Download - Economics taster lesson 2016
A-level Economics Taster Lesson
There is a medication which costs £300,000 per dose. It will extend the life of someone who is dying by 3 weeks. Should the NHS fund this medication?
In pairs, discuss:
A-level Economics Taster Lesson
Economics is the study of how society allocates its scarce resources amongst competing needs and wants to meet infinite needs and wants
A-level Economics Taster LessonEconomics is the study of how society allocates its scarce resources amongst competing needs and wants to meet infinite needs and wants
A-level Economics Taster Lesson
Economics is the study of how society allocates its scarce resources
The government The market
Come up with 5 examples of each – which should be allocated by government and which should be allocated by the market
A-level Economics Taster Lesson
Healthcare
Agriculture
A
B
If C were the ideal allocation, where would you put it?
A-level Economics Taster LessonDriving
“Economics is the painful elaboration of the obvious”
Journeys made
Marginal Private Cost
Marginal Private Benefit
Marginal Social Costcosts
& benefits
A-level Economics Taster LessonIn pairs, discuss & make notes on:
• Which should be regulated more : added sugar or heroin?
• What’s the rationale for introducing a fat tax – think of the last diagram?
• Should the government scrap tuition fees for those going to university?
• Should we reduce immigration and competition from foreign firms to benefit our economy?
• Should the government ban alcohol and tobacco rather than just tax them?
A-level Economics Taster LessonExpectations:• Open-minded and ready to think and
share• Inquisitive – want to know more and
willing to read, research & share• Aspirational – always looking to improve
; aiming for top grade, but also to get the most of the course
• Organised – homework done, turn up to lessons on time and with notes in order
• Independent – ’A’ level is step between GCSE & university / work
A-level Economics Taster LessonFurther Research:• THE BLOG : Google “Inspiring Economics
blogspot”
• Khan Academy• Paj Holden on youtube• The Economist website• Tutor2u website• Quality newspapers• Books : Freakonomics, Bluffers Guide to
Economics, Undercover Economist
What Are The Different Types Of Economics?
• Microeconomics
• Microeconomics manifests itself as:
• The concept of opportunity cost;• The rational decision making
(weighing up marginal costs and marginal benefits). In other words, what should happen using economic theory and not what ought to happen!
• The social implications of choice.
• Macroeconomics
• Macroeconomic issues manifest themselves as different aspects of a country’s economy, namely:
• Growth;
• Unemployment;
• Inflation;
• Balance of trade deficits (i.e. international trade).