Economics CPD Courses Coming up this Term!- Book Your Places Now!
We've got another fantastic interactive quiz format for you. This one will help test how much your students have taken in over these first few weeks of the AS course. This activity called 'Four Words' shows students the first four words of a definition of a key phrase. Students must decide if they think they know what the key phrase is (and earn maximum points) or wait to see the rest of the definition and earn lower points. Of course, if they get the answer wrong they get zero points! 15 key phrases are tested.read more...»
Two hundred and fifty students at University College London (UCL) start learning economics in a new way today, Wednesday 1 October.read more...»
THE LATEST fiasco at Tesco could prove an embarrassment for more than just the retailer. There appears to have been an over-recording of profit of some £250m, and some are asking questions about the company’s auditors.read more...»
You may have seen my post giving you an example of introducing the concept of diseconomies of scale on Sunday where you ask a large team of students to draw an image of Steve Jobs. This next one is nothing like that!
Instead, here's another example of a future-proofed activity that uses a bit of number work to make its point. I'm not saying that you'll get a question like this in the new specification (but who knows?) but this does illustrate the concept of economies of scale using numbers.read more...»
Here's a 10 to 15 minute activity to introduce the concept of diseconomies of scale. The activity asks groups to re-draw an image (in this case, the face of Steve Jobs) onto a grid. The image is held on screen (as part of a Powerpoint slideshow) whilst the groups re-draw the image. The trick is to separate the class into teams of different sizes. So, for example, if you had a class of 16 you could separate it into teams of 6, 4, 3 and 3. All team members must participate and the teams are only given 3 minutes to re-draw the image.
Generally, the larger teams will be less successful as they will get in each other's way. Also, the smaller teams may feel more motivated as they want to beat the bigger teams. A fun way to start talking about diseconomies of scale. You can use the re-drawn images afterwards as a class room poster (with some annotation) to illustrate the point and remind your students of their artistic prowess!
In Economics, saving offers something of a puzzle. From some viewpoints, savings are a leakage from the circular flow of income, reducing multiplier effects. And if we all saved - in a determined effort to repay our debts (which sounds like a great idea) – the level of aggregate demand (AD) and economic activity would take a serious hit. This is the famous paradox of thrift.
Yet economies do need saving as a fund for business investment. The Harrod-Domar model is used in development economics to explain an economy's growth rate in terms of the level of saving and productivity of capital (see above). But many economies have a savings gap.
Yet I’ve been reading that adults in developing countries are half as likely to have an account at a formal financial institution as those in the rich world. Only 18% of people in the Middle East and north Africa do, compared with 89% in high-income countries. This makes saving even harder. So economists would like the world’s poorest to save more. That would help them to pay for big or unexpected expenses, such as school fees or medical treatment. It could also boost investment and thus accelerate economic growth.read more...»
I guess we would agree that talking without notes for 70 minutes is HARD – I would not like to go through an entire lesson without some prompts or reminders of what I want to cover, and I suspect that many teachers would agree.
However, listening to Ed Miliband explaining why he forgot to talk about immigration and the deficit in his Conference speech last week, it occurred to me that this is not dissimilar to what students have to do in exams: they have to remember all those things they have learned and practiced, without any notes or crib sheets to help them, while working under intense pressure.read more...»
An autumnal hat tip to Will Taylor from Brookfield Community School in Chesterfield who recommended a recent BBC Radio 4 broadcast from Peter Day dated 18th September. Will writes:
"This programme offers thirty minutes of fascinating insights into this new democracy and fast emerging economy and brilliant for looking at FDI and market attractiveness, development issues. Myanmar (formerly Burma) is the second to last market to open up to the world (only N. Korea remains shut off)."
"With a population of fifty million, mostly poor, and rich in natural resources, how can Myanmar develop quickly to meet a wide range of economic, social, technological, political, cultural and business challenges. My Y13 Edexcel Business and Economics students seemed to enjoy it and took pages of notes. Well worth the lesson time or a homework!"
Here is the link to the programme: http://downloads.bbc.co.uk/podcasts/radio/worldbiz...
World of Business (BBC): http://www.bbc.co.uk/podcasts/series/worldbiz
A growing number of economics teachers are embracing twitter as a social media platform to support the work of their students and share their passion for a fast-moving subject. Twitter can be used for sharing useful links, examples of good/successful practice in the classroom and in helping to make sense of the news flow on all kinds of economics issues.read more...»
Have you reached that point in the term where you've covered shifting demand and supply curves yet?
Here's a short starter or plenary to test your students knowledge and understanding on the theories of demand and supply. The resource has a single demand and supply diagram with shifted curves and labelled equilibrium points. The test lasts for 3 minutes as a series of changes to the market conditions for Product A are flashed up on the screen. Students need to pay attention, they only have 20 seconds to read the question and work out the new equilibrium point.
All this whilst an Oscar-winning song plays along in the background. Clap along if you know what the song is!read more...»
Alibaba’s record breaking IPO this month offers a lot of scope to analyse key economic concepts.
But the one that caught my eye in their SEC registration filing was on Network Effects.read more...»
This new short video from the IMF explains the statistical definition of debt, it explains government debt instruments and the difference between gross and net government debt.read more...»
Bob Denham from Econ Films has let me know that he is currently making a series of 'instant insights' into the world of development economics for the IGC annual #GrowthWeek, run by the International Growth Centre at LSE. These are short 1-2 minute clips on what should be the key topics following the Millennium Development Goals - based on views of top academics, policymakers and young folk.read more...»
My last laptop was a Samsung, a sturdy workhorse that didn't fail me in nearly four years! I have more or less gravitated lock stock and barrel to Apple - Samsung is withdrawing from the European market. Read through the factors behind their decision in this article from BBC news http://www.bbc.co.uk/news/technology-29350022
Fears of deflation are rising across Europe. Inflation keeps edging down to lower and lower rates. Eurostat estimates the rate of inflation in the Euro zone in the year to August to be only 0.4 per cent, compared to 1.3 per cent in the year to August 2013. Negative rates were observed in seven EU countries. Remarkably, the rate of just 1.5 per cent in Austria and the UK is the highest in Europe.read more...»
The basic model of behaviour in the Theory of the Firm assumes companies are trying to maximise profits. Strong candidates can identify other motives under the surface too. These make interesting and effective evaluation points when explaining what firms might be up to.read more...»
Here's a couple of quick Crossword activities that you can set in class or as homework from the tutor2u team. They are:
- AS Introductory Economics
- A2 Theory of the Firm
Both come with 15 questions and you can even download the answers if you think you might need some help!read more...»
AVAILABLE TO PRE-ORDER NOW: ESTIMATED PUBLICATION DATE: EARLY DECEMBER 2014
Edexcel UNIT1 & UNIT2 Worked Answers is a new printed resource from the tutor2u Economics team which we expect to be available for dispatch from early December 2014.read more...»
AVAILABLE TO PRE-ORDER NOW: ESTIMATED PUBLICATION DATE: EARLY DECEMBER 2014
Edexcel UNIT 3 & UNIT 4 Worked Answers is a new printed resource from the tutor2u Economics team which we expect to be available for dispatch from early December 2014.read more...»
AVAILABLE TO PRE-ORDER NOW: ESTIMATED PUBLICATION DATE: EARLY DECEMBER 2014
AQA ECON3 & ECON4 Worked Answersis a new printed resource from the tutor2u Economics team which we expect to be available for dispatch from early December 2014.
AVAILABLE TO PRE-ORDER NOW: ESTIMATED PUBLICATION DATE: EARLY DECEMBER 2014
AQA ECON1 & ECON2 Worked Answers is a new printed resource from the tutor2u Economics team which we expect to be available for dispatch from early December 2014.read more...»
These are summary notes taken from a talk given by Andrew Wolstenholme the CEO of CrossRail to a meeting of the Eton College Geography Society on Monday 22nd September 2014read more...»
Hopefully Economics keeps moving forwards, with new ideas enriching the subject in schools and universities. You may be aware that there is a ‘post-crash economics’ debate out there, with people wondering how economists got things so wrong in the lead up to the crash.
I was lost for words when I met Cambridge economist Ha-Joon Chang recently. Partly I was a bit star struck, but mainly it was because I was so impressed by his plea: can’t we draw on more sources of inspiration than the neo-classical school of economics which has come to dominate the subject?read more...»
Here is a great enrichment opportunity for Y13 Economists, especially those looking to take the subject to university or considering a career in Finance. In association with our good friend Stuart Block from "Beyond the Bike", we are launching an interactive day for students including:
- 2 lectures from eminent economists Tim Harford (author of the Undercover Economist series) & Mike Saunders (Chief UK & European Economist at Citi)
- A trading game with Citi professionals, working with & against student for more than 10 different schools
- A tour of the Citibank trading floor & office with recent Citi graduates
Places for this event on the 13th of November are limited to 6 students per school with a maximum of 12 schools. Please contact Geoff Riley (firstname.lastname@example.org) to register your interest.
If, like me, you spent much of the spring and summer of this year being 'gently persuaded' to purchase loom bands and their paraphernalia, you may find this short presentation and task on demand and supply of the product useful.
For many weeks, it seemed almost impossible to undertake a shopping trip with my youngest son without him pointing out the huge selection of available bands and their construction tools. He built up quite a selection or different colours and styles as my vacuum cleaner can happily testify. Then I noticed a tailing off of his requests and noted that this week, when I pointed out a shop selling the rubber bands at half price, he declared that he was no longer interested - even at the reduced rate compared to just 4 weeks ago.
He seemed less than impressed when I pointed out how this was a fine example of how demand and supply impacts upon price. However, many of you may be at the stage where you are going through demand, supply and equilibrium with your AS students.read more...»
Sitting watching Alex Salmond acknowledge the results of the Scottish referendum, there is a great example of the speed with which the foreign exchange markets respond to news. Sterling fell significantly in value over the last two weeks, with polls suggesting that the 'Yes' campaign was much closer to a win than had previously been expected. However, as the vote closed on Thursday evening, exit polls were indicating a win for the 'No' vote, and, as the chart from Bloomberg above shows, the global 24-hour foreign exchange market showed an immediate and dramatic response in demand for the pound, as the uncertainties associated with Scottish independence were removed.read more...»
Narendra Modi’s term as India’s Prime Minister is in full swing, with a ‘Modi bounce’ seen in recent figures for FDI and an upturn in the rate of economic growth. Optimism is high that change for the better is underway in developing an infrastructure that can support India's 1.2 billion people.read more...»
London's New Year's Eve fireworks display is to be limited to a viewing area of 100,000 ticketed spectators for the first time. The event's popularity made it "untenable" to strain the transport and safety infrastructure with a larger number, the Mayor's office says. Hence the decision to charge £10. This poses a question about the nature of public goods.read more...»
After months of Trappist silence, a whole plethora of large companies has pronounced on the adverse consequences for Scotland of a Yes vote tomorrow. The sectors span the economy, from oil to banks, from supermarkets to phone companies. But what will be the effect of these interventions?read more...»
The economics of Scottish Independence are considered in a short video by Prof Ronald MacDonald of Glasgow University.read more...»
Continuing our theme of sharing engaging activities, here's a fun teaching resource that lasts between 15 and 20 minutes called 'Face It' - a resource that has been extremely popular when we've used it during our teacher CPD events. On the grounds that it may still be too early to test understanding of a particular topic, this version asks 10 questions about topical economics news stories to see how closely your students have been following the news!
'Face It' is a multiple choice quiz with a typical tutor2u twist! Students are shown the questions at the start of the quiz (but not the possible answers) and asked to work out which questions they feel most confident in answering. Then the fun really starts!read more...»
The overall rate of infant mortality has been halved in the past two decades.
That's the good news. But Unicef' s latest figures estimate every day 17,000 under-fives die - 6.3 million a year - from largely preventable causes. Most of the deaths happen in the first hours or weeks following birth.read more...»
Here's a pleasant and short Powerpoint presentation on Perfect Competition that you may wish to include as part of any lesson on the subject. The presentation shows how price, supply and average and marginal revenue shifts as more firms enter the market and the impact that has on profits.
Look out for more diagram testing resources as part of our upcoming Wow Economics CPD events. Regular blog contributor Virang Dal has created a Powerpoint resource called 'Diagram Dissection' that asks students to identify the 'body parts' of a series of 28 economic diagrams.
The growth vrs the environment debate is great for opening a thoughtful discussion about the net benefits of economic growth. Some participants take what might be described as a Kuznets Curve approach to the issue. That might be simply summarised as things get worse to begin with, but after a while they start to improve (OK, I’m simplifying a bit here). In environmental terms, you might illustrate this with the Peak Stuff idea. For several years now, the UK economy’s total consumption of physical resources has been falling. In the past, growth made our economy more and more damaging to the environment. But future growth might have far less of an impact, and even contribute to significant environmental improvements.
What about tropical forests, which observers in the last decades of the 20th century noted were under severe threat? The Economist newspaper seems to take an optimistic view. Future growth may have far less worrying consequences for tropical forests.read more...»
Here is a useful update on recent changes to UK competition law - pertinent for teachers who want to keep up to speed with reforms to competition authorities including the creation of the Competition and Markets Authority.
WOW! Economics 2015 is tutor2u's flagship CPD course for ALL A Level Economics teachers.
WOW! Economics 2015 builds on the phenomenal success of the previous two years with yet another resource-packed day designed to provide teaching colleagues with effective and innovative teaching & learning materials.
The 2015 course features completely brand new teaching & learning resources - if you've been on a previous WOW! Economics, you are in for another treat! We've listed these resources further below.
The feedback from previous WOW! Economics courses has delighted us and we've grown the team of contributing Economics teachers to ensure that WOW! Economics 2015 is our best-ever.read more...»
Teaching the New A Level Economics: Mastering Quantitative Methods
A key feature of the new A Level and standalone AS specifications (for first teaching from September 2015) is a greater focus on quantitative methods.
The Ofqual subject criteria with which awarding bodies must comply states that specifications must require learners to:
"...develop analytical and quantitative skills in selecting, interpreting and using appropriate data from a range of sources"read more...»
Here's a short activity in testing student understanding at working out fixed, variable, average and marginal costs and then total, average and marginal revenue. Using a 'Smartwatch' case study as the backdrop the activity asks students to calculate costs and revenues and then work out the profit maximisation and sales maximisation points. Oh yes, and students have to plot a chart as well!
The transport economists amongst you will be giving considerable thought to the question of tackling road traffic congestion. I’ve picked up on two stories here because they take contrasting approaches. The first is to use technology and regulation to tackle the problem – the so-called command and control approach. The other relies on price signals, so might be described as a market led approach.read more...»
Storify is a wonderful tool for promoting external reading to our students and for making reading articles or viewing videos interesting as opposed to being a chore. Take a look at my account on Storify to see how it could be used as part of your teaching portfolio
Here's an engaging 5 to 10 minute activity for your next AS (Year 1) Economics class. The 'Eliminator' quiz does not cover any specific topic but acts as a way of finding out what your students may already know or to stimulate discussion.read more...»
Economics teachers from schools and colleges throughout the UK are cordially invited to a one-day event at Eton College on Monday 17th November.
The Euro zone lurches into yet another crisis, with fears of deflation and a further drop in output. There are several dominant explanations of why Europe has been unable to recover from the crisis. Most commentators subscribe to them either on their own, or in various combinations, depending on their tastes.
Wow! Economics is back for the 2014-2015 academic year with 40 brand new resources. If you've not been to a previous version of this Economics Teacher CPD event then come along and enjoy a fantastic day of engaging resources aimed at inspiring students and improving their potential grades. If you've been before then don't miss out on a whole new set of activities to add to your catalogue. We guarantee that you'll have colleagues looking over at your desk and wondering where they can get something similar to spice up their teaching.
To find out about what we've got in store, read on....read more...»
The economics of Scottish independence has been turned in to a gay romantic comedy in an online series launching today. The mini-series ‘United Queendom’ tells the story of a couple on the verge of separation: Scott and Adrian argue over oils (for the bath), who controls the credit card, membership of ‘The Club’ and whether they should aspire to be like their neighbour, the Scandinavian model.
At the end of each episode, the viewer is presented with a choice of endings and votes on whether the couple breaks up or stays together. Embracing the apathy of some of today’s voters, the poll also includes an option for those who just ‘don’t care’. The ending with the most views will be declared the winner.read more...»
This might be a familiar refrain on matchday, as yet another referee gets it in the neck from a partisan crowd - as the chap who officiated the Germany-Scotland game did, no doubt. However, it's rare for economists to be humble enough to admit that, many's the time that we aren't always as certain of economic outcomes as we think we are.
A great example to start you off looking at how economists understand markets: after a run of rain-wrecked years, British farmers are bringing in the last of what looks like a bumper cereals harvest. 2014 could be the biggest yield ever for wheat. Good news. But for whom?read more...»
This west African health crisis is a tragedy. It could be an issue that stimulates an economics discussion. According to James Surowiecki in The New Yorker there are no real tools to stop the deadly Ebola outbreak in West Africa. The lack of treatment is disturbing. But given the way drug development is funded, it’s also predictable.read more...»
Welcome to the many new students taking Economics for the first time as schools and colleges begin a new school year.
Here are some links for Economics students wanting to keep bang up to date with a fast moving subject!
Impress your Economics teachers by showing them you are following the news and the many issues that form an important part of year 12 Economics courses. You'll reap the rewards too when it comes to the exams in the summer.read more...»
Many students look at health care spending and rationing decisions when they cover the introductory concepts of opportunity cost, scarcity and the cost benefit principle. In this recent BBC Newnight report, the decisions taken by the National Institute for Clinical Excellence (NICE) - the organisation that decides whether treatments are cost-effective enough to be purchased for patients by the NHS. Cancer drugs especially those that provide targeted medicine for a small patient population can carry a very high unit cost per patient and this is taken many of these drugs above the level that NICE will allow, even though some of these drugs so make a significant difference.
Should cancer drugs be taken out of the NICE cost benefit calculation or should drugs companies make more effort to lower their prices?read more...»