- Complete an oral presentation for the Target 2.0 competition; and
- Submit a Data question for ECON 3 and an Essay for ECON 4.
The Target 2.0 Challenge
In a team of four make a presentation assessing the state of the economy and the outlook for inflation for the next six months and make your decision on interest rates.
The presentation
The presentation is usually a formal powerpoint one with each person taking 2 minutes and a captain introducing the team and bringing the team view together as a conclusion. The presentation should last for no more than 15 minutes. You may produce a video presentation either instead or as part of your presentation.
As a group you will need to decide what should happen to interest rates individually and as a group in your conclusion.
Extension: You may also want to decide on whether further quantitative easing is required and the most effective way to do this?
Task 1: Appoint your captain
Q&A
Your presentation will be followed by a question and answer session where all team members will be expected to confer before answering and to answer all questions. It is important that no one dominates the answers provided.
Be confident in answering the following questions:
- What is inflation/deflation?
- How is it measured using RPI/CPI – Index numbers?
- What are the advantages and disadvantages of inflation/deflation?
- Why is low and stable inflation important?
Task 2 – all members of your team need to be able to answer the questions above?
Extension task for one or more team members:
- Has the Bank of England given up on the Target of 2.0?
Resources
FILMS: What is Inflation and what does the Bank of England do: http://www.bankofengland.co.uk/education/Pages/filmsgames/default.aspx
INTRODUCTION VIDEO: What is the Interest Rate challenge:
Choose the flash player option.
Inflation tools (GAMES) - http://www.bankofengland.co.uk/education/Pages/inflation/default.aspx
Top tips
- Appoint a captain and allocate tasks
- Go for quality over quantity – ensure you know your stuff rather than covering too much. We are looking for clear logical chain of reasoning and critical evaluation throughout. A Government minister would never say to an economics adviser: “I do not understand that”, instead they would say “you have said that badly.” Be clear with your communication avoid jargon whilst using good economic theory and data.
- Your captain will set out the importance of the inflation target at the start.
- Everything should be focussed on what does this mean for inflation and interest rates.
- Have a print out of your presentation with your team names on – either power point slides or key points.
- Use your own primary research and amended fan diagrams.
Essay
As part of the challenge over the next few weeks you will be required to complete the following ECON 4 A2 exam question and will receive further guidance on essay technique.
June 2011 Essay 2
‘Inflation needs to be avoided at all costs but it is nowhere near as damaging to an economy as deflation.’
0 9 Explain how inflation is measured in the UK through indices such as the Retail Prices Index (RPI) and the Consumer Prices Index (CPI). (15 marks)
1 0 To what extent might it be argued that inflation is preferable to deflation? (25 marks)
Homework: Study, research and start to plan an answer to the above ECON 4 question.
You will also complete a Data Question on the Environment for ECON 3.
The Prize
You will be selected to form the Cherwell 2012/13 entry for the Bank of England/Times competition. You will receive a certificate for your presentation and this will be noted on your UCAS application.
Key dates, week beginning:
18th June – Introduction to Target 2.0 competition, A2 key skills and
set homework for ECON 4
25th June – Complete ECON 3 Question and research individual area
2 July – Research Individual areas and combine into single group presentation
9 July – Presentations, rehearsals, editing, presentation and judging.
16 July – Final Week, Feedback on ECON 4 and ECON 3
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