Topic 4 - The Individual as Producer, Consumer and Borrower MOTIVATING STUDENTS TO LEARN ECONOMICS IN SECONDARY SCHOOLS Topic 4 - The Individual as Producer, Consumer and Borrower Topic 5 - The Private Firm as Producer and Employer

Conducting Interviews When conducting interviews, students will: collect real data and develop their research skills improve their communication skills be able to practise social etiquette

Some suggestions on conducting interviews Students to brainstorm possible questions to ask Teacher to go through the suggested questions and help refine them Students to prepare a form to record the data collected

Some suggestions on conducting interviews Students to rehearse the process of interviewing in class first - start by introducing themselves and explaining the purpose of the interview - inform the interviewee as to how long the interview will take - describe briefly what type of information is required - ask the prepared questions

Conducting Interviews Some rules to remember: be polite at all times, even when people refuse to be interviewed be fair, e.g. do not laugh or try to influence the interviewee thank the interviewee at the end of the interview

Brainstorming the Questions Data is required on the following: Personal information (e.g. name, age, marital status) Type of occupation Reasons for choice of occupation Ranking of reasons (top 3) Income per month What questions can we ask?

Let the interviews begin!

What did we find out?

Can you categorise them? Look at the reasons. Can you categorise them?

Factors affecting an individual’s choice of occupation Non-wage factors Wage factors

Who earns the most?

How much do they earn? Computer Engineer General Manager Manufacturing Labourer Social Worker

How much do they earn? General Manager S$11,071 Computer Engineer S$4,165 What do other stats say? Social Worker S$2,200 Manufacturing Labourer S$1,073

Why are there differences in earnings? Let’s share our ideas! What do people do with their earnings?

Consumer spending, saving and borrowing Students can carry out interviews to find out more about how people spend/use their earnings They can also collect data by recording their own and their family members’ spending, saving and borrowing

Circle of Knowledge

Quiz Time

According to the traditional theory of the firm, the profit maximization point is where ____________. A. TR = TC B. AR > AC C. MC > MR D. MR = MC

2. What does the shaded area represent?

3. Which one of the following does not affect the demand for an input? A. The price of a substitute B. The demand for the final product C. The organisational structure of the firm D. The time frame

5. A perfectly-competitive firm is a price-_____________. 4. True or False? All inputs are variable in the short-run.

Let's Work It Out!

Reasons for the different sizes of firms Get students to research on the history and growth of these big firms

Main reasons for the different sizes of firms Different business objectives Size of the market Capital External growth Organisation

Horizontal Integration Primary Confectionery Manufacturer Soft Drinks Manufacturer Secondary Tertiary

Vertical Integration Primary Dairy Farming Co-operative Secondary Cheese Processing Plant Vertical Integration Forward – acquisition takes place towards the market Tertiary

Vertical Integration Primary Vertical Integration Backwards – acquisition takes place towards the source Secondary Manufacturer Tertiary Retail Stores

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Economies of Scale Diseconomies of Scale Get It Right!

Activities & Strategies Interviewing Handling real data Circle of Knowledge Quiz Simple calculation 4 Corners Rotating roles