INTRODUCTION TO ECONOMICS

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GRADE 10

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

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Let us test our knowledge about Economics – I know that often we know more than we think about something.

Instruction-

Click on the word below that you think will best suit the definition of Economics.

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Definition of an economy

servicesresources

Society

employ

presentproducealternative

concerned

social

consumption

Economics is a science with the way

chooses to its limited which have

uses to goods and for the

and future

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5Definition

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

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Return to Definition

Definition of an economy

servicesresources

Society

employ

presentproducealternative

concerned

social

consumption

Economics is a science with the way

chooses to its limited which have

uses to goods and for the

and future

social

7

8Definition

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Return to Definition

Definition of an economy

servicesresources

Society

employ

presentproducealternative

concerned

social

consumption

Economics is a science with the way

chooses to its limited which have

uses to goods and for the

and future

social

concerned

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11Definition

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-Society-Defined.topicArticleId-26957,articleId-26848.html

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Return to Definition

Definition of an economy

servicesresources

Society

employ

presentproducealternative

concerned

social

consumption

Economics is a science with the way

chooses to its limited which have

uses to goods and for the

and future

Social

Society

concerned

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14Definition

Employ in this contexts refers to the manner in which things are being used.

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Return to Definition

Definition of an economy

servicesresources

Society

employ

presentproducealternative

concerned

social

consumption

Economics is a science with the way

chooses to its limited which have

uses to goods and for the

and future

social

employ Society

concerned

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17Definition

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Return to Definition

Definition of an economy

servicesresources

Society

employ

presentproducealternative

concerned

social

consumption

Economics is a science with the way

chooses to its limited which have

uses to goods and for the

and future

social

employSociety resources

concerned

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20Definition

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

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Return to Definition

Definition of an economy

servicesresources

Society

employ

presentproducealternative

concerned

social

consumption

Economics is a science with the way

chooses to its limited which have

uses to goods and for the

and future

social

employSociety resources

alternative

concerned

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23Definition

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

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Return to Definition

Definition of an economy

servicesresources

Society

employ

presentproducealternative

concerned

social

consumption

Economics is a science with the way

chooses to its limited which have

uses to goods and for the

and future

social

employSociety resources

produce

concerned

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alternative

26Definition

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/service-sector.asp#ixzz1y5Llk2VC

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Return to Definition

Definition of an economy

servicesresources

Society

employ

presentproducealternative

concerned

social

consumption

Economics is a science with the way

chooses to its limited which have

uses to goods and for the

and future

social

employSociety resources

alternative produce

concerned

services

28

29Definition

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Return to Definition

Definition of an economy

servicesresources

Society

employ

presentproducealternative

concerned

social

consumption

Economics is a science with the way

chooses to its limited which have

uses to goods and for the

and future

social

employSociety resources

alternative produce

present

concerned

services

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32Definition

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

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Return to 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

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Well Done you have completed the definition

Next page

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TYPES OF ECONOMICS

MICRO- ECONOMICS

MACRO- ECONOMICS

Instructions:

1.Click on the video icon to watch a short clip of Micro and Macro Economics2.It is important that you watch carefully and remember to identify what the clip is saying.3.Pay careful attention to the distinguishing factors4.Once completed you will be ready to take your quiz on Micro and Macro Economics

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Focus on the action of the

individual and industries

Concerned with the behaviour of an

individual/household

MICRO- ECONOMICS

Concerned personal

expenditure and consumption

SUMMARY OF MICRO ECONOMICS

Next pageBack to Video

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MACRO- ECONOMICS

Analyzing economic activity

of a whole country or

international market

Encompasses averages of

national income, general price level

and total investments

Impact of taxes on peoples spending and living / or the

effect when we increase money

supply

SUMMARY OF MACRO ECONOMICS

Back

READY FOR YOU QUIZ? CLICK TO BEGIN

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INTRODUCTION TO ECONOMIC QUIZ

CLICK TO START YOUR QUIZ?

Remember to click on the answer that you think is correct

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NAME THE TWO TYPES OF ECONOMICS

Microbiotic and Macrobiotic

Capitalism and Mercantilism

Micro and Macro Economics

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LET MOVE ON TO THE NEXT QUESTION

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LETS TRY AGAIN

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True OR False

TRUE

FALSE

Micro Economics focuses on the Economic problems of a country

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LETS TRY AGAIN

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LETS MOVE ON TO THE NEXT QUESTION

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MICRO ECONOMICS

TAXES AND MONETARY SUPPLY WOULD FALL UNDER

MACRO ECONOMICS

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LET MOVE ON TO THE NEXT QUESTION

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LETS TRY AGAIN

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MICRO ECONOMICS

IN THE SUMMARY SLIDES THERE WERE PICTURES IN EACH ECONOMIC SYSTEM

CLICK ON THE PICTURE RELATED TO THE ECONOMIC SYSTEM

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LET MOVE ON TO THE NEXT QUESTION

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LETS TRY AGAIN

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MACRO ECONOMICS

IN THE SUMMARY SLIDES THERE WERE PICTURES IN EACH ECONOMIC SYSTEM

CLICK ON THE PICTURE RELATED TO THE ECONOMIC SYSTEM

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LETS TRY AGAIN

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WELL DONE YOU HAVE COMPLETED YOU

INTRODUCTION TO MICRO AND MACRO ECONOMIC

SYSTEM