What is economics
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INTRODUCTION TO ECONOMICS
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GRADE 10
Objective of Lesson
• Defining economics and how it relates to everyday life
• Differentiate between mirco and macro economics
Key concepts for today
• Economics• Micro Economics•Macro Economics
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Let us test our knowledge about Economics – I know that often we know more than we think about something.
Instruction-
Click on the word below that you think will best suit the definition of Economics.
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Definition of an economy
servicesresources
Society
employ
presentproducealternative
concerned
social
consumption
Economics is a science with the way
chooses to its limited which have
uses to goods and for the
and future
4
5Definition
A group of academic disciplines that examine society and how people interact and develop as a culture. Social science as a field of study is separate from the natural sciences, which cover topics such as physics and chemistry. Economics, political science, history, law and geography can be considered social sciences.
Read more:
http://www.investopedia.com/terms/s/social-science.asp#ixzz1y4tkU5ly
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Return to Definition
Definition of an economy
servicesresources
Society
employ
presentproducealternative
concerned
social
consumption
Economics is a science with the way
chooses to its limited which have
uses to goods and for the
and future
social
7
8Definition
9
Return to Definition
Definition of an economy
servicesresources
Society
employ
presentproducealternative
concerned
social
consumption
Economics is a science with the way
chooses to its limited which have
uses to goods and for the
and future
social
concerned
10
11Definition
Sociologists define society as the people who interact in such a way as to share a common culture. The cultural bond may be ethnic or racial, based on gender, or due to shared beliefs, values, and activities. The term society can also have a geographic meaning and refer to people who share a common culture in a particular location. For example, people living in arctic climates developed different cultures from those living in desert cultures. In time, a large variety of human cultures arose around the world.
http://www.cliffsnotes.com/study_guide/Culture-and-Society-Defined.topicArticleId-26957,articleId-26848.html
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Return to Definition
Definition of an economy
servicesresources
Society
employ
presentproducealternative
concerned
social
consumption
Economics is a science with the way
chooses to its limited which have
uses to goods and for the
and future
Social
Society
concerned
13
14Definition
Employ in this contexts refers to the manner in which things are being used.
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Return to Definition
Definition of an economy
servicesresources
Society
employ
presentproducealternative
concerned
social
consumption
Economics is a science with the way
chooses to its limited which have
uses to goods and for the
and future
social
employ Society
concerned
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17Definition
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Return to Definition
Definition of an economy
servicesresources
Society
employ
presentproducealternative
concerned
social
consumption
Economics is a science with the way
chooses to its limited which have
uses to goods and for the
and future
social
employSociety resources
concerned
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20Definition
One of the two or more ways of achieving the same desired end or goal. An alternative does not have to be a close substitute for the first choice (or other alternatives), or must solve the problem in a particular way. For example, bundling, extensive promotion, lower price, money-back guaranty, special offer, etc., are all alternative ways for achieving the same end: greater sales revenue. Alternatives are mutually exclusive in the sense that if features of two or more alternatives are combined it would create a new alternative. Also called option.
Read more: http://www.businessdictionary.com/definition/alternative.html#ixzz1y4vW7Tox
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Return to Definition
Definition of an economy
servicesresources
Society
employ
presentproducealternative
concerned
social
consumption
Economics is a science with the way
chooses to its limited which have
uses to goods and for the
and future
social
employSociety resources
alternative
concerned
22
23Definition
Economic production is an activity carried out under the control and responsibility of an institutional unit that uses inputs of labour, capital, and goods and services to produce outputs of goods or services.
http://stats.oecd.org/glossary/detail.asp?ID=725
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Return to Definition
Definition of an economy
servicesresources
Society
employ
presentproducealternative
concerned
social
consumption
Economics is a science with the way
chooses to its limited which have
uses to goods and for the
and future
social
employSociety resources
produce
concerned
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alternative
26Definition
The portion of the economy that produces intangible goods. According to the U.S. Census Bureau, the service sector primarily consists of truck transportation, messenger services and warehousing; information sector services; securities, etc
Read more: http://www.investopedia.com/terms/s/service-sector.asp#ixzz1y5Llk2VC
27
Return to Definition
Definition of an economy
servicesresources
Society
employ
presentproducealternative
concerned
social
consumption
Economics is a science with the way
chooses to its limited which have
uses to goods and for the
and future
social
employSociety resources
alternative produce
concerned
services
28
29Definition
30
Return to Definition
Definition of an economy
servicesresources
Society
employ
presentproducealternative
concerned
social
consumption
Economics is a science with the way
chooses to its limited which have
uses to goods and for the
and future
social
employSociety resources
alternative produce
present
concerned
services
31
32Definition
The process in which the substance of a thing is completely destroyed, used up, or incorporated or transformed into something else. Consumption of goods and services is the amount of them used in a particular time period.
Read more: http://www.businessdictionary.com/definition/consumption.html#ixzz1y5OH565J
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Return to Definition
Economics is a Social science concerned
with the way society chooses to employ
its limited resources which have
alternative uses to produce goods and
services for the present and future
consumption
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Well Done you have completed the definition
Next page
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TYPES OF ECONOMICS
MICRO- ECONOMICS
MACRO- ECONOMICS
Instructions:
1.Click on the video icon to watch a short clip of Micro and Macro Economics2.It is important that you watch carefully and remember to identify what the clip is saying.3.Pay careful attention to the distinguishing factors4.Once completed you will be ready to take your quiz on Micro and Macro Economics
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Focus on the action of the
individual and industries
Concerned with the behaviour of an
individual/household
MICRO- ECONOMICS
Concerned personal
expenditure and consumption
SUMMARY OF MICRO ECONOMICS
Next pageBack to Video
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MACRO- ECONOMICS
Analyzing economic activity
of a whole country or
international market
Encompasses averages of
national income, general price level
and total investments
Impact of taxes on peoples spending and living / or the
effect when we increase money
supply
SUMMARY OF MACRO ECONOMICS
Back
READY FOR YOU QUIZ? CLICK TO BEGIN
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INTRODUCTION TO ECONOMIC QUIZ
CLICK TO START YOUR QUIZ?
Remember to click on the answer that you think is correct
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NAME THE TWO TYPES OF ECONOMICS
Microbiotic and Macrobiotic
Capitalism and Mercantilism
Micro and Macro Economics
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LET MOVE ON TO THE NEXT QUESTION
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LETS TRY AGAIN
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True OR False
TRUE
FALSE
Micro Economics focuses on the Economic problems of a country
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LETS TRY AGAIN
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LETS MOVE ON TO THE NEXT QUESTION
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MICRO ECONOMICS
TAXES AND MONETARY SUPPLY WOULD FALL UNDER
MACRO ECONOMICS
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LET MOVE ON TO THE NEXT QUESTION
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LETS TRY AGAIN
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MICRO ECONOMICS
IN THE SUMMARY SLIDES THERE WERE PICTURES IN EACH ECONOMIC SYSTEM
CLICK ON THE PICTURE RELATED TO THE ECONOMIC SYSTEM
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LET MOVE ON TO THE NEXT QUESTION
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LETS TRY AGAIN
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MACRO ECONOMICS
IN THE SUMMARY SLIDES THERE WERE PICTURES IN EACH ECONOMIC SYSTEM
CLICK ON THE PICTURE RELATED TO THE ECONOMIC SYSTEM
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LETS TRY AGAIN
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WELL DONE YOU HAVE COMPLETED YOU
INTRODUCTION TO MICRO AND MACRO ECONOMIC
SYSTEM