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- Students do Macro words 1 crossword https://mail.google.com/mail/?shva=1#inbox/126d0cebb674bcaf
- Explain about 2 most important models - c flow of i and AD/AS
- https://mail.google.com/mail/?shva=1#inbox/126d164b22665ca4
Activity - 4 groups, 4 name plates, £300 each
- team throws dice, if can takes £100 from other but must call out name of money
- change after each cycle
- PPP show general way of drawing flows
- Table - elicit names of different flows (finish at home if necessary)
- Review: dice and 1) short run 2) long run 3) fixed costs 4) variable costs 5) total costs 6) average cost
- Use Krugman to formulise explanation of AC curve
- Marginality - use PPP to explain https://mail.google.com/mail/?shva=1#inbox/126d0d2ce574262a
- Activity - Ss measure each other 1 by 1 and plot out average, marginal tables (remember tells us about addition to total)
- Try to elict rules about relationship btw marginal and average
- Plot (get graph paper), using flower data, and total fixed costs of 10
- average cost curve
- marginal cost curve
- If time, curve drawing competition
- Recap yesterday - esp short/long run // TFC, AFC
- Variable Costs
- students sketch TVC - point out not a straight line
- The Law of Diminishing Returns
- Total costs - sketch curves
- The average cost curve
- Big sketch of AFC , AVC
- AC = AFC + AVC show how can use addition to plot AC curve
- Explanation - use Krugman info
- Go through answers from hwk (1-input/output/magic box ; 2 - production role of entrepreneur)
- Use answers from 3 to go into short run v long run
- explain concept - alternative way of viewing time / helps to compare seemingly very different production processes
- example - window cleaner / air plane maker - elicit examples of f of p
- rank f of p according to ease of adding more
- line on WB - distinction short/long run, the tipping point. Add f of ps from example businesses
- Therefore, can see similarities btw any production process FOR ANY BUSINESS SHORT AND LONG RUN CONDITIONS ARE DIFFFERENT ESP COSTS
- Powell diagram p.13 - emphasises returns to scale = economies of scale
- Fixed costs
- Explain task - need to make up-to-date cards
- Find a leader - explain role of entrepreneur, recap on division of labour, show capital goods, elicit production stages
- Students make the new sets of cards
- (If time) cards activities i.e. top trumps or groups of countries
- Welcome to hell!
- Look through specification. http://store.aqa.org.uk/qual/gce/pdf/AQA-2140-W-SP.PDF
- Look through past paper. https://mail.google.com/mail/?hl=en&shva=1#inbox/12b3467652903b6d
- Skills examined on PPP https://mail.google.com/mail/?hl=en&shva=1#inbox/12b346a3480c383f
- PPP showing 9 areas of M3 https://mail.google.com/mail/?shva=1#inbox/126d0d2ce574262a
- Overview of Wk 1 work https://mail.google.com/mail/?shva=1#inbox/126d0d6fbcd578f3
- Types of firms: sole trader / partnership / private limited company / public limited company (5 min discuss)
- Firms' objectives: brief read of document / Ss do questions / on wb "Possible Conflicts of Objectives e.g. reduce pollution (social/community objective) v. profit maximisation" / Ss test each other on conflict areas and then I test them https://mail.google.com/mail/?shva=1#inbox/126d0d80566d9d43
- Divorce of ownership from control - copy from Tuto2u Textbook / read and discuss principal-agent problem
- For tomorrow - make notes on Production Questions You Should Know About
- Quick comparison of micro/macro on WB
- microeconomics - individual markets / Is the market working efficiently? 2 tests of efficiency
- macroecnomics - all firms/households/workers, etc / Are the living standards of the population improving? 4 key tests
- PPP Overview of Module 2 - go through key aggregates and what they measure
- UK economy info from 2006 / 2009 - from word document
- Give out country cards, remark on some interesting facts
- Allocate cards, show CIA factbook, ask students to find info for tomorrow
