Introduction to Economics

In this lesson students will learn how to define Economics, Understand the Economic problem , the relationship between, Choice, Scarcity and Opportunity costs. Students will learn about Opportunity cost. They will work on Inquiry based questions on opportunity costs. Each group will work on a different scenario / question and they will present in class…
Find below the Group task:

1. When you decide if you are going to eat a salad or Pizza. What else? Explain 5 opportunity costs faced by a student in his/her day to day life, give examples.
   2)Households have limited income and they need to decide how to spend their finite income.
   What opportunity cost is faced by a family ? What hard choices do they have to make . Explain five different situations?
   3)Workers are also faced with choices for example working overtime at the weekend will give them extra income to spend, but less leisure time to enjoy it.
   What opportunity costs are faced by workers? Explain 5 different examples.
   4)The government has limited resources and its spending power is limited by the amount of tax that they can collect.
   List 5 hard choices a government has to make when deciding how to spend its money?List opportunity costs faces by a government.
   5)Businesses need to remain profitable. What five opportunity costs that are faced by business .List 5 hard choices

15 power point slides in total