Economics for People
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    • THE WORLD IS NOT FLAT >
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    • TO INFINITY AND BEYOND >
      • LABOUR MARKET INSTITUTIONS
  • HSC
    • THE GLOBAL ECONOMY >
      • INTEGRATION
      • TRADE
      • ECO DEVELOPMENT
    • AUSTRALIA'S PLACE IN THE GLOBAL ECONOMY >
      • AUS TRADE & FIN FLOWS
      • EXCHANGE RATES
      • PROTECTION IN AUS
    • ECONOMIC ISSUES >
      • ECONOMIC GROWTH
      • UNEMPLOYMENT
      • INFLATION
      • EXTERNAL STABILITY
      • INCOME & WEALTH
      • ENVIRONMENT
    • ECO POL & MMENT >
      • OBJECTIVES
      • FISCAL POLICY
      • MONETARY POLICY
      • MICRO POLICIES
      • LABOUR MKT POLICIES
      • ENVIRONMENTAL POLICY
      • LIMITATIONS
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WEEK 1

​Introduction to Economics

The Operation of the Economy
You will learn about:
  • how economists understand the operation of the economy.

You will learn to:
Examine economic issues
  • identify the opportunity costs involved in economic decisions made by individuals, businesses and governments at local, state and national levels
Apply economic skills
  • distinguish between equilibrium and disequilibrium situations in the circular flow of income model
  • explain how an economy might return to an equilibrium situation from a disequilibrium situation
  • identify bias in media terms on economic issues affecting the local, state and national economies


Traditional economics sets out some  basic premises. Let's think these through and see where they are happening in our everyday lives.
​
The operation of an economy relies on:
  • the production of goods and services from resources – natural, labour, capital and entrepreneurial resources
  •  the distribution of goods and services
  • the exchange of goods and services
  • the  provision of income
  • the provision of employment and quality of life through the business cycle and
  • the circular flow of income
-     individuals, businesses, financial institutions, governments, international trade and financial flows

Write these points in your workbook. 
Reading over these points, which one of these points makes sense to you? Write a response in the padlet below explaining your choice.

​

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​Which of these are the tricky concepts?

What is the Business Cycle?
Picture
Picture

​

What does a 'peak' look like? Describe your local area in a 'peak'.



​What does a 'trough' look like? Describe the national headlines in a 'trough'.

What is the circular flow of income?

Picture
activity-complete-the-circular-flow-model.pdf
File Size: 102 kb
File Type: pdf
Download File

​What's missing here? Add your voice to the padlet.

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​Let's look at the same principles from another perspective.

Picture
Turn and talk.
The Story of Stuff was made in 2009, but some points are still relevant. List 5 interesting points you picked up in this clip about economics and economic thinking.

​

​Let's look at the Story of Solutions

This might be a better picture you can relate to...

Picture
Reference: https://core-econ.org/the-economy/book/text/01.html#111-economics-and-the-economy

​Sum up your learning.

​1. How does an economy provide income?
2. What is the relationship between the business cycle and employment?
3. What biases are there in the media when reporting on economic issues?
4. Watch the following short film from We, The People and then consider how  economic growth is related to our quality of life.

​What have you learned this week in Economics? Write down 3 things in the padlet.

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  • Home
  • Assessment
    • Y11
    • Y12
  • FOR TEACHERS
  • Preliminary
    • THE ECONOMICS OF EVERYTHING >
      • WEEK 1
      • WEEK 2
      • WEEK 3
      • WEEK 4
      • WEEK 5
      • WEEK 6
      • WEEK 7
      • WEEK 8
      • WEEK 9
      • WEEK 10
      • WEEK 11
    • CURIOUS CHOICES >
      • WEEK 1
      • WEEK 2
      • WEEK 3
      • WEEK 4
      • WEEK 5
      • WEEK 6
      • WEEK 7
      • WEEK 8
      • WEEK 9
      • WEEK 10
    • THE WORLD IS NOT FLAT >
      • WEEK 1
      • WEEK 2
      • WEEK 3
      • WEEK 4
      • WEEK 5
      • WEEK 6
    • TO INFINITY AND BEYOND >
      • LABOUR MARKET INSTITUTIONS
  • HSC
    • THE GLOBAL ECONOMY >
      • INTEGRATION
      • TRADE
      • ECO DEVELOPMENT
    • AUSTRALIA'S PLACE IN THE GLOBAL ECONOMY >
      • AUS TRADE & FIN FLOWS
      • EXCHANGE RATES
      • PROTECTION IN AUS
    • ECONOMIC ISSUES >
      • ECONOMIC GROWTH
      • UNEMPLOYMENT
      • INFLATION
      • EXTERNAL STABILITY
      • INCOME & WEALTH
      • ENVIRONMENT
    • ECO POL & MMENT >
      • OBJECTIVES
      • FISCAL POLICY
      • MONETARY POLICY
      • MICRO POLICIES
      • LABOUR MKT POLICIES
      • ENVIRONMENTAL POLICY
      • LIMITATIONS
  • Contact