Week Economic Knowledge (Topics) Resources Assess. (approx.) Unit 1 MICROECONOMICS Micro vs. Macro – worksheet Topic 1: Markets (DE) Chap. 1 The characteristics of a market economy Term 1 The distinction between product and factor markets ATAR Chap. 1 The distinction between competitive and non-competitive Week markets 1 Define - the economic problem, opportunity cost, relative PPC worksheet scarcity, factors of production The law of increasing opportunity cost and the PPC Topic 2: Demand, Supply & equilibrium Demand (DE) Chap. 2 The law of demand The relationship between individual and market demand ATAR Chap. 2 schedules and curves Term 1 The importance of Paribas’ assumption ‘Certeris Factors affecting demand (price, income, population, taste Week and preferences, prices of substitutes and compliments, 2 expectations) PPT- non-price The effect of changes in price on quantity demanded i.e. factors affecting expansion or contraction of demand demand & The effect of changes in non-price factors on quantity Supply demanded i.e. increase or decrease in demand Supply The law of supply The relationship between individual and market supply schedules and curves (DE) Chap. 2 Term 1 Non factors affecting supply (price, cost of production, factors of production, expectation, number of ATAR Chap. 2 Week suppliers, technology) 3 The effect of changes in price on quantity supplied i.e. expansion or contraction of supply The effect of changes in non-price factors on quantity supplied i.e. increase or decrease in supply Market Equilibrium The concept of market equilibrium The effect of changes in demand and supply on market (DE) Chap. 2 equilibrium Term 1 The concepts of market clearing, shortages and surpluses. ATAR Chap. 2 How the price mechanism clears market surpluses and Week shortages 4 Using the demand and supply graph to show shortages and surpluses Term 1 (DE) Chap. 1&2 Ass #1 Markets, Week Revision for assessment 1 ATAR Chap. Demand & 5 1& 2 Supply
Week Economic Knowledge (Topics) Resources Assess. (approx.) Term 1 Week 1 Unit 1 – MICROECONOMICS Topic 1: Markets The characteristics of a market economy The distinction between product and factor markets The distinction between competitive and non-competitive markets Define - the economic problem, opportunity cost, relative scarcity, factors of production The law of increasing opportunity cost and the PPC Micro vs. Macro worksheet (DE) Chap. 1 ATAR Chap. 1 PPC worksheet Term 1 Week 2 Topic 2: Demand, Supply & equilibrium Demand The law of demand The relationship between individual and market demand schedules and curves The importance of ‘Certeris Paribas’ assumption Factors affecting demand (price, income, population, taste and preferences, prices of substitutes and compliments, expectations) The effect of changes in price on quantity demanded i.e. expansion or contraction of demand The effect of changes in non-price factors on quantity demanded i.e. increase or decrease in demand (DE) Chap. 2 ATAR Chap. 2 PPT- non-price factors affecting demand & Supply Term 1 Week 3 Supply The law of supply The relationship between individual and market supply schedules and curves Non factors affecting supply (price, cost of production, factors of production, expectation, number of suppliers, technology) The effect of changes in price on quantity supplied i.e. expansion or contraction of supply The effect of changes in non-price factors on quantity supplied i.e. increase or decrease in supply (DE) Chap. 2 ATAR Chap. 2 Term 1 Week 4 Market Equilibrium The concept of market equilibrium The effect of changes in demand and supply on market equilibrium The concepts of market clearing, shortages and surpluses. How the price mechanism clears market surpluses and shortages Using the demand and supply graph to show shortages and surpluses (DE) Chap. 2 ATAR Chap. 2 Term 1 Week 5 Revision for assessment 1 (DE) Chap. 1&2 ATAR Chap. 1& 2 Ass #1 Markets, Demand & Supply
Year_11_Economics_2018_Program_and_Assessment_Outline.docx