Economics Scheme of work for form 4 - St Joseph School, Blata l ...

St. Joseph School, Blata l-Bajda Economics Scheme of Work: Form 4 2014-2015
Textbook used:
Economics Scheme of Work for Form 4: 2014-2015
Edexcel IGSCE Economics – Rob Jones
First term: September – December
Module 1: Production and Productivity
o Fixed and Variable factors of production.
o The Short run and the Long run.
o Total Product:
• Meaning, calculation and graph
o Average product
• Meaning, calculation and graph
o Marginal Product
• Meaning, calculation and graph
o The Law of Diminishing Marginal Returns
o Costs of Production
• Meaning, calculation, graph of fixed, variable, total, average and
marginal costs
o Revenue, Profits, Break-even point
Module 2: Demand & Supply I
o Demand
• The Concept of demand
• The law of demand
• The demand curve
o Supply
• The Concept of supply
• The Law of supply
• The supply curve
o Supply & Demand up to equilibrium price
• Excess demand and excess supply
o Equilibrium price
o Factors that effect Demand
o Shifts in demand and the effect on market price and quantity
o Factors that effect Supply
o Shifts in supply and effect on the market
1 Ms. Roberta Darmanin & Ms. Cristina Spiteri

St. Joseph School, Blata l-Bajda Economics Scheme of Work: Form 4 2014-2015
Second term: January – April
Module 2: Demand & Supply II
o Price elasticity of demand (PED)
• Meaning and formula
• Factors effecting it
• Special cases of PED
o Elasticity and Total Revenue
o Income elasticity of demand
o Cross elasticity of demand
o Price elasticity of supply
• Meaning and formula
• Factors effecting it
• Special cases
Module 3: Large and Small firms
o Changing returns to scale
o Internal Economies of scale
o Internal Diseconomies of scale
o External economies of scale
o External diseconomies of scale
o Why firms grow
o How firms grow
• Types of integration
o Survival of small firms
Third term: April – June
Module 4: The Structure of the Market
o Overview of the market structures
o Perfect Competition
• Its features, advantages and disadvantages
o Monopoly
• Its features, barriers to entry, avantages & disadantages
o Application to real life situations
2 Ms. Roberta Darmanin & Ms. Cristina Spiteri

St. Joseph School, Blata l-Bajda Economics Scheme of Work: Form 4 2014-2015
Module 5: Finance continued
o Brief revision of topic covered in Form 3
o Definitions of money supply, liquidity
o Credit creation
o Sources of finance
o Role of MFSA
Module 6: Privitatisation
o Nationalisation
• Meaning, pros and cons
o Privatisation
• Meaning, pros and cons
o Reference to the Maltese economy
Module 7: Location of Industry
o Revision on types of industry
o Factors that effect choice of location
o Weight losing, weight gaining, footloose industries
o Regional policy
o Role of MEPA & Malta Enterprise
Module 8: The Role of Trade Unions
o Different types of trade unions
o Employers’ Associations
o The Employment and Industrial Relations Act
Module 9: The Production Possibility Curve
o Meaning of production possibility curve
o How to draw and interpret one.
3 Ms. Roberta Darmanin & Ms. Cristina Spiteri