Macroeconomic Policy Revision (Online Lesson)

In this online lesson, we draw together key elements based on content from our previous lessons on macroeconomic policy, and consider how policies might interact with each other.

WHAT YOU'LL STUDY IN THIS ONLINE LESSON

• a review of the nature of the macroeconomic policies and macroeconomic objectives
• an overview of how different policies can be used to meet objectives, with a chance to practise writing chains of analysis
• synoptic aspects of macroeconomic policies

Additional teacher guidance is provided at the end of this lesson. Thank you to Peter McGinn and Jon Clark for their contributions to this lesson.

HOW TO USE THIS ONLINE LESSON

Follow along in order of the activities shown below. Some are interactive game-based activities, designed to test your understanding of macroeconomic policies. Others are based on short videos, including activities for you to think about and try at home, as well as some extra worksheet-based activities.

If you would like to download a simple PDF worksheet to accompany the video activities, you can download it here: Macroeconomic Policy Revision. You can print it off and annotate it for your own notes, or make your own notes on a separate piece of paper to add to your school/college file.

ACTIVITY 1: VIDEO - KEY TERM REVISION

In this video, we review the nature of the main types of macroeconomic policy (fiscal, monetary and supply-side) as well as the main macroeconomic objectives.

ACTIVITY 2: GAME - FISCAL AND MONETARY POLICY CONNECTIONS

Have a go at our Connection Wall activity to help you review fiscal and monetary policies in a bit more depth!

ACTIVITY 3: THINKING TASK - TACKLING UNEMPLOYMENT

In this activity, you take on the role of "Minister for Employment". Start by taking a look at this information document, which contains a series of "cards" on pages 3 and 4. Use the information on those cards to help you complete the table on this sheet. You don't need to print out the documents if you don't want to - simple recreate it on your own paper.

Once you have finished, review your completed table: which policies do you think will be most effective?

ACTIVITY 4: VIDEO - CONNECTING POLICIES AND OBJECTIVES

In this video, we explore how the various macroeconomic objectives can be achieved by using a range of macro policies. You can also practise your analytical writing skills in one of the student activities included in the video.

ACTIVITY 5: THINKING TASK - POLICY CONFLICTS

Sometimes, when a government / central bank introduces a macroeconomic policy to improve performance on one macro objective, it can have a detrimental effect on another objective. In this activity, you are presented with a series of economic scenarios. Your task is to suggest a policy that could help to tackle all of the problems in the scenario.

Download the activity sheet here.

ACTIVITY 6: MACRO POLICY ESSAYS

We've prepared two example essays that require students to consider and compare a range of macro policies in their answers.

The first essay title is "Evaluate policies that can be used to reduce the UK’s level of unemployment at the same time as raising the UK’s economic growth rate." You can download an answer to this essay here.

The second essay title is "Evaluate the view that demand-side policies are more effective than supply-side policies in reducing the inflation rate in the UK." You can download an answer to this essay here.

For each essay:

• underline every technical economics word/phrase that you see: can you give a definition?
• circle every connective word/phrase that you see
• highlight written analysis when a description of a diagram is being given: think about the features of this written analysis
• using a different colour, highlight any examples of application (AO2)
• write a plan for each essay title - you can base it on the answer given, or think about how you would change it

ACTIVITY 7: VIDEO - SYNOPTIC THINKING

Being able to make connections between different parts of your economics course is a really important exam skill, and also just makes you a better economist! In this video, we explore some of the synoptic aspects of macroeconomic policy. Some of the synoptic connections are based on Year 12 content whereas some are more relevant to Year 13 - just have a go and see what you can do! You can always come back to this topic just before your final A level exams.

ACTIVITY 8: MORE SYNOPTIC THINKING

Here are 5 Macroeconomic Policy Synoptic Assessment Mats that you can use to build your knowledge of real-world macroeconomic policy decisions, test your theoretical understanding, and make synoptic connections. You can practice as many of these as you like - ask your teacher how many they would like you to complete. You can check your own answers using the information provided within the resource.

ACTIVITY 9: CROSSWORD - KNOWLEDGE TEST

Practise your knowledge retrieval skills for AO1 using this macro policy revision crossword.

ACTIVITY 10: MULTIPLE CHOICE QUIZ

Finally, review your macro policy knowledge, application and analysis skills by testing yourself in this interactive multiple choice quiz. Let your teacher know how you get on!

ADDITIONAL TEACHER GUIDANCE

This lesson comprises:

• just over 25 minutes of sequenced, guided video activity, spread across 3 videos
• around 30 minutes of student thinking and activity time throughout those videos
• a range of exam skill tasks, including "unpicking" example essays, practising synoptic skills in relation to real-world macro policies from different economies and consideration of policy conflicts
• knowledge retrieval tasks including an interactive "connection wall" game for fiscal and monetary policy, an AO1 crossword (solutions to which can be found here) and an interactive MCQ quiz.

We anticipate that the core of the lesson will take around 90 minutes, although the exam skills tasks may take students longer.