Cost benefit analysis resource for transport

The transportation cost benefit analysis website is an excellent extension activity for able economists in getting to grips with the complexities of public sector investment appraisal

OCR Economics Exam Dates 2015

Here are the exam dates for OCR Economics in 2015

The Economist has a special offer on for school subscriptions. Minimum of five orders

Here is some publicity material that can be edited to suit

Students taking A Level Economics, Government and Politics, or simply interested in an analysis of current UK and world events may be interested in taking advantage of a special subscription offer from the Economist.

Recent articles include - Globalisation versus localism; China’s space programme; Why multinationals are like drug dealers (?); What currency speculators can learn from the price of a Big Mac?; Bacteria that make you fat.

The high street price of one edition is £5. A print and digital subscription via the school costs £15 for 32 issues – a saving of 90%

Please note that magazines are delivered to the school only during term time and up to five days after publication, but can be accessed immediately via the web.

If you want to subscribe for one year then

2012-14 Grade Boundaries for OCR Economics

Here are the grade boundaries for OCR Economics

Latest UK Passenger Transport by mode data

Here is the latest data on Passenger Transport by mode for the Dept of Transport for those colleagues teaching OCR #F584 Transport Economics

Essential Advice for A level Economists applying for Economics Degrees

The Higher Education Academy STEM team has just published advice on the level of mathematical and statistical skills needed for degree level courses in Economics

Key finding:

• over 80% of students stated there was much more Mathematics involved in their Economics degree programme than they expected
• in the majority of cases, there is considerable emphasis on algebra and calculus in Economics degrees 
• Students with only a Mathematics at GCSE level face a steep learning curve when starting their undergraduate studies in Economics.   

Full details here: Skills in Mathematics and Statistics in Economics and tackling transition

Video: the outlook for U.K. economy and housing market

A Wall Street Journal panel of WSJ’s  consider the outlook for U.K. economy and housing market over the coming months in this free Webcast. Sign up required

Varieties of Capitalism podcast

Here is a must-listen-to podcast from Radio 4 Analysis series on Varieties of Capitalism for students looking to read around traditional textbook economics:

In this edition of Analysis, Britain politics correspondent for The Economist Jeremy Cliffe investigates the different forms of capitalism defined by the Varieties of Capitalism school - most-famous for the book of the same name published in 2001.He begins by working out what makes a 'Liberal Market Economy' and a 'Coordinated Market Economy', and then digs deeper to find out how these different models formed in the first place.

Key resource for flipped learning: EconPlusDal

The biggest impact on my economics teaching is mini-whiteboards. Flipped learning is now becoming a realistic option with an excellent series of videos from EconPlusDal. 

Here are the complete playlists

• AS Microeconomics
• AS Macroeconomics 
• A2 Theory of the Firm and extension Why? A2 Theory of the firm

Average, marginal and total revenue curves - revision diagram

A treat for my Year 12 Economists:

8 Critical Skills For A Modern Education - and Economics teaching

I am struck by how much I resonate with the list of 8 Critical Skills For A Modern Education set out by TeachThought Staff

To what extent does Economics offer opportunities to embed these skills?

OCR AS & A2 Economics Schemes

For what it is worth here are the schemes of work I use at my school as an Excel Spreadsheet which can be edited for two staff

• A2 Economics OCR SoW
• AS Economics OCR SoW

The End of Combined Economics and Business Studies courses?

The Ofqual consultation "Completing GCSE, AS and A Level Reform" ( http://comment.ofqual.gov.uk/completing-gcse-as-and-a-level-reform/appendix-b/appendix-b/) indicates that Ofqual plan to discontinue Economics and Business Studies and Applied Business. So it looks like single economics or business studies is the only option from 2015?

Using Office Lense

I often find myself teaching in a traditional classroom. Here is an example of how a Windows Phone with the Office Lens app automatically converts a snap of whiteboard notes into something more legible - even given my hand writing

Before

After

Test post to see how embedding a PowerPoint from OneDrive works out

This is a test post to see how embedding a PowerPoint from OneDrive works out in practice:



Update: Need to work on folder permissions on the hosting OneDrive =

Draft Economics A Level Syllabuses (2015) links

Here is list links to the draft A level and AS Economics specifications and draft assessment materials and mark schemes for each of the exam boards. 

AQA A LEVEL ECONOMICS PROPOSALS A level AQA Economics from 2015 summary page AQA A level Economics Specification for first teaching in 2015 Paper 1: Specimen question paper and Paper 1: Specimen mark scheme Paper 2: Specimen question paper and Paper 2: Specimen mark scheme Paper 3: Specimen question paper and Paper 3: Specimen insert and Paper 3: Specimen mark scheme AQA AS ECONOMICS PROPOSALS AS level AQA Economics from 2015 summary page AQA AS Economics Specification for first teaching in 2015 Paper 1: Specimen question paper and Paper 1: Specimen mark scheme  Paper 2: Specimen question paper and Paper 2: Specimen mark scheme EDXCEL A LEVEL ECONOMICS PROPOSALS A level and AS Edxcdel Economics from 2015 summary page Draft specification - A level 2015 Draft sample assessment materials - A level 2015 EDXCEL AS LEVEL ECONOMICS PROPOSALS Draft specification - AS 2015 Draft sample assessment materials - AS 2015 OCR A LEVEL ECONOMICS PROPOSALS OCR Economics from 2015 summary page Specification (Draft) - A Level GCE Economics - H460 Unit H460/1 - Microeconomics - Sample assessment material Unit H460/2 - Macroeconomics - Sample assessment material   Unit H460/3 - Themes in economics - Sample assessment material OCR A LEVEL ECONOMICS PROPOSALS Specification (Draft) - AS Level GCE Economics - H060 Unit H060/1 - Microeconomics - Sample assessment material Unit H060/2 - Macroeconomics - Sample assessment material

Online Economics lessons for flipped learning

Online Economics Lessons 

Here is a list of recommended online economics lessons which can be used to read ahead and for research and revision

• Bryn Jones: 22 short introductory videos for AS Economics courses (UK)
•  Mjmfoodie:  Clear, concise introductory videos on the principles of micro and macro economics (USA)
•  EconplusDal offers a comprehensive video tutorial series covering all the major AS microeconomics content: AS Microeconomics | AS Macroeconomics | A2 Microeconomics |   A2 Microeconomics (UK)
•  Welker's Wikinomics Economics Classroom supports the American Advanced Placement Economics course but is useful for students looking for 'stretch and challenge' (USA)

Design brief advice for explainer videos

Here is a follow up to my posting on Explainer Videos in the classroom. PowToon offers some good advice on creating effective explainer videos which can be included as part of the design brief

YouTube research shows that the average viewer’s attention span is 63 seconds. This is the time you have to get your message across—and the first 7 seconds are the most crucial! That’s when you have to convince your viewers to actually continue watching.

Our research indicates…

Best cartoon length: 63-92 seconds
Critical start: 7-10 seconds

How many words should your script have?
Clip Length        Number of Words
30 seconds        85
60 seconds        160
90 seconds        230

The maximum optimal length for an animated explainer video is around 90 seconds. 

Explainer Videos in the classroom

Explainer videos are short, conversational and informal 90 second animated videos which generally educate, entertain and explain. The free Adobe Voice app for ipads looks wonderfully effective and easy-to use. Watch this video to get a feel for its potential.



There are also alternatives such as Powtoon which I find a little clunky. I use Camtasia Studio to create videos as it gives so much control over elements although the just launched Snagit 12 also from TechSmith has video creation capabilities - Camtasia Lite

Potential use: asking students to create 90 second explainer videos may well prove a popular homework

Types of Unemployment

Here is a simple revision graphic for causes and type of unemployment

Student Personal Learning Checklists for monitoring performance

On reflection, one of the best teaching innovations I have adopted this year is the use of a personal learning checklist that allows pupils to RAG rate themselves on each part of the specification.

Here is an example for F581

I have created plcs for each module in Excel but print them out on paper and ask students to keep a copy in the back of their A4 exercise book which is used to make class notes.

A standing homework is to update the plc weekly

Having a plc in the back of an exercise book means there is a current record  which demonstrates student self assessed progress and missing gaps in understanding. Very useful when SLT make a monitoring visit

Highly recommended

Pros and cons of Monetary Union

The June F585 case contrasts Latvia and Iceland. For Latvia the benefits of monetary union within the EU outweigh the costs and help justify adopting a fixed (pegged) exchange rate. 

Here is a summary diagram for revision purposes

Pros and cons of a floating exchange rate system

In the F585 Summer 2014 case study, Latvia uses a fixed exchange rate system. Iceland operates a floating exchange rate system. So be sure to know the pros and cons of each system

Floating exchange rate benefits

• Automatic adjustment mechanism for any balance of payments disequilibrium
• Frees monetary policy to target alternative objectives instead of a fixed exchange rate
• Reduces need to hold foreign currency reserves – which have an opportunity cost

Floating exchange rate drawbacks

• uncertainty about future export and import prices may deter investment 
• encourages indiscipline if govt and firms rely on devaluation to restore competitiveness 
• Automatic BoP adjustment mechanism only works if demand is price elastic

Fixed exchange rate benefits

• Reduced exchange rate uncertainty so encouraging domestic investment and FDI 
• Should eliminate destabilising speculation 
• Reduced costs as no need to hedge 
• Imposes discipline on domestic firms

Fixed exchange rate drawbacks

• No automatic balance of payments adjustment as with a floating exchange rate
• Requires high levels of foreign currency reserves which have an opportunity cost 
• Reduced flexibility for monetary policy as interest rates are targeted at a stabilising the exchange rate rather than say inflation ie conflicting macro policy objectives
• Setting the 'wrong' exchange rate (where REER is >) 1 reduces international competitiveness and encourages speculative attacks

However countries seeking monetary union and its associated benefits within the EU must first adopt a fixed rate exchange rate system which helps explain why Latvia pegged its currency to the euro so as to be able to enter full monetary union in Jan 2014

F585 Core Concepts: a checklist

This is a first list and there may be errors and omissions but my advice to those revising for F585 is be sure to understand

Macroeconomic performance

Trend growth and output gaps

Causes of short and long run economic growth - especially FDI and international trade

Multiplier and multiplier effect

Accelerator effect

Fixed exchange rates

Floating exchange rates

Balance of payments problems and particularly international competitiveness

Purchasing power parity and real effective exchange rates

Terms of trade

Foreign direct investment and multinationals

Globalisation

Fiscal rules

Inflation targeting

Policy trade offs

Pros and cons of monetary union

Economic development

Sustainable economic development

Role of the International Monetary Fund, World Bank and WTO

Twitter Research Tools for economics

Twitter is a great source for keeping up-to-date with news and events; ideas and links to resources. The main issue is noise: there are so many tweets gems.

One way of making sure that essential tweets are not lost in the din is to use a predefined twitter search including the relevant hashtag. I have added links for the OCR Economics units: #F581 search | #F582 search | #F584 search | #F585 search on a list of economic resources I share with my class.

Finally Topsy offers some really useful advanced features for a targeted search of past tweets.

Office Mix for Flipped Learning and Class Projects

Office Mix is a new, free PowerPoint 2013 add-in from Microsoft:

Turn your PowerPoint presentation into an interactive online lesson. We call this a mix. Everything you need to create and share your mix is included. Add audio and video of yourself giving your presentation, write on slides as you talk to them, insert quizzes, practice exercises, and more – all from within PowerPoint. It’s like a screencast, but better. All you need is Office 2013 and the free Office Mix add-in.  

For me, the big advantage Office Mix has over screencast software such as Camtasia it is relatively intuitive and has a low learning curve for anyone familiar with PowerPoint - which is pretty much everyone.There is also the option to insert quizzes. See these Office Mix how-to videos for an overview of features

Here is blog post from a user who spent 20 minutes creating an Office Mix from scratch without prior experience

However, I will be sticking with Camtasia because it is so much easier to do post production edits eg cutting out voice over errors. In Office Mix this requires re-doing the entire  commentary for a given slide.

Over the Summer term I may ask my Economics class to create an Office Mix video on a topic of their choice eg explaining a concept such as elasticity or a multimedia review of a country. They all have free access to Office 2013 as part of the school's Microsoft Student advantage subscription and Office 365 scheme.

Online Excel AS/A level 2015 Economics Launch Event details

Here are links for booking the online Excel 2015 Economics courses

Event Code	Date	Location	Course Title	Status
14LOAB02/01	02/07/2014	Online Event	AS/A level 2015 Economics Launch Event (live online event)	Full
14LOAB02/02	07/07/2014	Online Event	AS/A level 2015 Economics Launch Event (live online event)	Open
14OAB04/01	15/10/2014	Online Event	GCE Economics: Feedback on June 2014 (Unit 3) Live Online Event	Open

Preparing for the new A Level Economics Specification

Time to plan ahead for the new economics syllabus on its way for September 2015. A link to the DfE's page on The New A levels subject content can be found here. Here is a link to the proposed Economics subject criteria (pdf)

Board proposals go to Ofqual in the summer and expect a flurry of promotional activity. I have a lot of brand loyalty to OCR but their INSET requires a day out of school so I am going to book one of the AQA online events: 14 Jul 2014 Book | 16 Jul 2014 Book | 25 Sep 2014 Book

Tutor2U are as always ahead of the curve a free A Level Economics - Specification Briefing can be ordered here 

I expect there will be some healthy discussion on the Tutor2 hosted LinkedIn group which no has more than 1,100+ economic teachers

Relationship between inflation and unemployment

One of my Year 12 AS Economics students asks what is the relationship between inflation and unemployment. The first theory that springs to mind is the Phillips curve but this is generally not expected on the OCR AS economics course.

At AS I'd expect students to use a standard AS- AD diagram to show any link between inflation and unemployment. For instance,an increase in AD causes short run economic growth. Higher output requires more labour so unemployment falls. 

However given spare capacity in the upward sloping shape of the AS curve beyond Y1 (due to shortages and bottlenecks in key industries), the increase in AD results in a rise in the price level from P1 to P2, thus exerting inflationary pressure.

So an increase in aggregate demand results in inflation and reduce unemployment.  

However, does a fall in unemployment always coincide with inflation? No. Any increase in real GDP up to Y1 results in more output and less unemployment but with a constant price level - there is non-inflationary growth

So like so many things in economics, falling unemployment may or may not be associated with inflation depending upon assumptions eg the starting position and the price elasticity of aggregate supply.

The above analysis suggests that unemployment and inflation can be linked but the cause an increase in AD. any relationship between unemployment and inflation is best analysed using the Phillips curve - an A2 topic

Revision video: the current account

Here is a revision video of all the elements of the current account with minimal coverage of the capital and financial account. Watch in conjunction with the ONS The current account balance video

Revision video: Using AD-AS diagrams to answer extended questions

In this video I develop Revision video: using AD-AS diagrams to analyse economic performance to see how to use AD-AS diagrams to answer extended questions set by OCR in Macroeconomics F582.

OCR typically set three types of last question

·         Discuss whether a policy (SS) or policy instrument (R, $/£) can affect: a component of AD (C & I) | an economic indicator eg economic growth | an economic objective eg low and stable prices | economic performance eg GDP and inflation

·         Discuss whether a change in a factor influencing a component of AD can affect a performance indicator eg inflation

·         Discuss whether a change in an indicator of economic performance (economic growth, inflation) is beneficial (do benefits outweigh costs)

NB: R affects I; I affects both AD and AS | G on infrastructure and education affects both AD and AS

Evaluation: L3 assumes cet par – what if there is an unexpected event| is a variable eg R the most important | depends on starting position ie capacity | impacts vary between time periods 

Revision video: using AD-AS diagrams to analyse economic performance

This video explains the link between changes in AD and AS and economic performance using AD-AS diagrams. Key assumption: spare capacity

OCR set three types of last question in F582:

·         Discuss whether a policy (SS) or policy instrument (R, $/£) can affect: a component of AD (C & I) | an economic indicator eg economic growth | an economic objective eg low and stable prices | economic performance eg GDP and inflation

·         Discuss whether a change in a factor influencing a component of AD can affect a performance indicator eg inflation

·         Discuss whether a change in an indicator of economic performance (economic growth, inflation) is beneficial (do benefits outweigh costs)

NB: R affects I; I affects both AD and AS | G on infrastructure and education affects both AD and AS

Evaluation: L3 assumes cet par – what if there is an unexpected event| is a variable eg R the most important | depends on starting position ie capacity | impacts vary between time periods 

Elasticity revision - examples of elastic and inelastic products

Here is an excellent revision page on elasticity from Economic Help with plenty of real world examples as to why products are elastic or inelastic

Real disposable income revision graphic

The level of real disposable income determines how much households can afford to spend and so affects consumption, hence AD

Labelling exchange rate diagrams

Here is a tip for remembering how to label the axis of exchange rate diagrams

Horizontal axis: measures quantity of currency traded eg number of € bought and sold

Vertical axis: measures the price of a currency ie how much of another currency eg $ one unit of domestic currency eg € can buy

Here is an example for Euro exchange rate diagram against the $

Revision video : analysis of a depreciation of sterling

Here is a revision video analysing the impact of a depreciation of sterling on AD and the current account.

The Marshall Lerner condition is only required for A2

Analyse the effect privatisation on economic growth [4]

Answers in economics exams are best written with short sharp clear sentences making appropriate user connectives. Typically you have just 2 lines to earn one mark.

Hidden gem in PowerPoint 2013: widescreen

I'm finding the extra horizontal space in PowerPoint 2013 from using a widescreen rather than standard format, a real boon

to convert an existing PowerPoint to 16:9 access the design tab and then slide size

Recommended Online Glossary

I use a number of online glossaries to check definitions of key terms. I find myself using Encyclo more and more

Comment on whether an increase in the rate of interest reduces investment

Six mark OCR comment questions have 12 lines in the exam paper for an answer. Use short sharp concise sentences with appropriate connectives

Question source: OCR F5812 June 2013

Factors affecting C I G and X-M

Remember: the AD curve will shift if C I G or X-M change. C I G and X-M will change if any of the above factors change.