Year 10 Economics On the first day of every week, each one of you should set aside a sum of money in keeping with his income.” 1 Corinthians 16:2

Create In a small group create your own definition of what Economics means to you… Create a mind map of words that you associate with Economics…

-Definition: The study of the factors that influence the production, distribution and use of goods and services Macroeconomics: concerned with the study of the economy as a whole and the issues that influence it – the ‘big picture’ eg. unemployment Microeconomics: The workings of an economy’s separate parts – eg. Business’ + consumers/buyers + sellers. Recession: A period of bad economic circumstances, usually less severe than a depression (no economic growth for six months or longer). Depression: A period during which there is a significant slump in economic behaviour. Inflation: The rise of prices caused by excessive levels of demand or spending and/or the rising cost of production.

Humanities Alive! -Chapter 3 (p ) What are the key interactions in the Aussie economy?

Question??? How do you participate in the Australian economy?

Group task! In small groups research an economics philosopher from the list below. (Report your findings to the class in an engaging way) {Adam Smith, Joan Robinson, Harriet Martineau, John Kenneth Galbraith, Thomas Malthus, Beatrice Webb} (You’ve got 15 minutes)

2 nd Group Task!!! In different small groups research someone alive today who could be considered a modern economics philosopher: (Report your findings to the class in a creative way)

Response… Think about how your own economic decisions might affect others in the Australia economy. Write 2-3 paragraphs outlining your views.