UNIT 1: INTRODUCTION TO ECONOMICS

Driving Questions:
What is the study of Economics?
What are the conceptual lenses through which we experience Economics as a subject
What is the Economic Method and how is it similar and different to the natural sciences?
TOK Link: What 'Ways of Knowing' does Economics draw from?
386731180-economics-year-12-introduction.docx
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Economics Conceptual lenses 

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Theory of KNOWLEDGE (TOK) kNOWLEDGE QUESTIONS

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Reasoning as a way of knowing

Reasoning is a key way of knowing in Economics. Reasoning often referred to as 'logical reasoning' uses inductive and deductive approaches to discover/create new knowledge.

Below you can find a powerpoint on reasoning and some economic reasoning propositions to work with, can you use reasoning in order to discuss these economic propositions:
5_economic_reasoning_propositions.docx
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KEY PRINCIPLES OF ECONOMICS

Complete the following questions using Tragakes or the Oxford textbook.
foundations_of_economics.docx
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THE EVOLUTION OF ECONOMIC THINKING - Economics past masters
A fascinating part of IB Economics is that it encourages Normative thinking about the subject. Economics is contentious and debatable and you are encouraged to disagree with one another. There are no right or wrong answers in Normative Economics, there is only Economic reasoning to support your arguments!
You may find the following strategies useful when creating arguments in economics:
  1. Resort to data
  2. Resort to logic
  3. Resort to authority
The next activity will help you begin to identify the 'Greats' or 'Past Masters' of Economics. There is a simple character test as well to see which Economist or political ideology within Economics you most sway towards. Complete this first before you begin the Facebook Page creation Task. You will find ideas for Economists in the back of the Tragakes textbook in the Nobel Prize winners section or have a read through Economix and identify an economist that interests you. Once you have completed your page take a full page screenshot of it so that it can be uploaded into the Hall of fame below:

Shifting paradigms

Economists: Hall of Fame
facebook_sample_page_-_jfk[1]__1_.ppt
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cLASS 2021 ec/123

CLASS 2021 EC/126

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Old economists can teach us new tricks

Economists' reputations, like skirt lengths, go in and out of fashion. In the past 10 years, John Maynard Keynes has received fresh appreciation, and Hyman Minsky has been having a moment. I think it's time for John Kenneth Galbraith to have his.

Class 2019

Utility and welfare maximisation

utilitarianism_-_revised.ppt
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introduction_to_econ_-_booklet.pdf
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Introduction to markets

To consider that an economy is made up of markets, price information determines market outcomes.

ceteris paribus
CONCLUDING ACTIVITY: CREATING AN INTRODUCTION TO ECONOMICS DOCUMENTARY
You have now considered the scope and nature of Economics as a social science, to conclude this introductory unit you will now create a documentary to explain to a Year 9 what Economics is all about. These will be used during Year 9 into 10 and Year 11 into 12 options evenings!
General Guidance:
Purpose: Informative and entertaining
Length: 5-10 minutes
Necessary features: Use of real world examples
Getting Started:
Understand the criteria and task
Make a plan and delegate jobs
Complete your research
Write a script
Check that you have real life examples to illustrate each point
Consider interesting film locations
​Begin filming
  • Explain what economics is about. (What is the economic problem, give examples)
  • Define 'social science'. (What is the difference between a social science and a natural science, explain some challenges faced by economists)
  • Define and explain the difference between normative and positive economics (What do these terms mean? Give real world examples).
  • Explain the meaning of the assumption 'ceteris paribus' (What is this, give an example to demonstrate how an economist uses this principle).
  • Give examples of, and distinguish between, goods and services, needs and wants, economic goods and free goods (What are these?Give examples).
  • Explain the problem of scarcity. (What is scarcity, give examples)
  • Describe and give examples of the factors of production: land, labour, capital and entrepreneurship.(What do economists mean by the 4 factors of production, give examples)
  • Define opportunity cost, and explain its relationship with scarcity and choice. (Make sure you include a PPC, give examples)
  • Explain the basic economic questions: 'What to produce?, 'How to produce?' and 'For whom to produce?'. (What do economists mean? What are the different ways that the economy can answer these questions. Give examples for each.)
  • Distinguish between different rationing systems: the free market economy and the centrally planned economy. (distinguish how the 3 questions are answered under each system and give examples of the advantages and disadvantages, yes be sure to include examples.)
  • Explain the contributions made by 3 economists to the field of economics (Ensure that you include the main theories or knowledge that they contributed to the  field)
  • Explain, illustrate and use the production possibility frontier to analyse different concepts and situations. (Demonstrate the concept of opportunity cost through the application of the PPC, make sure you include example diagrams)