introduction to grade 11 economics

INTRODUCTION TO GRADE 11

ECONOMICS

Ms. Eleveld

Today’s Schedule Classroom Rules Brainstorm Course Handout Ice Breaker Economics in the News (if there is time!)

Camping Trip Ice Breaker You are going camping for 1 summer month

in Canada.What do you think are important things that you

need while camping? What do you need to survive?

Each group of 3 selects items one at a time until each group has 5 items.

The group that is most likely to survive wins

Items AvailableSet of Matches Set of Matches Vegetable Seeds Rope

Rope Cell Phone Swiss Army Knife Machete

Can of Tuna Can of Beans Elastic Bands Bag of Rice

Umbrella Map Tarp Coat Hangers

Newspapers Sleeping Bag Pillow Lawn Chair

Hammock Red Paint and Paintbrush

2 toothbrushes Nail File

Car Keys Plant Food Water Bottle Pail

Decide on which items you are happy with.

Decide which items you would like to have from the list

Decide which items you are willing to get rid of.

You have ten minutes to trade with other groups to get a set of supplies that you are happy with.

Last Step Explain why each item that your group

has is important to your survival

How do you think the Camping Activity relates to Economics?

In partners, brainstorm what the word ECONOMICS means to you

What’s happening this week in Economics1. Sears, Target and Abercrombie and

Fitch post weak sales.- Why do you think weak sales this week is

important?- What do you think weak sales in major

stores indicates about the economy?

What Does This Mean? Consumers are starting to hesitate when

purchasing items. Back to school is usually a time for stores to sell a lot of product.

The key to a booming/good economy is financial growth.

The Question: If people are hesitant to spend their money, how is the economy going to grow and expand?

Spanish Debt2. 11.61% of bank loans in Spain are not

being paid back.- If someone cannot pay back their loan,

where does the money come from?

What Does This Mean? Normally banks think that 2-3% of

people will not be able to pay back their loans. They, therefore, keep approximately this amount of money in reserves.

The Question: Where is the bank going to get this money from?

More about Spain Spanish villages are being put up for

sale for as little as $50 000. More and more rural villages are being

abandoned as the younger generations seek jobs in the city.

With the economic hardships that are happening in Spain, the villagers are trying anything they can to make some money.

https://www.youtube.com/watch?v=Ifc2aOwy4S8

You can’t even buy a condo in Mississauga for $50 000.

Learning Goals What is a learning goal?

○ The content that we will be learning in a given day, week or unit.○ Learning goals are derived from the Ontario Curriculum for

Grade 11 Economics and changed into student friendly language.

For Example,Ontario Curriculum – Explain, using specific examples, the

economic problem of scarcity and the choices and trade-offs that individuals and societies must make.

Student Language – ○ I will be able to understand the concept of Scarcity○ I will be able to understand how the choices that we make affect

the economy.

Today’s Learning Goals1. I will understand the concept of scarcity

and why it is a problem.2. I will be able to explain real-world

examples of scarcity3. I will understand the difference between

Micro and Macro economics4. I will be able to explain the three basic

types of economic choices – what, how, and for whom to produce.

Scarcity The basic economic problem that arises because people have

unlimited wants but resources are limited.

Because of scarcity, various economic decisions must be made to allocate resources efficiently.

These resources are the inputs of production: land, labor and capital.

 People must make choices between different items because the resources necessary to fulfill their wants are limited. These decisions are made by giving up (trading off) one want to satisfy another.

E.g. Someone wants a $20 T-Shirt AND a pair of $20 pants but they only have $30.

Incentives A reward that encourages an action or

penalty that discourages an action.E.g. if the price of pop falls compared to the

price of juice, consumers have an incentive to buy more pop than juice.

Economics is split into two categoriesMicroeconomics and Macroeconomics

So why is Scarcity a problem?

In partners, find 3 real world examples of Scarcity. Be prepared to present your examples (you may use PPT if desired)

Learning Goal #1 and 21. I will understand the concept of scarcity

and why it is a problem.

2. I will be able to explain real-world examples of scarcity

Unit 1 – The Basics What is economics?

A social science that studies the choices that individuals, businesses, governments, and entire societies make as they cope with scarcity and incentives.

Economics is split into two categoriesMicroeconomics and Macroeconomics

Microeconomics the study of choices that individuals and

businesses make, the way these choices interact in markets, and the influence of governments

Sample Question: Why are people buying more DVD’s and fewer movie tickets?

Macroeconomics The study of the performance of the

national economy and the global economy.

Sample Question: Why did inflation in Canada start to increase in 2008?

Your Task In partners, find 1 example of

Microeconomics and 1 example of Macroeconomics in the news.

Be prepared to explain why you chose each topic.

Learning Goal #3

I will understand the difference between Microeconomics and Macroeconomics

Goods and Services - Outputs Goods – physical objects, such as cell

phones and cars

Services – tasks performed for people, such as hair dressers and car repair service.

3 Economic Choices What to produce

How to produce it

For whom to produce it for

1. What to produce What we produce changes over time. How do producers know which type of

product to produce and how much of it will be purchased?

2. How to produce it Goods and services are produced by using

productive resources that economists call Factors of Production (Input) which are grouped into three categories;Land – natural resourcesLabour – people and their physical and mental work

effortsCapital – tools, instruments, machines, buildings and

other things that businesses use to produce goods and services.

How do producers decide on which resources and how much of each resource to use?

3. For Whom to produce The consumption of goods and services that

are produced depends on the incomes that people earn.

People with large wages can consume more goods and services than people with lower wages.

What are some ways that people can earn income?

How do producers know who is going to buy their product?

Learning Goal #4 I will be able to explain the three basic

types of economic choices – what, how, and for whom to produce.