1. SPECIALISATION (Known also as division of labour)
BUSINESSESS
ADVANTAGES
DISADVANTAGES
EMPLOYEES

2. Theme 1: Introduction to markets and market failure
In this theme, students will consider how markets work, looking at how supply and demand interact to allocate resources in local, national and international markets. They will learn how to apply supply and demand analysis to real-world situations and be able to offer explanations of consumer behaviour. This will involve looking at both how consumers act in a rational way to maximise utility and how
firms maximise profit, but also why consumers may not behave rationally.
1.1 Nature of economics
Subject content
1.1.5 Specialisation and the division of labour
What students need to learn:
a) Specialisation and the division of labour: reference to
Adam Smith
b) The advantages and disadvantages of specialisation and
the division of labour in organising production
c) The advantages and disadvantages of specialising in the
production of goods and services to trade
d) The functions of money (as a medium of exchange, a
measure of value, a store of value, a method of deferred
payment)

3. There are three employment sectors…
Which sector does the job you chose fall into?
Discuss with students.
PRIMARY
SECONDARY
TERTIARY

4. In which sector are people employed?
What does this graph tell us?

5. ACTIVITY: Can you match the country/year to the pie chart?
Activity – Guess the year, guess the country. The teacher explains the main employment sectors in the labour market using the definitions provided. Students must them match the pie charts to the years. The teacher goes through the answers.

6. Why has employment decreased?
The Primary Sector

7. Why has employment decreased?
The Secondary Sector

8. Why has employment increased?
The Tertiary Sector

10. Money & Exchange A medium of exchange A measure of value
A medium of exchange
A measure of value
A store of value
A method of deferred payment

11. Forms of money in a modern economy

12. Forms of money in a modern economy