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Educators' Guide for Pedagogy and Assessment

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Learning Area: Humanities

Economics > LEVEL 8

Learning Area Outcome: I can formulate and pursue enquiries into aspects of the contemporary world using humanities concepts and forms of reasoning to develop, extend and organise my knowledge and understanding. I can evaluate and formulate an understanding of the Production Possibilities curve and its impact on economic development. ​I can use my learning in the humanities to help me explain processes of change and development in both the past and present and to reflect on possible future developments.

Subject Focus: Scarcity and Allocation of Resources

1] I can explain that resources are finite in relation to unlimited wants e.g. a good or a service.

2] I can outline why and how sustainable choices can be made in a situation where resources are limited.
3] I can describe opportunity cost and apply it to choices made by individuals, businesses and government.
I can identify ways through which the limited resources have to be allocated by the market mechanism or by government or both.

5] I can describe the characteristics of different economic systems, discuss the effectiveness of the economic system to allocate resources and their impact on individuals and businesses in terms of equity, sustainability and environmental issues.
I can analyse the impact of scarcity on less developed countries.
7] I can explain the market's allocation of resources to the satisfaction of individual preferences i.e. demand and analyse the impact of such preferences for quality products, whilst ensuring environmental protection and engaging in fair trade eg. paying a decent return to the factors of production.

8] I can sketch/plot the Production Possibility Curve and interpret the graph in terms of allocation of resources and opportunity cost. 

Learning Area Outcome: I am able to use my understanding of the component disciplines of the humanities to locate, select, evaluate and reason with data relating to contemporary issues and to use my developing understanding of the humanities to locate these issues in wider historical, geographical and related contexts.

Subject Focus: Markets

 1] I can reason the factors that affect the demand for a good or service and explain how the characteristics of demand may differ from one market to another.

2] I can sketch/plot a demand curve that represents the preferences for individuals for a particular good or service.
3] I can evaluate the fact that a change in the price has a different impact on demand than a change in any other determinant and identify the differences between movements of and movements along the demand curve.
4] I can identify the importance of negative advertisement from various environmental and humanitarian organisations to highlight issues such as child labour.

5] I can describe the factors that affect the supply of a good or service and discuss how the characteristics of supply may differ from one market to another.
I can sketch/plot a supply curve that represents the costs for the producers of a particular good or service.
I can evaluate the fact that a change in the price has a different impact on supply than a change in any other determinant and identify the differences between movements of and movements along the supply curve.
I can discuss whether cheap prices are resulting through efficient methods of production, through the use of cheap and child labour or due to low health and safety regulated factories.
9] I can research current supply practices and form a social attitude to lessen future exploitation and over-extraction of resources by profit-driven companies eg. the over-extraction of water from the water table in a region, putting lots of people in danger of dying because of dry wells and hence unsafe drinking water.

10] I can explain that the ability for demand to be effective relies on the income of the potential consumer.
I can sketch/plot a diagram to show equilibrium between supply and demand. 
I can research and analyse a situation of excess demand or supply.
13] I can show what happens to the equilibrium price when demand or supply or both, change, as a result of a change in one or more of their determinants.
14] I can describe price elasticity of demand and calculate the price elasticity of the demand of different goods.
15] I can understand the concept of price control and the implication of price being set above or below the equilibrium and distinguish between price floor and price ceiling.

Learning Area Outcome: I understand how humanities subjects can help me develop insights into moral and ethical issues and into the diverse ways in which these issues have been understood in both the past and the present. 

Subject Focus: Inequality

1] I can distinguish between income and wealth.
2] I can research information about the concept that income is unevenly distributed.

3] I can evaluate why income is unevenly distributed between different occupations e.g. by identifying the factors affecting the demand for and supply of labour.

4] I can discuss the difference between distribution and redistribution of income and the difference between progressive and regressive tax.

5] I can analyse and comment on the potential impact of taxation and government spending on income distribution.

6] I can evaluate the practical difficulties for governments in achieving redistribution goals.

Learning Area Outcome: I can use humanities concepts to help me explore contemporary social, economic, environmental and related issues and to think about challenges and opportunities that these issues raise.

Subject Focus: Market Failure

1] I can identify that businesses seek their own best interest i.e. to maximise profit.
I am aware that some products will not be provided by the private sector e.g. public goods.
I am aware that government intervention may be required in order to increase the consumption/production of merit goods and prohibit the production and consumption of demerit goods.
4] I can discuss the different ways in which government might try to force businesses to reduce their negative activities by market means eg. tax per unit of pollution, laws banning or limiting polluting activities.
5] I can distinguish between private benefits and social benefits and between private costs and social costs.
6] I can analyse why certain costs i.e. social costs, caused by the businesses but borne by others, will not be accounted for.

7] I can evaluate that failure to count these costs (benefits) means that there is no reason to decrease (increase) the behaviours that cause the costs (benefits).

Learning Area Outcome: I know how to use my understanding of humanities issues to inform my thinking about everyday problem solving in local contexts and to help me think about large scale global challenges. 

Subject Focus: How the Economy Works

1] I can analyse whether an object could serve as money by describing the functions that the object to be used as money, should serve and the characteristics it should possess e.g. functions may be explained in relation to the barter system.
I can identify the main roles of credit institutions e.g. accepting deposits, providing loans and money transmission services.
I can identify and explain the different sources of finance available to firms both in the short run and in the long run.
I can evaluate savings and investment and show how interest rates are determined.
5] I can explain government revenue, tax and non-tax, identify the main items of government expenditure, the strain on government from expendtiure caused by an ageing population and evaluate government’s budgetary balance.
6] I can identify investments on projects by the government for environmental purposes e.g. to reduce polluting sources.

Learning Area Outcome: I understand how the humanities can help me reflect on issues of identity and diversity in Maltese, European and wider global contexts and how these contexts can inter-relate and interact. 

Subject Focus: Changes in the Macro Economy

1] I can explain Gross Domestic Product (GDP) and its use as an indicator of the state of the economy. 
2] I can define unemployment and explain the reasoning behind variations in unemployment rates and unequal opportunities across different age groups, gender and other social groups.
3] I can define the terms inflation and deflation and apply the impact of changes in the rate of inflation on households and businesses.
4] I can explain two general types of inflation: cost-push and demand-pull inflation.
I can define international trade and discuss the benefits arising from it.
I can define exchange rates, their importance in international trade and calculate the impact of exchange rate changes on prices.

Learning Area Outcome: I understand how humanities subjects can help me develop insights into moral and ethical issues and into the diverse ways in which these issues have been understood in both the past and the present. 

Subject Focus: Production, Costs and Efficiency

1] I can define production.
2] I can classify and explain the factors of production.
3] I can classify production into sectors i.e. primary, secondary and tertiary.
4] I can define specialisation and division of labour.
5] I can discuss the advantages and disadvantages of division of labour.

6] I can distinguish between the following types of costs: money and opportunity, private and social, fixed and variable, short-run and long-run.
I can define, calculate and sketch/plot curves depicting (i) TP, AP and MP and (ii) TC, 
VC and FC and their averages.

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