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Introduction to Econimics

Micro and Macro Economics

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Introduction to Econimics

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  1. Introduction to Economics GRADE 10 NEXT SLIDE

  2. Objective of Lesson • Defining economics and how it relates to everyday life • Differentiate between mirco and macro economics • Key concepts for today • Economics • Micro Economics • Macro Economics NEXT SLIDE

  3. Let us test our knowledge about Economics – I know that often we know more than we think about something. Instruction- Click on the word below that you think will best suit the definition of Economics. NEXT SLIDE

  4. Definition of an economy Economics is a science with the way chooses to its limited which have uses to goods and for the and future resources alternative produce services present concerned Society consumption employ social

  5. Correct – social science A group of academic disciplines that examine society and how people interact and develop as a culture. Social science as a field of study is separate from the natural sciences, which cover topics such as physics and chemistry. Economics, political science, history, law and geography can be considered social sciences. Read more: http://www.investopedia.com/terms/s/social-science.asp#ixzz1y4tkU5ly Definition

  6. Incorrect Return to Definition

  7. Definition of an economy Economics is a science with the way chooses to its limited which have uses to goods and for the and future social resources alternative produce services present concerned Society consumption employ social

  8. Correct – concerned Definition

  9. Incorrect Return to Definition

  10. Definition of an economy Economics is a science with the way chooses to its limited which have uses to goods and for the and future concerned social resources alternative produce services present concerned Society consumption employ social

  11. Correct – society Sociologists define society as the people who interact in such a way as to share a common culture. The cultural bond may be ethnic or racial, based on gender, or due to shared beliefs, values, and activities. The term society can also have a geographic meaning and refer to people who share a common culture in a particular location. For example, people living in arctic climates developed different cultures from those living in desert cultures. In time, a large variety of human cultures arose around the world. http://www.cliffsnotes.com/study_guide/Culture-and-Society-Defined.topicArticleId-26957,articleId-26848.html Definition

  12. Incorrect Return to Definition

  13. Definition of an economy Economics is a science with the way chooses to its limited which have uses to goods and for the and future concerned Social Society resources alternative produce services present concerned Society consumption employ social

  14. Correct – employ Employ in this contexts refers to the manner in which things are being used. Definition

  15. Incorrect Return to Definition

  16. Definition of an economy Economics is a science with the way chooses to its limited which have uses to goods and for the and future concerned social Society employ resources alternative produce services present concerned Society consumption employ social

  17. Correct – resources Definition

  18. Incorrect Return to Definition

  19. Definition of an economy Economics is a science with the way chooses to its limited which have uses to goods and for the and future concerned social Society employ resources resources alternative produce services present concerned Society consumption employ social

  20. Well Done Correct – Alternative One of the two or more ways of achieving the same desired end or goal. An alternative does not have to be a close substitute for the first choice (or other alternatives), or must solve the problem in a particular way. For example, bundling, extensive promotion, lower price, money-back guaranty, special offer, etc., are all alternative ways for achieving the same end: greater sales revenue. Alternatives are mutually exclusive in the sense that if features of two or more alternatives are combined it would create a new alternative. Also called option. Read more: http://www.businessdictionary.com/definition/alternative.html#ixzz1y4vW7Tox Definition

  21. Incorrect – try again Return to Definition

  22. Definition of an economy Economics is a science with the way chooses to its limited which have uses to goods and for the and future concerned social Society employ resources alternative resources alternative produce services present concerned Society consumption employ social

  23. Correct – produce Economic production is an activity carried out under the control and responsibility of an institutional unit that uses inputs of labour, capital, and goods and services to produce outputs of goods or services. http://stats.oecd.org/glossary/detail.asp?ID=725 Definition

  24. Incorrect – try again Return to Definition

  25. Definition of an economy concerned Economics is a science with the way chooses to its limited which have uses to goods and for the and future social Society employ resources alternative produce resources alternative produce services present concerned Society consumption employ social

  26. Correct – services The portion of the economy that produces intangible goods. According to the U.S. Census Bureau, the service sector primarily consists of truck transportation, messenger services and warehousing; information sector services; securities, etc Read more: http://www.investopedia.com/terms/s/service-sector.asp#ixzz1y5Llk2VC Definition

  27. Incorrect – try again Return to Definition

  28. Definition of an economy Economics is a science with the way chooses to its limited which have uses to goods and for the and future concerned social Society employ resources alternative produce services resources alternative produce services present concerned Society consumption employ social

  29. Correct – present Definition

  30. Incorrect – try again Return to Definition

  31. Definition of an economy Economics is a science with the way chooses to its limited which have uses to goods and for the and future concerned social Society employ resources alternative produce services present resources alternative produce services present concerned Society consumption employ social

  32. Correct – consumption The process in which the substance of a thing is completely destroyed, used up, or incorporated or transformed into something else. Consumption of goods and services is the amount of them used in a particular time period. Read more: http://www.businessdictionary.com/definition/consumption.html#ixzz1y5OH565J Definition

  33. Incorrect – try again Return to Definition

  34. Well Done you have completed the definition Economics is a Social science concerned with the way societychooses to employ its limited resources which have alternative uses to producegoods and services for the present and future consumption Next page

  35. MICRO- ECONOMICS MACRO- ECONOMICS TYPES OF ECONOMICS • Instructions: • Click on the video icon to watch a short clip of Micro and Macro Economics • It is important that you watch carefully and remember to identify what the clip is saying. • Pay careful attention to the distinguishing factors • Once completed you will be ready to take your quiz on Micro and Macro Economics

  36. Next page

  37. SUMMARY OF MICRO ECONOMICS Concerned with the behaviour of an individual/household Focus on the action of the individual and industries MICRO- ECONOMICS Concerned personal expenditure and consumption Next page Back to Video

  38. SUMMARY OF MACRO ECONOMICS Analyzing economic activity of a whole country or international market Encompasses averages of national income, general price level and total investments MACRO- ECONOMICS Impact of taxes on peoples spending and living / or the effect when we increase money supply READY FOR YOU QUIZ? CLICK TO BEGIN Back

  39. INTRODUCTION TO ECONOMIC QUIZ Remember to click on the answer that you think is correct CLICK TO START YOUR QUIZ?

  40. NAME THE TWO TYPES OF ECONOMICS Microbiotic and Macrobiotic Capitalism and Mercantilism Micro and Macro Economics

  41. CORRECT – WELL DONE LET MOVE ON TO THE NEXT QUESTION

  42. Incorrect – Better Luck next time LETS TRY AGAIN

  43. True OR False Micro Economics focuses on the Economic problems of a country TRUE FALSE

  44. TRUE – THAT IS INCORRECT LETS TRY AGAIN

  45. FALSE – THAT IS CORRECT LETS MOVE ON TO THE NEXT QUESTION

  46. TAXES AND MONETARY SUPPLY WOULD FALL UNDER MICRO ECONOMICS MACRO ECONOMICS

  47. CORRECT – WELL DONE LET MOVE ON TO THE NEXT QUESTION

  48. Incorrect – Better Luck next time LETS TRY AGAIN

  49. IN THE SUMMARY SLIDES THERE WERE PICTURES IN EACH ECONOMIC SYSTEM CLICK ON THE PICTURE RELATED TO THE ECONOMIC SYSTEM MICRO ECONOMICS

  50. CORRECT – WELL DONE LET MOVE ON TO THE NEXT QUESTION

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