Economics

Pre-enrolment task for 2014 entry

Economics Why do I need to complete a pre-enrolment task?

    

Gain an understanding of what economics entails Apply a range of economic key terms Develop research skills Demonstrate an ability to apply data Demonstrate commitment towards succeeding

When should I hand it in?

You should hand in the task at your first economics lesson in September 2014.

How will I be given feedback on how well I have done?

Your teacher will mark and return your work by the end of week 2. This will include written feedback outlining the effectiveness of your skills in areas such as; research, application and analysis. They may discuss your suitability to the A level course.

Task In Detail Suggested reading references   

http://www.economicsonline.co.uk/Competitive_markets/What_is_economics.html http://www.tutor2u.net/economics/revision‐notes/index.html http://www.bbc.co.uk/news/business/economy/

Please complete the questions over the page

Huddersfield New College, New Hey Road, Huddersfield, HD3 4GL Telephone: 01484 652341 email: info@huddnewcoll.ac.uk www.huddnewcoll.ac.uk

1. Define the following key terms:

Key term Economic Problem

Definition and example

Wants

Needs

Factors of production

Goods

Services

Scarcity

Opportunity cost

Economic welfare

Huddersfield New College, New Hey Road, Huddersfield, HD3 4GL Telephone: 01484 652341 email: info@huddnewcoll.ac.uk www.huddnewcoll.ac.uk

The table below identifies where the government spends money within the economy for 2010/2011:

Use the data above to answer the following questions: 2. Calculate the percentage of government spending allocated to the following areas:

Area of spending

Percentage of total spending

Health

Education

3. The government is at present attempting to spend less in the economy due to a lack of money.

This will ultimately mean less funding available for areas such as health and education. Apply the following key terms to the government’s predicament:

a. Scarcity________________________________________________________ ______________________________________________________________ ______________________________________________________________ ______________________________________________________________ ______________________________________________________________ Huddersfield New College, New Hey Road, Huddersfield, HD3 4GL Telephone: 01484 652341 email: info@huddnewcoll.ac.uk www.huddnewcoll.ac.uk

b. Economic problem_______________________________________________________ ______________________________________________________________ ______________________________________________________________ ______________________________________________________________ ______________________________________________________________ c. Opportunity cost___________________________________________________________ ______________________________________________________________ ______________________________________________________________ ______________________________________________________________ ______________________________________________________________ 4. Explain in your own words what you believe economics is ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ 5. Find a newspaper article relevant to economics. After you have read this include in the space below: a. Where this article cam from b. Date of article and author c. A summary of the article in less than 50 words ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ Huddersfield New College, New Hey Road, Huddersfield, HD3 4GL Telephone: 01484 652341 email: info@huddnewcoll.ac.uk www.huddnewcoll.ac.uk

____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________

6. Explain why you have chosen to study economics ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________

Huddersfield New College, New Hey Road, Huddersfield, HD3 4GL Telephone: 01484 652341 email: info@huddnewcoll.ac.uk www.huddnewcoll.ac.uk

7. Outline what skills you believe you will need to develop in order to be successful in economics. Why are these skills important? ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________

Huddersfield New College, New Hey Road, Huddersfield, HD3 4GL Telephone: 01484 652341 email: info@huddnewcoll.ac.uk www.huddnewcoll.ac.uk