TOPIC 1 INTRODUCTION TO ECONOMICS
The nature of economics
- the economic problem – wants, resources, scarcity
- the need for choice by individuals and society
- opportunity cost and its application through production possibility frontiers
- future implications of current choices by individuals, businesses and governments
- economic factors underlying decision-making by:
– business – pricing, production, resource use, industrial relations
– governments – influencing the decisions of individuals and business
The operation of an economy
- production of goods and services from resources – natural, labour, capital and entrepreneurial resources
- distribution of goods and services
- exchange of goods and services
- provision of income
- provision of employment and quality of life through the business cycle
- the circular flow of income
Economies: their similarities and differences
- examine similarities and differences between Australia and at least one economy in Asia in relation to:
- employment and unemployment
- distribution of income
- environmental sustainability
- the role of government in health care, education and social welfare.
Intoduction
The document below provides an interesting activity to introduce Economics and what it is about (source: www.tutor2u.net/economics/blog/an-activity-for-the-first-economics-lesson-of-the-year).
|
|