Business · 5th Year

Active learning ideas

Introduction to Economic Concepts

This topic introduces the fundamental economic problem that underpins all business activity: scarcity. Students explore how limited resources must be allocated to satisfy infinite human wants, requiring constant choices by individuals, firms, and the Irish government. By understanding the factors of production (land, labour, capital, and enterprise), students begin to see how value is created in the economy.

• NCCA Curriculum Specifications
• LC Economics Strand 1.1: The economic problem
• LC Economics Strand 1.2: Economic decision making

• 15–40 min
• Pairs → Whole Class
• 3 activities

Activity 01

• Simulation Game
• 40 min · Small Groups

Simulation Game: The Island Economy

Divide the class into small groups representing different start-up firms on a remote island with limited raw materials. Groups must decide which products to manufacture based on their available factors of production, documenting the opportunity cost of every item they choose not to produce.

What is the economic problem of scarcity?

• Apply
• Analyze
• Evaluate
• Create
• Social Awareness
• Decision-Making

Activity 02

• Think-Pair-Share
• 15 min · Pairs

Think-Pair-Share: Personal Opportunity Costs

Students list three major decisions they made this week, such as choosing a study subject over a hobby. They pair up to identify the 'next best alternative' for each and explain why the chosen option provided more utility, then share common themes with the class.

How does opportunity cost influence business decisions?

• Understand
• Apply
• Analyze
• Self-Awareness
• Relationship Skills

Activity 03

• Inquiry Circle
• 30 min · Small Groups

Inquiry Circle: Factors of Production in Ireland

Assign each group a specific Irish industry, like Kerry Group or a local tech hub. Students must identify and categorise the specific land, labour, capital, and enterprise required for that business to function, presenting their findings on a digital whiteboard.

What are the factors of production?

• Analyze
• Evaluate
• Create
• Self-Management
• Self-Awareness

A few notes on teaching this unit

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Watch Out for These Misconceptions

• Opportunity cost is just the financial price of an item.

  Opportunity cost refers to the value of the alternative given up, not the monetary cost. Active learning scenarios help students see that time, effort, and missed experiences are often more significant costs than the Euro amount spent.

• Capital only refers to money in the bank.

  In economics, capital refers to man-made goods used in production, such as machinery, computers, and delivery vans. Peer-led categorisation tasks help students distinguish between financial capital and physical capital assets.

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Methods used in this brief

• Simulation Game
• Think-Pair-Share
• Inquiry Circle