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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 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
