Assessment map
Assessment map for unit 1: Introduction to economics
This page provides a map of the various assessments included in the unit, including short answers responses, essays and areas for discussion. I have included a section A and section B blank essay template which will help your classes prepare their essay responses.
Unit 1.1: Economics as a social science
| Syllabus | Assessment |
Explain that economics is a social science, including the social nature of economics | Student investigation and research: Research other leading economists and present your findings to the class |
Model building in economics and why economists assume ceteris paribus when developing economic models
| Complete a table: on whether economics is 'a natural or a social science?', based on the video and presentation. Available at: Economics as a social science |
The difference between positive and normative economic statements. Value judgements in policy making. | Short exercise: Separate a range of statements into positive and normative economic statements: Activity on scarcity within the local hospital: Introductory activity |
| Introduction to the nine central concepts: scarcity, choice, efficiency, equity, economic well-being, sustainability, change, interdependence, intervention | Assessed explicitly in the Internal assessment process |
Positive and normative powerpointScarcity in our society
| Syllabus | Assessment |
Scarcity and sustainability
| Activity on scarcity within the local hospital: Introductory activity |
| Explain how economics considers how scarce resources are allocated? | Activity on types of economic systems |
The three basic economic questions for any society to answer - what to produce, how to produce and for whom to produce. Means of answering the economic questions | Island exercise on creating an island economy. Completed in unit 3.1 Presentation activity based on the impact of the sharing economy on different stakeholders |
| Outline the meaning of the term market | Market place power point with discussion activity |
Choice and opportunity cost
| Syllabus | Assessment |
| Explain that as a result of scarcity, choices have to be made and for every economic choice made, an alternative is always foregone | Activity on opportunity cost: red pill, blue pill |
Factors of production—land, labour, capital and entrepreneurship
Features of the model: opportunity cost, scarcity, choice, free goods, unemployment of resources, efficiency, actual growth and growth in production possibilities | Essays on PPF diagrams, included on page: Factors of production 1. Use a production possibility frontier (PPF) diagram to explain the relationship between factors of production, economic goods and opportunity cost? Mark scheme included 2. Use a production possibility frontier (PPF) diagram to explain the difference between a movement along a production possibility frontier (PPF) and an outward shift? Mark scheme included |
Circular flow of national income model
| Syllabus | Assessment |
| Explain, using a diagram, the circular flow of income between households and firms in a closed economy with no government. | Activity 2 on page: Circular flow of national income |
| Identify the four factors of production and their respective payments (rent, wages, interest and profit) and explain that these constitute the income flow in the model. | Short answer activities on page: Circular flow of national income |
| Outline that the income flow is numerically equivalent to the expenditure flow and the value of output flow. | Short answer activities on page: Circular flow of national income |
| Explain, using a diagram, the circular flow of income in an open economy with government and financial markets, referring to leakages/ withdrawals (savings, taxes and import expenditure) and injections (investment, government expenditure and export revenue). | Short answer activities on page: Circular flow of national income |
| Interdependence between economic decision makers interacting and making choices in an economy: households, firms, the government, the banks and financial sector, and the foreign sector (foreign firms and households) | Activity 6, Paper one style question on page: Circular flow of national income |
Unit 1.2: Central themes of economics
| Syllabus | Assessment |
Economic methodology
| Power point activity on positive, normative statements on page: Economics as a social science |
Market versus government intervention Economic systems: free market economy, planned economy and mixed economy | Class exercise comparing the level of intervention in Hong Kong and Sweden, on page Economic systems |
| The threat to sustainability as a result of the current patterns of resource allocation | Short response activities on page Economic growth |
| The extent to which the goal of economic efficiency may conflict with the goal of equity | Short response activities on page Economic growth |
| The distinction between economic growth and economic development | Short response and paper two style question on page Economic development Short response and paper two style question on page Economic growth in LEDCs |
Economic history
| Syllabus area: Origins of economic ideas in a historical context | Assessment |
18th century: Adam Smith and laissez faire 19th century: classical microeconomics (utility); the concept of the margin; Classical macroeconomics (Say’s law); Marxist critique of classical economic thought 20th century: Keynesian revolution; rise of macroeconomic policy; monetarist/new classical counter revolution 21st century: increasing dialogue with other disciplines such as psychology and the growing role of behavioural economics; increasing awareness of the interdependencies that exist between the economy, society and environment and the need to appreciate the compelling reasons for moving towards a circular economy | Homework exercise on page: Economics as a social science |
The economics of inequality
| Syllabus area | Assessment |
| The meaning of equity and equality | Completed in Unit 3.4: Economics of inequality and poverty |
Blank essay template available at: 
Section A template