Topics include subsistence economy: the producers of good are also the consumers. No surplus for marketing. Villages are self sufficient. Main unit of the village is the extended family; market economy: production determined by demand and supply. Market determines price. Processing industries, tourism. Unemployment. Need for transport, education, power and trade. Need for diversification.
Subjects: Economics
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The Operation of an Economy
North American Version. There are many different economic systems throughout the world, but they all have to address the same basic questions. We investigate these questions, and use the production of bread to show how resources are combined to create goods and services, and the benefits that arise from this process. We also investigate the different sectors in an economy – households, firms, finance, government and foreign – and show how they interact using the circular flow of income. Practical examples illustrate the problems faced when an economy is in a state of extreme disequilibrium.
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The Nature of Economics
North American Version. The economic problem arises because people have unlimited wants, but limited resources with which to satisfy them. We investigate the characteristics of wants and resources, and the principle of Opportunity Cost, and it’s application to everyday life.
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Impacts of Globalization
This video investigates: economic growth and development; contrasts in levels of development in the global economy as outlined by the United Nations Human Development Report, and reasons for the differences; international convergence (the move towards market economies); the role of trade, investment and trans-national corporations in the global economy; environmental consequences of globalisation.
Case Study – The impact of globalisation on the Republic of Ireland, and the strategies that are being used to promote economic growth and development. -
The Global Economy
This video investigates the operation of the global economy, in particular: the nature of the global economy and globalisation; trade and financial flows; free trade and protection; trading blocs and agreements – EU, NAFTA, APEC, ASEAN, CERTA; international organisations – WTO, IMF, World Bank.
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Mind Over Money – Home Use
In the wake of the worst financial crisis in a generation, NOVA investigates what science can tell us about the way we make crucial financial decisions. Traditional economics has little to say about our spending, saving, and investing habits except to assume that we all act rationally-a notion that seems wildly improbable in the current turmoil on Wall Street and beyond. But there’s a new breakthrough in social science-behavioral finance-that’s taking a more realistic look at our attitudes to money by bringing cognitive psychology and even neuroscience into economics. In a timely and lively exploration, NOVA’s Behavioral Economics recreates behavioral finance’s most surprising findings and compelling experiments. These include wiring up Wall Street traders so we can watch their brain scans as they buy and sell stocks, exposing a seething interplay of brain activity patterns linked to reason and emotion. Other tests show how too much consumer choice-for instance, between similar brands at a supermarket-can overwhelm our ability to make good decisions. With the help of mini-dramas following real people as they grapple with real financial decisions, Behavioral Economics shows how new theories are revealing unexpected insights into our emotions and behavior in a time of unprecedented crisis in the marketplace.