1. Economics and you YOUR LIFE OUR ECONOMICS

2. Is Economics a science?  Economics is a Human Science that studies people and their behaviours  A Natural Science studies physical matter in its form e.g. Biology- the study of the human body

3. Is Economics a social science?  Group activity:  Group 1: discuss the meaning of the word 'social’  Group 2: discuss the meaning of the word 'science’

4. It is a social science because…  1. It studies human behaviour, hence social  2. It does so through the use of observation and experimentation, hence a science

5. Lollipop activity

6. The basic Economic problem:  Scarcity Limited resources Unlimited wants

7. Studying Economics 1.Consumer 2. Producer 3.Government Economics is the study of decision making of economic agents to overcome the problem of scarcity. Consuming, producing, distributing

8. Our methodology InductiveDeductive TheoryObservation HypothesisPattern ObservationTentative hypothesis ConfirmationTheory

9. Economics learning outcomes  To demonstrate knowledge of economic concepts  To apply economics to critical thinking and problem solving  To become aware of their role in the local and global economic environment  To be able to make decisions based on cost-benefit analysis  To demonstrate a sense of responsibility and a capacity for service  To adapt to a changing economic environment  To see the usefulness of economics go both career and everyday life

10. Most effective teaching strategies  Peer teaching  Classroom debates  Poems and songs  Classroom experiments  Field trips  Use of technology  Case studies  Analysis of real life situations

11. Oh Scarcity Tune: Oh Christmas Tree  Oh, Scarcity! Oh, Scarcity!  We can’t have all the things we want.  Oh, Scarcity! Oh, Scarcity!  We cannot have it all.   We really want a lot of stuff.  But sometimes there’s just not enough.  Oh, Scarcity! Oh, Scarcity!  We cannot have it all.