Theme 4 – A Global Perspective
When taught: September-April Year 13 (taught concurrently with Theme 3)
Specification link: Pearson Edexcel | Economics A Specification 2015
What are we learning?
International Economics
- Globalisation
- Trade
- Specialisation – absolute and comparative advantage
- Terms of trade
- Patterns of trade
- Trading blocs
- Restrictions on free trade
- Exchange rates
- Balance of payments
- International competitiveness
Poverty and Inequality
Emerging and developing economies
- Measures of development
- Difference between growth and development
- Factors and strategies influencing growth and development
The financial sector
- Role of the financial markets
- Market failure in the financial sector
- Government intervention – role of the central bank
Role of the state in the macroeconomy
- Public expenditure
- Taxation
- Public sector finances
- Macroeconomic policies in a global context
Where does this fit into our past and future learning?
Whilst Theme 2 is all about the UK economy, Theme 4 takes students on a broader journey considering many aspects of global economics. There is a significant focus on trade building on some of the ideas from both Theme 1 (specialisation) and Theme 2 (balance of payments) to give students a fuller exposure to the realities of a global economy. This is then developed into an exploration of the difference between economic growth (Theme 2) and development particularly of low- and middle-income countries, as well as how growth can lead to levels of inequality and poverty in all countries.
Our foundational discussions of policy (Theme 2) are extended in Theme 4 with an exploration of different policies used internationally with those different outcomes analysed. We also extend the students knowledge of monetary policy (Theme 2) by a fuller exploration of the financial sector, and particularly the role of the central bank following the Global Financial Crisis 2007-08.
How will we be assessed?
Assessments will consist of questions from past exam papers. There will be a combination of multiple choice, short-answer and extended answer, context-based questions.
What makes a strong piece of work in this topic? What are teachers hoping to see?
- Good knowledge and understanding of key ideas and concepts
- Effective use of subject specific terminology
- Appropriate use of provided contexts to exemplify answers
- Accurate calculations and/or fully labelled, accurate diagrams which are then used within written responses
- Fully developed analysis using chains of reasoning to add complexity and detail within written responses
What additional resources can I access outside of lessons?
