Transition Pack for

A Level Economics Get ready for A-level!

A guide to help you get ready for A-level Economics, including everything from topic guides to days out and

online learning courses.

St Philomena’s Catholic High School for Girls

This pack contains a programme of activities and resources to prepare

you to start an A level in Economics in September. It is aimed to be

used after you complete your GCSE throughout the remainder of the

Summer term and over the Summer Holidays to ensure you are ready

to start your course in September.

So you are considering A level Economics?

Why choose Economics?

Economics matters. It is a subject that will give you a new perspective on some of the most pressing and challenging problems facing the world today:

Why do Governments get into debt?

Why do we continue to pollute our environment?

Why are jobs being transferred from Britain to other countries and more recently coming back?

Economics is personal. An understanding and knowledge of economics will help you examine more deeply the world around you and how it affects your everyday life. It can help explain:

Why might you be paid less than a man for doing the same job?

Why are shops’ own brands cheaper, even if they are made in the same factory, as well-known brands?

Why do Governments always tax petrol?

Is Economics for Me?

Economics is well-regarded by universities and employers as a ‘numerate’ discipline. It has a good reputation as a demanding study, and a qualification in economics is valued. Students typically go on to study Economics, Management, Law or other business related courses.

At A-level, Economics complements a wide variety of other subjects such as History, Geography, Politics, Sociology, Maths and languages because of its strong logical base.

Finally by choosing Economics you will develop important transferable skills, including analysing and interpreting data, identifying patterns and trends, presenting arguments and making recommendations, and learning to work independently.

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Kick back this summer with a good read. The books below are all popular books about Economics, and great for extending your knowledge and understanding.

Freakonomics A collection of articles using economics to explain peoples behaviour. Including cheating by teachers and Sumo Wrestlers, the use of information in discrediting the KKK, The economics of drug dealing and the effects of naming children on their career prospects.

23 Things they don’t tell you about capitalism A collection of articles discussing how capitalism works and how humans have been affected by the circumstances. How the washing machine is the most revolutionary invention ever.

Thinking, Fast and Slow The phenomenal New York Times Bestseller by Nobel Prize-winner Daniel Kahneman, Thinking Fast and Slow offers a whole new look at the way our minds work, and how we make decisions. Why is there more chance we'll believe something if it's in a bold type face? Why are judges more likely to deny parole before lunch? Why do we assume a good-looking person will be more competent? The answer lies in the two ways we make choices: fast, intuitive thinking, and slow, rational thinking.

The Undercover Economist Explains economic concepts in simple terms and linked to everyday situations, including why poor countries remain poor, why used cars are difficult to buy and how Starbucks price their products.

Soccernonomics If you’re interested in sports, a good book on using economics to judge and improve performance in football. Including how to win at penalty shootouts and the best transfer strategy.

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Movie Recommendations

Economics features in films more often than you would expect. If you have a spare afternoon, get your netflix account on and watch one of these classics…

Moneyball Brad Pitt and Jonah Hill are baseball coaches who use economics to revolutionise the sport. Based on a true story.

It’s a wonderful life I know it’s a Christmas classic, but there’s lots of economics including a bank run and dealing with the great depression.

Erin Brockovich Julia Roberts investigates environmental pollution and its effect on a small town. Discussion on how governments can intervene when these problems arise.

The Big Short Christian Bale and Steve Carell predict the 2008 housing crash when everyone else thinks it wont happen. Based on a true story.

A Beautiful Mind Russell Crowe stars as economist John Nash, who makes revolutionary discoveries in looking at human behaviour.

If you have 30 minutes to spare, here are some great presentations (and free!) from world leading scientists and researchers on a variety of topics. They provide some interesting answers and ask some thought-provoking questions.

How to keep rivers and streams flowing. Available at : https://www.ted.com/talks/rob_harmon_how_the_market_can_keep_streams_flowing#t-379059 Rob Harmon explains how economics can be used to solve the problem of people consuming too much water.

How Economic inequality hurts society Available at : http://www.ted.com/talks/richard_wilkinson Richard Wilkinson explains how societies with large gaps between the rich and the poor , including negative effects on health, lifespan and even trust.

The Freakonomics of Drug Dealing Available at : http://www.ted.com/talks/steven_levitt_analyzes_crack_economics Steven Levitt explains why drug dealing isn’t a lucrative career. It pays below minimum wage, your boss can kill you, and you’re more likely to live at home with your parents.

Trial, Error and the God Complex Available at : http://www.ted.com/talks/tim_harford Tim Harford explores the link between trial and error and progress in society. The key to progress is making more (and better) mistakes!

TED Talk Recommendations

Research activities

Research, reading and note making are essential skills for A level Psychology. You are going to practice producing ‘Cornell Notes’ to summarise some of the TED talks you have listened to. Choose two of the talks, and complete notes in the following format for them:

1. Divide your page into three sections like this

2. Write the name, date and topic at the top of the page

3. Use the large box to make notes. Leave a space between separate idea. Abbreviate where possible.

4. Review and identify the key points in the left hand box

5. Write a summary of the main ideas in the bottom space

Images taken from http://coe.jmu.edu/learningtoolbox/cornellnotes.html

Pre-Knowledge Topics

It is assumed that you currently know nothing about Economic Theory when starting this subject. However, you will

actually know lots already – particularly if you have studied Geography, History or Business Studies.

Economics in Geography • Economic indicators

• Development

• Industrialisation

• Sustainability

• Trade

• Aid

• Globalisation

Economics in History • The Wall Street Crash

• 1920s boom in the USA – Production

• The Great Depression and FDR policies

• The Cold War

• Rationing in the UK during WW2

• Britain post 1945 (Atlee Government)

• Germany between the two world wars

• Britain early 1900s

• Communism v Capitalism

• The Domesday Book

• Economic factors in general

• The Gold Rush

Economics in Business Studies • Production Processes

• Enterprise

• Costs and Revenues

• Economies (and diseconomies) of scale

• The Business Economic Environment

• Globalisation

• Outsourcings

Maths for Economics

You will probably have heard that Economics is closely associated with Maths. While not strictly true at A Level, to continue

studying the subject post 18 you would need at least a 6 or 7 in GCSE Maths and it is preferred that you do Maths A Level.

Some common topics are below. While we will spend some time covering them it is assumed that you know them…

Reading Data from Tables and Graphs

You should be able to spot trends and compare data. You should also be able to use this data to draw

conclusions and build an argument.

Calculating Percentage Change and Using Formulae

You will need to learn a number of formulae and

calculate answers using them.

You may also need to rearrange them as part of your calculations.

Drawing and interpreting graphs

You will need to draw and interpret a number of graphs

You also need to be able to show and manipulate graphs when

circumstances change.

Potential Days Out

Bank of England Museum Free Museum explaining the role of the bank and its history

Museum of Brands Quirky museum featuring 12,000 original items. Price - £7.50 including gift aid

Sports Venues Sports venues in the capital can provide an excellent insight to the supply and demand of their products Potential visits include: Wimbledon Lawn Tennis Musuem Wembley Stadium Tour Arsenal Stadium Tour Lords Tour

These websites all offer an amazing collection of resources that you can (and should!) use again and again throughout your course.

BBC Great source of news stories. www.bbc.co.uk tutor2u

Website aimed at Economics A Level. Amazing blog and exam prep. www.tutor2u.net

The Economist Articles on news and current affairs. Limited number of articles for free. www.economist.com

St Phils Economics My own site with all teaching resources and lots of revision support www.sites.google.com/a/stphils.org.uk/economics

Physics and Maths Tutor Actually also provides plenty of notes and resources for economics… http://www.physicsandmathstutor.com/economics-revision/a-level-aqa/

Economics Websites

Econ Plus Dal is a youtube channel with clear explanations on a range of concepts. https://www.youtube.com/user/EconplusDal

Tim Harford A blog with articles and letters where people write in to get an economist to solve their daily problems. http://timharford.com/

Economics online Support for A level economics with notes and general revision materials http://www.economicsonline.co.uk/

Economics at St Philomena’s

Although there are a range of textbooks available significant amounts of theory are online for students, so I would not recommend buying a textbook. Year 13 students have found the CGP A Level Economics revision guide (pictured) a lot more useful.

We will study Microeconomics

first until Christmas, then swap to

Macroeconomics.

All teaching is currently taught by Mr Garrod

All relevant department resources can be found at the following sites:

www.sites.google.com/stphils.org.uk/economics

www.sites.google.com/stphils.org.uk/micro

www.sites.google.com/stphils.org.uk/macro

To make sure you are fully prepared for A Level study, you have some tasks to complete over the summer holiday. This summer you need to research why you pay the price you do for a specific good or service you buy regularly. This could include mobile phone contracts, cosmetics, clothes, food and drink or music. Be precise with the good or service you are researching. Do not research High Street fashion retailers, for example, but concentrate on discount fashion retailers, such as Primark. Use the key questions below to guide your research. You may decide to follow up other lines of enquiry, whilst staying focussed on the main question: why do you pay the price you do? Key Questions 1) What is the good or service? Define the good or service you are going to

research. Be precise with your description. 2) Who makes the good or provides the service? Identify the main businesses in

your chosen market. 3) What do firms charge? Research what firms charge for their goods or services?

This might include various deals for new or existing customers or different types of customers, such as low-usage customers for mobile phone contracts. Compare and contrast the goods or services for no more than three firms. Why do you think the price varies?

4) How competitive is the market? How much of the market share do the individual firms have? How has the market share changed over time, e.g., the last five years? Is there one main seller of the good? Or lots of small individual sellers?

5) Why do you buy this specific good or service? Think about your own reasons for buying these goods or services. What do you take into account when you make your decision? Do you always buy a certain brand?

6) For September 7) Prepare an A4 summary of your main findings and conclusions from your

research.

Your Summer Tasks!