Welcome to

Teach Econ

London

Monday 18th October 2010

Ideas for lesson

STARTERS

Line Up Opportunities

• Gini Coefficients (Inequality)• Human Development Index• GDP per capita• Average growth rates for different

countries• Regional incomes and

unemployment

AnswersJob Salary (£) Job Salary (£)

Beyonce 55000000 Social worker 30000

Celebrity chef 4000000 Firefighter 28200

Prem. Footballer 1300000 Librarian 24000

Prime Minister 142500 Personal Assistant 23000

Headteacher 73000 Median UK salary 21320

Trainee barrister 60000 Hospital porter 18000

Senior lecturer 48000 Call centre worker 17000

Actuary 45000 Nurse (new) 16500

McDonald’s store manager

42000 Care assistant 16000

Train driver 40000 Retail assistant 13000

Solicitor 39000 Hairdresser 12000

Army Captain 35000 Holiday rep 9000

SUPPORTING VISUAL LEARNERS

EXPERIMENTAL ECONOMICS

Explaining price differences

• Utility from car rentals in London• Economies of scale• Intensity of local competition• Congestion charge – response by

car rental firms?• Availability and cost of close

substitutes (tube, light rail etc)• Differences in regional income• Business / leisure demand may

vary by location

Suggestions for price research opportunities

• Amazon market place• Hotel room rates using Late Rooms• Air fare price research• Car insurance prices• Concert ticket prices• Football ticket prices• Book prices• Music downloads• Ticket prices for the London

Olympics

The growing importance of networks

• Information transmission• Web links• Technology exchange• Trade between regions and

nations• Credit and financial flows• Friendship and Trust (social

networks and social capital)• Spread of epidemics• Diffusion of ideas and innovation

AUDIO VISUAL RESOURCESTo cement economic ideas and principles