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Xin Lu

on 29 March 2014

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Transcript of ECONOMICS


The Beginning of Economics
Ancient Greece
Roman Empire
Market forms
More People barter
Hand production
Wood and bio-fuel
Larger city
Coal and steam power
what is economics?
What is its scoop?
Theories within Economics
Multidisciplinary and Interdisciplinary relationship with other social studies
interest rate
Monetary policy
Governement intervention

Monetary Policy
Issues teachers face in teaching economics
Economic reasoning and interpretation
Teaching Economics in Australia
Hobart Declaration
Economic way of thinking
Economics gained its popularity
Learning and Teaching of Economics
Adelaide Declaration
Melbourne Declaration
1989 1999 2008
Hobart Declaration 1989
Economics was not included as a stand-alone subject, but the Declaration has listed the Agreed National Goal for Schooling which embraced the importance of economics and business education.
respond to the current and emerging economic and social needs of the nation, and provide those skills which will allow students maximum flexibility and adaptability in their future employment and other aspects of life;
develop students an understanding of, and concern for, balanced development and the global environment; and
provide appropriate career education and knowledge of the world of work, including and understanding of the nature and place of work in out society.
For Example:
(MCEECDYA, 1989)
Adelaide Declaration 1999
Declaration agreed that the studies of society and environment as one of eight key learning areas; but again, economics is offered as part of social and environment studies.
For Example
have the capacity to exercise judgements and responsibility in matters of morality, ethics and social justice, and the capacity to make sense of their world, to think about how things got to be the way they are, to make rational and informed decisions about their own lives and to accept responsibility for their own actions;
have employment related skills and an understanding of the work environment (and) career options;
have an understanding of, and concern for, stewardship of the natural environment, and the knowldge and skills to contribute to ecologically sustainable development.
National goals of schooling should help students to
(MCEECDYA, 1999)
It expected a national curriculum to help students to
Melbourne Declaration 2008
provides educational goals for young Australians in 21st century learning;
specifies a place for Economics and Business in the humanities and social science learning areas.
recognised that over the past 20 years, the way people interact with each other and thoughts about the purpose of learning has changed;
Curriculum development by ACARA
1st phase endorsed in 2010: English, Mathematics, Science and History
2nd phase endorsed in 2013: Geography, Languages, and the Arts
3rd phase available for use; awaiting final endorsement: Health and Physical Education, ICT, Economics and Business, and Civics and Citizenship
(ACARA 2014)
(Marsh & Hart 2011)
(ACARA 2014)
Prepare to teach Year7-10 Economics
Why is it important to teach young people of Economics?
What values, knowledge, skills and concepts are covered?
What issues do teachers face in teaching Economics?
What resources and/or tools are available for Economics teachers?
What is and how to become a good economics teacher?
Why is it important to teach Economics to young people?
Gain economic, consumer and financial literacy which are essential for them to recogonise themselves as consumers and producers, make informed decisions about the use and management of their resources.
According to Marsh & Hart (2011), yet for most young Australians compulsory years are the only time for them to study economics, economics education benefit them to
Melbourne Declaration specified in its educational Goal 2 'to support all young Australians to become successful learners ,confident and creative individuals, and active and informed citizens' (MCEETYA 2008 p8).

Economics education has close relevance and significant contribution in achieving educational these goals.
So, it important to provide economics education to lower secondary school students, whereas school can promote a more reliable environment for economics education which reduce biased information and untested conclusions to students. (Marsh & Hart 2011)
In turn, 'the economy performs better when its participants are well informed, because well informed people make better decisions that enhance resource allocation, and thus contribute to raising efficiency, productivity and living standards' (Marsh & Hart 2011 p288)
Limited understanding of economics knowledge and skills can ultimately may restrict a person's capacity to participate actively in society in response to individual, group, local or broader national and global needs (Marsh & Hart 2011).
Become active and better informed citizens and generate new ideas for the creation of a well-functioning and informed democracy.
Have a basic understanding of how our economy operates and how economic decisions are likely to affect their life and wellbeings and that of other.
Develop thinking like economists, practising economic reasoning and interpretation, problem-solving and decision-making, so students can assess decisions in terms of their costs and benefits.
Young Australians
and Economy
Economics is relevant to any person at any age, position or place. It is so important that we cannot ignore it.
Ready for a trip to see what economic issues are taking place in our city?
Should I travel by
I'm going by plane.
I want to save money, but that means I can't save time. I choose this time of year to travel because it is now at low season. The flight ticket is more affordable after a student discount.
Because I'm a busy person, time is a very important resource to me. Plane is the quickest way to arrive at my destination compared to the other ways of traveling. Also, I can spend more time on sightseeing.
Both time and income are useful to me, so they are my resources. But I have to make decision on how to allocate and manage them so I can reach maximum satisfaction.

There are other resources that the community, businesses and the government have to make decisions on how to utilize them in their best ways to satisfy the unlimited want from the whole society.
For example, the government has to decide whether there is a demand for an airport, whether the whole community will be better off if the same land is used for building a shopping center, will the building of airport reduce the employment rate, what cost and benefits are associated with building it.
That was quick and comfortable!
Why do we need to deposit money in the bank? Who controls the interest rate? Why are most of my clothes made in Asia?
Transactions and economic activities are taking place at all the time.
Why do I pay $4 not $1 for a loaf of bread? Who set the price? Why there is GST included and who gets it? How did the shop know there was no over-supply or under-supply of bread?
Why don't I have to pay to go to the library? Who pays to the librarians? Where does money come from?
Why does Perth introduce Sunday trading? How do small businesses compete with big companies? Why shops in Perth don't open 24/7 while it is common in HK?
All of these 'WHY' questions can be answered using economic models and skills. (Marsh & Hart 2011)
How does education benefit an individual in short-term and/or in the long-run?
Is education an investment? What are the expected returns from education?
What are the effects of education on local, national and international economic growth?
These questions fall into Microeconomics branch. Microeconomics is concerned with the decision-making of a single unit (individual) of an economic system. (New Age Publisher n.d.)
1. Determination of demand pattern;
2. Determination of supply pattern;
3. Pricing system
4. Free market
Macroeconomics is the other branch of economics. It relates to the economic system as a whole.
1. National income and expenditure
2. Employment and unemployment;
2. Price level: inflation and deflation;
3. Government policies;
4. Interactions between markets
5. Exports and imports
What are the costs and benefits?
What decision should be made?
high inflation
National Deficit
Collaboration to improve teaching of economics
Teaching Resources
The world is changing constantly. Economics requires students to keep themselves up to date so they can adapt better to the dynamic world.

BTN website is designed to support learning for young students. Features such as videos, quizzes and stories form great resources for teaching economics.
Economics issues are related to the use of major economics and business websites such as ASIC, ASX.

Access to these websites promote economic way of thinking and create a proactive culture of learning amongst students, which is essential for inquiry learning. Teachers can also find economics games to motivate students to learn.
Teachers can find pdf lesson plans and hints for different grade levels, and videos for students and teachers.
Teaching Tools
Wordle is a toy for generating “word clouds” from text. The clouds give greater prominence to words that appear more frequently in each economics topics.

Teachers can tweak their clouds with different fonts, layouts, and color schemes. The images created with Wordle can be printed out, or save them to the Wordle gallery to share with your students, or as a brainstorming tools for introducing or reviewing an economics lesson.
A WebQuest is an inquiry-oriented lesson format in which most or all the information that learners work with comes from the web.

There multiple templates to use, which inspire and innovates teachers to make good use of the ICT while engaging their students. In this way teachers are able to share resources, organise lesson in a more efficient way. It has been adopted by many countries around the world.(Webquest 2013)
Lastly, to incorporate dynamic way of presenting economics lessons, teachers can choose PPT or Prezi
These two tools can facilitate the running of economics classrooms and activities.

Activities include:
1. Creating reading and/or media blog; 2. Hot seat role-play
3. Pinning questions on the wall 4. Question dice
5. Predict, observe, explain (POE) 6. Postbox
7. Role-play
skills covered for learning economics
"Inclusion of economics in the curriculum relates to the idea that economics is 'hard' and 'too sophisticated'. " as "some of these understandings will be intellectually challenging for students in the compulsory years" (Marsh & Hart 2011 pp291, 296)
Economics educators face challenge in convincing curriculum leaders that economics is an essential subject for compulsory years. This is because economics has long been perceived as a subject requiring higher order thinking and one that is appropriate only for the post-compulsory years. (Marsh & Hart 2011)
Economics teachers also face dilemma to make economics engaging and accessible for all. When describing the fundamental question of what economics is, the answers usually hardly engage the hears and minds of students (Marsh & Hart).

In another word, the theory part of content and sophisticated economic models can easily bore students.

Teachers need to find the most appropriate ways of delivering economics class and engaging students.
1. Generate possible questions for an economic issue
2. Apply prior knowledge to make prediction
3. Identify main players in the issue and describe their roles
4. Test hypothesis
5. Gather and evaluate relevant information and data
6. Provide appropriate evident and sources for the issue
7. Evaluate,synthesise and report conclusions
8. Take actions if applicable: such as to raise awareness
9. Reflect or reconsider the consequences and outcomes
Inquiry skills
Instead of memorising facts and information, students take an proactive role in learning. Students will:
Inquiry skills enable students to develop an understanding by exploring the issues, collecting data and transforming information into ueful and applicable knowledge. (Marsh & Hart 2011)
Cost-benefit analysis
Problem solving
Economic decision making
Enterprising skills
Students will vedelop research and ICT skills to collect, select information and to evaluate economic propositions, proposals and policies.
students learn that there are trade-offs that need to be considered when any decision is made.
Students also need to consider the alternatives when making a decision so that benefits may be maximised and costs minimised. (Marsh & Hart 2011)
Collaborative work and activities will develop students' interpersoal skills while working with others.
Students will grasp skills in risk taking, creativity, innovation and making choices.
Economics models are built on perfect share and access of information and efficient allocation of resources. However, perfection does not happen in reality and the market does fail to regulate itself sometimes.
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