Year 10-12 Learning Continuity Packages

3rd July, 2020: Economics and Commerce

Student Learning Continuity Program
3rd July, 2020: Economics and Commerce
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Topic: Economics and Commerce

Presenter: Jeffery Ogamauri

Printable summary:

Summary:

  • Business is vital to the economy:
    • availability of goods and services – prices go lower, people can access the things they need
    • creates economic growth – when business produces many products and services, many economic activities are occurring, the economy becomes strong.
    • improves standard of living – people can afford things they need to improve their lifestyle
  • Economic Problems:
    • Scarcity of resources – prices go up, or are unavailable
  • Production:
    • enhances specialization
    • division of labour – different people produce different things that are needed
    • creates interdependency
    • Factors of production:
      • Labour – workforce participation rate, employment, SI has high levels of unemployment
      • Land – availability of land and sea resources
      • Capital – infrastructure, investment, economic development
      • Enterprise – management of the resources available, opportunities, risks, initiatives, profit-motivators
    • Industries:
    • 4 Basic Economic Questions – to solve the economic problems
      • What to produce out of the limited resources?
      • How much? Quantity?
      • How to produce?
      • For whom are we producing the resources? What is the market?
    • Economies – complex systems as production of a huge variety of goods and services in various industries.
    • Economic policies
    • Production, consumption and price:
      • Productivity – high levels enhances standard of living
      • Price often determines consumption and production – when prices are low, consumption is high. When price is high, encourages production.
      • Supply and demand
      • Price and inflation – affects all users of goods and services. Government has a responsibility to keep prices low enough for population to afford
      • Production and international trade – know how to calculate balance of payments, balance of merchandised trade, current accounts, capital accounts, etc.

 

 

Click on this link to see a collection of resources for Senior Secondary Economics

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