IGCSE Economics 4350 Teacher's Guide UG014351

IGCSELondon Examinations IGCSEEconomics (4350)First examinat ion May 2006Oct ober 2004, Issue 1delivered locally, recognised globallyEconomics (4350)London Examinat ions IGCSETeacher’ s Guide

Edexcel is one of the leading examining and awarding bodies in the UK and throughoutthe world. We provide a wide range of qualifications including academic, vocational,occupational and specific programmes for employers.Through a network of UK and overseas offices, Edexcel International centres receivethe support they need to help them deliver their education and training programmes tolearners.For further information please call our International Customer Relations UnitTel 44 (0) 190 884 ational.orgAuthorised by Elizabeth LowenPublications Code UG014351All the material in this publication is copyright Edexcel Limited 2004

ContentsIntroduction1Tiering2Structure of specification3Course planning5Lesson plans10Specimen lesson 110Specimen lesson 213Specimen lesson 316Coursework18Examples of coursework assignments20Assessment criteria24Applying the assessment criteria26Glossary of economic terms27Support and training36Appendix – Example of completed coursework record sheet37

IntroductionThis guide is for centres who are delivering the London Examinations IGCSEEconomics specification.The aims of this guide are to support teachers in delivering the specification contentand to raise the achievement of students by summarising the structure of the assessment used and the content of thespecification providing a scheme of work to show teachers how all the specification contentcould be taught over a two-year time-span giving sample lesson plans on three areas of the specification content, whichinclude sample activities for both class and group work, as well assummarising the key points of a lesson and showing how coursework orpreparation for Paper 3 can be incorporated into teaching providing a substantial and comprehensive glossary of economic terms thatstudents and teachers will be expected to use and recognise by the end of thecourse giving full details of the optional coursework component, how courseworkassignments can be created, what tasks should be included, and how theseshould be assessed. The guide also gives examples of courseworkassignments which centres can use or adapt for their own specific groups demonstrating how the Coursework Record Sheet should be completed inconjunction with the assessment objectives of the component.Teacher’s Guide – London Examinations IGCSE in Economics (4350)Publication code UG014351 October 2004, Issue 11

TieringStudents are entered for either Foundation Tier or Higher Tier.The Foundation Tier paper is designed for students who are unlikely to achieve ahigh grade, but whose achievement can still be recognised with a grade at theappropriate level. No matter how well students may do on the Foundation Tier paper,the highest grade they can be awarded is grade C. Candidates who fail to achievegrade G will be awarded ‘Ungraded’.The highest grade which can be awarded on Higher Tier is A*, a grade reserved foronly the highest achievers at the top of grade A. Questions in the Higher Tier aretargeted at grades A* to D, but there is a ‘safety net’ for those who narrowly fail toachieve grade D. A grade E can be awarded to students who are within a few marksof grade D. Students who fail to achieve the safety net grade E, will be awarded‘Ungraded’.The Foundation and Higher Tier papers take place at the same time, so studentscannot be entered for both examinations. This puts the responsibility on the teacherto ensure that a student is entered for the appropriate tier. Students who consistentlyachieve grade C standard work in practice tests would normally be entered for theHigher Tier, where they have the opportunity to achieve the higher grades.Because of the overlap at grades C and D between the two tiers, there are somequestions common to both tiers.Coursework and Paper 3The only tiered papers are 1F and 2H. Coursework and Paper 3 are common to bothtiers, for which grades from A* to G can be awarded.2Teacher’s Guide – London Examinations IGCSE in Economics (4350)Publication code UG014351 October 2004, Issue 1

Structure of specificationThe scheme of assessment consists of four components. Foundation Tier candidateswill take Paper 1F and either component 3 or 4. Higher Tier candidates will takePaper 2H and either component 3 or 4.Paper/componentMode of assessmentWeightingLength1Examination Paper 1F, targeted atgrades C – G(Foundation Tier)80%1 hour and45 minutesExamination Paper 2H, targeted atgrades A* – D(Higher Tier)80%2 hours and15 minutesExamination Paper 3, targeted at gradesA* – G(common to both tiers)20%1 hour, plusreadingtime of 10minutesCoursework component 4, targeted atgrades A* – G(common to both tiers)20%-OR2AND3OR4Papers 1F and 2HThese papers will each consist of 4 questions linked to the 4 sections of thespecification The market system Business economics Government and the economy The global economyNot all the content of the specification will be tested in each exam, but over a periodof years all of the material will be tested at least once.Each of the 4 questions will consist of some data and/or stimulus material and then aseries of questions some of which may be linked to further material. These questionsmay vary from one- or two-word answers to short sentences and the completion ordrawing of diagrams. The final part of each question will require a longer answer andwill carry more marks.Teacher’s Guide – London Examinations IGCSE in Economics (4350)Publication code UG014351 October 2004, Issue 13

Paper 3This paper will consist of a scenario in which the candidate is asked to put himself orherself in the position of an economist writing a report. The report will not consist offree writing but of structured questions to direct the ‘report’, designed to allowcandidates to demonstrate their understanding of and ability to manipulate the data.Candidates will be given a variety of source material which they will be expected touse in their report. This material will be sent to centres up to six weeks before theexamination to allow candidates to familiarise themselves with it and to help furtherstudy of the issues. The material will be presented in a number of ways: numerical;graphical; written; pictorial; etc. The report will be structured for the candidate by aseries of questions. In the exam room, candidates will be given a new copy of thematerial and the questions and are allowed 10 minutes reading time before beingallowed to start to write.Component 4For full details on this component, see the later section on coursework.Assessment objectivesTeachers are reminded of the four assessment objectives for this specification:AO1Demonstrate knowledge and understanding of the specified subject contentAO2Apply knowledge and understanding using appropriate terms, concepts,theories and methods effectively to address problems and issuesAO3Select, organise, analyse and interpret information from various sources toanalyse problems and issuesAO4evaluate evidence, make reasoned judgements and present conclusionsaccurately and appropriately.4Teacher’s Guide – London Examinations IGCSE in Economics (4350)Publication code UG014351 October 2004, Issue 1

Course planningWhilst the planning of delivery from the Specification is the responsibility of thecentre, the following scheme of work for a two-year course may be a useful startingpoint. It will require adaptations by teachers to allow for tests and examinations aswell as revision.Term 1 of 5 – The market systemContentareaTopicActivitiesTopic A – The Market System1Demand and Supply Demand and supply curves Price Elasticity of Demand Income Elasticity of Demand Price Elasticity of Supply Application of elasticity concepts2The role of the market Resolving scarcity Opportunity cost The mixed economyTeacher’s Guide – London Examinations IGCSE in Economics (4350)Publication code UG014351 October 2004, Issue 1Teacher explanation & notes.Drawing of supply anddemand diagrams.Discussion of how differentfactors can affect (i) thedemand curve, (ii) thesupply curve.Diagrams to illustrateelasticity.Discussion of howknowledge of elasticity caninfluence decisions by firmsand governments.Teacher explanation & notes.Candidates investigate therole of public and privatesectors in their economyand/or UK.5

Term 2 of 5Contentarea3TopicActivitiesThe Labour Market Wages and employment Division of labour Demand and supply of labour Interference in the labour marketTeacher explanation & notes.Diagrams for demand andsupply of labour.Discussion of factorsaffecting labour and whygovernments intervene.Visit by a Trade Union officialto talk about how theyinfluence wages.Topic B – Business Economics16Production Production and productivity Production costs and revenue Economies and diseconomies of scale Productivity and wealth creation ExternalitiesTeacher explanation & notes.Candidates use data from arange of different economiesto understand production andproductivity and how theydiffer.Candidates investigate thechanging importance ofprimary, secondary andtertiary sectors in theireconomy and/or the UK.Candidates are able tocalculate total cost, averagecost, total revenue and profit.Candidates investigate anddiscuss the existence ofexternalities in their economyand ways to deal with them.They apply this to one ormore examples in theireconomy and/or the UK.Teacher’s Guide – London Examinations IGCSE in Economics (4350)Publication code UG014351 October 2004, Issue 1

Term 3 of 5Contentarea23TopicCompetition Competitive markets Monopoly OligopolyPublic and Private Sectors Differences between public and privatesectors Government regulation PrivatisationCourseworkThis may be a suitable time to introduce theidea of coursework and what is involved.Candidates could use some of the timebefore Term 4 to look at possible topics or tofind suitable [sources of] information.Teacher’s Guide – London Examinations IGCSE in Economics (4350)Publication code UG014351 October 2004, Issue 1ActivitiesTeacher explanation & notes.Candidates investigate theexistence of monopolies andoligopolies in their economyand/or the UK and gainunderstanding of theadvantages and disadvantages.Teacher explanation and notes.Candidates investigateprivatisation in their economyand/or the UK.Teacher explanation and notes.Explanation of idea of anhypothesis to be tested.The mark scheme explained interms of how candidates couldtry to maximise their marks.Candidates do a trial piece ofcoursework as a group.Candidates look at previouswork, where available.7

Term 4 of 5ContentareaTopicActivitiesTopic C – Government and theeconomy1Four macroeconomic objectives Economic growth Control of inflation Control of unemployment Healthy balance of payments on currentaccount2Policy Instruments Fiscal Monetary Supply side3Teacher explanation & notes.Candidates use simple data onthe budget to understandchanges and consequences.Candidates collect data oninterest rates and how theserelate to consumers and firms.Candidates investigate asupply side policy and discusstheir findings.Relationship between objectives andpoliciesCourseworkCandidates might continue working oncoursework or might start it.8Teacher explanation & notes.Candidates use simpleeconomic data relevant to theireconomy/UK.Candidates look at data fordifferent regions of theircountry/UK to understandregional policies.Discussion of causes andconsequences.Candidates link policies withdata used for the 4 objectives.Research into what theirgovernment has done anddiscuss how successful it hasbeen.Activities from Term 3 apply-Candidates gather primaryand secondary data-They analyse it-They evaluate it-Coursework is written up andpresented.Teacher’s Guide – London Examinations IGCSE in Economics (4350)Publication code UG014351 October 2004, Issue 1