Pupils analyse trade data from various countries relating to imports, exports, trade balances, and gross domestic product.
Scenario
Your second project during your banking internship is to research trade in various major economies around the world. Your manager presents you with some trade data and explains the following concepts to you:
- Exports = these are goods and services that a country produces and sells abroad.
- Imports = these are goods and services that a country purchases from abroad.
- Trade balance = this is the value of a country’s exports minus its imports. It will be a positive number if a country exports more than it imports and a negative number if it imports more than it exports.
- Gross Domestic Product (GDP) = is a measure of a country’s economic output and refers to the financial value of goods and services produced by an economy.
Curriculum references
| National Curriculum 9 | Define percentage as number of parts per hundred; interpret percentages and percentage changes as a fraction or a decimal, and interpret these multiplicatively; express one quantity as a percentage of another; compare two quantities using percentages; work with percentages greater than 100%; solve problems involving percentage change, including percentage increase/decrease and original value problems, and simple interest including in financial mathematics. |
| National Curriculum 16 | Set up, solve and interpret the answers in growth and decay problems, including compound interest and work with general iterative processes. |
| OCR 2.03b | Understand percentage is ‘number of parts per hundred’. Calculate a percentage of a quantity, and express one quantity as a percentage of another, with or without a calculator. Increase or decrease a quantity by a simple percentage, including simple decimal or fractional multipliers. Apply this to simple original value problems and simple interest. Express percentage change as a decimal or fractional multiplier. Apply this to percentage change problems (including original value problems). |
| OCR 5.03b | Calculate simple interest including in financial contexts. Solve problems step-by-step involving multipliers over a given interval, for example, compound interest, depreciation, etc. Express exponential growth or decay as a formula. Solve and interpret answers in growth and decay problems. |
| AQA Edexcel R9 | Define percentage as ‘number of parts per hundred’. Interpret percentages and percentage changes as a fraction or a decimal, and interpret these multiplicatively. Express one quantity as a percentage of another. Compare two quantities using percentages. Work with percentages greater than 100%. Solve problems involving percentage change, including percentage increase/decrease and original value problems, and simple interest including in financial mathematics. |
| AQA Edexcel R16 | Set up, solve and interpret the answers in growth and decay problems, including compound interest. And work with general iterative processes. |