International economics Topic 9: aggregate demand and aggregate supply International economics
4.1. International economics 4.1.1 Globalisation 4.1.2 Specialisation and trade 4.1.3 Pattern of trade 4.1.4 Terms of trade 4.1.5 Trading blocs and the WTO 4.1.6 Restrictions on free trade 4.1.7 Balance of payments 4.1.8 Exchange rates 4.1.9 International competitiveness
Students should be able to: 4.1.1 Globalisation Students should be able to: Explain the characteristics of globalisation Analyse the factors contributing to globalisation in the last 50 years Evaluate the impacts of globalisation and global companies on individual countries, governments, producers and consumers, workers and the environment
Microeconomics Topic 1: The Economic Problem GDP figures Microeconomics Topic 1: The Economic Problem What is GDP? What was the total GDP of the world in 2000 (in $)? What was the total GDP in 2006? What is the predicted total GDP in 2016?
Microeconomics Topic 1: The Economic Problem What is globalisation?
Your turn - OECD definition Microeconomics Topic 1: The Economic Problem Your turn - OECD definition "The ___________ dispersion of industrial and service activities, for example research and ___________, sourcing of inputs, production and distribution, and the cross- border networking of __________, for example through joint ________ and the sharing of _________.“ Assets, companies, development, geographic, ventures
What are the characteristics of globalisation? Microeconomics Topic 1: The Economic Problem What are the characteristics of globalisation?
Microeconomics Topic 1: The Economic Problem What factors have contributed to globalisation in the last 50 years? (Reasons for globalisation? Microeconomics Topic 1: The Economic Problem
Impacts of globalisation Microeconomics Topic 1: The Economic Problem Impacts of globalisation What are the impacts of globalisation and global companies on individual countries, governments, producers and consumers, workers and the environment? HINT – remember that “impacts” can be positive or negative (Write your ideas on this slide and on the next blank slides)
Impacts of globalisation Microeconomics Topic 1: The Economic Problem Impacts of globalisation
Impacts of globalisation Microeconomics Topic 1: The Economic Problem Impacts of globalisation
Impacts of globalisation Microeconomics Topic 1: The Economic Problem Impacts of globalisation
Microeconomics Topic 1: The Economic Problem Exam question ‘Globalisation is solely responsible for the trend in the share of wages as a proportion of GDP’ To what extent do you agree with this statement? Use the information provided and your own knowledge in your answer. (15 marks) Knowledge 3, Application 3, Analysis 3, Evaluation 6
(9) KAA marks for 15 mark exam question Microeconomics Topic 1: The Economic Problem (9) KAA marks for 15 mark exam question Level Mark Descriptor A completely inaccurate response. Level 1 1–3 Displays isolated or imprecise knowledge and understanding of terms, concepts, theories and models. Use of generic or irrelevant information or examples. Descriptive approach which has no chains of reasoning or links between causes and consequences. Level 2 4–6 Displays elements of knowledge and understanding of economic principles, concepts and theories. Applies economic ideas and relates them to economic problems in context, although does not focus on the broad elements of the question. A narrow response; chains of reasoning are developed but the answer may lack balance. Level 3 7–9 Demonstrates accurate knowledge and understanding of the concepts, principles and models. Ability to link knowledge and understanding in context using relevant and focused examples which are fully integrated. Economic ideas are carefully selected and applied appropriately to economic issues and problems. The answer demonstrates logical and coherent chains of reasoning Mark scheme above came from Specimen Paper 2
(6) Evaluation marks for 15 mark exam question Microeconomics Topic 1: The Economic Problem (6) Evaluation marks for 15 mark exam question Level Mark Descriptor No evaluative comments Level 1 1–2 Identification of generic evaluative comments without supporting evidence/reference to context. No evidence of a logical chain of reasoning. Level 2 3–4 Evidence of evaluation of alternative approaches which is unbalanced. Evaluative comments with supporting evidence/reference to context and a partially-developed chain of reasoning. Level 3 5–6 Evaluative comments supported by relevant chain of reasoning and appropriate reference to context. Evaluation recognises different viewpoints and/or is critical of the evidence. Mark scheme above came from Specimen Paper 2