Introduction_to_Economics_Grade9_EconomicTheme.pptx

why study economics

1. Objectives What is economics Why Study Economics ? Why Economics is Important for You?

2. 📌 Study of choices ⚖️ Limited resources vs. Unlimited wants 🏭 Deals with production, distribution, and consumption

3. 🎯 Why Study Economics? Understand scarcity & choice 🌐 Learn how people & countries use resources 🌍 Helps in daily life decisions 🛒 Build knowledge for future careers 🎓 Understand how the economy works 📊 Improve decision-making 💡 Understand global issues 🌍 Personal finance skills 📈

4. Understanding t he b asic e conomic p roblem Scarcity → not enough resources ⛏️ People must make choices 🤔 Leads to opportunity cost 🔄

5. 📌 Key Concepts 📌The Basic Economic Problem. 📌Factors of Production 📌 Economic Systems. 📌 Demand and Supply 📌 Price Mechanism 📌 Elasticity 📌 Market Failure 📌 Production Possibility Curve (PPC) 📌 Business Costs, Revenues, and Profits 📌 Labour Market 📌 Government and the Economy 📌 Macroeconomic Objectives 📌 Inflation and Deflation 📌 Unemployment 📌 International Trade Exchange Rates

6. Microeconomics and Macroeconomics . Macroeconomics: the study of an economy or a group of economies. Example: inflation, unemployment and national income… Microeconomics: the study of individual markets (households and firms) Example: pricing and production decisions.

7. 💡 Why Economics is Important for You

8. 🎲 Activity 🎯 Imagine you have 10 OMR only 💰 Choose: Snacks 🍔, Books 📚, Games 🎮 Discuss: What did you give up? → Opportunity Cost 🔄