WEEK 1
Introduction to Economics
The Operation of the Economy
You will learn about:
You will learn to:
Examine economic issues
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:
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.
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
- 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
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.
Which of these are the tricky concepts?
What is the Business Cycle?
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What is the circular flow of income?
| activity-complete-the-circular-flow-model.pdf |
What's missing here? Add your voice to the padlet.
Let's look at the same principles from another perspective.
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
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...
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.
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.