1. IGCSE Economics Mr. Durham durham.j@shishialevel.cn

2. Lesson Objectives
To understand and agree to the school policies for electronic devices
To acquire the appropriate materials necessary for note-taking, activities and homework
To understand scarcity and the need to make choices
Apply the concepts learned, to better appreciate the Economic Problem in future lessons

3. School Policy All electronic devices are strictly prohibited in class.
Use will result in confiscation and they will be given to your class tutor
E-dictionaries are permitted in my class only when you are working on an activity
English must be spoken in my classroom. English immersion is the key to success 

4. Note Taking Two A4 Notebooks required by all students
Notebook One – Note Taking
Notebook Two – Activities & Homework
Random Checks
You will be called upon for me to review your notebooks at various times throughout the year
It is for your benefit, to assess your organization and completion of work

5. Exam Schedule & Preparation
Exact dates to be determined
October – first small exam
November – midterm exam
December – final exam
April – Mock exam
Syllabus
Divided into 9 topics – see textbook
Will complete most of the material before Spring Festival

6. Activity Groups: Teacher Assigned Question: What is Economics?
Activity: Discuss in groups how you would define this term.
One student records your ideas
One student writes on the blackboard
Time: 5 minutes

7. 3 Key Terms Economics: is the study of scarcity and choice.
The study of how society manages its scarce resources by making decisions
Scarcity: Where the amount of a thing is limited
A situation that results from the fact that we don’t have the ability to satisfy all of our wants.
Tradeoff: where something must be given up in order to have more of something else

8. Scarcity Scarcity: Where the amount of a thing is limited
Scarcity results in the need for choices to be made
Example: I have 7000 RMB. I can either buy a new iPhone or new Air Mac laptop. But I can’t buy both.
Everyone must make choices. i) individuals ii) firms iii) governments
Activity: See Homework. Choices you make

9. Scarcity
Activity: What would you do if I gave you 1 million US dollars to spend?
I want you to choose only 1 or 2 things you would do with this money.
To keep it simple
Notice: Even the worlds richest man has to make choices. His resources are not unlimited.
If Bill Gates gives 40 Billion dollars to fight world poverty, it means that he can’t spend that money on building a giant spaceship.

10. The Economic Problem
The Economic Problem: How to satisfy unlimited wants with scarce resources

11. The Economic Problem
The Economic Problem: How to satisfy unlimited wants with scarce resources
There is no limit to peoples wants
Peoples wants grow and change over time
Resources used to make goods are limited

12. Activity Groups: Teacher Assigned – Same groups as before
Activity: Decide which patients receive medical care
One student records your ideas
One student writes on the blackboard
Time: 5 minutes

13. Homework Prepare: Get your 2 notebooks
Question: What is a tradeoff that you, a student, must make with your money?
Decide: which of the following goods are scarce:
Spaces for a class in University
Foreign holidays
Health care
Why did you decide the good is scarce?
Next Class: Different Types of goods, Economic Agents, 3 Economic Questions