Economics and youYOUR LIFE OUR ECONOMICS

Is Economics a science?

Economics is a Human Science that studies people and their behaviours

A Natural Science studies physical matter in its form

e.g. Biology- the study of the human body

Is Economics a social science?

Group activity:

Group 1: discuss the meaning of the word 'social’

Group 2: discuss the meaning of the word 'science’

It is a social science because…

1. It studies human behaviour, hence social

2. It does so through the use of observation and experimentation, hence a science

Lollipop activity

The basic Economic problem:

Scarcity

Limited resources Unlimited wants

Studying Economics

1.Consumer

2. Producer

3.Government

Economics is the study of decision making of economic agents to

overcome the problem of scarcity.

Consuming, producing, distributing

Our methodology

Inductive Deductive

Theory Observation

Hypothesis Pattern

Observation Tentative hypothesis

Confirmation Theory

Economics learning outcomes

To demonstrate knowledge of economic concepts

To apply economics to critical thinking and problem solving

To become aware of their role in the local and global economic environment

To be able to make decisions based on cost-benefit analysis

To demonstrate a sense of responsibility and a capacity for service

To adapt to a changing economic environment

To see the usefulness of economics go both career and everyday life

Most effective teaching strategies

Peer teaching

Classroom debates

Poems and songs

Classroom experiments

Field trips

Use of technology

Case studies

Analysis of real life situations

Oh Scarcity

Tune: Oh Christmas Tree

Oh, Scarcity! Oh, Scarcity!

We can’t have all the things we want.

Oh, Scarcity! Oh, Scarcity!

We cannot have it all.

 

We really want a lot of stuff.

But sometimes there’s just not enough.

Oh, Scarcity! Oh, Scarcity!

We cannot have it all.