Economics
You have been put on a Desert island Scenario 1
Write down 3 items you would bring with you? Write down
your list and a reason why for each one.
There are some rules
Rules
1. You cant bring a person
2. You cant bring a means of escape, you are stuck until someone finds you
3. You cant bring an endless supply of something
4. No discussion just yet….
Desert Island scenario 2
You and your partner have been put on
the island together. You can have 4
items between you but you must each
lose an item off your original list
Look back on your lists, original and combined, put a
label beside each item as to whether you think it is a
need or a want
Write out your definition of what you think needs
and wants are.
Definition of Needs and Wants
• Needs are those items which are essential for survival and which we cannot do without.
• Wants are items which are not essential but we desire.
Which are needs and wants, compare with partner?
Food Air
Smartphones Car
Water Clothes
Shelter Computers
Economics is a social
Define Economics science which studies how
humans attempt to satisfy
their needs and wants
using scare resources which
have alternative uses
What do you think leads to an economic problem?
WIITN-“Take back the city”
“Around 20 people queued to buy houses in a development in
west Dublin, several days before they were due to go on sale.”
“Martin Mooney, who was fourth in line to buy a house in
Hansfield, said he was willing to sit and sleep in the cold and
rain until Friday to secure a house because he wanted a place
for his family to settle.”
Student accommodation
Aisling Fagan@aislingfagan_
This is what we’re dealing with. Landlords charging €500 a head for a
room like this. Absolute madness. There’s no way we can approve
something like this to be advertised to our students! What is clearly a
single room, with another shoved in for a bit of extra €.
https://lovindublin.com/dublin/the-7-worst-rooms-to-
rent-in-dublin-city-right-now
Questions
What could the government do to help solve the housing crisis for students in
the future?
Have you any heard of any horror stories in finding accommodation? (brother,
sister, friend, cousin etc.
Note a question/concern/ advice you would like when you are searching for
accommodation in the future.
Workplace of the future: How will you work
in 2030? I JLL
https://www.youtube.com/watch?v=jHNetehfW9w
1, What is your initial reaction to this clip?
2, Is this a type of future workplace you can
imagine?
3, Can you come up with any disadvantages to this
workplace?
“85 per cent of the jobs that will exist in 2030 haven't even been
invented yet” estimates A Dell technology report, which was
authored by the Institute for the Future (IFTF) and a panel of 20
tech, business and academic experts from around the world.
Should I worry about automation and
new technology?
Black mirror episode
Reality in China?
https://www.youtube.com/watch?v=SLmLPcUMci0
Applying Economics in your everyday life
Buying goods which give the highest satisfaction
Opportunity Cost
Law of Diminishing Marginal Utility
Financial Cost V Opportunity Cost
Fromthe next slide choose two objects that you
would like to add to your wishlist!!
Wishlist
What can you buy from your wishlist?
Imagine if I gave each of ye student €500
Theonly condition is you must buy something
from your wishlist. What will you buy?
Wishlist
€450 €400 €350
€500 (5 Drake tickets) 2 Weekend longitude tickets €400 New iPhone €500
What did you buy from your wishlist?
What item did you buy?
How much did you spend?
Themoney you spent is called the Financial Cost
of your purchase
What didn’t you buy from your wishlist?
Since I only gave you enough money to buy one
thing from your Wishlist, no matter what you chose,
there will be one thing on your Wishlist that you
could not afford to buy!
What was this item?
We call this item the Opportunity Cost of your
purchase
What have I learned/ unsure of so far in Economics?
Economics
Economic problems in Ireland at the moment
“Sick gran, 92, spends
25 hours on hospital “Mother and children
chair waiting to be forced to sleep at
seen” garda station”
David McWilliams: Want to fix the housing
crisis? Tax land
“Such a land tax, levied on land, not property, would eliminate land hoarding
and dramatically increase the incentive to use land efficiently”
Question
Who is the winner and loser in the “land hoarding” scenario? Why?
“Today FM presenter Kelly Anne Byrne
commutes to work from Glasgow because of
high Dublin rents”
“I’d been renting my flat in Dublin for four years when I
got a letter under the door in March advising me that
the lease had been terminated and I’d four months to get
out,” she told Independent.ie
“Landlords in Dublin seem to want a certain type of
tenant, I was almost apologising for working in radio,
which is ridiculous because I make good money, I have
a decent job,” she said
Factors of Explanation Payments to the Examples
production factors of
production
1.
2.
3.
4.
Factors of production
Occupationally mobile = ease of changing the use of the factor of production
Geographically mobile = ease of changing the location of the factor of
production
In pairs, place a for each of the factors of production if
you agree or disagree and explain why.
Factors of production Occupationally mobile Geographically mobile Why?
1. Land
2. Labour
3. Capital
4. Enterprise
Choose any two items and describe the factors used
Financial cost and opportunity cost
In pairs, come up with examples of financial and opportunity costs facing
• Consumers
• Businesses
• Government
