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Educators' Guide for Pedagogy and Assessment

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Learning Area: Humanities

Economics > LEVEL 9

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 why resource sustainability is an important environmental and economic goal.

2] I can explain how resource sustainability could be achieved, but also the constraints that may prevent it occurring.

3] I can explain the role of markets in allocating resources with what Adam Smith described as an ‘invisible hand’.

4] I can relate scarcity to inequality i.e. although specific resources are scarce, the planet produces plenty of food and water to go round, so the scarcity faced by many millions, must relate to inequality.

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 apply the concept of price mechanism on different issues such as the property market, agricultural market, labour market and exchange rate market
2] I can identify the different types of price elasticity of demand i.e. relatively elastic, relatively inelastic, unitary elasticity, perfectly elastic, perfectly inelastic and the determinants of price elasticity of demand.
3] I can identify the use of price floor with respect to the labour market and the use of price ceiling with respect to the previous rent laws.

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 explain recent trends towards greater income and wealth inequality within countries.

2] I can explain falling inequality between countries due to the higher growth rates of developing countries.

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 mention examples relating to government policies, that seek to address negative and positive externalities.
2] I can explain why governments try to correct these 'market failures' through fines/taxes/subsidies in an effort to promote a positive outlook of the importance of Corporate Social Responsibility.

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 explain how income flows between households and firms within a closed economy and the concept of injections and withdrawals.
I can explain that in an open economy there are three injections and three withdrawals and that the balance results in a state of equilibrium.
3] I can evaluate the implications of imbalances between injections and withdrawals which may result in economic growth or economic recession.
I can explain exports and imports, that the balance between them determines the country’s Balance of Payments and calculate a surplus or a deficit on the current account of the Balance of Payments.

5] I can discuss the factors that determine international competitiveness e.g. specialisation within a particular industry, geographical factors and the impact of competitiveness on both exports and imports.
I can identify the main objectives of the EU.

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 distinguish between nominal GDP, real GDP, the use of per capita real GDP and use measures of per capita real GDP to evaluate the performance of economies across time and countries.
2] I can identify and explain possible causes of economic growth and possible limitations on growth in the short and long term eg. influences on growth should include investment spending, productivity change and the quality of education and training.
I can identify the economic cycles through changes in real GDP.
4] I can explain different types of unemployment e.g. frictional, structural, seasonal, real wage and cyclical and suggest different policies to reduce each.
I can explain how inflation is measured by the Retail Price Index (RPI) and the basic difficulties with such a measurement. 
6] I can analyse a variety of policy options available, to achieve macro economic objectives, including monetary and fiscal policies, supply side policies and incomes policy and identify the role of the ECB in taking monetary policy decisions to maintain price stability.
7] I can analyse the effect of changes in the exchange rate on the relative price of goods and services traded by countries. 

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 describe the relationship between different types of returns in the short run and the long run i.e. the Law of Diminishing Returns and Returns to Scale and explain the shape of both production and cost curves in the short run.

2] I can explain internal economies and diseconomies of scale.

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