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Economics Unit 1 and 2
Transcript of Economics Unit 1 and 2
The two branches of economics
But why study Economics?
Lets see what it is
The term economics comes from the Ancient Greek word oikonomia from (oikos, "house")+ (nomos, "custom" or "law"),
i.e. management of a household, administration“)
Microeconomics: economic units such as a firm, a household, an industry etc
Macro Economics: Study of economy as a whole such level of unemployment in an economy, GDP etc
Microeconomics: study of individual economic units such as a firm, a household, an industry etc
Macroeconomics: Study of economy as a whole such as level of unemployment in an economy, GDP etc
Present definition of Economics
Economics is the study of how individuals and societies use resources to satisfy needs.
Adam Smith (1723-1790) was a Scottish philosopher and economist who is best known as the author of An Inquiry into the Nature and Causes of the Wealth Of Nations (1776), one of the most influential books ever written.
Keynesian economics derives from John Maynard Keynes, in particular his book The General Theory of Employment, Interest and Money (1936), which ushered in contemporary macroeconomics as a distinct field.[
J M Keynes
What's in for me
Think of one/topic or question that you would like to learn about in Economics.
As there are limits on the quantity of goods and services that a country can produce, we are forced to make choices.
Some Important concepts
It refers to the cost of the next best alternative foregone.
Relative scarcity arises because an individual's wants are unlimited whereas the resources required to satisfy those wants are not.
‘The sole objective for each of you today is to make as much money as possible before you leave the class. The winner will be the student with the most money in their bank account. In this game you will be negotiating in pairs and will be haggling over $100 that sits between you. Once done move on to do the same with another student in class. You are going to have to divide this $100 between you and negotiate who gets what slice of the $100. However, in your discussions you are restricted to only four options:
DEAL OR NO DEAL
you keep $80 and only allow your partner to have $20;
you allow your partner to have $60 and you walk away with only $40;
you allow your partner to have $80 and you only walk away with $20.
Q1.Outline any new economic terms that you come across in the article.
Q2. What is the issue presented in this article? Share your views with class.
Q3. What is meant by duopoly?
Q4. Name a few competitors of Coles and Woolworths.
Needs are things that are necessary for survival. E.g.: food, clothing, shelter.
Wants are goods or services that make life more enjoyable but are not essential.
– these are the natural resources such as physical land, the seas and rivers and minerals used in the production of other resources.
– these are the human resources that are used in the production of goods and services.
– those resources used in the production of other goods and services. It includes items such as machinery, factories, vehicles and computers.
– the resource that performs the entrepreneurial role of managing, controlling and coordinating the other resources used in the production of goods and services. Sometimes referred to as the ability to think and create and be innovative.
Resources are the inputs used in the production process. Resources can be classified as:
Using four headings, identify and classify the different resources needed to produce pink lady apples and deliver it to the retailers.
Resources - Activity
Create a mystery product
In groups of 3, make a list of resources needed to create a product ( a good or a service).
Using similar headings to those in the previous activity, start writing the resources needed on the board, and see how long it takes the rest of the class to guess the mystery item