3.1 Globalisation
The term ‘globalisation’ describes a range of economic developments that enhance the ability of nations and firms to trade within a rules-based system.
Topics Covered:
-Growing Economies
-Trade and Growth
-Trading Blocs
-Trade policy and trade negotiations
-Exchange Rates
3.2 Economic factors in business expansion
Firms need to be able to assess the relative merits of competing potential locations for market growth and production.
Topics Covered:
-Conditions that prompt trade
-Assessing the potential of different economies
3.3 Impact of globalisation on global companies
Firms need to understand the differences between consumers in different countries and cultures.
Topics Covered:
-Responding to global demand
- Demand-side factors in global markets
End of unit assessments based on Topic 3.1, 3.2 and 3.3, these assessments are completed in timed conditions and are based on A-level exam questions, which helps prepare students for their A-Level examinations
3.4 Impact of globalisation on local and national economies
Large firms can wield significant market power and can have both positive and negative effects in the countries in which they operate.
Topics Covered
-Impact of MNCs
-Ethical Issues
-Controlling MNCs
3.5 Global labour markets
Globalisation has opened up labour markets, giving firms access to a greater number of potential employees. Production has sometimes moved to where labour is cheaper and this has had an impact on both pay and job opportunities.
Topics Covered:
-Employment Patters
-Wage Rates
-Minimum wage legislation
3.6 Inequality and re-distribution
Globalisation has helped to reduce the number of people living in absolute poverty and has had an impact on inequality between and within nations.
Topics Covered:
-Poverty and Inequality
-Reducing Poverty
-The Impact of inequality on economics agents
-Re-distribution of income and wealth
End of unit assessments based on Topic 3.4, 3.5 and 3.6, these assessments are completed in timed conditions and are based on A-level exam questions, which helps prepare students for their A-Level examinations
4.1 Competition and market power
Firms operate in markets with varying degrees of competition and this affects their decisions and the way in which resources are used.
Topics Covered:
-Spectrum of Competition
-Barriers to entry
-Oligopoly
-Business Objectives and pricing decisions
- Productive and allocative efficiency
4.2 Market power and market failure
Firms do not always behave in a way that benefits all economic agents and governments may intervene to regulate the power these firms have.
Topics Covered:
-Market Failure
-Business Regulation
-Arguments for and against regulation
4.3 Market failure across the economy
Markets may not produce outcomes that are always considered socially desirable. This may prompt governments to intervene in an attempt to change the outcomes.
Topics Covered:
-Market Failure in society
- Externalities
-Polices to deal with market failure
End of unit assessments based on Topic 4.1,4.2 and 4.3, these assessments are completed in timed conditions and are based on A-level exam questions, which helps prepare students for their A-Level examinations
4.4 Macroeconomic policies and impact on firms and individuals
Economic fluctuations may well affect the fortunes of firms and individuals, and this encourages a demand for policies that reduce harm and promote wellbeing.
Topics Covered:
-The AD/AS model
-Demand-side policies
-Supply-side policies
-The impact of macroeconomic policies
4.5 Risk and the financial sector
Firms and individuals require access to credit to meet their respective needs. The financial sector provides a system that facilitates growth and development; economic policies regulate that system in the hope of ensuring stability.
Topics Covered:
-Risks and uncertainty
-The role of the financial sector
-The role of the central bank
-The Global Financial Crisis
End of unit assessments based on Topic 4.4 and 4.5, these assessments are completed in timed conditions and are based on A-level exam questions, which helps prepare students for their A-Level examinations
Revision for Theme 1,2,3 and 4. Paper 3 preparation on pre-release material.
Paper 1- Markets and how they work. (Theme 1 and 4)
Paper 2- Competing in the global economy (Theme 2 and 3)
Paper 3- The economic environment and business (Theme 1,2,3 and 4)
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