A-level Economics Taster Lesson

There is a medication which costs £300,000 per dose. It will extend the life of someone who is dying by 3 weeks. Should the NHS fund this medication?

In pairs, discuss:

A-level Economics Taster Lesson

Economics is the study of how society allocates its scarce resources amongst competing needs and wants to meet infinite needs and wants

A-level Economics Taster LessonEconomics is the study of how society allocates its scarce resources amongst competing needs and wants to meet infinite needs and wants

A-level Economics Taster Lesson

Economics is the study of how society allocates its scarce resources

The government The market

Come up with 5 examples of each – which should be allocated by government and which should be allocated by the market

A-level Economics Taster Lesson

Healthcare

Agriculture

A

B

If C were the ideal allocation, where would you put it?

A-level Economics Taster LessonDriving

“Economics is the painful elaboration of the obvious”

Journeys made

Marginal Private Cost

Marginal Private Benefit

Marginal Social Costcosts

& benefits

A-level Economics Taster LessonIn pairs, discuss & make notes on:

• Which should be regulated more : added sugar or heroin?

• What’s the rationale for introducing a fat tax – think of the last diagram?

• Should the government scrap tuition fees for those going to university?

• Should we reduce immigration and competition from foreign firms to benefit our economy?

• Should the government ban alcohol and tobacco rather than just tax them?

A-level Economics Taster LessonExpectations:• Open-minded and ready to think and

share• Inquisitive – want to know more and

willing to read, research & share• Aspirational – always looking to improve

; aiming for top grade, but also to get the most of the course

• Organised – homework done, turn up to lessons on time and with notes in order

• Independent – ’A’ level is step between GCSE & university / work

A-level Economics Taster LessonFurther Research:• THE BLOG : Google “Inspiring Economics

blogspot”

• Khan Academy• Paj Holden on youtube• The Economist website• Tutor2u website• Quality newspapers• Books : Freakonomics, Bluffers Guide to

Economics, Undercover Economist

What Are The Different Types Of Economics?

• Microeconomics

• Microeconomics manifests itself as:

• The concept of opportunity cost;• The rational decision making

(weighing up marginal costs and marginal benefits). In other words, what should happen using economic theory and not what ought to happen!

• The social implications of choice.

• Macroeconomics

• Macroeconomic issues manifest themselves as different aspects of a country’s economy, namely:

• Growth;

• Unemployment;

• Inflation;

• Balance of trade deficits (i.e. international trade).