IGCSE ECONOMICS 0455

CURRICULUM MAPPING FOR NOVEMBER AND DECEMBER

Content/
“Big
Key
Ideas” Essential
Factual Skills Assessments Activities Resources
and/or Questions
Informatio
Standard
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3.0 The What is meant by *Price Define price elasticity of Short written Use discussion to introduce the concept of price Online
Allocation PED? Elasticity of demand response elasticity of demand (PED). Ask them to define [Link]
of Demand PED. Show them how PED is calculated and ask [Link]/
resources: perform simple PED * Fill-in them to use a demand schedule to calculate PED for alevel/
calculations. a given price change. economics/
3.1.1 Price Why is the concept * Classroom supply-and-
Elasticity of of PED important in discussion Explain the terms ‘elastic demand’ and ‘inelastic demand (This is
demand Economics? Describe the some factors demand’. Ask them to define elastic and inelastic good on PED
affecting PED * Exit cards PED. Ask them to review the market for chocolate and PES.)
Week 12 bars and consider which products are likely to have
Explain the link between * Warm-up elastic demand and which are likely to have inelastic [Link].
PED and Revenue activities demand. uk/alevel/
economics/
* Note taking elasticities/
Discuss the significance Assessments Introduce to learners the factors affecting PED. Ask
of PED them to consider a range of different products and, [Link]
* Chapter tests applying these factors, predict whether the product is t/economics/
likely to have elastic or inelastic PED. content/to
pics/elasticity/el
Explain how the numerical value of PED is used to [Link]
determine whether a product has elastic or inelastic
PED. Show how these two types of elasticity can be
illustrated using a supply and demand diagram and
how the diagram is used to show how a fall in the
price of a product with elastic PED results in an
increase in revenue for the suppliers. Ask them to
practice drawing supply and demand diagrams
illustrating elastic and inelastic PED and their
resulting impact on revenue
 In groups ask learners to explore how the imposition
of a tax on producers by government would affect
the market for a product. Then ask them to explore
how the value of PED might affect the revenue
earned by producers as a result of the tax. They can
then use this information to produce a presentation to
the rest of the class called ‘The best types of
products to tax’

The What is PES and why *Price Define of PES Short written Ask learners to decide how they think suppliers of Textbooks
Allocation is it relevant to Elasticity of response the following products would react if the market
of Economists? Supply Perform simple price for their product were to double as a result of Dransfield,
resources: calculation of PES * Fill-in strong demand: bread (bakers), fresh flowers Cook and King,
(growers), cruise ships (ship builders). What would pages 26– 29
3.1.2 Explain some * Classroom be similar and different about their responses? Grant, pages
Price determinants of PES discussion 71–89
Elasticity Use this discussion to introduce the concept of price Moynihan and
of supply Discuss the significance * Exit cards elasticity of supply (PES). Ask them to define PES. Titley, pages
of PES Show learners how PES is calculated then ask them 59–70
* Warm-up to use a supply schedule to calculate PES for a given
activities price change. Online
[Link]
* Note taking Explain the terms ‘elastic supply and ‘inelastic [Link]/
Assessments supply. Ask learners to define elastic and inelastic alevel/
PES. Then ask them to review a range of different economics/
* Chapter tests products (e.g. the ones used above) and consider supply-and-
which products are likely to have elastic supply and demand
which are likely to have inelastic supply
www.s-
[Link]/
Introduce to learners the factors affecting PES. Ask alevel/
them to consider a range of different products and, economics/
applying these factors, predict whether the product is elasticities/
likely to have elastic or inelastic PES
[Link]
 t/economics/
content/to
pics/elasticity/el
[Link]
The How are resources Market Define market economic Short written Review with learners the main features of the price Textbooks
Allocation allocated in market Economic system response mechanism e.g. the role of markets, producers and
of economic system? System consumers, resource allocation and market
Resources Discuss the advantages * Fill-in equilibrium.
: and disadvantages of Ask them to define the market economic system. Grant, pages
market economic system * Classroom Then, in groups, ask them to conduct research into 29–37
3.2 discussion locations such as the USA and Hong Kong to create Dransfield,
Market a list of the main features of a market economy. Cook and King,
Economic * Exit cards In groups ask learners to explore the role of the pages 14– 15
System government and private producers in their own Moynihan and
* Warm-up economy and compare this with other similar and Titley, pages
activities contrasting countries. 22–38

* Note taking Explain to them the main benefits and drawbacks of Online
Assessments market economies. Ask learners to summarise them.
[Link]
* Chapter tests Extension activity: In groups ask learners to [Link]/
research, and present to the rest of the class, a case alevel/
for whether their own country should or should not economics/free-
become more of a market economy – this should market-
include a discussion of the benefits and drawbacks if vcommand-
it became a more market-oriented economy. economies/
reviseit/
theoretical-
economic-
systems

The How does the market Definition of Define market failure Short written Ask learners to list the benefits and drawbacks of
Allocation fail? market failure response their education and how much they would be
of Discuss the causes of prepared to pay to receive their education.
Resources Causes of market failure * Fill-in
: market failure
Explain the consequences * Classroom Ask them to review the benefits of education using.
3.2.1 Consequences of market failure discussion They can then use this information to classify
Market of market benefits/drawbacks according to whether it is a
Failure failure benefit/drawback to themselves, their family or the
 * Exit cards rest of society. Discuss with them why individuals
under-estimate the benefits to themselves of goods
* Warm-up such as education and health care.
activities

* Note taking Explore with learners how the above issues would
Assessments work in reverse with goods such as cigarettes and
high-calorie food.
* Chapter tests
Ask learners to define the terms merit and demerit
goods, private, external and social costs and benefit
and relate them to the goods explored above (I).
Then explain to them how merit/demerit goods and
external costs/benefits give rise to market failure.

3.3 Why do most Definition of Define mixed economic Short written Provide learners with information about a particular Textbooks
Allocation countries operate a the mixed system response economy, e.g. UK or USA. In groups ask them to
of mixed economy? economic consider the extent to which it is a mixed economy, Grant, pages
resources system Discuss how market * Fill-in and to consider what other information would have 29–37
in a mixed intervention addresses been useful to help them come to a decision. Then Dransfield,
economic Government market failure * Classroom ask them to define the terms mixed economy, Cook and King,
system intervention to discussion regulation, privatisation, nationalization, direct pages 14– 15
address market provision Moynihan and
failure * Exit cards Titley, pages
In groups ask learners to research examples of each 22–38
* Warm-up type of government policy and present findings to
activities rest of class. Then ask them discuss the extent to Online
which governments can be effective in overcoming
* Note taking the drawbacks of the market economic system. They [Link]
Assessments can then present the case either for or against [Link]/
government intervention in a market economy. alevel/
* Chapter tests economics/free-
market-
vcommand-
economies/
reviseit/
theoretical-
economic-
systems