The Language of Economics

Week 1 – Lesson 1

Learning Intention:Exploring the language of economics and business

Success Criteria:Able to identify and demonstrate an understanding of the language of economics

GKR

What do you know about business already?

Activity

• Using Inspiration 9 IE (you will find this in the Thinking Folder on both PC and MAC computers)– Mind Map as many business words as you can.

Tip: Be aware that the wider you make your Mind Map the harder it will be to read when your print it .

• Print out your Mind Map.

Share

• Each person will share one word from their map giving an explanation of what you think it means.

NB: it doesn’t matter if it turns out the meaning is different. The important thing is to try.

Key Vocabulary:EconomicsMacroeconomicsManufacturerGoods ProductsProducerResources ServicesSupplier ConsumerDemand SupplyRetailer Household

Activity

• Create a glossary of the following words. – List the word– Find a definition– Paraphrase the definition– An additional step – find an image that supports

your understanding of the word.

Remember: The definition you include in your glossary needs to be in your own words.

1. Explain your understanding of at least 2 words you did not know before today.

2. What learning strategy did you use today?