Economics Grade 10 October 13, 2020

THE CEDAR GROVE ACADEMY
ECONOMICS GRADE 10
TEACHER: A. WILLIAMS-THOMPSON
TUESDAY, OCTOBER 13, 2020
• You are allowed 30 seconds to find the following items and return to your seat.
• 1. Plastic Spoon and a Metal Fork

• 2. A Bible
• 3. Something Fuzzy
• 4. A left foot of shoe
• 5. Something Red
• Objectives
• At the end of the lesson students must be able to:
• Define the term economics

• Explain what is meant by an economy
• List the main sectors of an economy
• Explain the main concepts of scarcity and choice within an economy
• Define opportunity cost and money cost
• Illustrate opportunity cost and efficiency, using the production possibility frontier
or curve
• List the main influences on individuals in making economic decisions
• List the main influences on firms in making economic decisions
• https://www.youtube.com/watch?v=zI21Uoe4UKA&t=23s
SECTION 1 – THE NATURE OF ECONOMICS
• What is Economics?
• Economics is a social science concerned with
the production, distribution, and consumption
of goods and services.
• It studies how individuals, businesses,
governments, and nations make choices about
how to allocate resources.
• https://www.youtube.com/watch?v=UKb8xWHoVJI&list=RDCM
UCmT6-ChKpaiIVu2fhEIsNtQ&start_radio=1&t=34
TWO LEVELS OF ECONOMICS
• Economics can generally be broken

down into two levels namely
microeconomics and macroeconomics.
• Macroeconomics concentrates on the
behavior of the economy as a whole.
• Microeconomics focuses on the behavior
of individual people and businesses and
how resources are allocated among
entities and their relative prices
ROLE OF ECONOMICS
• Economics studies how wealth is created and

what is involved in that process.
• Economists play a vital role in helping
governments to formulate and evaluate
economic policies.
• They have to be careful in separating positive
issues and normative issues.
ROLE OF ECONOMICS
• Positive Economics
• Positive economics deals with statements of
fact that can either be proved or disproved
and show how the economy actually works.
• Normative Economics
• Normative economics deals with statements
of opinion that cannot be proved or
disproved and suggest what can be done to
solve economic problems.
NEED VS WANTS
• A need is considered a necessity, an item that one

cannot do without for example food, shelter,
clothing.
• A want is a desire for a product which is not vital

to ones existence for example a persons has 3
pairs of shoes but want another
THE ECONOMIC PROBLEM
SCARCITY
Scarcity is defined as the excess of
human wants over what can actually
be produced to satisfy these wants.
Wants are unlimited but the
resources to produce the goods to
satisfy these wants are limited.
Question what do we mean by

resources?
UNLIMITED WANTS AND SCARCE RESOURCES
• Scarcity is not a problem related

directly to lack of funds, it is a
problem directly related to the lack of
resources.
• So therefore choices will have to
made as to what one will have to take
and what will be left .
• Simply put this is what the economic
problems is all about unlimited wants
and scare resources to satisfy these
wants
CHOICE
• Choice in economics involves

selecting an option among the
alternatives uses to which
resources could be put.
OPPORTUNITY COST
• An opportunity cost if the next best alternative to which

we put our resources or money.
• It can also be seen as opportunity foregone which is the
true cost of goods and services in economics
• The highest valued alternative foregone or given up.
What you lose by choosing one alternative over another
https://www.youtube.com/watch?v=7sWX4pmHgtE&t=28s
ACTIVITY
• Write short notes on the following terms

• 1. Economics
• 2. Macroeconomics
• 3. Micro Economics
• 4. What is meant by opportunity cost you may use
examples to support your answer
• 5. What is meant by economic problem and how can this
problem be solved?
• 6. What is the difference between normative and positive
economics?
REFERENCES
• Economics for CSEC with SBA, Study Guide and Exercises

• By Karlene Robinson and Novelette Cooke . Carlong Publishers

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THE CEDAR GROVE ACADEMY

• 1. Plastic Spoon and a Metal Fork

• Define the term economics

• Economics can generally be broken

• Economics studies how wealth is created and

• A need is considered a necessity, an item that one

• A want is a desire for a product which is not vital

Question what do we mean by

• Scarcity is not a problem related

• Choice in economics involves

• An opportunity cost if the next best alternative to which

• Write short notes on the following terms

• Economics for CSEC with SBA, Study Guide and Exercises

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