ECONOMICS TEACHERS’ GUIDE

KEY ASPECTS OF THE SPECIFICATION FROM 2015
GLOBAL ECONOMICS (1 OF 1)
AREA OF STUDY
Global Economy:
Life Expectancy
Theory of Trade:
European Union:
Economic Development:
Characteristics of LEDCs
DESCRIPTION
Learners should understand macroeconomic performance in a global
context and the reasons for increased economic integration between
countries as well as the importance of globalisation to trade and
development. Barriers to and solutions for sustainable economic
development should also be understood.
Learners should be able to evaluate the arguments for and against free
trade and protectionism and as part of this should be able to show
understanding of comparative advantage diagrammatically and
numerically.
Learners should understand a range of possible protectionist measures
and should be able to illustrate and discuss the effects of tariffs
diagrammatically.
Learners should understand the UK pattern of trade and be able to
evaluate the extent to which increased global integration is beneficial to
the UK economy but also to other economies at different stages of
development. An understanding of the role and purposes of the WTO is
required, but not in-depth institutional arrangements.
Learners should be able to distinguish between the EU and the Eurozone
and should be able to evaluate the relative costs and benefits of EU
membership from the perspective of more and less developed economies
within the existing EU as well as prospective entrants.
Learners should be able to assess the extent to which Economic and
Monetary Union in the European Union constitutes an optimal currency
area. As part of this, an understanding of the role of the ECB and the
framework within which Eurozone members have to operate is required.
Learners should be able to apply the tools and concepts developed
throughout the A level in the context of less economically developed
countries (LEDCs) – an awareness that LEDCs are still economies and
have (for example) monetary and fiscal policy is important. Specifically,
learners need to understand what economic development means and the
difficulties faced when attempting to measure the level of development in
an economy.
Learners should be able to evaluate the strengths of national income
statistics and the Human Development Index (HDI) as measures of
economic development and as part of this should understand how the HDI
is calculated. Learners should have an awareness of the United Nations
Millennium Development Goals.
Learners should be able to assess the extent to which obstacles facing
LEDCs are likely to be significant and able to evaluate the effectiveness of
different approaches to overcoming these obstacles. Learners should be
able to use appropriate examples to illustrate their points throughout the
entire study of development economics.