The law of supply
Now that we've done demand, supply should be easy as we are dealing with the same things but from the producer's point of view rather than the consumer... and you have to know/do the same things - the law of supply (hint: it's the opposite of the law of demand!), draw a supply curve, distinguish between a movement along the supply curve (because price changes) and a movement of the supply curve (when something other than price changes.... the ceteris paribus conditions).
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The nature of markets
First up.... what are markets? Next we will consider demand. We will watch the first video and discuss and then you will be given a copy of a document to complete (also linked here). Then we will consider the non-price determinants of demand to help distinguish between a movement along an existing demand curve and a shift of the entire demand curve. I will also email you a Google Form. This needs to be completed before the next class.
International development goals
Here is the Sustainable Development Goals Report 2019 and here is a link to the indicators
You will be assigned a goal. Use this website to discover more about the goal https://www.un.org/sustainabledevelopment/sustainable-development-goals/ For each goal - use the 2019 report to provide two pieces of evidence on progress and two pieces of evidence of lack of progress made and add these to the Google Doc which will be shared with you. What can YOU do personally to help achieve these goals... see The Lazy Person's Guide to Saving the World ... try and commit to doing at least one thing at each level! Perhaps there are things in this that could be turned into a CAS Project! Economic growth and economic development
I will email you a quiz to take at the beginning of the class and then we will go through the answers.... and will follow that up with a card sorting activity.
Then you will address the syllabus objectives above using this document: The nature of economic growth and economic development Over the course of studies we will focus on some central themes:
Today we will consider what these actually mean using the Visible Thinking technique THINK-PUZZLE-EXPLORE
We will just be thinking and puzzling today and will explore these issues as we progress through the course. So... Should government intervene in the allocation of resources? If so, when and how? How sustainable are our current patterns of resource allocation? What does sustainability mean in terms of economic growth? How does the goal of economic efficiency conflict with the goal of equity? What is the difference between efficiency and equity? What is the difference between economic growth and economic development? Can we have growth without development? Can we have development without growth? • Explain that as a result of scarcity, choices have to be made. • Explain that when an economic choice is made, an alternative is always foregone. • Explain that a production possibilities curve (production possibilities frontier) model may be used to show the concepts of scarcity, choice, opportunity cost and a situation of unemployed resources and inefficiency.
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