Active learning ideas
This topic introduces the 'economic way of thinking'. Students explore the fundamental problem of scarcity: that we have limited resources but unlimited wants. They learn how this leads to the concept of opportunity cost, the value of the next best alternative given up when a choice is made. This aligns with Learning Outcomes 3.1 and 3.2 of the Junior Cycle specification.
Activity 01
Half the class are 'sellers' with apple cards, and half are 'buyers' with varying amounts of 'cash'. They must negotiate prices. The teacher then changes the 'supply' (removes cards) or 'demand' (gives buyers more cash) to show how the equilibrium price shifts.
What is the economic problem of scarcity?
Activity 02
Students are given three scenarios (e.g., choosing between study and sport, or choosing between two different government projects). They must identify the choice made and the opportunity cost for each, then explain their reasoning to a partner.
How do supply and demand affect prices?
Activity 03
Students create a visual display of the local economy, categorizing businesses as providing goods (tangible) or services (intangible). They then identify which businesses are currently facing high demand or low supply and why.
What is the difference between goods and services?
A few notes on teaching this unit
Watch Out for These Misconceptions
Price is determined solely by the cost of making the product.
Students often ignore the 'demand' side. Through a simulation where a 'rare' item is auctioned, teachers can show that if demand is high and supply is low, the price can rise far above the cost of production.
Opportunity cost is just the amount of money you spend.
Students often forget about the 'lost opportunity'. Peer discussion about choosing to sleep in versus going to the gym helps them see that time and health can also be part of the opportunity cost, not just cash.
Methods used in this brief
Government and the Economy
Exploring the role of the Irish government in managing the economy, raising revenue through taxation, and providing public services.
8 methodologies
Sustainable Development
Examining the economic, social, and environmental impacts of business decisions. Students evaluate how businesses can transition to more sustainable practices.
8 methodologies