Summary: This new textbook covers the 'Introduction to Economic Understanding' year 2 option in the new suite of Edexcel GCSE Business qualifications, and is part of the Edexcel Business for GCSE series of textbooks, led by the experienced examiner, curriculum developer and bestselling author, Ian Marcousé.The book is written in a lively and accessible manner by a team of leading business and economics experts who know exactly what is required for the delivery of the new specification. This text ensures that students will study the correct topics to the appropriate level of depth, and will motivate and prepare them to achieve the best possible results.Key features of the text include:- Numerous activities and exercises for classroom and homework use- Lots of real-life case studies and examples to motivate and engage students- Exam tips and questions to prepare students for assessment.The accompanying Teacher's Resource provides answers and teaching advice.
Well-known Editor, who is a bestselling author and an experienced examinerPublishing in the year that the option will first be taught, so will be up-to-date with the most recent economic turbulenceFar more accessible design and writing style than competitor titlesWe are working with Edexcel to produce endorsed materialsHodder published for this course with Ian Marcouse during the pilot stage and so have experience and understanding of centre needs
Table of Contents: Section 1 How can I start thinking like an economist?What trade-offs exist?1. Scarcity2. Value and satisfaction3. Opportunity costDoes raising or lowering price always work?4. Increasing revenue5. Price sensitivity and substitutesDo all stakeholders have the same perspective?6. Conflicts of interest7. Stakeholder powerAre there any hidden costs or benefits?8. Positive and negative externalitiesHow can success be measured?9. Measuring success10. Gaining competitive advantageWhat causes business failure?11. Losing competiveness12. The importance of cash flowSection 2 Risk or certainty?What problems does the economy face?13. Changing demand14. Inflation15. Unemployment16. Shocks!How important are exchange rates?17. The exchange rate and import and export prices18. The impact of exchange rates on businessesCan the government solve economic and social problems?19. Interest rates20. Government spending21. TaxationSection 3 Big or small?How do businesses grow?22. Internal and external business growthWhy do businesses grow?23. The benefits and drawbacks of business growthMonopoly power: good or bad?24. The benefits and drawbacks of monopolyCan big businesses be controlled?25. Regulation26. Pressure groupsSection 4 Is growth good?What is growth?27. Gross domestic product28. Causes of growthDoes growth improve the standard of living?29. Measuring standard of living30. GDP and standard of livingCan growth be bad?31. The benefits and drawbacks of growthCan growth be sustainable?32. Renewable resources33. Responsible businessesWhat can governments do?34. Government interventionSection 5 Is the world fair?Is everybody equal?35. Absolute and relative povertyCan international trade help?36. Trade in LEDCs37. Single European Market38. Trade restrictionsIs there any other help?39. International government40. Charities and NGOs
About the Author(s): Jonathan Brook is an examiner for a major awarding body, and an experienced teacher.Josephine Farmer is an examiner for a major awarding body, and an experienced teacher.Nancy Wall is Editor of the EBEA magazine, an experienced author and a former examiner.Ian Marcouse is chair of strategy for a major awarding body, former chief examiner, bestselling author and consultant.
Readership: GCSE students taking this unit