2.0 hOW MARKETS WORK AND MARKET FAILURE

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​2.0 HOW MARKETS WORK AND WHY THEY OFTEN FAIL

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MICROECONOMICS
MACROECONOMICS
MARKETS
DEMAND
SUPPLY
MARKET EQUILIBRIUM
PRICE
NON-PRICE FACTORS
ELASTICITY

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DRIVING QUESTIONS:
1. WHAT ARE MARKETS AND HOW CAN THEY BE EXPLAINED?
2. ARE MARKETS EFFICIENT?
3. IS THE MARKET SYSTEM THE BEST WAY TO ORGANIZE AN ECONOMY?
​4. IS THE MARKET SYSTEM EQUITABLE?

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1. ECONOMIC SYSTEMS
the_economic_problem_game.pptx
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THE DEBRIEF:
the_economic_problem_game.docx
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2. WHAT ARE MARKETS AND WHAT CONSTITUTES A MARKET?
Markets are some of the oldest human institutions; the earliest markets no doubt dated back to pre-history. The underlying reason for the success of markets is the division of labour and the benefits gained from trade due to lower opportunity cost. They are able to coordinate answers to the 3 economic questions through an often seamless process of transactions between consumers (buyers) and firms (producers); Adam Smith the Father of Economics referred to this process of seamless trade as 'the invisible hand of the market'. Watch the two clips below and reflect on why a market system is likely to be more successful than a system reliant on government planning.
microeconomics_and_macroeconomics_5.pdf
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the_role_of_markets.pdf
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3. HOW CAN WE CHARACTERIZE THE LAW OF DEMAND?
THE LAW OF DEMAND: The Law of Demand is one of two laws together with the Law of Supply (more later) which explains why markets function effectively. Over the course of this lesson you will model the Demand curve and understand the factor of 'price' and other non-price determinants that affect consumer demand for goods and services. 
demand_lessons_1_and_2-6_gcse.docx
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demand_7.pdf
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What non-price factors affect the demand for these products?
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4. WHAT IS THE LAW OF SUPPLY AND HOW CAN WE CHARACTERIZE IT?
If the benefits which consumers gain from using a product (utility) explains the price they are willing to pay for the product, what explains the price which firms are willing to produce the product? At higher prices firms will have potential for greater profits, at lower prices firms will have less. What though are the non-price determinants of supply, what will make firms supply more of a good or less of a good at any given price?
supply_lessons_1_and_2_igcse.docx
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supply_8.pdf
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5. WHAT DETERMINES THE PRICE OF SOMETHING AND WHY IS PRICE SO IMPORTANT?
INTRODUCTION: Now that you have discovered the price and non-price factors that affect demand and supply in different markets we will now consider the interaction between the two. If you plot a demand and supply diagram you will observe that there is only one point of intersection between the demand and supply curves in a given market; this point is called MARKET EQUILIBRIUM. At this point the price and quantity supplied to a market can be observed. It is important to note as shown in the video clip below that this point is fluid and changes with the market conditions of demand and supply. As non-price factors of demand and supply change so will market equilibrium and therefore the price and quantity within a market. In the following activities you will model the changing nature of market equilibrium.
STARTER: Recap: on either side of a whiteboard, list the non-price factors of supply and demand and draw a demand and supply curve and show the concept of movements and shifts.
ACTIVITY ONE:
igcse_market_equilibrium.docx
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ACTIVITY TWO: Read the following articles and model the follow changes to market equilibrium that have occurred in the market for quinoa over the past decade create a diagram for each article:

Can vegans stomach the unpalatable truth about quinoa? | Joanna Blythman

Not long ago, quinoa was just an obscure Peruvian grain you could only buy in wholefood shops. We struggled to pronounce it (it's keen-wa, not qui-no-a), yet it was feted by food lovers as a novel addition to the familiar ranks of couscous and rice.

Quinoa price boom over but growers hope to boost market

Quinoa prices have fallen dramatically over the past four years, with the world's two biggest producers now receiving just a third of the price they were in 2013. But it is now hoped by industry that the 'superfood' can establish itself as a more affordable and common household grain.

Quinoa genome could see prices tumble

Scientists have successfully decoded the genome of quinoa, one of the world's most nutritious but underutilised crops. The South American grain is a hugely popular "super-food" because it is well balanced and gluten-free. However, prices for quinoa have rocketed in recent years as demand exceeded supply.

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Exam Style Questions
price_determination_9.pdf
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price_changes_10.pdf
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6. WHAT DO WE MEAN BY ELASTICITY AND WHAT IS PED?
INTRODUCTION: What do we mean by elasticity generally? If a rubber band is elastic what does this mean? How does an elastic rubber band RESPOND to being pulled? How does a length of copper wire respond to being pulled? Which is more elastic? Which is inelastic. The basic idea of elasticity is the idea of RESPONSIVENESS and SENSITIVITY to a CHANGE. The change variable that we will mainly be considering is PRICE and particularly how DEMAND and SUPPLY respond to changes in PRICE. 

In this first lesson on elasticity you will consider the responsiveness of demand to a change in price. This is referred to as PRICE ELASTICITY OF DEMAND. How does a change in price affect how much of a good or service a consumer is willing to buy? Lets take for example the case of a 20% price change, this could be either be an increase or a decrease in the price by 20%. How would the Demand for the following products respond to a 20% change and why? In groups consider the following products and jot down 3 or 4 ideas for each hypothesizing how consumer demand would respond to a 20% price change. Would the change in demand be lesser or greater than 20%? 
ACTIVITY 1: Hypothesis the elasticity of demand for some commonly purchased goods and services?
  1. What makes the item elastic or inelastic?​
  2. Is the item elastic or inelastic?
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Activity 2: Watch the following clip and take notes to minute 4.10. Your teacher will stop occasionally so that you are able to consider the diagrams and copy them down. Once you have watched the clip you should take notes under the following headings using pages 61-64 of the textbook. Make sure to take time to ensure your presentation is excellent and you are taking notes that you will be able to effectively revise from.
  1. Define PED.
  2. Give some examples of the determinants of PED for a newspaper, holidays and cars.
  3. What is the equation for PED, give an example.
  4. Complete a calculation using Activity 2.20 on page 62.
  5. Explain how are PED and Revenue linked.
  6. What affects PED?
  7. Draw the 3 'special' demand curves and annotate them explaining their meaning.
Activity 3: Complete the exam style questions below:
ped_11.pdf
File Size: 788 kb
File Type: pdf
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ACTIVITY 3: Watch the following clip and decide whether soda taxes (taxes on high sugar soft drinks) are a good idea?
What is the purpose of a soda tax?
Is soda an elastic or inelastic good?
How effective would a soda tax be?
Draw a diagram to explain the effects of a soda tax?
What would be some advantages and disadvantages of government implementing a soda tax?
Would you advise the government to do this?

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ACTIVITY 4: Public Policy and Business applications of PED. In the following scenarios your group are going to play the part of economic advisors. Give advice applying the theory of Price Elasticity of Demand to come to a reasoned economic judgement. Use diagrams if necessary to explain your ideas
Case Study 1: A decision by Coca-cola to cut the price of its Cola drink, considering the impact on another soda drink Fanta (also owned by the company Coca- Cola).
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Case Study 2: A gun government buy-back scheme to try to reduce gun related crimes and deaths.
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Case Study 3: An indirect tax by government on cigarettes to try to reduce consumption and the impact of cigarette related illnesses
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7. WHAT IS PES AND WHY ARE ELASTICITIES SO IMPORTANT TO KNOW?
INTRODUCTION: The basic idea of elasticity is the idea of RESPONSIVENESS and SENSITIVITY to a CHANGE. In this lesson the change variable that we will be considering is PRICE and particularly how SUPPLY responds to changes in PRICE. 

In this first lesson on elasticity we considered the responsiveness of demand to a change in price. This was referred to as PRICE ELASTICITY OF DEMAND. In this second lesson we will be considering how SUPPLY responds to a change in price. How does a change in price affect how much a firm is willing to supply to the market? Lets take for example the case of a 20% price change, this could be either be an increase or a decrease in the price by 20%. How would the SUPPLY for the following products respond to a 20% change and why? In groups consider the following products and jot down 3 or 4 ideas for each hypothesizing how FIRMS SUPPLY would respond to a 20% price change. Would the change in SUPPLY be lesser or greater than 20%? 
ACTIVITY 1: Hypothesis the elasticity of supply for some commonly produced goods and services?
  1. What makes the item 'Supply' elastic or inelastic?​
  2. Is the item 'Supply' elastic or inelastic?
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Fig. 1. Fidget Spinners
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Fig.5. Picasso Paintings
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Fig.2. Kale Farm
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Fig.6. Tottenham Hotspur Stadium
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Fig. 2. Iphone XI
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Fig.3. Button Mushroom Farming
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Fig.4. Avocado Tree Ready for Harvesting

ACTIVITY 2: Watch the following clip and take notes to minute 6.21. Your teacher will stop occasionally so that you are able to consider the diagrams and copy them down. Once you have watched the clip you should take notes under the following headings using pages 66-70 of the textbook. Make sure to take time to ensure your presentation is excellent and you are taking notes that you will be able to effectively revise from.
  1. Define PES.
  2. Give some examples of the determinants of PES for Avocados, Button Mushrooms and iPhone XI.
  3. What is the equation for PES, give an example.
  4. Complete a calculation using Activity 2.23 on page 69.
  5. What affects PES?
  6. Draw the 3 'special' demand curves and annotate them explaining their meaning.
ACTIVITY 3: Watch the video below on the process of making an iPhone. Is it true to say that ALL manufactured goods are relatively elastic in Supply? How does a complex supply-chain affect elasticity of supply? What are the relative elasticities of the primary raw materials that make the components of an iPhone. On the whole is an iPhone elastic or inelastic in supply. Use you list of criteria from the notes you have taken to suggest an iPhone XI elasticity of Supply.
ACTIVITY 4: Complete the exam style questions.
pes_12.pdf
File Size: 583 kb
File Type: pdf
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ACTIVITY 5: Complete the crossword below. You can find the original on page 74 in the Second Edition.
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8. WHAT ARE SOCIAL COSTS AND BENEFITS AND HOW CAN THE DECISIONS OF CONSUMERS AND FIRMS AFFECT OTHERS?
INTRODUCTION: To this point in our unit on the market system we have considered the benefits and costs to consumers and firms of economic activity. We have been considering PRIVATE BENEFITS AND PRIVATE COSTS. However it should be understood that Economic activity places additional costs upon society and these are often not accounted for in the cost/price that consumers and firms pay. These additional costs or benefits to society are called EXTERNALITIES. They are an example of MARKET FAILURE as the market does not take account of these EXTERNALITIES and as a result will OVER ALLOCATE OR UNDER ALLOCATE RESOURCES to the production of these goods. It is often the role of government to correct these EXTERNALITIES and this can be achieved in a variety of ways to correct the market failure.
ACTIVITY 1: identify the private benefits and private costs and think of any External Benefits or Costs of the Economic Activities Below:
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Factory Pollution
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Congestion
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Alcohol-related anti-social behavior
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Passive smoking
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Higher Education
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NASA Space Program
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Vaccination
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New Jobs
ACTIVITY 2: Complete the Note taking task from the Powerpoint below:
externalities_3.pptx
File Size: 27870 kb
File Type: pptx
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ACTIVITY 3: Complete some research on a Production or Consumption externality that you are aware of. You should model it like the Micro-beads case study in the Powerpoint. You can present it as a single Powerpoint slide and give some suggestions also for how the government might deal with the Market Failure. 

​ACTIVITY 4: Now that you have an understanding of the issues arising from consumption or production externalities you are going to role-play a conflict between 2 groups. You can either use the Activity 2.24 'Not Painting a Pretty Picture' case study or use one of your own that you researched as part of Activity 3. If you choose to use your own case -study be  sure to use all of the questions in the 2.24 activity to help structure your discussions and adapt the questions 1-4 on page 81 to fit the case study you are using. Be prepared to feed back to the rest of the class. You have 15 minutes to come to a resolution of the conflict!

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ACTIVITY 5: Take the Socrative test on Introduction to the Market system by logging onto socrative.com and by going to room 114151. Before you complete the quiz you should complete 20 minutes or so of revision to ensure that you recap on the main content studied to date. When you're ready visit the quiz site-good luck!
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9. WHAT ARE THE ADVANTAGES AND DISADVANTAGES OF A MARKET SYSTEM AND WHAT ARE THE ALTERNATIVES?
Introduction: The market system is the dominant economic system. It has been the most effective solution to answering the 3 economic questions of what, how and for whom to produce for. However markets do not always answer the 3 economic questions to societies satisfaction and this is called Market Failure; there are several examples of market failures and the main forms of market failure that you need to be aware of are listed below. You will also need to understand how governments try to address the problem of market failure and some of the likely problems with this.
market_economic_system_13.pdf
File Size: 743 kb
File Type: pdf
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ACTIVITY 1: Do some research on each of the market failures listed below include some REAL WORLD EXAMPLES in your explanation, you will need to complete some research for these.
  1. Public goods will not be provided 
  2. Too few merit goods will be supplied and consumed
  3. Some firms may exploit their consumers and employees
  4. Factor immobility obstructs the ability of firms to allocate resources efficiently
  5. ​Goods and services with significant external costs may be over-provided
  6. Goods with significant external benefits may be under-provided.
ACTIVITY 2: So how can governments intervene to address market failure and what may be some of the consequences if it chooses to do so? Take one of the solutions below and prepare a short presentation of what it is and how it attempts to correct a market failure. You should also explain any consequences/problems that the solution may create. There are some resources to have a look at too, but you should include your own examples too.

Solution 1: Direct provision of goods and services

What are nationalisation and privatisation?

The political parties are setting out their ideas for the country. Labour likes to talk about the risk of privatising the NHS, accusing the Conservatives of wanting to do a deal with Donald Trump. Meanwhile, the Conservatives have criticised Labour's plans to nationalise part of BT, to provide free broadband But what do nationalisation and privatisation actually mean?

Discussion topic: Privatisation and nationalisation

Market structures, regulation/deregulation, government intervention, and government failure. Read the article here and answer the questions below: Explain why governments intervene in markets. Distinguish between the terms privatisation and nationalisation. Using a natural monopoly diagram, analyse the reasons why it is very difficult to introduce competition into markets such as rail, water, and energy, where there are substantial sunk costs.

Solution 3: Setting maximum prices

Solution 2: Regulations

Discussion topic: Tech regulation

Topics: Government intervention for competition in markets, policies to regulate monopoly power. This article provides an excellent case for government regulation of markets. Tim Cook's observations on market regulation feed directly into A-level and IB Economics studies of the role of government intervention: "I'm a big believer in the free market.

Solution 4: indirect taxes and subsidies

Italy to tax plastic and sugar, angering producers

ROME (Reuters) - Italy's 2020 budget will include new taxes on plastic and sugary drinks designed to raise 1.3 billion euros, government officials said on Monday, prompting protests from producers. The plastic tax rides a wave of international action against pollution, and is alone intended to raise almost 1 billion euros ($1.11 billion), a source familiar with the matter told Reuters.

Discussion topic: Diesel taxes

This article discusses market failure, negative externalities, government intervention through taxation, other forms of government intervention.. Using an external cost diagram explain the reasons for the implementation of a higher tax on new diesel vehicles Explain the likely implications of the tax in both the short run and long run Assess the likely impact of the increased taxation on diesel vehicles on the market for petrol vehicles Evaluate the use of the tax.

UK achieves solar power record

A record amount of solar power was generated on Friday as Britain basked in sunshine and temperatures of up to 28C, the National Grid has said. It said 8.7 gigawatts (GW) had been generated at lunchtime, representing 24.3% of total generation across the UK. The level tops the previous record of 8.48GW set on 10 May.


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9. WHAT CAUSES A MARKET TO FAIL AND WHAT ARE THE CONSEQUENCES?
market_failure_14.pdf
File Size: 853 kb
File Type: pdf
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9. WHAT IS A MIXED ECONOMY AND WHAT ARE THE ADVANTAGES AND DISADVANTAGES OF THESE?
market_economic_system_13.pdf
File Size: 743 kb
File Type: pdf
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Lessons 10 and 11: MARKETS ASSESSMENT (2 lessons): You are now going to create a short educational film on how markets function and the unique characteristics of individual markets. You will need to describe and characterize the following topics and how they relate to markets: Market scales and the difference between micro and macroeconomics, market resource allocation, demand and supply, price determination, price changes, PED and PES, market economy's and mixed economic systems and of course market failure. For some ideas of how you could create a short film and what this might look like watch this previous year's film and in pairs critique for all of the content above and whether it does a good job of explaining how markets work. Share your ideas with the rest of the class. When you have done this you can begin to plan your own film. You will have 2 lessons and a homework to complete your film. You may work in groups of no more than 3.
  1. What are some good features of this film?
  2. ​Does it cover all aspects of how markets function; market resource allocation, demand and supply, price determination, price changes, PED and PES, market economy's and mixed economic systems and of course market failure?
  3. Does it make it easy to understand how markets function?
  4. ​What would make it even better?

Thanks to Robert Harrison, Elena Michel, Kai Linkin and Marcus Jedig!

ADDITIONAL RESOURCES AND ACTIVITIES:

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ADDITIONAL READING

  • Middle School
    • Pride, Unity and Respect Inquiries >
      • November - Native American Heritage Month
    • Assessment in Middle School Humanities
    • Parent support Materials
    • Year 9 Humanities >
      • An Introduction to Year 9 Humanires
      • Year 9 Geography >
        • Is Development a good thing? >
          • How can development be measured?
          • Why are some countries LEDCs?
          • Can the development gap be reduced?
          • What are the issues in MEDCs? Case study Japan
        • How can we ensure responsible consumption and production? >
          • The chocolate trade
          • What is the real cost of fashion?
          • The circular economy
          • Dragon's Den Assessment
        • Extreme Environments >
          • How do people live in cold environments?
          • The Sirius Patrol: Surviving in Extreme Environments
          • Mt Everest
          • Deserts
      • Year 9 History >
        • Teacher Documents
        • 1. EAST MEETS WEST >
          • 1A. WHY DO CIVILISATIONS EXPAND?
          • 1.B THE ROLE OF POLITICAL UNITY AND TRADE
          • 1.C THE ROLE OF TRADE
          • 1.D THE ROLE OF THE INDIVIDUAL
          • 1.E THE FIRST CRUSADE
          • 1E. ASSESSMENT: THE BENEFITS OF INTERCONNECTEDNESS OUTWEIGH THE COSTS TO HUMANITY' EVALUATE THIS STATEMENT IN REFERENCE TO THE PERIOD 250AD-1250AD
        • 2. THE NEW WORLD >
          • Ancient civilizations of the Americas
          • The conquest of the Americas
          • WHAT MADE THOMAS CLARKSON SO ANGRY?
        • THE TWENTIETH CENTURY RESEARCH PROJECT
        • 4. THE BIG IDEA: WHY WAS THE FIRST 50 YEARS OF THE 20TH CENTURY THE MOST VIOLENT? >
          • 4.A FIRST GLOBALIZATION 1750-1914
          • 4.B LONG WAR 1914-1990
        • YEAR 9 END OF YEAR ASSESSMENT
    • Year 8 Humanities >
      • Topic 1: Where is the riskiest place to live in the USA? >
        • What makes a disaster?
        • Hazard, Risk or Disaster?
        • Population patterns USA
        • Hazard 1: Hurricanes >
          • Case Study 1: Harvey 2017
          • Case Study 2: Michael 2018
          • Case Study 3: Hurricane Season 2021
        • Hazard 2: Tornadoes >
          • Case Study 2: Moore Tornado
        • Hazard 3: Tectonics in the USA >
          • Case Study 3
        • Hazard 4: Wildfires
        • Hazards Final Assessment
      • Topic 2: The Changing Story of Power >
        • Part 1: From King to Parliament >
          • Case Study: English Kings
          • Could Kings do what ever they wanted?
          • The growth of Parliament
          • The Reformation
          • Charles I
        • Part 2: From Parliament to People >
          • The Enlightenment
          • The American War of Independence
          • Why were the French so Angry?
          • How did the Enlightenment affect Britain?
          • The Fight for Women's Rights
          • Did the militant actions of the Suffragettes help or hinder the cause of votes for women?
          • Why did women win the vote?
        • Assessment >
          • Revision of Turning Points
      • Topic 3: How can we become positive change makers? >
        • Our World in 2045
        • What are the long-term causes of climate change?
        • The Industrial Revolution and climate
        • significant Inventions
        • Costs and benefits of Industrialization
        • The enhanced Greenhouse effect
        • The impact of climate change
        • Is the World that bad?
        • What is the problem with plastic?
        • How can we manage climate change?
        • Earth Day
        • Mitigation and adaptation strategies
        • Protest as a means of change
        • Change maker project
        • Y8: Model United Nations
    • Year 7 Humanities >
      • Year 7 Geography >
        • Biomes
        • Microclimate Investigation
        • How did the impacts of the Haiti and Japanese earthquake compare?
        • Topic 2 Migration
        • Geography in the news
      • Year 7 History >
        • 1. The Ancient World >
          • a. Prehistoric Life >
            • Middle School History
          • b. Egypt or Rome? >
            • Historical Enquiry - Comparing Ancient Societies
            • Ancient Egypt
            • Ancient Rome
          • Assessment
        • 2. The Medieval World >
          • "Muck and Misery" Investigation
          • Medieval Guidebook Assessment
          • Medieval Baghdad
        • 3. The American West >
          • Native American Culture
          • The First Settlers
          • Pioneers
          • Cowboys and cow towns
          • Impact of settlement on the Native Americans
          • Assessment
        • 4. The Industrial World >
          • The Urban Game
        • 5. Civil Rights
        • 8 . Digital Library
  • HS Geography
    • IB Geography >
      • Introduction to IB Geography
      • Paper 1- Geographic Themes >
        • Urban Environments >
          • Urban sections 1-3
          • Sustainable Cities
        • Leisure, sport and Tourism >
          • Introduction to Leisure, sport and tourism
          • A global sporting event- The Olympics
          • Managing Rural Tourism Hotspots
          • Managing urban tourism hotspots
          • Tourism as a development strategy
          • Sustainable tourism
          • Variations in Sphere of Influence
          • The impact of Rural festivals
        • Geophysical Hazards >
          • Earthquakes
          • Volcanoes
          • Landslides
      • Paper 2: Geographic perspectives >
        • Changing populations >
          • Population density
          • Processes of population change >
            • Megacities
            • Forced migration
          • Possibilities of population change >
            • Aging population
            • Population policies
            • Gender Equality
            • Human trafficking
            • Demographic dividend
          • Debate: Should the UN curb population growth?
          • Population revision
        • Global Climate - Vulnerability and Resilience >
          • The causes of global climate change
          • Impacts of climate change
          • ​Disparities in exposure to climate change risk and vulnerability
          • GOVERNMENT LED ADAPTATION AND MITIGATION STRATEGIES
          • Civil society and corporate strategies to address climate change
        • Global resource consumption and security >
          • Global trends in consumption >
            • GLOBAL AND REGIONAL/CONTINENTAL PROGRESS TOWARDS POVERTY REDUCTION.
            • Measuring trends in global consumption
            • Patterns and trends in the availability and consumption of water
            • Global patterns and trends in the availability and consumption of land/food
            • Global patterns and trends in the availability and consumption of energy
          • Nexus thinking >
            • Two countries with contrasting levels of resource security...
            • Waste disposal and recycling
          • Resource Stewardship >
            • Divergent thinking about population and resource consumption trends
            • The circular economy
        • Infographics
      • Paper 3: Global Interactions >
        • Power, place and networks >
          • Global networks and flows
          • Global Interactions & Global Power
          • Human and physical influences on global interactions
        • HUMAN DEVELOPMENT & DIVERSITY >
          • Development opportunities
          • Changing cultures and identities
          • Cultural Hybridity
          • Local responses to global interactions
        • Environmental risks
        • Geopolitical and economic risks
      • IB Revision- mocks 2021
      • IB Revision
      • Internal Assessment
      • Extended Essay in Geography
    • New IGCSE Edexcel Geography >
      • Paper 1 - Physical Geography >
        • Hazardous Environments
      • Paper 2 - Human Geography >
        • Urban Environments
        • Economic Activity and Energy
        • Fragile Environments and Climate Change
    • IGCSE Geography >
      • Population and Settlement >
        • Population >
          • Why is population growing?
          • Population density and distribution
          • Over and Under population
          • Dependent populations
          • Population policy: One Child policy China
          • HIV and AIDs
          • Migration
          • Population revision
          • Debate: Should the UN curb population growth?
        • Settlement >
          • Settlement and service provision
          • Urbanisation
      • Natural Environment >
        • Earthquakes and Volcanoes >
          • Plate tectonics
          • Case study of a volcano: Montserrat
          • Haiti Earthquake
          • Why do people live in hazardous areas?
          • Tectonics revision
          • REVISION- WHAT HAPPENS AT TECTONIC PLATES?
        • Rivers >
          • Hydrological characteristics and processes
          • River Landforms
          • Benefits and threats of rivers
          • Management of rivers: Hard and Soft engineering
          • Rivers revison
        • Coasts >
          • Coastal processes
          • Coastal management
          • Different coastal environments
          • Mangroves
          • Hurricanes- cyclone Alia, Bangladesh
          • Hurricanes- Hurricane Harvey
          • Coasts revision
          • Coastal skills
        • Weather and Climate >
          • Weather measurements
          • The Tropical Rainforest Ecosystem
          • Deserts
          • Climate and vegetation revsion
      • Economic Development >
        • 3.1 Development
        • Industry
        • Globalisation
        • Food production
        • Water
        • Tourism
        • Energy
        • Environmental risks of economic development
        • economic development revision
      • Geographical Enquiry
      • Paper 2 Geographical Skills
      • Paper 4: Fieldwork paper
      • IGCSE Revision
      • IGCSE Revision for mid course assessments April 2021
      • Paper 1: Knowledge paper revision for mocks 2022
  • HS Economics
    • IB ECONOMICS TEACHER PAGES >
      • Activity Styles
    • Year 10 >
      • 1.0 THE BASIC ECONOMIC PROBLEM
      • 2.0 HOW MARKETS WORK AND MARKET FAILURE
      • 3.0 THE INDIVIDUAL AS PRODUCER, CONSUMER AND BORROWER >
        • 3.3 Workers
        • 3.4 Firms
        • 3.5 Small firms and causes and forms of the growth of firms
        • 3.6 Economies and diseconomies of scale
        • 3.7 Firms costs, revenues and objectives
        • 3.8 Firms and Production
        • 3.9.5 Monopoly Markets
      • REVISION OF UNITS 1, 2 AND 3
      • SUMMER LEARNING
    • Year 11 >
      • 4.0 THE ROLE OF GOVERNMENT IN AN ECONOMY >
        • 4.1 Introduction to Macroeconomics
        • 4.1.1 The Role of Government
        • 4.2.1 Macroeconomic Aims of Government
        • 4.2.3 Economic Growth
        • 4.7 EMPLOYMENT AND UNEMPLOYMENT
        • 4.8 INFLATION
        • 4.4.0 FISCAL POLICY
        • 4.4.1 MONETARY POLICY
        • 4.1.2 SUPPLY-SIDE POLICIES AND MACROECONOMICS REVISION
      • 5.0 ECONOMIC DEVELOPMENT >
        • Top Trumps: Economic Development
        • 5.1 DIFFERENCES IN ECONOMIC DEVELOPMENT
        • 5.3.1 POVERTY
        • 5.3 POPULATION
      • 6.0 INTERNATIONAL ASPECTS >
        • 6.2 ​GLOBALISATION, FREE TRADE AND PROTECTION
        • 6.3 EXCHANGE RATES AND THE CURRENT ACCOUNT
      • iGCSE Economics Revision Sessions - May 23rd to June 1st
      • Revision Support
    • Year 12 >
      • 1. Introduction to Economics
      • 2. Microeconomics >
        • 2.A. COMPETITIVE MARKETS: DEMAND AND SUPPLY >
          • HL Demand FE 2022
        • 2.B.ELASTICITIES
        • 2.C.GOVERNMENT INTERVENTION >
          • INQUIRY: EVALUATE THE EFFECTIVENESS OF GOVERNMENT INTERVENTION IN ACHIEVING SDG 12: RESPONSIBLE CONSUMPTION AND PRODUCTION
          • HL 2020 Government intervention
        • 2.D.MARKET FAILURE >
          • To What Extent Does the American Health Care Market Represent a Market Failure?
        • HL: RATIONAL PRODUCER BEHAVIOR
        • 2.E.THE THEORY OF THE FIRM 1: PRODUCTION, COSTS, REVENUES, AND PROFIT HL
        • 2.F.THE THEORY OF THE FIRM II: MARKET STRUCTURES HL
        • Real World Examples: Theory of the Firm
      • 3. Macroeconomics >
        • 2A. THE LEVEL OF OVERALL ECONOMIC ACTIVITY
        • 2B. AGGREGATE DEMAND
        • 2C. AGGREGATE SUPPLY
        • THE MULTIPLIER (HL)
        • INFLATION
        • THE PHILLIPS CURVE (HL)
        • LOW UNEMPLOYMENT
        • EQUITY IN THE DISTRIBUTION OF INCOME
        • ECONOMIC GROWTH
        • OVERVIEW OF DEMAND-SIDE AND SUPPLY-SIDE POLICIES
        • FISCAL POLICY
        • MONETARY POLICY
        • SUPPLY-SIDE POLICIES
      • Exam Papers
      • IA's >
        • IA Marking Exercise
        • Economic Diagrams
      • Extended Essay in Economics
      • SUMMER LEARNING
    • Year 13 >
      • 4. International Economics >
        • 4.A.International trade
        • 4.B.Exchange rates and the balance of payments
        • 4.C.Economics integration and the terms of trade
        • 4.D.Be ambitious resources
      • 5. Development Economics >
        • Understanding Economic Development
        • Topics in Economic Development
        • Foreign sources of finance and foreign debt
        • Consequences of economic growth and the balance between markets and intervention
      • IB Economics - Exams
      • IB ECONOMICS REVISION PAGES >
        • REAL WORLD EXAMPLES
        • Give Me Fives
        • Economics Past Papers
        • Student Video Tutorials
        • Additional Revision Activities
        • 2022 MOCK EXAM
    • Digital library
    • TOK Inspired Economics Page
    • Process for Deciding Economics University Predicted Grades
  • HS History
    • What is History?
    • IBDP History >
      • Pre - IB History
      • Rationale
      • Introductory Tasks
      • Perspectives Blog
      • IB History Revision Sessions - April 6th to May 1st
      • Paper 1 - Prescribed Subject >
        • Military Leaders >
          • Genghis Khan 1200-1227 >
            • Introduction to the Mongols
            • Mongol Historiography
            • Rise to Power
            • Military Might
            • Leadership
            • Campaigns in China and Asia
            • Impact of the Mongols
            • TOK - Genghis
          • King Richard I of England 1173-1199 >
            • Medieval England
            • Richard I - Life before 1189
            • Richard I - Crusader King 1190 - 1193
            • Richard I - Military Leadership
            • Richard - Impact
            • Richard I - Reputation and Historiography
            • TOK - Richard I
          • Paper 1: Rights and Protest
          • Source Skills
      • Paper 2 - World History Topics >
        • Essay Writing Skills - Paper 2
        • Authoritarian States >
          • Theory
          • MCA Feedback and Reflection
          • Hitler >
            • Emergence and rise to power >
              • HOW MUCH HOPE WAS THERE FOR THE SURVIVAL OF THE WEIMAR REPUBLIC 1919-29?
              • HOW DID THE AIMS AND IDEOLOGY OF THE NAZI PARTY DEVELOP BETWEEN 1919-1923
              • HOW FAR DID THE CONDITIONS OF 1929-33CONTRIBUTE TO THE ESTABLISHMENT OF THE NAZI STATE?
              • WHERE DID SUPPORT FOR NATIONAL SOCIALISM COME FROM?
            • Consolidation and maintenance of power >
              • HOW DID HITLER CONSOLIDATE HIS POWER TO CREATE AN AUTHORITARIAN REGIME?
              • WHAT PART DID PERSONALITY AND PROPAGANDA PLAY IN THE CONSOLIDATION OF POWER?
              • WHAT WERE THE MAIN CHARACTERISTICS OF NATIONAL SOCIALIST GOVERNMENT?
              • WHAT WAS THE NATURE AND EXTENT OF OPPOSITION TO NAZI RULE AND HOW WAS IT DEALT WITH?
              • WHAT WAS THE IMPACT OF FOREIGN POLICY ON HITLER'S CONSOLIDATION AND MAINTENANCE OF POWER?
            • Aims and results of policies
          • Mao >
            • Emergence and Rise to Power
            • Consolidation and maintenance of power
            • Aims and results of policies
          • Castro >
            • Castro RTP
            • Castro Establisment and consolidation
            • Castro: Aims and results of policies
          • Policies In Germany and Cuba >
            • Nazi Policies - Aims and outcomes
            • Castro Policies - Aims and Outcomes
        • Independence movements 1800 - 2000 >
          • Ireland - Europe >
            • 1. The origins rise and rise of independence movements >
              • 1.a. WHAT SOCIAL AND ECONOMIC FACTORS LED TO THE DEVELOPMENT OF AN INDEPENDENCE MOVEMENT?
              • 1.b. EARLY INDEPENDENCE CAMPAIGNING - WOLFE TONE
              • 1.c. SOCIAL DIVISIONS WITHIN IRELAND
              • 1.d. ECONOMIC FACTORS
              • 1.e. WHAT POLITICAL FACTORS LED TO THE DEVELOPMENT OF AN INDEPENDENCE MOVEMENT IN IRELAND?
              • f. What external factors were important in creating an independence movement.
            • 2. Methods used and reasons for success >
              • 2. a WHAT METHODS WERE USED IN THE STRUGGLE FOR INDEPENDENCE 1867 TO 1900? >
                • 2.b.​WHY DID THE INDEPENDENCE MOVEMENT SUCCEED?
                • 2.b. WHAT WERE THE ROLES OF MICHAEL COLLINS AND EAMON DE VALERA IN THE STRUGGLE FOR INDEPENDENCE?
                • 2.c.
            • 3. Challenges faced in the first 10 years after independence; and the responses to those challenges. >
              • 3.a.
              • 3.b.
              • 3.c.
              • 3.d.
              • 3.e.
            • IRISH 'BE AMBITIOUS' RESOURCES
          • India - Asia >
            • Origin and rise of the Independence Movement >
              • 1857 and Colonial India
              • The Growth of Nationalism
              • Factors in the rise of the Independence Movement
            • Methods and success of the Independence Movement >
              • Leadership in India
              • Why did India win independence?
            • Challenges facing the newly independent state
          • Cuba - The Americas >
            • origins of Cuban Independence before 1823
      • Paper 3 - History of Europe >
        • THE FRENCH REVOLUTION 1774 TO 1815 >
          • The Enlightenment
          • The Origins of the French Revolution
          • 1789: THE END OF THE ANCIEN REGIME
          • Establishing a Constitutional Monarchy
          • Revolutionary War and overthrow of the Monarchy 1792 - 93
          • Government by Terror 1793-4
          • THERMIDORIAN REACTION AND THE DIRECTORY 1794-9
          • THE IMPACT OF THE REVOLUTION
          • NAPOLEON: CONSULATE AND EMPIRE
          • DIGITAL RESOURCES: FRENCH REVOLUTION
        • Imperial Russia 1854 - 1924 >
          • Alexander II
          • Alexander III and Nicholas I
          • 1905 - Revolution
          • Nicholas II and the impact of the First World War
          • The Revolution 1917
          • Lenin and the Soviet Union
      • Internal Assessment (IA) >
        • Formulating a Question
        • Initial Proposal
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    • New IGCSE Edexcel History >
      • A1 Origins & Course of WW1
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      • REVISION Past Papers >
        • MODEL Paper 1
        • MODEL Paper 2 >
          • MODEL Paper 2: Cold War Causes
          • MODEL Paper 2: Treaties
      • Depth Study A: WW1 >
        • 1. Why was war not over by December 1914?
        • 2. Why was there stalemate on the Western Front?
        • 3. How important were other fronts?
        • 4. Why did Germany ask for an armistice in 1918?
        • WW1 EXAM QUESTIONS
      • Core Content 1: Treaties
      • Core Content 2 & 3: League 20s & 30s
      • Core Content 4 : Blame for Cold War?
      • Core Content 5: Cold War Conflicts
      • Depth Study B: Germany >
        • 1. Was the Weimar Republic doomed from start?
        • 2. Why was Hitler able to dominate Germany by 1934?
        • 3a. How effectively did the Nazis control Germany?
        • 3b. What was it like to live in Nazi Germany?
  • SOCIOLOGY HOME
    • Unit 1: Theory and Methods >
      • How do sociologists study society?
    • Unit 4: Family
    • The story of Power England
  • TEACHER PAGES
    • Mrs Bennett
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    • Mr Bish >
      • Teacher Assessment Pages - Comparative Judgements
      • WS
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      • blog: How can self-directed learning be made visible?
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      • Debate: Should the UN curb population growth?
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  • LEADERSHIP ENRICHMENT
    • Year 9 - Leadership Enrichment >
      • Leadership Styles
      • Planning an Event - The Music Festival >
        • Decision 1 - What is our Vision?
        • Decision 2 - The Line Up
        • Decision 3 - Event Planning
        • Decision 4 - Event Organisation
        • Decision 5 - Advertising
        • Decision 6 - Final Costings
        • Decision 7 - Our Pitch
      • Review and Reflection
  • GLOBAL JUSTICE LEAGUE OF BISH
    • GLOBAL CITIZENSHIP IGCSE >
      • Theme 1: Politics and Governance
      • Theme 2 - Economic development and the environment
    • BIS Houston MUN - April 6th-8th 2022
    • 2023 ​TEXAS STATE MOCK TRIAL COMPETITION TEAM
    • ORGANISORS PAGE BISHMUN 2022
    • TED X CONFERENCE 2022
  • YEAR 9 ​ENRICHMENT: ​GENERAL ASSEMBLY: ​CLIMATE CHANGE
  • History Digital Research Library
  • New Page
  • Week 10 - Dealing with Conflict