Economics: Big Picture & Small Choices

Economics: Big Picture & Small Choices

Understanding how economics affects our daily lives Exploring macroeconomics and microeconomics Year 7 Humanities

WALT: Define Economics and Its Importance

Economics is the study of how people make choices about using limited resources It affects everything from your pocket money to global trade Economics helps us understand why things cost what they do Success Criteria: I can explain what economics means in my own words

Think-Pair-Share: Economic Choices

What economic choice did you make this week? How did limited resources (time or money) affect your decision? Share with a partner, then discuss as a class

The Two Big Branches of Economics

Microeconomics: The study of individual choices and small-scale economic activity Macroeconomics: The study of the economy as a whole Both are connected but focus on different scales Think: Personal budget vs National budget

Micro vs Macro Sorting Activity

Sort these scenarios into Micro or Macro categories: 1. Choosing between two mobile phone plans 2. Australia's unemployment rate rising 3. A local café increasing coffee prices 4. The Reserve Bank changing interest rates 5. Deciding whether to buy lunch or bring it from home

WALT: Understand Microeconomics Basics

Microeconomics focuses on individual economic units Includes consumers, businesses, and markets Key concepts: supply, demand, and price Success Criteria: I can give examples of microeconomic decisions

Supply and Demand in Action

{"left":"Supply: How much of a product businesses want to sell at different prices\nDemand: How much of a product consumers want to buy at different prices\nWhen supply is high and demand is low, prices usually fall","right":"When supply is low and demand is high, prices usually rise\nExample: Concert tickets for popular bands\nExample: Seasonal fruit prices"}

Price Detective Challenge

Investigate why these prices change: Movie tickets: More expensive on weekends Fuel prices: Vary between petrol stations School canteen: Different prices for hot vs cold food Work in groups to discuss the supply and demand factors

WALT: Explore Macroeconomics Fundamentals

Macroeconomics looks at the whole economy Key indicators: GDP, unemployment, inflation Government policies affect the entire economy Success Criteria: I can explain how national economic decisions affect individuals

Australia's Economic Indicators Dashboard

Economic Impact Discussion

How might high unemployment in your area affect: Local businesses? Your family? Government services? Discuss in small groups and share ideas

Government's Role in the Economy

Government makes policies that affect the whole economy Tools include: taxation, spending, interest rates Goals: stable prices, low unemployment, economic growth Example: Building new schools creates jobs and improves education