ECONOMICS 9

Respect every individual

inside the room and the
school.
Obey and never
complain.
M aintain the high
standards all the time.
Encourage everyone to
be involved everyday in
every way!
Respect every individual inside the room and the
school.
Obey and never complain.
Maintain the high standards all the time.
Encourage everyone to be involved everyday in
every way!
Written Work- 30%
Performance Task- 50%
Quarterly Exams- 20%
Our learning targets:
1. I can define economics.

2. I can give examples of

where economics is used.
Economics…
Why Bother about
Economics?
Economics is the study of
the choices that individuals
and societies make in the
production, distribution, and
consumption of goods.
Economics is Greek word
for “house law” meaning the
art of managing a
household or a private
estate.
Learning • Manage personal and national
economics economic affairs in accordance
with God’s Word.
will help us • Manage our household incomes
to: wisely, achieving a good
standard of living for ourselves
and our families.
• Run a business or carry on a
profession
• Save money intelligently
Learning • Understand a government’s
economics functions, such as taxing
will help us and spending
to: • Choose political leaders
who are economically
sensible
• See how nationwide and
worldwide economic policies
affect us all.
People must create
an economy to
survive.
Economists • “If you took all of the
& the economists in the country
Language of and laid them end to end,
Economics: they’d never reach a
conclusion.”
- George Bernard Shaw
Economists • Economists
& the • Macroeconomics
Language of • Microeconomics
Economics: • Economic Models
• Economic Forecast
• Good
• Services
Economists • Want
& the • Market
Language of • Mass Market
Economics: • Supply
• Demand
TASK 1
“Human wants
never can be fully
satisfied.”
Let’s do the swap talk!
“Are there some things
in life that people may
enjoy without having to
pay a price?”
Economic Principles to Live by
“The first thing to
understand about
economics is that all
goods have to be
worked for.”
 Most people are
producers, persons who
work to provide goods,
and all are consumers,
people who use goods.
Economic Principles to Live by
“Economics is the study
of that material side of life
in which everything has to
be worked for and paid
for.”
Economic Principles to Live by
“No goods are really free,
for someone has had to
work to produce them.”
Economic Principles to Live by
“There is not an
unlimited supply of any
good.”
Economic Principles to Live by
“Even in the more
prosperous countries,
there never are enough
goods produced to satisfy
everybody’s wants.”
Economic Principles to Live by
“He who spends beyond
his means will eventually
reap the consequences.”
Economic Principles to Live by

“Needs are not

unlimited.”
A need, is a necessity,
something it would be
difficult to do without. A
want, is a desire, a
longing, an appetite for
something.
Economic Principles to Live by
“For those goods we
need most, we are willing
to pay more than we
would pay for goods of
less importance to us.”
Economic Principles to Live by
“All needs are wants,
yet not all wants are
immediate needs.”