Agriculture and Economics

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Agriculture and Economics:

Agriculture and Economics Should Barbados bother growing any of it’s own food? Why not get rid of the sugar cane and add more golf courses?

Points raised from this:

Points raised from this Barbados has a huge food import bill It has none of its own food security. 40 years ago it produced most of its own food and exported a lot of sugar. Barbados actually loses money from sugar production. Should farms change what they grow for the local market? Should Barbados try to be more self- sufficent ? How could the land be best used in Barbados? Does farming need a big change? What are the economic decisions that need to be made?

The Big Issue:

The Big Issue This issue comes around the central issue of what economics is all about. The Allocation of Scarce Resources………… So lets have an introduction to Economics And yes of course we will incorporate it into a big fieldtrip and have some talkers explain their views (I hope).

Basic Economics:

Basic Economics Can Economics Save the World? Area of Interaction: Environment

General Aims:

General Aims To introduce a basic idea of what economics is all about. To understand what value is placed on resources and why To see the relationship between supply and demand. To notice that the production of something may have an opportunity cost. That producing or consuming something may have externalities such as pollution, coral reef destruction, water scarcity. That Economists have a duty to assign real value to these externalities if proper decisions are to be made regarding how resources are used.

Introduction to Economics:

Introduction to Economics The Economic Problem Money is a major aspect of economics but what is it? It is nothing more than a means of exchange It is something we can use to obtain our needs and wants

Needs and Wants:

Needs and Wants Make a list of 10 things that you really want at this moment (purchasable!!!!) if you had the opportunity Which of these can you really actually buy right now if you wanted. Choose one of them and explain why you decided upon this one.

The Economic Problem:

The Economic Problem Basically we have lots of wants And we have a number of needs However we have limited finances This is the same for businesses and governments The Economic Problem is that we have unlimited wants and needs but limited or scarce resources. As a result we have to make choices as a result of scarcity (of resources)

Opportunity Cost:

Opportunity Cost Because we have to make choices as a result of scarcity, then the real cost of choosing one thing and not another is known as the opportunity Cost. – i.e. the benefit you could have got from the other choice. Economics is all about advising people how to make good choices about scarce resources and to make GOODS and SERVICES that satisfy as many wants as possible.

The Economists Toolkit:

The Economists Toolkit Economists think about How resources are used Scarcity Choices Value They ask about Who has power How systems work If there are better ways of doing things. Exercises: page 5 on sheet questions 1 – 5 Multiple choice questions. 1 – 8 Next lesson: Questions on Opportunity Cost

Slide 13:

Qu 1 – why are own brand cereals cheaper than named brand. Qu 2. Why is a Kit kat 37p Well actually ….. So part 2 – why is it $1.69 in Barbados

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