Introduction
Markets are usually a good way to organize economic activity. In his 1776 book An Inquiry into the Nature and Causes of the Wealth of Nations economist Adam Smith made the most famous observation in all of economics: Households and firms interacting in markets act as if they are guided by an “invisible hand” that leads them to desirable market outcomes.
Prices are the instrument with which the invisible hand directs economic activity. For example, Toys in the Europe market, the buyers look at the price when determining how much to demand, and the sellers in China look at the price when how much to supply. As a result of the decisions that the buyers and the sellers make, market prices reflect both the value of a good to society and the cost to society of making the good.
The toys are produced in China then exported into the Europe market. The following theories may be applied into current situation, the buyers and the sellers are facing.
Input Prices is the one of the factors changing supply. To produce its output of toy, sellers use various inputs. When the price of inputs rises as increasing the lab testing cost, producing toy is less profitable, and firms supply less toy. If input prices rise substantially, a firm might shut down and supply no toy at all.
The law of demand is the relationship between price and quantity demanded.
The claim that, other things equal, when the price of a good rises, the quantity demanded of the good falls, and when the price falls, the quantity demanded rises. The relationship between price of the toy and the quantity demanded, holding constant everything else that influences how many European consumers of the toy want to buy.
Task
- Issues regarding making theories of Economics
- Future implications of Economics
- Crisis faced by Economy
- Developing Economies.
- Foreign Exchange Market.
- Technological methods
- Consequences faced by economy.
- Conclusion and Summary
Process
Step 1:
Identifying the main issues the economy is currently facing. Categorical study of each issue individually. Comprehend the gathered knowledge and write an essay on it.
Step 2:
For better understanding of each issue use the resources and add some additional knowledge of the issues in Pakistan economy so that you can critically analyse the results.
Step 3:
Using a map of the world label the three developing countries that are leading Economies. make sure to include your home nation as well so you can relate what your own nation's progress.
Step 4:
Now you will make groups and each member of the group will pick an issue regarding to economy and then discuss each issue individually on the basis of gathered information through research and prior knowledge. Then every group member will compare their results and make a report.
Step 5:
Presentation : At the end of the session each group will present their topics and the rest of the students will prepare questions regarding all the topic and there will be a question answer session between the class. Each student will prepare each topic and the presentation will be anonymously based on random questions.
Evaluation
Name: __________________
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Categories |
Excellent |
Good |
Satisfactory |
Below Expectations |
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Individual Performance |
4 |
3 |
2 |
1 |
|
Classroom Conduct
|
Supportive and welcoming behavior with other group members |
Mostly Supportive behavior with other group members |
Sometimes not very supportive with other group members |
Mostly unsupportive with other group members |
|
Class Participation |
Actively contributed in valuable discussion during the investigation |
Mostly contributed in discussion about the investigation |
Only sometimes contributed in discussion about the investigation |
Almost never contributed in discussion during the investigation |
|
|
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Project Content |
4 |
3 |
2 |
1 |
|
Title and Description of Issues in Pakistan Economy |
Students include a title and description of assigned Issues in Pak Economy with good elaboration. |
Students are comfortable with content, but they fail to elaborate. |
Students are uncomfortable with information and are able to answer only simple questions. |
Students do not have grasp of information; student cannot answer questions about subject. |
|
Critical Analysis of each issue with research output |
Students included enough detail about the Issues running in the economy. Researched the information very well. |
Students are comfortable with content, but they fail to elaborate. |
Students are uncomfortable with information and are able to answer only simple questions. |
Students do not have grasp of information; student cannot answer questions about subject. |
|
Issues related to Poverty, Inflation, Bad policies, Population, management, Infrastructure. |
Students included enough detail about the issues in their assigned topics. Elaborated the information very well. |
Students are comfortable with content, but they fail to elaborate. |
Students are uncomfortable with information and are able to answer only simple questions. |
Students do not have grasp of information; student cannot answer questions about subject. |
|
Appropriate Solutions for the Issues |
Students described the Appropriate solutions associated with their assigned topics. Elaborated the information very well. |
Students are comfortable with content, but they fail to elaborate. |
Students are uncomfortable with information and are able to answer only simple questions. |
Students do not have grasp of information; student cannot answer questions about subject. |
|
Pakistan ranking in the world economy |
Students efficiently compared the information of their assigned with current issues. Very well elaborated. |
Students are comfortable with content, but they fail to elaborate. |
Students are uncomfortable with information and are able to answer only simple questions. |
Students do not have grasp of information; student cannot answer questions about subject. |
|
Presentation |
4 |
3 |
2 |
1 |
|
Quality of content |
All slides are appealing in color and artwork. Slides are easy to read and not too busy |
More than half of the slides are appealing in color and artwork. Slides are somewhat easy to read. |
More than half of the slides have no color artwork. Slides are difficult to read or incorrect. |
Only text is present, no color or artwork. Slide hard to read |
|
Posture and Eye Contact |
Stands up straight, looks relaxed and confident. Establishes eye contact with everyone in the room during the presentation. |
Stands up straight and establishes eye contact with everyone in the room during the presentation. |
Sometimes stands up straight and establishes eye contact. |
Slouches and/or does not look at people during the presentation. |
Conclusion
No nation is free from financial issues. These issues are available in each nation however the winners are the individuals who beat most if not every one of them. In spite of the fact that Pakistan is as of now confronting a considerable measure of socio-political and financial issues however it doesn't imply that it is going towards its end. Countries confront diverse issues however together they work for towards the arrangement. The same is the need of hour. Government and in addition each and every subject of Pakistan needs to assume its own particular part to realize a positive change.
Credits
Resources
https://www.linkedin.com/pulse/pakistans-economic-financial-problems-gl…
www.outlookpakistan.com/pakistan-economy-challenges-review/3119/
http://www.studysols.pk/economic-proble
http://ahsankhaneco.blogspot.com/2013/04/major-issues-in-economy-of-pak…
http://economistsview.typepad.com
http://dollarsandsense.org/blog/
http://clausvistesen.squarespace.com/alphasources-blog/?currentPage=2
https://www.charleskochinstitute.org/issues/
http://community.cengage.com/GECResource/blogs/gec_blog/default.aspx
http://globaleconomydoesmatter.blogspot.com/?m=1
http://blog.thisyoungeconomist.com/?m=1
http://www.healtheconomicsblog.com/?m=1
http://www.institutional-economics.com
http://www.economicthought.net/blog
radicalsubjectivist.wordpress.com
http://captaincapitalism.blogspot.com/?m=1
http://www.npr.org/sections/money/
http://cfed.org/blog/tags/behavioral_economics/
http://www.economistsdoitwithmodels.com
http://blogs.lawrence.edu/economic
uconnecon.wordpress.com
https://mobile.nytimes.com/blogs/krugman/?referer=
http://www.economicsdegree.net/enlightened-economists/
https://www.intelligenteconomist.com
http://www.marketeconomics.com.au/date/2012/10
http://ipeatunc.blogspot.com/?m=1
http://oregonecon.blogspot.com/?m
http://globaleconomicanalysis.blogspot.com
https://inomics.com/top/category%20economists
https://afinetheorem.wordpress.com
http://andolfatto.blogspot.com/?m=1
http://capitalgainsandgames.com/?hg=0&nr=0
http://www.scottisheconomywatch.com
http://www.thesimpledollar.com
http://welkerswikinomics.com/blog/
http://economicsforteachers.blogspot.com
Teacher Page
This Lesson is targeted for Intermediate (Grade 11) students.
Recognize, Describe and Analyze the Effective Issues in Pakistan Economy.
Objectives:
At the end student will be able to;
- Analyze Issues regarding making theories of Economics
- Future implications of Economics
- Participate in class activities related to economics.
- Critically analyze the all the data prersent by the apploication of WDI.
Procedure: (50 minute lesson, 7 days)
Step 1:
Identifying the main issues the economy is currently facing. Categorical study of each issue individually. Comprehend the gathered knowledge and write an essay on it.
Step 2:
For better understanding of each issue use the resources and add some additional knowledge of the issues in Pakistan economy so that you can critically analyse the results.
Step 3:
Using a map of the world label the three developing countries that are leading Economies. make sure to include your home nation as well so you can relate what your own nation's progress.
Step 4:
Now you will make groups and each member of the group will pick an issue regarding to economy and then discuss each issue individually on the basis of gathered information through research and prior knowledge. Then every group member will compare their results and make a report.
Step 5:
Presentation : At the end of the session each group will present their topics and the rest of the students will prepare questions regarding all the topic and there will be a question answer session between the class. Each student will prepare each topic and the presentation will be anonymously based on random questions.
Name: Tobani
Surname: Yozi
Student Number: 218262809
Email: Thobaniyozi78@gmail.com