The production possibilities curve model (PPC)
Diagram: PPC showing increasing versus constant opportunity cost Starter: set yourself two simple tasks (each to be done in 1 minute), e.g. star jumps, sprint from one side of the room to the other. How many of each can you do in I minute? You will use this data to create your first economic model... a production possibility curve. Link to presentation You will be given some worksheets to complete. Production possibility curves Norm&Rosie Shape of PPCs Further reading
The problem of choice
You will be given a copy of the following document - write definitions of the words we have used so far. Use the Glossary of Subject-Specific Terms which you can find in the Admin section of this website for the definitions... never just Google it as you need to learn proper IB definitions!! Soon you will have a vocabulary test (formative). After you finish that, write a paragraph explaining the economic problem and the three questions which need to be answered by any economic system. There are different ways to answer the three economic questions - it could be left to the market or may involve government intervention. There are three types of economic systems: market economy, planned economy or mixed economy. Watch the video on the last slide (and look at Kognity 1.1.2) and complete the following worksheet. Use this link (evaluation) to help you evaluate the different types of economic system... do two advantages and two disadvantages for each.
Here are links to further videos:
Capitalism - EconMovies 10 Hunger Games History of Capitalism (Market economies) Political Theory - Karl Marx Communism vs Socialism - What's the difference?
Economics as a social science
Today we will be doing the following task in groups THE NINE CENTRAL CONCEPTS OF IB ECONOMICS
Economics as a social science
Questions to consider:
Walk and talk.... discuss the questions .... then come back for debriefing. Video: What is economics? Reading: Economics - A broad introduction |
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