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INTRODUCTION TO ECONOMICS 1 GRADE 10 NEXT SLIDE Objective of Lesson • Defining economics and how it relates to everyday life • Differentiate between mirco and macro economics Key concepts for today • Economics • Micro Economics •Macro Economics NEXT SLIDE 2 Let us test our knowledge about Economics – I know that often we know more than we think about something. InstructionClick on the word below that you think will best suit the definition of Economics. NEXT SLIDE 3 Definition of an economy Economics is a science chooses to uses to with the way its limited goods and which have for the and future resources alternative concerned produce Society services present consumption 4 social employ A group of academic disciplines that examine society and how people interact and develop as a culture. Social science as a field of study is separate from the natural sciences, which cover topics such as physics and chemistry. Economics, political science, history, law and geography can be considered social sciences. Read more: http://www.investopedia.com/terms/s/social-science.asp#ixzz1y4tkU5ly Definition5 Return to Definition 6 Definition of an economy Economics is a social science chooses to uses to with the way its limited goods and which have for the and future resources alternative concerned produce Society services present consumption 7 social employ Definition8 Return to Definition 9 Definition of an economy Economics is a social science chooses to uses to with the way concerned its limited goods and which have for the and future resources alternative concerned produce Society services present consumption 10 social employ Sociologists define society as the people who interact in such a way as to share a common culture. The cultural bond may be ethnic or racial, based on gender, or due to shared beliefs, values, and activities. The term society can also have a geographic meaning and refer to people who share a common culture in a particular location. For example, people living in arctic climates developed different cultures from those living in desert cultures. In time, a large variety of human cultures arose around the world. http://www.cliffsnotes.com/study_guide/Culture-and-SocietyDefined.topicArticleId-26957,articleId-26848.html Definition11 Return to Definition 12 Definition of an economy Economics is a Society Social science chooses to uses to with the way concerned its limited goods and which have for the and future resources alternative concerned produce Society services present consumption 13 social employ Employ in this contexts refers to the manner in which things are being used. Definition14 Return to Definition 15 Definition of an economy Economics is a Society science social chooses to its limited employ uses to with the way concerned goods and which have for the and future resources alternative concerned produce Society services present consumption 16 social employ Definition17 Return to Definition 18 Definition of an economy Economics is a Society social chooses to uses to science concerned its limited employ with the way resources goods and which have for the and future resources alternative concerned produce Society services present consumption 19 social employ One of the two or more ways of achieving the same desired end or goal. An alternative does not have to be a close substitute for the first choice (or other alternatives), or must solve the problem in a particular way. For example, bundling, extensive promotion, lower price, money-back guaranty, special offer, etc., are all alternative ways for achieving the same end: greater sales revenue. Alternatives are mutually exclusive in the sense that if features of two or more alternatives are combined it would create a new alternative. Also called option. Read more: http://www.businessdictionary.com/definition/alternative.html#ixzz1y4vW7Tox Definition20 Return to Definition 21 Definition of an economy Economics is a Society alternative social chooses to uses to science concerned its limited employ with the way resources goods and which have for the and future resources alternative concerned produce Society services present consumption 22 social employ Economic production is an activity carried out under the control and responsibility of an institutional unit that uses inputs of labour, capital, and goods and services to produce outputs of goods or services. http://stats.oecd.org/glossary/detail.asp?ID=725 Definition23 Return to Definition 24 Definition of an economy Economics is a Society alternative social chooses to uses to concerned science employ produce its limited with the way resources goods and which have for the and future resources alternative concerned produce Society services present consumption 25 social employ The portion of the economy that produces intangible goods. According to the U.S. Census Bureau, the service sector primarily consists of truck transportation, messenger services and warehousing; information sector services; securities, etc Read more: http://www.investopedia.com/terms/s/servicesector.asp#ixzz1y5Llk2VC Definition26 Return to Definition 27 Definition of an economy Economics is a Society alternative social chooses to uses to science its limited employ produce concerned goods and with the way resources services which have for the and future resources alternative concerned produce Society services present consumption 28 social employ Definition29 Return to Definition 30 Definition of an economy Economics is a Society alternative present resources social chooses to uses to science its limited employ produce concerned goods and with the way resources services which have for the and future alternative concerned produce Society services present consumption 31 social employ The process in which the substance of a thing is completely destroyed, used up, or incorporated or transformed into something else. Consumption of goods and services is the amount of them used in a particular time period. Read more: http://www.businessdictionary.com/definition/consumption.html#ixzz1y5OH565J Definition32 Return to Definition 33 Well Done you have completed the definition Economics is a Social science concerned with the way society chooses to employ its limited resources which have alternative uses to produce goods and services for the present and future consumption Next page 34 MICROECONOMICS MACROECONOMICS TYPES OF ECONOMICS Instructions: 1. Click on the video icon to watch a short clip of Micro and Macro Economics 2. It is important that you watch carefully and remember to identify what the clip is saying. 3. Pay careful attention to the distinguishing factors 4. Once completed you will be ready to take your quiz on Micro and Macro Economics 35 Next page 36 SUMMARY OF MICRO ECONOMICS Concerned with the behaviour of an individual/household Focus on the action of the individual and industries MICROECONOMICS Concerned personal expenditure and consumption Back to Video Next page 37 SUMMARY OF MACRO ECONOMICS Analyzing economic activity of a whole country or international market MACROECONOMICS Impact of taxes on peoples spending and living / or the effect when we increase money supply Back Encompasses averages of national income, general price level and total investments READY FOR YOU QUIZ? CLICK TO BEGIN 38 INTRODUCTION TO ECONOMIC QUIZ Remember to click on the answer that you think is correct CLICK TO START YOUR QUIZ? 39 NAME THE TWO TYPES OF ECONOMICS Microbiotic and Macrobiotic Capitalism and Mercantilism Micro and Macro Economics 40 LET MOVE ON TO THE NEXT QUESTION 41 LETS TRY AGAIN 42 True OR False Micro Economics focuses on the Economic problems of a country TRUE FALSE 43 LETS TRY AGAIN 44 LETS MOVE ON TO THE NEXT QUESTION 45 TAXES AND MONETARY SUPPLY WOULD FALL UNDER MICRO ECONOMICS MACRO ECONOMICS 46 LET MOVE ON TO THE NEXT QUESTION 47 LETS TRY AGAIN 48 IN THE SUMMARY SLIDES THERE WERE PICTURES IN EACH ECONOMIC SYSTEM CLICK ON THE PICTURE RELATED TO THE ECONOMIC SYSTEM MICRO ECONOMICS 49 LET MOVE ON TO THE NEXT QUESTION 50 LETS TRY AGAIN 51 IN THE SUMMARY SLIDES THERE WERE PICTURES IN EACH ECONOMIC SYSTEM CLICK ON THE PICTURE RELATED TO THE ECONOMIC SYSTEM MACRO ECONOMICS 52 53 LETS TRY AGAIN 54 WELL DONE YOU HAVE COMPLETED YOU INTRODUCTION TO MICRO AND MACRO ECONOMIC SYSTEM 55