monday November 20th, 2017
All work should have been completed from last lesson, if you have any learning incomplete this must be completed before you start today's learning.
What:Relationships between objectives and policies
How: Research and exam style question
Why: To understand that there are ALWAYS trade-offs in the use of macroeconomic policy
Class discussion:
What are the 5 macroeconomic objectives?
How are they measured?
Why are they important?
Are they all equally important?
Can you give an example of when helping one objective to be met might harm another?
What do we mean by a trade-off?
In pairs try to give 5 examples of trade-offs in this are of economics 'Macroeconomics'
Take notes on chapter 41, now answer the Economics in practice questions on page 190-191.
When you have completed this case study check the answers. Are your answers as thorough? Do they give many examples, ideas? Do you use data from the sources? Go back and make improvements to your answers.
What:Relationships between objectives and policies
How: Research and exam style question
Why: To understand that there are ALWAYS trade-offs in the use of macroeconomic policy
Class discussion:
What are the 5 macroeconomic objectives?
How are they measured?
Why are they important?
Are they all equally important?
Can you give an example of when helping one objective to be met might harm another?
What do we mean by a trade-off?
In pairs try to give 5 examples of trade-offs in this are of economics 'Macroeconomics'
Take notes on chapter 41, now answer the Economics in practice questions on page 190-191.
When you have completed this case study check the answers. Are your answers as thorough? Do they give many examples, ideas? Do you use data from the sources? Go back and make improvements to your answers.
Cover NOVEMBER 15, 2017
Make sure that all Activities are finished from Monday’s lesson.
Any work that is not completed ‘especially the notes and the Give Me Five activity’ must be completed for home learning.
Introduction:
WHERE DO DEMAND SIDE POLICIES FIT IN???
Up until now you have looked at what are known as ‘Demand-side policies’, since fiscal policy and monetary policy are designed to influence ‘Aggregate Demand’ in the economy. Demand side policy aims to affect a change in the Aggregate Demand in the economy. In a recession the aim is to extend the level of consumption and investment spending through an increase in government spending (fiscal policy) and an increase in consumption and investment spending by lowering the interest rate (monetary policy). The opposite is true in a boom, government will put brakes on the economy so that inflation does not increase too much, remember 2% inflation is the ‘golden’ number. Anything more and the government (central bank) will increase the interest rate and may slow the growth of consumption, investment and government spending either by increasing taxes (taking money out of the economy) or by cutting government expenditure. The BIG idea is that: The aim of Demand side policy is to smooth out the ups and downs of the business cycle. Demand-side policy can be used to solve CYCLICAL Unemployment and DEMAND-Side Inflation (rapid price increases that are experienced during booms).
The next BIG idea - But how does an economy deal with other problems such as Structural Unemployment, Regional Unemployment and Cost – Push Inflation. Step in SUPPLY-SIDE policies.
Any work that is not completed ‘especially the notes and the Give Me Five activity’ must be completed for home learning.
Introduction:
WHERE DO DEMAND SIDE POLICIES FIT IN???
Up until now you have looked at what are known as ‘Demand-side policies’, since fiscal policy and monetary policy are designed to influence ‘Aggregate Demand’ in the economy. Demand side policy aims to affect a change in the Aggregate Demand in the economy. In a recession the aim is to extend the level of consumption and investment spending through an increase in government spending (fiscal policy) and an increase in consumption and investment spending by lowering the interest rate (monetary policy). The opposite is true in a boom, government will put brakes on the economy so that inflation does not increase too much, remember 2% inflation is the ‘golden’ number. Anything more and the government (central bank) will increase the interest rate and may slow the growth of consumption, investment and government spending either by increasing taxes (taking money out of the economy) or by cutting government expenditure. The BIG idea is that: The aim of Demand side policy is to smooth out the ups and downs of the business cycle. Demand-side policy can be used to solve CYCLICAL Unemployment and DEMAND-Side Inflation (rapid price increases that are experienced during booms).
- TASK ONE: Get out the BIG POSTERS (countries A-E) that you created 3 weeks ago, they should be neatly placed on the RIGHT-side of the classroom. Using Post-it notes which problems do you think can be dealt with by Fiscal policy? Which can be dealt with by Monetary Policy? – Do a round robin of all of the posters and make notes on a Post-it which can be dealt with by Demand-Side and which can’t – once you have looked at each Country – feedback for your own country
The next BIG idea - But how does an economy deal with other problems such as Structural Unemployment, Regional Unemployment and Cost – Push Inflation. Step in SUPPLY-SIDE policies.
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EXTENSION: WHO WAS A FAN OF SUPPLY-SIDE POLICES AND WHO WAS LESS THAN IMPRESSED? IF YOU COMPLETE ALL THE WORK BELOW, COMPLETE SOME RESEARCH TO FIND OUT WHO AND WHY?
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Supply Side- Policies (The BIG idea – SS policies are about improving the QUANTITY AND QUALITY of the FACTORS OF PRODUCTION)
Students should understand that supply side policies operate over a longer term than demand side policies.
Supply side policies: privatisation; deregulation; education and training; productivity of the workforce.
TASK 3: Read the relevant chapter in the textbook and make notes under the following headings.: Supply side policies: privatisation; deregulation; education and training; productivity of the workforce.
Supply Side- Policies (The BIG idea – SS policies are about improving the QUANTITY AND QUALITY of the FACTORS OF PRODUCTION)
Students should understand that supply side policies operate over a longer term than demand side policies.
Supply side policies: privatisation; deregulation; education and training; productivity of the workforce.
TASK 4: Now complete the ‘Give Me Five’ Activity attached – remember this is a revision activity so complete it in pencil and then check your ideas after. If you are not 100% happy with an idea or example leave it and then check in the textbook once you have completed the activity – this is feedback to you that you may need to revise and look over the topics.
Any work that is not completed ‘especially the notes and the Give Me Five activity’ must be completed for home learning.
Students should understand that supply side policies operate over a longer term than demand side policies.
Supply side policies: privatisation; deregulation; education and training; productivity of the workforce.
- Task 2: As a class hypothesise what Supply-Side policies are and how they operate on the Macro-economic diagram. What are the benefits of Supply-Side Policy in the longer-term?
- Draw the impact of Supply-Side policies on the board as a class (THINK ABOUT THE MACROECONOMIC DIAGRAM BELOW, HOW IS IT AFFECTED BY SUPPLY-SIDE POLCIES), what impact do they havE on GDP/Output? What impact do they have on Cost-Push inflation? What forms of unemployment will Supply-side policies deal with??
TASK 3: Read the relevant chapter in the textbook and make notes under the following headings.: Supply side policies: privatisation; deregulation; education and training; productivity of the workforce.
Supply Side- Policies (The BIG idea – SS policies are about improving the QUANTITY AND QUALITY of the FACTORS OF PRODUCTION)
Students should understand that supply side policies operate over a longer term than demand side policies.
Supply side policies: privatisation; deregulation; education and training; productivity of the workforce.
TASK 4: Now complete the ‘Give Me Five’ Activity attached – remember this is a revision activity so complete it in pencil and then check your ideas after. If you are not 100% happy with an idea or example leave it and then check in the textbook once you have completed the activity – this is feedback to you that you may need to revise and look over the topics.
- TASK FIVE: Get out the BIG POSTERS (countries A-E) again. Using Post-it notes which problems do you think can be dealt with by Supply–side policies – try to think which would be most appropriate and be prepared to explain– Do a round robin of all of the posters and make notes on a Post-it which can be dealt with once you have looked at each Country – feedback for your own country.
Any work that is not completed ‘especially the notes and the Give Me Five activity’ must be completed for home learning.
Cover November 13, 2017
What: What does a government do to provide solutions to problems of the business cycle? How does a government keep the economy from flying off the rails??
How: Film a short documentary piece of around 5 minutes.
Why: Government macroeconomic policy is around us every day, it influences all parts of our lives, from the interest we pay on our mortgages to the amount of money we are taxed. Dealt with badly it can lead to worsening unemployment or high rates of inflation.
Home learning will be to complete all by beginning of Wednesday, though I would expect you to complete all of the below by the end of today's lesson.
How: Film a short documentary piece of around 5 minutes.
Why: Government macroeconomic policy is around us every day, it influences all parts of our lives, from the interest we pay on our mortgages to the amount of money we are taxed. Dealt with badly it can lead to worsening unemployment or high rates of inflation.
Home learning will be to complete all by beginning of Wednesday, though I would expect you to complete all of the below by the end of today's lesson.
Reflections on the scripts
1. Both groups could benefit from listening to the other groups script - come to the front and read your script to the other group.
The group that is listening should feedback what they liked, what ideas they could add to their own script (I couldn't write comments on 'the Aidan's ' group but you could benefit for example by including more thoroughly what happens to Investment, consumption and government spending at each phase as well as X and M.
2. Now spend as much time as you need making improvements to your scripts
3. Now begin to film your documentary's, remember you should use two diagrams to demonstrate the phases and of course the balloons! You should remember to keep referring back to the level of 'inflatedness' of the balloon at each stage of the cycle, what is the purpose of government intervention (demand side policy) at each stage? This will show you have understood it if you demonstrate this well.
The group that is listening should feedback what they liked, what ideas they could add to their own script (I couldn't write comments on 'the Aidan's ' group but you could benefit for example by including more thoroughly what happens to Investment, consumption and government spending at each phase as well as X and M.
2. Now spend as much time as you need making improvements to your scripts
3. Now begin to film your documentary's, remember you should use two diagrams to demonstrate the phases and of course the balloons! You should remember to keep referring back to the level of 'inflatedness' of the balloon at each stage of the cycle, what is the purpose of government intervention (demand side policy) at each stage? This will show you have understood it if you demonstrate this well.
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AD 1 - Economy in Deep Recession
AD 3 - Recovery
AD 4- BOOM
AD 2 - Downturn
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Upload your documentary's here
Upload your finished documentary's to your igcse revision site under the government and the economy section.
The log-in details are below:
The log-in details are below:
technical
Probably the easiest way to film on a Mac is using quicktime which can be found in launchpad, usually in the 'other' folder.