1.1 THE BASIC ECONOMIC PROBLEM
| economics_year_10_the_market_system.docx |
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THE ECONOMIC PROBLEM
WANTS GOODS AND SERVICES FACTORS OF PRODUCTION OPPORTUNITY COST SCARCITY PRODUCTION POSSIBILITIES CURVE (PPC) RESOURCE ALLOCATION |
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DRIVING QUESTIONS:
HOW DOES THE BASIC ECONOMIC PROBLEM AFFECT YOU? WHAT MAKES AN ECONOMIC CHOICE EFFICIENT? |
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WHAT IS THE ECONOMIC PROBLEM?
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| the_nature_of_the_economic_problem.pdf |
| what_how_whom.pptx |
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FACTORS OF PRODUCTION AND SATISFYING HUMAN WANTS
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ACTIVITY 1: Watch the following video and take notes on the factors of production; land, labour, capital and entrepreneurship.
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ACTIVITY 2: Now you understand the organization of production combines the four factors of production (inputs) to produce goods and services (output) it is time to consider some real world examples of how different firms use different combinations of these in a world of scarcity. You will also begin to develop key metrics of the ways that the four factors of production can be measured (e.g. total land use, market capitalization, workers employed, management and ownership). Choose one of the 5 firms in the powerpoint and find measures for the amount of land, labour, capital and enterprise employed. Be prepared to share your answers with the rest of the class.
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| fop.pptx |
ACTIVITY 3: Answer the exam style questions below, make sure to look at the mark allowances for each question, this is a good guide to how many points you should include.
| the_factors_of_production.pdf |
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ACTIVITY 4 COMPLETE THE CROSSWORD: Now that you have completed the first two learning points, you are now ready to test your understanding of the key terms. Complete the crossword on page 18 of the textbook, try to complete it as much as possible without using the textbook. How much can you remember in this early stage of the course. How can you ensure that you retain as much knowledge was you can so you can build on this foundational knowledge as we progress through the course?
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OPPORTUNITY COST AND THE PRODUCTION POSSIBILITIES CURVE (PPC)
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| opportunity_cost.pdf |
| production_possibility_curves.pdf |
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INTRODUCTION TO ECONOMICS ASSESSMENT (1 lesson and a homework): You will return to the activity that you started with 2 weeks ago, with what at first seemed like a simple statement: 'To what extent is Studying at University an Economic Choice?'. You should now be able to present a detailed presentation about why what you study at university is fundamentally an economic choice. You SHOULD use all of the key terms and concepts that have been bookmarked to this point and also include any visual representations (diagrams) to support your reasoning. You must use real world examples and data that you studied earlier on to demonstrate your understanding of all of the concepts.
Checklist:
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resources
Which courses boost wages the most?
Going to university should mean you earn more over your lifetime. But how much difference does the choice of university and subject actually make? The impact these educational decisions have on English students - after taking into account their background and how well they were doing academically before university - has been calculated for the first time by the Institute for Fiscal Studies.
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RESOLVING SCARCITY GAP FILLER
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| resolving_scarcity.docx |