Income elasticity of demand (YED)
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Concept of elasticity
Price elasticity of demand (PED) = percentage change in quantity demanded / percentage change in price
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Make notes as you listen.... because afterwards, in groups, you will show how markets are linked and will be tracing the lines of cause and effect. 2.4 HL Extension 12 October Critique of the maximizing behaviour of consumers and producers - Part 210/12/2023
Source: Dorton, I., & Blink, J. (2020). Economics. Oxford University Press.
Behavioural Economics - questions Econs vs Humans
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Link to packet The Science of Supply and Demand Consumer and Producer Surplus COVID and hand sanitiser/face masks
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Link to packet: Supply and HL Content Link to worksheet More worksheets: Determinants of demand Demand Worksheet
There are two real world issues to frame our understanding in this section of the course. For sections 2.1 - 2.6, consider the following... Inquiry—possible areas to explore (not an exhaustive list)
For sections 2.7 - 2.12, consider the following... Inquiry—possible areas to explore (not an exhaustive list)
TOK questions
Economic thought - origin of economic ideas in a historical context
To hit these objectives you are each going to be assigned a different economic thinker. Research them to find out their basic information, their time period, their economic ideologies/main contributions to economics etc. Above there is a presentation full of videos, cartoons and short readings - find the pages with information about your economist (but feel free to use extra sources you find on the internet). You will have one class session to do the research (bring headphones for watching the videos) and write a script of what you will say. Then in the next class you will be doing Economist Speed Dating where you will move around the class in character explaining who you are and what you have contributed to economic thought... and listening to others explain the same to you. Choose from below: (sign up page here) Adam Smith Jean-Baptiste Say Alfred Marshall Karl Marx John Maynard Keynes Friedrich Hayek Milton Friedman Richard Thaler Kate Raworth
Utility is the satisfaction that we get from consuming an item. Marginal utility is the additional satisfaction we get from consuming one more (additional) item. The theory of diminishing marginal utility states that as we consume more of a product, marginal utility will decrease, i.e. the first unit consumed will yield more satisfaction than the second which will yield more satisfaction than the third.... and so on. Rational consumers will seek to maximise their total utility. Economic theories are based on rational economic decision-making, i.e. economic decision-makers will act in their best self-interest. We assume that consumers will seek to spend their money in such a way as to maximise their total utility. Producers will seek to maximise their profits. The thing is, people are not always rational! Worksheet: Utility/rationality
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