Follow the man….. Read the phrases on the shimmering neon lights and write down the correct economic term to match that phrase

Press Space Bar for answers

1 The number of people living below a certain income threshold Absolute Poverty Press Space Bar for answers 2 The total cost divided by the number of units of the commodity produced Average Total Cost 3 Factors which make it difficult or expensive for new firms to enter a market Barriers to Entry 4 Consumers may be unaware of the negative externalities that these goods create De-merit Goods 5 Reductions in long-run average cost from an increase in the scale of production Economies of Scale 6 Measures the relationship between a change in quantity demanded and a change in real income Income Elasticity of Demand 7 Where resources are partly allocated by the market and partly by the government Mixed economy 8 When third parties benefit from the spill- over effects of production/ consumption Positive Externalities 9 Goods which are non-rival and non- excludable Public Goods 10 A view of the rightness or wrongness of something, based on a personal view Normative economics 11 Goods in competitive demand and act as replacements for another product Substitutes 12 The cost of any choice in terms of the next best alternative foregone Opportunity Cost

DefinitionPhrase 1The number of people living below a certain income thresholdAbsolute Poverty 2The total cost divided by the number of units of the commodity producedAverage Total Cost 3Factors which make it difficult or expensive for new firms to enter a marketBarriers to Entry 4Consumers may be unaware of the negative externalities that these goods createDe-merit Goods 5Reductions in long-run average cost from an increase in the scale of productionEconomies of Scale 6Measures the relationship between a change in quantity demanded and a change in real income Income Elasticity of Demand 7Where resources are partly allocated by the market and partly by the governmentMixed economy 8When third parties benefit from the spill-over effects of production/ consumptionPositive Externalities 9Goods which are non-rival and non-excludablePublic Goods 10A view of the rightness or wrongness of something, based on a personal viewNormative economics 11Goods in competitive demand and act as replacements for another productSubstitutes 12The cost of any choice in terms of the next best alternative foregoneOpportunity Cost

Teacher’s notes The purpose of this activity is to test the recall of key phrases within your curriculum. As well as this Powerpoint file, you will need to print off a student response worksheet (slide 11) for as many students as you require. You will need to ‘enable macros’ on opening of this file. The scrolling slideshow lasts approximate three and a half minutes. It has a musical accompaniment. To run activity: – Run Powerpoint file from beginning and show students the first slide and its instructions – Press space bar and start the slideshow. Allow students to read the definitions and write the key phrases on their response sheet – When slideshow is over, show the answers to the students, checking their responses.

Teacher’s notes To alter the key phrases and definitions: You can alter the key phrases and definitions by typing in your own – these need to be placed in the table on slide 8 following the appropriate column headings Please ensure that you use the same table that it already provided – if you cut and past your own table the programme within this slide will not work. This editing should be done in ‘Normal’ view within Powerpoint. On completion of editing the table on slide 8 return to this slide, run the slide show and click the button below. You can then run the slide show with your own responses. Click here (in slideshow mode) when you have altered the table on slide 8. This will automatically alter the ‘neon lights’ and answers on slide 7.

Student Response Sheet Phrase No.Key Phrase