lesson 3-Economics fallacies , theories and laws

  • lesson 3-Economics fallacies , theories and laws

    • Begin using graphs to support economic thinking and to explore patterns and relationships in the economic world
    • Understand the 3 economic Assumptions
    • Understand The law of Increasing Returns,  the law of Decreasing Returns, Inverse Relationship and Direct Relationship.

    Success Criteria
    • Students will be able to demonstrate an understanding of production possibilities curves (PPCs) and how they can be used to guide economic decisions about the allocation of scarce resources.
    • Students will be able to understand and explain the law of diminishing returns and its practical applications in real-world scenarios.

    • Lesson Glossary

      inverse relationship
       A negative association between two variables where when one variable is increased the other decreases, and when one variable is decreased the other increase. .

      direct relationship
       A positive association between two variables where when one variable is increased the other variable also increases, and when one variable is decreased the other also decreases.

      law of diminishing returns
       The eventual decline in the rate of extra outputs produced that occurs when one input used in production of the output is held constant and the others are increased. 

      law of increasing returns to scale
       The increase in the rate of extra outputs produced when all inputs used in production are increased and no inputs are held constant. 

    • Assessment AS-Direct Relationship Assignment

      B1.3 demonstrate an understanding of production possibilities curves (PPCs) and how they can be used to guide economic decisions about the allocation of scarce resources

    • HOMEWORK

      Application questions chapter 1 page 21