Title: Economic problem
Lesson objective: To assess the factors of production
In today’s ACP we are focusing on the ability to use connections from past
lesson information to seek possible generalisations to understand the logic
of the economic problem
Assessed skills:
AO1: Communicate knowledge
AO2: Apply knowledge
AO3: Analyse economic issues
A04: Make reasoned judgements
2.5 minutes
In today’s VAA we are focusing on the need to be: curious, willing to
work alone, be proactive, keen to learn, show enterprise think
independently
Rate yourself against the success criteria Before the lesson
on a scale of 0-3
0. Not familiar
1. Basically (e.g. I have an idea)
2. Moderately (e.g. I can discuss it)
3. Extensively (e.g. I can teach it to a peer)
Success criteria:
- Am I able to develop a glossary of fundamental economics terms
?
- Am I able to classify economic resources
?
- Am I able to apply my understanding in explaining production factor payments
?
Linking to previous learning
Establish the link between factors of production and the economic
problem. Click the link to submit your answer
https://www.menti.com/yre6uiymky code is 8303678
ACP
Check
5 minutes
VAA
Check
Work alone, be proactive
Access the resource you have
been given for this task. You
are going to research and
develop a glossary of the
fundamental/ key terminology
used in economics.
15 minutes
ACP
Check
Challenge: Identify 2 non
human factors of
production.
Use the recommended sites for researching terms
VAA
Check
Help
Success criteria:
SC1- develop a glossary of fundamental economics terms
Keen to learn, show enterprise
Consider the list of products and
services listed on the next sidle.
In this activity you will need to
draw a table and classify the
items to their correct category.
ACP
Check
Help
Challenge: A firm is currently
using 12 machines. Each machine
is capable of producing 100 units
of output. It anticipates that by
the end of the year, 3 of its
machines will wear out.. If it
expects to sell 1600 units next
year, how many machines will it
buy?
7 minutes
https://images.app.goo.gl/8HMhk11iSWVY9cWu6
Success criteria:
SC2- classify economic resources
VAA
Check
Extrapolating
Each of the factors of production have
their rewards/cost. You will need to
watch this quick video [only once] and
explain what the earnings are for each
factor of production.
10 minutes
ACP
Check
You will need to remember
what “land” is. Check SC2.
Help
Challenge: Analyse how may the quantity of
land within a country, be increased.
VAA
Check
https://www.youtube.com/watch?v=nJ4ntB2e4eU
The ability to see how what is happening in this instance could be
extrapolated to other similar situations.
Success criteria:
SC3- apply my understanding in explaining production factor payments
Title: Economic problem
Lesson objective: To assess the factors of production
5 minutes
Rate yourself against the success criteria After the lesson on
a scale of 1-3
1. Basically (e.g. I have an idea)
2. Moderately (e.g. I can discuss it)
3. Extensively (e.g. I can teach it to a peer)
Success criteria:
SC1- Now I am able to
develop a glossary of fundamental economics terms
SC2- Now I am able to
classify economic resources
SC3- Now I am able to
apply my understanding in explaining production factor payments