Great video for use with the OCR A293 GCSE Business Studies Case Study (Toys)

Great video for use with the OCR A293 GCSE Business Studies Case Study (Toys) – provides detailed information on the manufacturing process of plastic dolls, including aspects relating to safety and quality control: https://www.youtube.com/watch?v=ZYIKkqzF_GE

Click HERE to view details of APT’s Complete Teacher’s Companion/Student Revision Buddy for A293 Case Study 2018 and additional Mock Papers.

Sets of 4 Mock Exam Papers for OCR A Level Economics for Paper 1, Paper 2 and Paper 3

APT are producing sets of 4 Mock Exam Papers for OCR A Level Economics for Paper 1, Paper 2 and Paper 3.

  • These papers have been written by a senior examiner for multiple examination boards and experienced teacher of AS and A Level Economics and are ideal for mock examinations.
  • The style and format of each paper is based on the sample assessment material produced by OCR for A Level Economics.
  • The questions included in each paper ensure students gain exam practice across OCR’s A Level assessment objectives and marks are weighted according to OCR’s requirements at A Level.
  • For questions carrying high marks, detailed example model answers are provided in paragraph form, rather than a list of relevant points anticipated to be raised in the answer.

Feedback received on APT’s Mock Exam Papers for A Level Economics:

“I was very impressed… I use a competitor’s, but yours is on another level.” Elena Themistocieous 

All papers can be PRE-ORDERED NOW by clicking on the following links to APT’s website and paying online, or by sending your order via email, phone, fax or post (see further details below) and APT invoicing your school / college once the resources have been despatched: 

OCR AL Paper 1: 4 Mock Exam Papers, Mark Schemes & Answers on Microeconomics £65 to be published Dec 2017

OCR AL Paper 2: 4 Mock Exam Papers, Mark Schemes & Answers on Macroeconomics £65 to be published Jan 2018

OCR AL Paper 3: 4 Mock Exam Papers, Mark Schemes & Answers on Themes in Economics £75 to be published  Feb 2018

S.&P. Downgrades China’s Debt, Citing a Surge in Lending

A really useful link relating to Oligopoly for Economics Students, see the relevant section in the specification below:-

http://www.bbc.co.uk/news/business-41384179

Edexcel spec reference  3.4.4 Oligopoly         

AQA spec reference 4.1.5.5 Oligopoly

OCR spec reference Page 12 Oligopoly

All Economics can be found on our website http://www.apt-initiatives.com/

 

 

Interesting link relating to Price Determination

Interesting article for Economics Students relating to Price Determination:

Top cotton buyers flock to India as hurricanes hit US crop - http://economictimes.indiatimes.com/articleshow/60515811.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

Edexcel spec reference  - 1.2.6 Price determination 

AQA spec reference - 3.1.2.5 The determination of equilibrium market prices

OCR spec reference - Page 8  Supply and demand and the interaction of markets

Critique of OCR GCSE Business A293 Case Study – Regeneration of Bowton, Tom’s Toys, GG Toys plc

Please find below our initial critique of Section 1, paragraph 1 of this years’ OCR GCSE Business Studies A293 Case Study on The Regeneration of Bowton, Tom’s Toys and GG Toys plc.  This is just a tiny Extract of what will be included in our highly acclaimed Teacher’s Companion / Student Revision Buddy produced to support teachers and their students on the pre-released case study.

Explanation of Key Terms, Concepts and Issues Raised 

 

SECTION 1   Is it the end for Bowton? 

The Difficult Economic Conditions between 2008 and 2011 

P.2, Section 1 – lines 6-9. 

What the Case Study says 

The case study tells us that between 2008 and 2011: 

  • ‘Unemployment rose by 6,000, meaning that by 2011 14,000 out of a workforce of 80,000 were out of work’.
  • ‘Incomes fell by 8% on average’.
  • ’42 businesses closed and only 15 start-ups occurred’.

What is meant by ‘unemployment’ and ‘incomes’? 

Unemployment is the number of people in the working population who are unable to find work.  It is measured by subtracting the number of people actually in employment from the total number of people able and willing to work.  From the information provided in the case study, we can also calculate the unemployment rate, ie the number of unemployed people expressed as a percentage of the number of people willing and able to work.  This was 17.5% for Bowton in 2011 (6,000 / 14,000 x 100). A quick search on google reveals this to be more than double the national average at this time; this ranged from 7.7% to 8.4% between January and December 2011. (Source: https://www.google.co.uk/search?q=the+UK+unemployment+rate+in+2011&oq=the+u&aqs=chrome.0.69i59j0j69i59j69i60l2j69i57.1503j0j7&sourceid=chrome&ie=UTF-8) 

The reference to ‘incomes’ falling concerns consumer incomes, not ‘income’ related to business accounts.  It is the money individual consumers earn from working, investment (eg interest on savings accounts, dividends on any shares held in companies), or other sources (eg gifts from family and friends).  Consumer incomes can actually be classed into:  

  • disposable income – the money left over after compulsory deductions, such as tax and national insurance payments, have been made.
  • discretionary income – the money left over after people’s basic necessities eg food, drink, mortgage, clothes, travel to work, etc have been paid.      

Household income is also often used as an economic indicator ie a measure to assess the state of the economy at a particular point in time.  This is the combined gross income of all the members of a household who are 15 years old and older.  (NB Household members do not have to be related to be considered members of the same household). 

How can a rise in unemployment, fall in incomes and business closures affect consumers, businesses and the government / local authority? 

When people are unemployed, sales of goods and services generally fall, particularly for businesses selling (or manufacturing) non-essential items ie luxuries (such as toys), as well as income-sensitive goods (such as houses and cars), as opposed to necessities (such as food and medicines).  This is because unemployed people have less income to spend on goods and services.  

With less sales a business has less revenue and is likely to make less profit, and with less revenue coming in to cover fixed costs, it may also suffer from cash flow problemsPoor financial reward in terms of profit and / or inability to meet debts as they fall due can, ultimately, result in business closure.  In the case of Bowton, although there were 15 start-ups during the period, 42 businesses closed.  These businesses could very well have been those selling non-essential items, or income-sensitive goods. 

Bowton Council would have been concerned about the rise in unemployment, fall in incomes and business closures because higher unemployment and business closures means less revenue for the Council / government from taxes (eg PAYE, NI, VAT, corporation tax and business rates).  Furthermore, falling incomes means greater spending on welfare benefits.  This includes, for example: 

  • paying unemployed people income-based Jobseeker’s Allowance.
  • providing people on a low income any one, some or all of the following benefits: housing benefit and income support (soon to be replaced by universal credit), council tax reduction, working tax credit, child tax credit, help with one-off expenses through the Social Fund, and / or help with health, education and legal costs.

It is, therefore, not surprising that Bowton Town Council sort to address the situation through their ‘Regeneration Plan’ (discussed further in a subsequent section below). 

On a positive note, businesses that manage to survive a period of high unemployment (and falling incomes) may benefit from the following:  

  • easier recruitment – as there should be more applicants for each vacancy.
  • less pressure to increase wages – as there will be a greater supply of unemployed labour.
  • increased staff retention / lower labour turnover – as employees will be less likely to leave, with fewer alternative job opportunities available elsewhere.

In the case of Bowton, businesses benefited from the Council’s decision to offer grants to businesses that wanted to locate or expand in the town, as the area became in need of regeneration (lines 13-16).  (These grants are discussed in detail in a subsequent section of this Companion / Revision Buddy). 

In detail our Complete Teacher’s Companion / Student Revision Buddy contains: 

  • a step-by-step explanation of the key terms, concepts and issues raised (directly or indirectly) in the Case Study.  These are discussed in the order in which they appear in the Case Study.
  • a wide range of mini quizzes, (including answers) - to check and consolidate students’ understanding of the above, and to help make revision fun.  This includes word searches, missing word exercises, classification, opposite activities, match making exercises, crosswords, and  short question and answer exercises.
  • a mock examination paper - to enable students to be tested in more formal examination conditions.
  • mark schemes and a highly comprehensive range of responses to each question posed in the mock examination paper.
  • a list of useful web addresses - providing access to information and videos on topics raised in the Case Study – for students to carry out further research independently.
  • tips on how to maximise performance in the exam.

The Complete Teacher’s Companion / Student Revision Buddy is due out 31 October 2017 –  £75 (+vat) download version (+£2.50 for CD) 

Two additional mock papers will also be published by the 30 November 2017 – £25 (+vat) download version (+£2.50 for CD) 

Click here to pre-order if you have not pre-ordered already 

OR:

By email to office@apt-initiatives.com

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APT Initiatives Ltd

Business & Economics Education Specialists
Minimising Workloads, Maximising Performance

Test your students regularly – every 8 to 10 weeks…

Edexcel A Level Economics A – Interim and Mock Papers

Test your students regularly – every 8 to 10 weeks – with APT’s

Interim & Entire Theme Papers – for Themes 1, 2, 3 & 4

in addition to APT’s Mock Exam Papers – for Paper 1, 2 & 3

(from £65 per set of 4 papers) 

APT has published sets of 4 Interim and End of Theme Papers for each of the four themes, as well as sets of 4 Mock Papers for Paper 1, Paper 2 and Paper 3. 

APT’s INTERIM and END OF THEME PAPERS 

Each set of 4 Test Papers for Theme 1, Theme 2, Theme 3 and Theme 4 has been constructed to enable students to be formally tested at various key points throughout their study of each theme, as well as upon completion.  Hence, there are 3 ‘interim’ papers and 1 ‘end of theme’ paper, with detailed mark schemes and answers as follows:    

THEME 1: ‘Introduction to Markets & Market Failure’

  • Paper 1 – concerns Nature of Economics (1.1 of the specification subject content).
  • Paper 2 – concerns How Markets Work (1.2 of the specification subject content).
  • Paper 3 – concerns Market Failure AND Government Intervention (1.3 and 1.4).
  • Paper 4 – concerns the entire themeMarkets and Market Failure (1.1 to 1.4).

THEME 2: ‘UK Economy-Performance & Policies’

  • Paper 1 – concerns Measures of Economic Performance (Section 2.1 of the specification subject content).
  • Paper 2 – concerns Aggregate Demand, Aggregate Supply AND National Income (Sections 2.2, 2.3 and 2.4 of the specification subject content).
  • Paper 3 – concerns Economic Growth AND Macroeconomic objectives and policies (Sections 2.5 and 2.6).
  • Paper 4 – concerns the entire themeThe UK Economy – Performance & Policies (2.1 to 2.6).

THEME 3: ‘Business Behaviour and The Labour Market’

  • Paper 1 – concerns Business Growth AND Business Objectives AND Revenues, Costs & Profits (Sections 3.1, 3.2 and 3.3 of the specification subject content).
  • Paper 2 – concerns Market Structures (Section 3.4 of the specification subject content).
  • Paper 3 – concerns Labour Market AND Government Intervention (Sections 3.5 and 3.6).
  • Paper 4 – concerns the entire themeBusiness Behaviour and The Labour Market (3.1 to 3.6).

Theme 4: ‘A Global Perspective’

  • Paper 1 – concerns International Economics (Section 4.1 of the specification subject content).
  • Paper 2 – concerns Poverty and Inequality AND Emerging and Developing Economies (Sections 4.2 and 4.3).
  • Paper 3 – concerns The Financial Sector AND Role of the State in the Macroeconomy (Sections 4.4 and 4.5).
  • Paper 4 – concerns the entire themeA Global Perspective (4.1 to 4.5).

These Interim & End of Theme Papers:

  • minimise the need for you to devise appropriate questions to test your students’ knowledge and understanding at various points throughout their Economics course.
  • enable you to test students’ regularly (every 8 to 10 weeks) in a formal examination setting.
  • build students’ confidence in sitting A Level and AS Economics exams early on in the course.
  • identify any gaps in your students’ knowledge and understanding that need to be re-visited.
  • familiarise your students with the skills examiners look for and how to secure high grades. 

As a resource to assess both knowledge development and examination skills, these papers are fantastic. They allow pupils to gain a true insight into the nature of the economics papers and has allowed me to have meaningful conversations about examination technique from a much earlier stage in the course. The mark schemes and model answers make for a package which represents great value for money.  Many thanks for such useful resources.”  Mark Seccombe, Pangbourne College, November 2016 

“Thank you very much! Just the sort of thing I’m looking for. I think that the Economics Theme Interim and End of Theme papers are excellent.”  Clare Lutwyche, Prior’s Field School, June 2017 

“I think these are excellent resources – many thanks.”  Mike Feven, Highgate, June 2017 

APT’s MOCK EXAM PAPERS 

These papers have been written by an experienced senior examiner of A Level Economics and are ideal for mock examinations.  The style and format is based on the sample assessment material produced by Edexcel.  In addition, for questions worth 12 or more marks (where ‘Level Descriptors’ are used to mark students’ answers), detailed example model answers have been provided in paragraph form, rather than a list of relevant points anticipated to be raised in the answer.  Answers to questions worth 12 or more marks, have also been annotated to show where assessment objectives have been met (ie knowledge, application, analysis and evaluation).  

“They are a fantastic resource!  I have just had clearance that I can order the other sets.”  Imogen Tansley (Mrs), Head of Economics & Business, Northampton High School, November 2016 

“These are perfect and we look forward to receiving the others.”  Mr A White, The Joseph Whitaker School, October 2016 

“I was very impressed with Paper1.  I use a competitor’s, but yours is on another level.”  Elena Themistocieous, Cyprus, October 2016 

Price: £65 + vat for each Theme (set of 4 Papers) for email/download.  Price: £65 (£75 Paper 3) + vat for each set of 4 Mock Exam Papers for email/download (+ £2.50 for CD) 

Edexcel AS AL Spec A Theme 1: 4 (Interim and Entire Theme) Papers, Mark Schemes & Answers on Introduction to Markets & Market Failure £65+vat

Edexcel AS AL Spec A Theme 2: 4 (Interim and Entire Theme) Papers, Mark Schemes & Answers on The UK Economy – Performance & Policies £65+vat

Edexcel AL Spec A Theme 3: 4 (Interim and Entire Theme) Papers, Mark Schemes & Answers on Business Behaviour & The Labour Market £65+vat

Edexcel AL Spec A Theme 4: 4 (Interim and Entire Theme) Papers, Mark Schemes & Answers on A Global Perspective £65+vat

Edexcel AL Spec A Paper 1: 4 Mock Exam Papers, Mark Schemes & Answers on Markets and Business Behaviour (Theme 1 & 3) £65+vat

Edexcel AL Spec A Paper 2: 4 Mock Exam Papers, Mark Schemes & Answers on The National and Global Economy (Theme 2 & 4) £65+vat

Edexcel AL Spec A Paper 3: 4 Mock Exam Papers, Mark Schemes & Answers on Microeconomics and Macroeconomics (Themes 1,2,3&4) £75+vat 

Licensed for staff and up to 60 students to use, in any given year, attending the purchasing institution, ie the individual school / college. 

ORDER YOUR COPY today:

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A useful link relating to Aggregate Demand…Japan August exports jump 18% in biggest gain in almost four years

Useful for all A Level Economics students relating to Aggregate Demand http://www.straitstimes.com/business/economy/japan-august-exports-jump-18-in-biggest-gain-in-almost-four-years

Specification References for Edexcel, AQA and OCR:-

Edexcel spec reference 2.2.1  Components of AD: C+I+G+(X-M)   

AQA spec reference - 4.2.2.3 The determinants of aggregate demand

OCR spec reference Page 19  Explain the determinants of the components of aggregate demand 

A really useful link on exchange rates for A Level Economics Students

Useful link for A Level Economics, relating to exchange rates –  https://www.theguardian.com/business/2017/sep/15/bank-of-england-rate-rise-mpc-gertjan-vlieghe-inflation

Specification Reference for each board:

Edexcel spec reference - 4.1.8 Factors influencing floating exchange rates

AQA spec reference - 4.2.6.4  How exchange rates are determined in freely floating exchange rate systems.

OCR spec reference - Page 25  Evaluate the causes of exchange rate changes 

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A useful article for A Level Economics – Offshore wind power cheaper than new nuclear

A useful article for A Level Economics, Energy from offshore wind in the UK will be cheaper than electricity from new nuclear power for the first time http://www.bbc.co.uk/news/business-41220948

See where in the specification this can be linked to:

Edexcel spec reference - 1.1.3 The economic problem

AQA spec reference - 3.1.1.4  Scarcity and choice and the allocation of resources

OCR spec reference - Page 5, The basic economic problem