Microeconomics and its study in Economics

1. Microeconomics and its study in Economics ...with some insights on teaching numeracy and literacy in Economics

2. What is microeconomics? • Concerned with the study of economics at the individual or sector level of the economy • Focus today is on the Preliminary Course and how microeconomics appears there • Mostly significantly evident in the Preliminary Course • Not a lot of analysis though...not deep • Basic theory • Underpins that needed for the HSC Course

3. Where is micro in the Preliminary Course? • Topic 1: Introduction to Economics • Choice, individuals, businesses • Aspects of the Circular Flow of Income • Topic 2: Consumers and Business • Individual spending and saving decisions • Efficiency, productivity, economies of scale • Topic 3: Markets • Whole topic is microeconomic theory • Demand, supply, the market, elasticity

4. Where is micro in the Preliminary Course (continued) ? • Topic 4: Labour Markets • Micro factors affecting demand for and supply of labour • Productivity • Aspects of unemployment • Wage determination • Topic 5: Financial Markets • Application of markets to the financial market • Borrowers and lenders • Aspects of the share market and its influence • Topic 6: Government and the Economy • Limits on the operation of government (includes monopolies) • Taxation, environment, competition policies

5. Labour Markets: Preliminary Topic 4 • Application of market theory from Topic 3 • Demand and supply theory from Topic 3 • Demand for labour • Macroeconomic factors affection • Microeconomic factors affecting • Supply of labour • Macroeconomic factors affection • Microeconomic factors affecting • Role of government • Minimum wage as a price floor

6. Financial Markets: Preliminary Topic 5 • Demand and supply diagram applied to the financial market • Cash market • Other types of financial markets • The share market • Determination of interest rates • RBA action to determine the cash rate • Impact of the cash rate on other markets • Link between the micro and macro elements

7. Current issues: where do they fit in? Are they macro or micro? • Topic 1: Introduction to Economics • Opportunity costs for government, esp. around budget time • Implications of scarcity for low income earners • Unemployment in PPCs • CF of Y and business cycle...where are we at? • Looking at Aust. economy vs. another economy • Topic 2: Consumers and Business • Income levels...rising, for whom? • Level of GDP and economic activity • Distribution of income, wages, welfare • Topic 3: Markets • Government intervention in markets • Level of competition in markets • Use of market to solve issues. E.g. ETS

8. Current issues: where do they fit in (continued)? • Topic 4: Labour Markets • Differences in income • Unemployment • Gender issues • Nature of work • Topic 5: Financial Markets • Interest rate determination • Superannuation • Domestic and global interest rate levels and trends • Topic 6: Government and the Economy • The budget • Taxation and welfare payments...equity • Competition policies • Environmental sustainability • Influences on governments in Australia

9. Numeracy issues for all teachers • What is ‘numeracy’? • “At homeness” with numbers • Appreciation of mathematics • Confidence in math • Reason • Mental math ability • Use symbols • Sense of numbers • Use mathematical models • Interpret data • Read and interpret graphs • …… • Source: Michelle Walker-Glenn Presentation at www.hstwohioregions.org/.../Strategies%20for%20Numeracy%20Across%20the%20Curriculum1

10. Numeracy issues for all teachers- what can we do to make a difference? Be a good role model. Showcase the way you use mathematics in your professional life as well as your specific content area. Make mathematics an integral part of daily instruction. Strive to make a connection during each class. Provide time in class for students to work on mathematics that relates to instructional objectives for your content area. Incorporate logical reasoning and problem solving opportunities daily, as it relates to your content.

11. Provide resources for students such as calculators, rulers, scale models, graphic organizers, charts, graphs, statistical data, etc., to enable students to experience mathematical connections to various topics across the curriculum. Create and/or gather samples of mathematical connections to your specific content area. Share newspaper articles, magazine articles, and professional journal articles that show how mathematics is utilized in your academic discipline. Allow students choice about their completion of assignments that incorporate mathematics and problem solving.

12. Invite students to incorporate data and data analysis as part of writing to authentic audiences for authentic reasons about which they truly care. Provide students with prompt feedback about content as well as mathematical reasoning, when appropriate. Avoid teaching computation in isolation. It should be addressed in the context of students’ own authentic problem solving. Analyze student work to determine instructional implications and make adjustments in instruction to address areas of need.

13. Look at student work with an eye for logical reasoning, use of multiple representations, incorporation of data, and use of graphs that make cross-curricular connections. • Read professional literature about incorporating mathematical concepts into your specific content area. • Focus on improving each student’s knowledge and ability to apply mathematical thinking and reasoning skills across content areas rather than just developing computational skills in isolation. • Avoid sharing any personal “math phobias” or a personal dislike of mathematics. Educators never boast of being illiterate, yet we often freely share that we are innumerate! Source: Adapted from SREB, 2003

14. Where is the maths in the Preliminary Course? • Task 1: • Locate all of the economic skills that require students to do a calculation • In what other contexts do students need numeracy skills in the Preliminary Course? • Task 2: • Choose one of the calculations • Break it down...what do students need to know to complete the calculation? • What do they need to know to understand it? • How might you teach it?

15. Literacy issues for all teachers • “to engage in the support of literacy is a whole-school issue” (Groundwater-Smith et al, 2009) • Only economics teachers know the dimensions of literacies required for economics • Specific strategies for teaching literacy in economics? • Teaching effective writing strategies • Understanding constructivist notions • Link the oral to the written • Make writing purposeful • Provide models • Provide feedback • High but realistic expectations • Importance of the BOS Key terms • How does a description vary from an explanation?

16. Literacy and the Economics Student • Task 3: • Refer to the set of lesson plans on ‘The Snickers Effect’ • Identify the specific literacy issues that apply in each of the context in which the lessons were delivered • How and why was the lesson modified in each iteration? • Task 4: • Read ‘Bulletin 4’ on the use of scaffolds. • How can scaffolds assist students in developing literacy skills? • What are the relative strengths of the scaffolds that were used?

17. Learning goals: how to design them for a learning episode • Task 5: • Working in a pair or a 3: • Consider how you would teach students the determination of the cash rate • Determine your goals • Include a literacy goal • Include a numeracy goal • Include content goals • What terms and concepts do they need to know? • Use a diagram • Task 6: • Refer to the handouts on teaching students how to write extended responses in Economics. • Identify the specific strategies the assist in developing literacy skills