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Economics

COMPULSORY TASK:

Task 1:

Macro Economics (this should be 2 sides of A4)

Springwood Sixth Form has formed its own advisory organisation called “The Springforwards.” You have been asked to write a report to the government outlining the strategies you recommend they use to help the economy grow without further effects on inflation. Think about:

  • What strategies are the current political party in power using currently to encourage the UK economy to grow (with examples)?
  • Why have they been adopted, and how should they work? Who are they aimed at?  How can they measure their effectiveness? – minimum of 3.
  1. Monetary policy
  2. Fiscal policy
  3. Supply side policy
  • How your strategies will help stimulate the economy (refer to macro-economic objectives below). You should use data to show the current position of these objectives and how they vary from the government targets.
    1. Employment
    2. Economic Growth
    3. Inflation
    4. Balance of Payments
    5. Distribution of Income  

  • Why you believe other strategies are unhelpful.

  • How your policies may cause macroeconomic conflicts - the economic problem - which is the most important policy & why.

Task 2:

Micro Economics (This should be one side of A4)

  • Research a market where there are either supply or demand issues? What is the problem? Who is it affecting? Describe the situation. (POWER/TRAINS/WATER) 
  • What would “free market” economists suggest happens to correct this problem?
  • What would a “government intervention” approach suggest happens to correct the problem?- explain at least 3 ways

Please submit your work, as well as a copy of the reading log, to your teacher on the first lesson in September.  Feel free to do multiple summer tasks if you are unsure on what subjects to study.

You can email j.holmes@springwoodhighschool.co.uk for any questions relating to the task or the course.

Compulsory Economics Summer Task Sheet Download

OPTIONAL EXTENSION:

Task 1:

Create a handout on - Famous Economists worth knowing:

  • Find out why these economists are famous?
  • What is their work/theory well known for?

Economists

  1. John Maynard Keynes 
  2. Milton Freidman 
  3. Adam Smith 
  4. David Ricardo 
  5. Freidrich Hayek 

Task 2:

Try to visit any of the following:

  • High Street Banks
  • Bank of England
  • Local Council

 

ADDITIONAL RECOMMENDED READING:

Suggested additional reading, useful websites and useful TV programmes can be found in the document below.

Economics Summer Task Additional Reading

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