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TOPIC 1 INTRODUCTION TO ECONOMICS

Nature of Economics
Operation of an Economy
Different Economies


​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:
– individuals – spending, saving, work, education, retirement, voting and participation in the political process
– 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
             – individuals, businesses, financial institutions, governments, international trade and financial flows

Economies: their similarities and differences

  • examine similarities and differences between Australia and at least one economy in Asia in relation to:
                     - economic growth and the quality of life
                     - 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).
economics_1st_lesson.pdf
File Size: 288 kb
File Type: pdf
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  • Home
  • About
    • About
    • Education Blog
    • Writing Blog
  • Case Studies
  • Courses
  • HSIE Resources
    • HSC Business Studies >
      • Operations >
        • Role of operations management
        • Influences
        • Processes (overview) >
          • Inputs
          • Transformation processes
          • Outputs
        • Strategies
      • Marketing >
        • Role of marketing
        • Influences
        • Process
        • Strategies
      • Finance >
        • Role of Financial Management
        • Influences
        • Processes
        • Strategies
      • Human Resources >
        • Role of human resource management
        • Influences
        • Processes
        • Strategies
        • Effectiveness
    • Preliminary Business Studies >
      • Nature of Business >
        • Role of business
        • Types of businesses
        • Influences
        • Business growth and decline
      • Business Management >
        • Nature of management
        • Management approaches
        • Management process
        • Management and change
      • Business Planning >
        • SMEs
        • Influences
        • Business Planning Process
        • Critical Issues
    • Economics >
      • Introduction to Economics >
        • The nature of economics
        • The operation of an economy
      • Consumers and Businesses >
        • Businesses
      • Markets >
        • Demand
        • Supply
        • Market equilibrium
        • Market structures
      • Labour Market >
        • Demand and supply of labour
        • Labour market trends
      • Economic Issues >
        • Economic growth
        • Unemployment
        • Inflation
        • External Stability
        • Distribution of Income and Wealth
        • Environmental Sustainability
    • Society and Culture >
      • Course Framework
      • Research Methods
      • P1: Social and Cultural World
      • P2 Personal and Social Identity
      • P3: Intercultural Communication
      • PIP
      • H1: Social and Cultural Continuity and Change
      • H2: Popular Culture - Social Media
      • H3: Equality and Difference
    • Geography (old syllabus) >
      • Coastal Management
      • Urban Growth and Decline
      • Human Rights
  • Contact