unemployment and sickness/disability, changes in interest rates and prices affect a person’s budget and how financial planning can make some allowance for these uncertainties.
• Candidates should explore some of the moral and ethical dilemmas that arise when making spending, saving and borrowing decisions, eg buying shares in companies making armaments or buying products from companies that exploit workers in developing countries.
• Candidates should understand how taxation and government expenditure on benefits and services can affect an individual’s income, saving and expenditure during the personal lifecycle
Section 2 – Work
• Candidates should understand the main methods by which people are paid and the different items that appear on a pay slip including: deductions made for income tax, national insurance and pension contributions. Candidates should understand the difference between gross and net pay.
• Candidates should understand how the supply of labour is affected by a person’s decision to work or not to work, and that this is influenced by both monetary and non-monetary considerations, eg incentives, location, gender and race, taxation, state benefits etc.
• Candidates should understand that demand for labour is derived from the demand for the good or service produced, and that the supply and demand for labour will affect the amount that people are paid.
• Candidates should understand what can happen to wages when there are surpluses or shortages of labour and the benefits and limitations of the labour market.
• Candidates should be aware of the role of government in protecting workers, eg minimum wage, maximum working hours, health and safety and their effect on workers.
• Candidates should understand the monetary and non-monetary costs of unemployment to the individual and to society.
• Candidates should understand the reasons why the duration of unemployment might vary between individuals.
• Candidates should understand why government is concerned about unemployment and the benefits available to those who are unemployed, linking these to the personal life cycle.
• Candidates should have a basic understanding of how policies relating to education, training and the provision of tax allowances and state benefits are used to help those who are unemployed.
Section 3 – The National and Global Economy
• Candidates should be aware of the main types of exports from, and imports to, the UK economy. They should appreciate the importance of trade to the UK economy.
• Candidates should appreciate the advantages resulting from global trade such as lower prices, increased availability and choice of goods for consumers, but also the disadvantages in terms of unstable commodity prices and the adverse effects on producers in the UK, as well as the wider social and environmental impact
• Candidates should understand the impact of exchange rates on the importing and exporting of goods and services.
• Candidates should be aware of other factors that affect the sales of imports to, and exports from, the UK.
• Candidates should understand the effect that exchange rates have on the individual consumer, eg how this will affect the cost of travelling abroad and goods purchased in the UK.
• Candidates should understand how the actions of consumers can impact upon the national and global economy through activities such as: boycotting the products of ‘sweat shop labour’, purchasing fair trade or locally sourced products produced in a sustainable, ethical and environmentally sensitive manner. They should appreciate the role played by government, eg in campaigning for reductions in World poverty.
• Candidates should be aware of the advantages and disadvantages of firms operating overseas including the difference in labour costs.
• Candidates should understand the positive and negative effects that globalisation has on the UK labour market, eg causing unemployment in some sectors and regions, but creating job opportunities in others. They should be aware of the role played by government in regulating the migration of labour.
• Candidates should be aware of the nature of migration, including regional, European and global aspects. They should understand why migration occurs, the barriers to working abroad and how both emigration and immigration can affect, and has affected, the UK labour market.
• Candidates should understand the idea of a personal lifecycle and the different stages within the cycle.
• Candidates should appreciate how at each stage, individuals will experience changes in their income, expenditure, savings and debt.
• Candidates should be aware of the difference between needs and wants and how these change over the personal lifecycle.
• Candidates should understand that as income is a scarce resource and wants are unlimited, choices need to be made.
• Candidates should understand the importance of weighing up costs and benefits and considering opportunity costs when making decisions.
• Candidates should understand the meaning of demand and the factors that affect spending. Candidates should appreciate how moving to different stages in the personal lifecycle result in changes in demand for different types of goods and services.
• Candidates should have a basic understanding of how markets for goods operate and understand the reasons why prices change.
• Candidates should understand how businesses compete and the advantages and disadvantages of competition for consumers.
• Candidates should understand why people save and be aware of the main methods available, eg using banks, building societies and National Savings.
• Candidates are only required to have a basic understanding of shares and unit trusts and the working of the stock market.
• Candidates should be able to recommend suitable methods of saving and other financial products for different situations and justify their recommendations, appreciating the risks and rewards of each method.
• Candidates should know the difference between net and gross interest and understand the meaning of the Annual Equivalent Rate (AER).
• Candidates should understand why people borrow money and be aware of the main methods of borrowing, eg mortgages, credit/store cards, personal loans, hire purchase and overdrafts.
• Candidates should be able to select suitable methods of borrowing for different situations and justify their recommendations. They should take into account the degree of risk involved and the importance of the Annual Percentage Rate (APR).
• Candidates should be aware of the effects of changes in interest rates on borrowers and savers.
• Candidates should understand the benefits of financial planning and budgeting, including debt management. The timings of such planning should be linked to changes in the personal lifecycle.
• Candidates should be aware of how factors such as redundancy, unemployment and sickness/disability, changes in interest rates and prices affect a person’s budget and how financial planning can make some allowance for these uncertainties.
• Candidates should explore some of the moral and ethical dilemmas that arise when making spending, saving and borrowing decisions, eg buying shares in companies making armaments or buying products from companies that exploit workers in developing countries.
• Candidates should understand how taxation and government expenditure on benefits and services can affect an individual’s income, saving and expenditure during the personal lifecycle
Section 2 – Work
• Candidates should understand the main methods by which people are paid and the different items that appear on a pay slip including: deductions made for income tax, national insurance and pension contributions. Candidates should understand the difference between gross and net pay.
• Candidates should understand how the supply of labour is affected by a person’s decision to work or not to work, and that this is influenced by both monetary and non-monetary considerations, eg incentives, location, gender and race, taxation, state benefits etc.
• Candidates should understand that demand for labour is derived from the demand for the good or service produced, and that the supply and demand for labour will affect the amount that people are paid.
• Candidates should understand what can happen to wages when there are surpluses or shortages of labour and the benefits and limitations of the labour market.
• Candidates should be aware of the role of government in protecting workers, eg minimum wage, maximum working hours, health and safety and their effect on workers.
• Candidates should understand the monetary and non-monetary costs of unemployment to the individual and to society.
• Candidates should understand the reasons why the duration of unemployment might vary between individuals.
• Candidates should understand why government is concerned about unemployment and the benefits available to those who are unemployed, linking these to the personal life cycle.
• Candidates should have a basic understanding of how policies relating to education, training and the provision of tax allowances and state benefits are used to help those who are unemployed.
Section 3 – The National and Global Economy
• Candidates should be aware of the main types of exports from, and imports to, the UK economy. They should appreciate the importance of trade to the UK economy.
• Candidates should appreciate the advantages resulting from global trade such as lower prices, increased availability and choice of goods for consumers, but also the disadvantages in terms of unstable commodity prices and the adverse effects on producers in the UK, as well as the wider social and environmental impact
• Candidates should understand the impact of exchange rates on the importing and exporting of goods and services.
• Candidates should be aware of other factors that affect the sales of imports to, and exports from, the UK.
• Candidates should understand the effect that exchange rates have on the individual consumer, eg how this will affect the cost of travelling abroad and goods purchased in the UK.
• Candidates should understand how the actions of consumers can impact upon the national and global economy through activities such as: boycotting the products of ‘sweat shop labour’, purchasing fair trade or locally sourced products produced in a sustainable, ethical and environmentally sensitive manner. They should appreciate the role played by government, eg in campaigning for reductions in World poverty.
• Candidates should be aware of the advantages and disadvantages of firms operating overseas including the difference in labour costs.
• Candidates should understand the positive and negative effects that globalisation has on the UK labour market, eg causing unemployment in some sectors and regions, but creating job opportunities in others. They should be aware of the role played by government in regulating the migration of labour.
• Candidates should be aware of the nature of migration, including regional, European and global aspects. They should understand why migration occurs, the barriers to working abroad and how both emigration and immigration can affect, and has affected, the UK labour market.