What is unusual about these three men? Sonny Bill Williams Brian Jordan Jim Thorpe.

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Presentation transcript:

What is unusual about these three men? Sonny Bill Williams Brian Jordan Jim Thorpe

Theme 1: Introduction to markets and market failure

What are we learning about? A workman not educated to this business … could scarce … make one pin a day, and certainly could not make twenty. But in the way in which this business is now carried on, … it is divided into a number of branches … One man draws out the wire, another straightens it, a third cuts it, a fourth points it, a fifth grinds it at the top for receiving the head; even to make the head requires two or three distinct operations. Why is he talking about drawing pins? 1 worker = 20 pins 10 workers = 48,000 pins

Clue One: Clue Two: Clue Three: I’m Henry Ford. Nice to meet you! What is Specialisation? Who am I?

Division of labour: Breaking a job into small repetitive tasks that can be done quickly by workers or machines specialised in this task Specialisation: work is divided into separate tasks that allow workers to become skilled at one of them. What is Specialisation? Who am I?

The Signature Challenge What is specialisation? 1)Split into TWO teams 2)Everyone come and write your signature on the board. Team ONE Sign your own signature as many times as possible Team TWO Sign everyone's signature as many times as possible

What is Specialisation? What are the advantages and disadvantages?

What is Specialisation? What are the advantages and disadvantages? ADVANTAGES: LIMITATIONS: Low cost of each unit due to high levels of efficiency. High-tech machinery leads is often used which lead to consistently high quality. Time is saved as workers are not constantly changing task and tools. Workers increase their skill. Workers focus on what they are best at. Start-up costs of machinery can be very high. Production problems may cause the whole production line to be stopped. Worker motivation can be low because workers are involved in a boring repetitive task. Markets do not always allow firms to specialise. Can lead to overdependence.

Companies Who Specialise…

What is specialisation? How can businesses use specialisation? How can countries use specialisation? What would happen if everyone specialised in the same thing? What would happen if those specialising do not cooperate? What is over-specialisation? What is Specialisation? Discussion questions?

Research 3 countries and find out what they specialise in Why do we trade?