Economics and Business Year 8 PDF

Humanities and Social Sciences Economics and Business Introduction and 6 key concepts of economics. Year 8 CONTENT Content we will study in Economics and Business this term The concept of markets is introduced to develop understanding of the concepts of interd...

Humanities and Social Sciences Economics and Business Introduction and 6 key concepts of economics. Year 8 CONTENT Content we will study in Economics and Business this term The concept of markets is introduced to develop understanding of the concepts of interdependence, making choices and allocation. Consider how markets work and the rights, responsibilities and opportunities that arise for businesses, consumers and governments. Work and work futures are explored as students consider the influences on the way people work now and consider how people will work in the future. Assessments Common Assessment Task Term 4 Week 3 , Thursday 10% Common Assessment Task Term 4 Week 6, Thursday 15% Learning LearningObjective Objective Students will identify the six concepts of economics. Students will be able to define and explain the six concepts of economics. Success Success Criteria Criteria Students can identify the six concepts of economics. Students can define and explain the six economic concepts. Concept Development Title: Economics and Business Title EQ EQ: What are the six key concepts of Economics and Business? Keywords Key Word [headings on slides] Notes Notes Homework (Do not rule up this section until we are finished with notes): Answer EQ in Summary section Homework Activate Prior Knowledge In Year 7 Economics and Business, we studied different key economic terminologies. In your book, create a brainstorm to write all the economic terminologies that you can remember from last year. TEACHER CUE Write all students’ answers on the board and define them as you go. Introduction to Economics: https://www.youtube.com/watch? v=j9ooSSqsB9M&ab_channel=P TEACHER CUE rofessorDaveExplains 6.10m Teachers create a brainstorm cloud on the whiteboard to get students started. Vocabulary The word ‘economics’ ECO is a derivation of the Greek oikos, meaning an extended family unit that consists of the house, members of the family, slaves, farmland, and all property. The suffix –NOMY is derived from the Greek nomos, meaning management, law, or principle. Thus oikonomos, the original form of ECONOMICS, means ’the management of the home.’ Economics is the study of how we manage (by making choices) our resources to satisfy the economic problem (scarcity). Concept Development Economics and Business The 6 concepts of Economics and Business are: 1. Scarcity TEACHER CUE 2. Making choices Tell students to leave four line spaces in between each 3. Specialisation and trade concept as they will use this later write the definition. 4. Interdependence 5. Allocation and markets 6. Economic performance and living standards Concept Development Scarcity Scarcity is the economic problem of having unlimited needs and wants, but limited resources available. Making choices Making choices is an important part of economics. As consumers, we make choices about what we want to buy to satisfy our needs and wants. These decisions can be small, such as what we will buy for lunch, or big, such as whether or not to buy a house. Concept Development Specialisation and trade Trade refers to the importing and exporting of goods and services. Specialisation refers to the way an individual, business, or an entire country can focus on the production of a particular good or service in order to develop a more efficient and competitive production. Interdependence Interdependence refers to the way we rely on others to satisfy our wants and needs. Participants in our economy including producers, consumers and governments depend on each other to produce, specialise and consume goods and services. Concept Development Allocation and markets The concept of allocation refers to the way we distribute our scarce resources among producers. It also refers to the way we then distribute scarce goods or services among consumers. It is our market economy that most often determines how resources will be distributed. Economists measure how well an economy is doing, known as economic performance, using a wide variety of methods. These methods include measuring Gross Domestic Product (GDP), inflation and unemployment. As there is a link between economic performance and living standards, economists aim to manage the economy to ensure that everyone in society has a higher quality life. Concept Development CHECK FOR UNDERSTANDING CHECK FOR UNDERSTANDING Needs What is an example What is an example of of a need? an individual want? A need is something that we must have in order to survive. Examples: Water, food, shelter, clothing Individual wants Individual wants are items and services desired by an individual to improve their life in some way. Examples: Jeans, computers, Netflix, haircut. Use own income to purchase. Collective wants Collective wants [Society] are items and services CHECK FOR desired by the whole community. UNDERSTANDING Examples: Skate parks, libraries, hospitals, What is an example defence, schools of a collective want? Provided by government. Concept Development Opportunity Cost Opportunity cost represents the potential benefits that a business, an investor, or an individual consumer misses out on when choosing one alternative over another. While opportunity costs can't be predicted with total certainty, taking them into consideration can lead to better decision making. Guided GuidedPractice Practice Prepare to answer the following questions write the answer on your page. Guided GuidedPractice Practice The the economic problem of having unlimited needs and wants, but limited resources available is known as…? Guided GuidedPractice Practice The concept of economics that refers to dealings with other countries is known as…..? Guided GuidedPractice Practice Which concept of economics refers to increasing overall wealth for all members in society? Guided GuidedPractice Practice Which concept of economics refers to the items and services desired by the whole community? Guided Guided Skill Practice Practice Development Task - Create a mind map of the 6 To demonstrate your concepts. understanding, you will need to Use the pp. 300-303 create a mind map to define the Oxford Big Ideas 8 six economic concepts using as a source for your your own words. Mind Map Use COLOUR and include images, where appropriate, to enhance your Mind Map What is a mind map? Why do we use it? Mind maps are a great way to visually Mind maps help to visually represent concepts an ideas. In a concept represent concepts and mind map, the main point is usually at the ideas, allowing us to see centre with the linking concepts branching out how they are all linked and showing the relationships between them. better analyse them. Lesson Closure The are six concepts in economics, scarcity, making choices, specialisation and trade, interdependence, allocation and markets, economic performance and living standards. Needs are goods and services that one must have in order to survive. Individual wants are goods and services that one would like to have to improve their lives Collective wants are wants that the community would like to have and are paid for by the government.