Podcast
Questions and Answers
What characterizes land as a factor of production?
What characterizes land as a factor of production?
Which of the following defines unskilled labor?
Which of the following defines unskilled labor?
What is the payment received for labor called?
What is the payment received for labor called?
Which type of labor requires some physical and mental effort but not extensive training?
Which type of labor requires some physical and mental effort but not extensive training?
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What does capital refer to in the context of production?
What does capital refer to in the context of production?
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Which option best describes entrepreneurship?
Which option best describes entrepreneurship?
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What role do entrepreneurs play in the economy?
What role do entrepreneurs play in the economy?
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What is the main characteristic of professional labor?
What is the main characteristic of professional labor?
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What does economics primarily deal with?
What does economics primarily deal with?
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What condition is described by scarcity?
What condition is described by scarcity?
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Which of the following correctly describes absolute scarcity?
Which of the following correctly describes absolute scarcity?
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What does opportunity cost refer to?
What does opportunity cost refer to?
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If someone chooses to spend their evening at the movies instead of studying, what is the opportunity cost?
If someone chooses to spend their evening at the movies instead of studying, what is the opportunity cost?
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Which of the following statements best describes relative scarcity?
Which of the following statements best describes relative scarcity?
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Which of the following is NOT a factor of production?
Which of the following is NOT a factor of production?
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What percentage of applied economics assessment is based on written works?
What percentage of applied economics assessment is based on written works?
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Study Notes
Opening Prayer
- Students begin class with prayer.
Cleanliness
- Maintain a clean classroom environment.
Seating Arrangement
- Proper seating arrangements in the classroom.
Attendance
- Students should be present.
Applied Economics
- A specific subject focusing on economics.
About the Subject
- Specialized subject: 25-45-30 marks
- Written works: 25%
- PT's (practice tests): 45%
- Assessments: 30%
Think-Pair-Share
- Students think individually about a word related to economics.
- Discuss with partner.
- Share with the class.
Learning Targets
- Define economics.
- Explain scarcity.
- Distinguish between types of scarcity.
- Explain opportunity cost.
- Differentiate four factors of production.
What is Economics?
- Economics is a social science.
- It considers production, distribution, and consumption of goods and services.
- It involves using scarce resources to satisfy unlimited wants.
Scarcity
- Insufficient resources to meet all needs and wants.
Two Types of Scarcity
- Relative scarcity: Enough resources, but individuals may not be able to afford everything because of limited money.
- Absolute scarcity: Limited resources.
Opportunity Cost
- Value of the best alternative given up when making a choice.
- Value of best alternative forgone.
- What is lost when a choice is made.
Opportunity Cost (Example 1)
- Going to the movies: foregoing time spent reading a book.
Opportunity Cost (Example 2)
- Taking the train to work: foregoing driving time that can be used elsewhere.
Opportunity Cost (Example 3)
- Pursuing a college degree: foregoing potential income earned during those four years of education.
Fist to Five
- A student response method for checking understanding.
- 5: Complete understanding
- 4: Mostly understand
- 3: Understand pretty well
- 2: Needs more practice
- 1: Needs help
- 0: Doesn't understand at all
Four Factors of Production
- Resources used to produce goods and services.
Four Factors of Production (Detail)
- Land: Naturally occurring resources
- Labor: Mental or physical effort contributing to production
- Capital: Money or assets used in production (tools, equipment, buildings)
- Entrepreneurship: Risk-taking for starting and running a business.
Land
- Naturally occurring resources, or gifts of nature are fundamental characteristics.
Labor
- Human effort, mental or physical, contributing to production; also called human resources. Wage is the payment for labor.
Types of Labor
- Unskilled: Simple tasks without judgment.
- Semi-skilled: Some physical and mental work for tasks.
- Skilled: Education, experience, and certifications to fulfill job's task.
- Professional: Specific expertise.
Capital
- Money, natural and human resources, and other assets used in the production process (tools, equipment, buildings).
Entrepreneurship
- Willingness to take risk with time and money to start and run a business.
- Individuals have ability to organize factors of production into a business enterprise. Without this, many goods/services we use today, would not exist.
Activity 1
- Provide five examples of opportunity cost.
Thank You
- Expression of gratitude for attention.
Progress Check (review)
- Define economics.
- Explain scarcity.
- Distinguish types of scarcity.
- Explain opportunity cost.
- Differentiate four factors of production.
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Description
This quiz covers key concepts and learning targets related to applied economics. Topics include definitions of economics, the concept of scarcity, and the four factors of production. Students will engage in individual and group discussions to reinforce their understanding of these principles.
