Lesson 1.1 Economics as a Social Science Applied Economics General Academic Strand

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Questions and Answers

What is the main focus of the K12 program mentioned in the text?

Helping students make decisions on tracks and strands (correct)

Encouraging students to pursue vocational courses

Introducing foreign languages to the curriculum

Promoting physical education and sports activities

How was economics present in the students' decision-making process mentioned in the text?

Through the study of consumer behavior and market trends

By considering the scarcity of resources and opportunity cost (correct)

Through learning about the history of economic theories

By analyzing the impact of social media on their decisions

What situation is presented in the 'Deserted Island Wishlist' scenario?

Individuals preparing for a camping trip

Students selecting their preferred courses for college

A group of friends planning a vacation

Survivors stranded on an island without any resources (correct)

What task are the students supposed to complete in the 'Deserted Island Wishlist' scenario?

Prepare a list of ten items they want to find inside a container Signup and view all the answers

What happens to the supplies after a few hours with the new supplies in the 'Deserted Island Wishlist' scenario?

They are destroyed by a natural disaster Signup and view all the answers

What is the purpose of dividing the class into groups in the 'Deserted Island Wishlist' scenario?

To share resources and collaborate on tasks Signup and view all the answers

What does economics seek to understand?

How choices are made Signup and view all the answers

What is scarcity in an economic context?

Limited availability of resources relative to demand Signup and view all the answers

What is utility in the context of economics?

The satisfaction or usefulness a good can bring Signup and view all the answers

Which term represents the value of the next best alternative in economics?

Opportunity cost Signup and view all the answers

What does the Production Possibility Frontier diagram model?

Scarcity and choice Signup and view all the answers

According to economics, why are individuals forced to make choices?

Because resources are scarce Signup and view all the answers

In economic terms, what represents the consideration when making decisions?

Scarcity and choice Signup and view all the answers

What does an individual give up by choosing something else according to economics?

The opportunity cost Signup and view all the answers

What does economics believe humans are in terms of decision-making?

Rational beings Signup and view all the answers

What does the blue curve on the Production Possibility Frontier diagram represent?

The limited resources available Signup and view all the answers

Study Notes

K12 Program Focus

Aims to incorporate real-life applications of economics into education.
Enhances decision-making skills through practical scenarios.

Economics in Decision-Making

Influences how students assess resources and make choices based on availability and needs.
Engages students in weighing options and outcomes.

Deserted Island Wishlist Scenario

Students imagine being stranded on a deserted island.
They create a list of essential supplies needed for survival.

Task in Deserted Island Scenario

Compile a wishlist of items critical for survival.
Collaborate with peers to prioritize needs and resources.

Supplies After Few Hours

Supplies diminish due to consumption and usage.
Encourages students to reevaluate their wishlist based on changed circumstances.

Purpose of Group Division

Facilitates teamwork and diverse input in solving challenges.
Promotes collaborative decision-making among students.

Understanding Economics

Seeks to explore how resources are allocated and utilized.
Analyzes human behavior in resource management and decision-making.

Scarcity in Economics

Refers to limited availability of resources in relation to wants.
Necessitates choice and prioritization among competing needs.

Utility in Economics

Represents the satisfaction or benefit derived from consuming goods or services.
Influences consumer decisions and preferences.

Opportunity Cost

Term reflecting the value of the next best alternative foregone when making a choice.
Central to understanding trade-offs in decision-making.

Production Possibility Frontier (PPF)

Models the trade-offs between two goods or services, illustrating maximum production potential.
Demonstrates efficiency and opportunity costs.

Choices in Economics

Individuals must make choices due to scarcity of resources.
Choices are influenced by available options and desired outcomes.

Considerations in Decision-Making

Economic decisions weigh costs against benefits.
Involves assessing resources against personal or group needs.

Trade-offs in Economics

Choosing one option results in giving up alternatives.
Highlights the impact of scarcity on decision-making.

Human Decision-Making

Economics views individuals as rational decision-makers seeking to maximize utility.
Decisions are made based on available information and preferences.

Blue Curve on PPF

Represents the maximum possible outputs for two goods, indicating efficiency.
Demonstrates production limits and opportunity costs.

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Description

This quiz covers the application of economics in the decision-making process of students choosing their track and strand under the K12 program introduced in 2013. It aims to help students understand how economics played a role in this significant life decision.