Economics and you YOUR LIFE OUR ECONOMICS
Is Economics a science? Economics is a Human Science that studies people and their behaviours A Natural Science studies physical matter in its form e.g. Biology- the study of the human body
Is Economics a social science? Group activity: Group 1: discuss the meaning of the word 'social’ Group 2: discuss the meaning of the word 'science’
It is a social science because… 1. It studies human behaviour, hence social 2. It does so through the use of observation and experimentation, hence a science
Lollipop activity
The basic Economic problem: Scarcity Limited resources Unlimited wants
Studying Economics 1.Consumer 2. Producer 3.Government Economics is the study of decision making of economic agents to overcome the problem of scarcity. Consuming, producing, distributing
Our methodology InductiveDeductive TheoryObservation HypothesisPattern ObservationTentative hypothesis ConfirmationTheory
Economics learning outcomes To demonstrate knowledge of economic concepts To apply economics to critical thinking and problem solving To become aware of their role in the local and global economic environment To be able to make decisions based on cost-benefit analysis To demonstrate a sense of responsibility and a capacity for service To adapt to a changing economic environment To see the usefulness of economics go both career and everyday life
Most effective teaching strategies Peer teaching Classroom debates Poems and songs Classroom experiments Field trips Use of technology Case studies Analysis of real life situations
Oh Scarcity Tune: Oh Christmas Tree Oh, Scarcity! Oh, Scarcity! We can’t have all the things we want. Oh, Scarcity! Oh, Scarcity! We cannot have it all. We really want a lot of stuff. But sometimes there’s just not enough. Oh, Scarcity! Oh, Scarcity! We cannot have it all.