Economics The Summer Bridging Work MUST be completed for each of your courses by the time you start your course. Your work will be assessed in September. Anyone not completing the work or producing work of poor quality will be re-interviewed about their place on the course. The aims are for you to understand if you like the course and for you to be ready to start learning at post-16 level. All work is due in on Friday 13 September 2019.

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Things you will need to succeed every day in the Sixth Form: Pens Highlighters A pencil case Your own lined paper A single-hole punch (available from the school shop for £1) A pair of scissors Glue

Things you will need for this course: A lever-arch folder for storing work at home A ring-binder for work for the current unit A pack of at least 20 file dividers A calculator Cards for constructing revision flashcards

The books you recommended to buy are: It is advisable to have one book as a resource for independent study.

AQA A-level Economics Book 1, Ray Powell, James Powell; ISBN: 9781471829789

Economics AQA Sixth Edition, Alain Anderton; ISBN: 9780993133107

Economics The Summer Bridging Work MUST be completed for each of your courses by the time you start your course. Your work will be assessed in September. Anyone not completing the work or producing work of poor quality will be re-interviewed about their place on the course. The aims are for you to understand if you like the course and for you to be ready to start learning at post-16 level. All work is due in on Friday 13 September 2019.

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Your Summer Bridging Work Project: 1. Create a handwritten glossary of the terms at the end of this document. Don’t worry

if they don’t automatically make complete sense – new definitions are a big part

Economics and this will save you a lot of time later on in the course!

2. Read Economics articles and stories. Print out at least an article a week (they don’t

have to be long) and annotate/highlight them to show the effects and impact of the

event. The best places to find these are:

BBC News – excellent for short articles

The Guardian – good for longer analysis. Their datablog is fantastic for

anyone interested in statistics and quantative economics.

The Economist – you can read some of their articles online without

subscribing; you can subscribe through the school in October at their cheaper

schools rate.

Economics blogs – Paul Krugman (Wall Street Journal), Kamal Ahmed (BBC)

3. Watch or read something more in-depth; try to find and watch one documentary or

read a book. There are so many different ones you could choose, so you should be

able to find something you are interested in. Below are some of the ones suggested

by this year’s sixth formers:

Poor America – BBC (http://watchdocumentary.org/watch/poor-america-

video_52b9b2f3a.html)

New Global Economics – BBC

Masters of Money – BBC

The Undercover Economist – Tim Hartford

23 things they don’t tell you about capitalism – Ha Joon Chang

The Sprit Level – Richard Wilkinson and Kate Pickett

Economics The Summer Bridging Work MUST be completed for each of your courses by the time you start your course. Your work will be assessed in September. Anyone not completing the work or producing work of poor quality will be re-interviewed about their place on the course. The aims are for you to understand if you like the course and for you to be ready to start learning at post-16 level. All work is due in on Friday 13 September 2019.

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4. Find out about the current state of the economy. The four key indicators of an

economy are economic growth, inflation, unemployment and the balance of

payments. For each one, write out:

A definition

Its current rate

How it is measured

5. Decide on three economic factors affect you personally. Some examples of economic

factors could include: the price of something you buy, the price of something you

cannot afford, the amount of money you or someone you know earns, the

availability of a good or service, or the rate of taxation. For each of the three factors,

write out:

How it affects you

Why each one affects you

A ranking of which you think affects you the most

6. Complete the mathematical problems at the end of this document. Don’t worry –

we’re not trying to make you learn all the maths before you start! There will be lots

of application of mathematics in the A level economics course so it’s a good idea to

get some practice in before you start.

Economics – glossary of terms

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The Economic Problem

Opportunity cost

Normative statement

Positive statement

Value judgement

Factors of production

Scarcity

Allocation of Resources

Demand

Composite demand

Derived demand

Joint Demand

Supply

Joint supply

Substitute good

Complementary good

Profit

Subsidy

Equilibrium

Production and Efficiency

Productivity

Division of labour

Specialisation

Economies of scale

Diseconomies of scale

Productive efficiency

Market Failure

Market failure

Equity

Public good

Missing market

Monopoly

Income

Wealth

Government Intervention in the Market

Regulation

Government failure

Nationalisation

Privatisation

Fiscal policy

Government transfers

Aggregate demand and aggregate supply

Aggregate demand

Aggregate supply

Economic growth

Economic growth

GDP

Real GDP

Nominal/actual GDP

GDP per capita

Output

Recession

Unemployment

Employment

Inflation

Inflation

Deflation

Hyperinflation

Interest rate

Balance of Payments

Balance of Payments

Imports

Exports

Globalisation

Monetary Policy

Monetary Policy

Monetary Policy Committee

Central Bank

CPI

RPI

Fiscal Policy

Fiscal policy

Net government spending

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% 𝑐ℎ𝑎𝑛𝑔𝑒 =𝐷𝑖𝑓𝑓𝑒𝑟𝑒𝑛𝑐𝑒 𝑏𝑒𝑡𝑤𝑒𝑒𝑛 𝑡ℎ𝑒 𝑡𝑤𝑜 𝑛𝑢𝑚𝑏𝑒𝑟𝑠

𝑂𝑟𝑖𝑔𝑖𝑛𝑎𝑙 𝑛𝑢𝑚𝑏𝑒𝑟× 100

1.17%

0.78%0.73%

1.70%

1.78%

0.00%

0.20%

0.40%

0.60%

0.80%

1.00%

1.20%

1.40%

1.60%

1.80%

2.00%

Jan-Feb Feb-Mar Mar-Apr Apr-June June-July

6

7

𝐷𝑖𝑓𝑓𝑒𝑟𝑒𝑛𝑐𝑒 𝑏𝑒𝑡𝑤𝑒𝑒𝑛 𝑡ℎ𝑒 𝑡𝑤𝑜 𝑛𝑢𝑚𝑏𝑒𝑟𝑠

𝑂𝑟𝑖𝑔𝑖𝑛𝑎𝑙 𝑛𝑢𝑚𝑏𝑒𝑟 × 100

𝑆𝑎𝑙𝑒𝑠 𝑜𝑓 𝑎 𝑏𝑢𝑠𝑖𝑛𝑒𝑠𝑠

𝑇𝑜𝑡𝑎𝑙 𝑠𝑎𝑙𝑒𝑠 𝑖𝑛 𝑡ℎ𝑒 𝑚𝑎𝑟𝑘𝑒𝑡 × 100

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(a) Using the line graph you have drawn, identify the year where the games console market was smallest in the UK.

....................................................................................................................................................................................................................................................................................

....................................................................................................................................................................................................................................................................................

5,290,000

2,903,000

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

4,000,000

4,500,000

5,000,000

5,500,000

6,000,000

2011 2012 2013 2014 2015 2016

Tota

l nu

mb

er o

f sa

les

Games Consoles: Market size 2011-2016

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(b) Using the bar chart you have just drawn, identify the years between which the market grew the most in the UK.

....................................................................................................................................................................................................................................................................................

....................................................................................................................................................................................................................................................................................

10

..............................................................................................................................

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(a) What is happening to the cost per trip to the seaside as he takes more trips using the bus pass? ................................................................................................................................................................................................................................................. ................................................................................................................................................................................................................................................. (b) What is happening to the cost per trip to the seaside as he takes more trips if he chooses to pay the normal bus fare? ................................................................................................................................................................................................................................................. ................................................................................................................................................................................................................................................. (c) How many trips to the seaside would Vladimir have to take in a year to make a saving with the bus pass vs the normal bus fare? ................................................................................................................................................................................................................................................. .................................................................................................................................................................................................................................................

Economics

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Staff contact: Mr Buchanan (gbu@cheney.oxon.sch.uk) Mr Zourmand (email TBC) Exam board: AQA Specification: 7136 Wider Reading and Discovery List:

Magazines/Journals

· The Economist · The Guardian · The Times · The Telegraph · Financial Times

Websites

· The Guardian Data Blog: http://www.theguardian.com/news/datablog · Tutor2u: https://www.tutor2u.net · Paul Krugman: http://krugman.blogs.nytimes.com

Podcasts

· BBC Radio 4 – Analysis: http://www.bbc.co.uk/programmes/b006r4vz · London School of Economics, Public lecture podcasts:

http://www.lse.ac.uk/newsAndMedia/videoAndAudio/channels/publicLecturesAndEvents/Home.aspx

· BBC Radio 4 – More or Less: http://www.bbc.co.uk/programmes/b006qshd · http://www.npr.org/blogs/money/ · http://freakonomics.com/radio/

Moocs

https://www.coursera.org/course/financialmarkets https://www.coursera.org/course/microecon https://www.coursera.org/course/ucimicroeconomics https://www.coursera.org/course/ucimacroeconomics https://www.coursera.org/course/gametheory