week 1 Economics intro to economic problem (lesson plan)

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Unit 2 (Macro) Chapter 1 (Week 1) The Economic Problem

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Chapter 1 In this first chapter we start by outlining the purpose of economic activity and clarify the basic economic problem affecting societies the world over. You will learn How economic resources are categorised and allocated and How to analyse some fundamental concepts with the use of production possibility diagrams

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Learning Objectives At the end of this chapter you will be able to do all understand the world’s resources are scarce and our wants and needs cannot all be met Understand that scarcity means choices need to be made and each choice carries an opportunity cost Understand that the economic system attempts to allocate resources Appreciate that a market-based system will tend to do this through using prices and profits as a way to attract resources to be allocated to their best use Remember that land, labour, capital and enterprise are the four economic resource Understand that agents in the economic system try to maximise their own welfare Appreciate that the amount of possible output an economy can produce is limited by the amount and quality of its resources and this can be shown by the production possibility boundary Understand the basic concept of productive efficiency for an economy is the degree to which output is maximised using the potential economic resources available – as shown by a point on the PPB Know that it is possible to shift the PPB outwards via improvements in the quality and quantity of resources or increases in technology Recognise how to identify the difference between normative and positive statements

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Learning how to learn If a teacher stands in front of the pupils and talks at them they will only remember 10% of what has been said. So, for the first chapter you are going to find out for yourselves and then teach the others!

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Teaching each other – The economic problem Work in pairs One of you is A and the other is B A will teach B about the information on pages 3-8 B will teach A about the information on pages 8-14 Read your section Create an A4 poster for your section with all the relevant information that you will use to teach your partner e.g. bullet points, diagrams etc Next lesson A’s will teach B’s with their poster In addition A’s will get together in a group and between you create questions that you can use to test the other team B’s will do the same Occasionally I am going to stop you and play some videos that will help you understand these concepts

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Homework (for next lesson - tomorrow) Go to Youtube and search for mjmfoodie Go to the playlist and watch videos 2-10 Search for pajholden and save it as a favourite (we will use these a lot in class) Finish your notes and create your A4 Poster A = pg 3-8 B = pg 8-14 If you are an A you can read the B section if you want to get ahead or vice versa (optional) Create a key term list that you can add to buy some index cards that you can use to create flash cards. If you create them as you go it will save you a lot of time when it comes to revising. Learn the key terms

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Key Terms Goods and services – goods are tangible products that we can touch such as a car. Services are intangible such as a trip to the cinema. Economic Welfare – refers to the benefit or satisfaction an individual or society gets from the allocation of resources. This includes how well off people feel, how much they have and other factors such as their environment and standard of living – their physical well being (hard to measure) Opportunity cost – every choice will carry with it a cost because we have infinite wants and limited resources. The cost is the alternative that is given up as a result. This alternative is the next best alternative. The use of resources means that you cannot use those resources elsewhere – this is the opportunity cost. Economic goods – goods that are scarce and therefore have an opportunity cost Free goods – goods that have no opportunity cost, for example, air. Factor market – the market for the factors of production that make other goods and services such as labour or raw materials. Renewable resources – resources that are able to be replenished over time, whereas non-renewables such as oil and gas are likely to run out Profit – when total income or revenue for a firm is greater than total costs total revenue – total costs = profit Free market economy – one in which there is very limited government involvement in providing goods and services. Its main role is to ensure that the rules of the market are fair so that, for example, people cannot steal each other’s property.

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Key Terms Production Possibility boundary - the PPB indicates the maximum possible output that can be achieved given a fixed set of resources and technology in a particular time period Productive efficiency – when a firm operates at minimum average total cost, producing the maximum possible output from inputs into the production process Allocative efficiency – this is achieved in an economy when it is not possible to make anyone better off without making someone worse off, or you cannot produce more of one good without making less of another. Productivity – a measure of efficiency, measuring the ratio of inputs to outputs; the most common measure is labour productivity, which is the output per worker Human capital – the skills, abilities, motivation and knowledge of labour. Improvements in human capital raise productivity and can shift the PPB to the right. Division of labour – breaking the production process down into a sequence of tasks, with workers assigned to particular tasks Specialisation – the production of a limited range of goods by an individual factor of production or firm or country, in co-operation with others so that together a complete range of goods is produced. Value judgements – statements or opinions expressed that are not testable or cannot be verified and depend very much on the views of the individual and the values they hold Normative statements – opinions that require value judgements to be made Positive statements – statements that can be tested against real-world data

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Teaching each other Work in pairs One of you is A and the other is B A will teach B about the information on pages 3-8 B will teach A about the information on pages 8-14 Create an A4 poster for your section with all the relevant information that you will use to teach your partner A’s get together in a group and between you create 10 questions that you can use to test your partner B’s do the same Once you have got your questions spend 10 mins teaching and testing your partner

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