Learning Outcome 1.5 states: "Identify reasons for saving and borrowing money, relate the reasons to determining appropriate sources of finance with respect to purpose, costs and risks." In our view, the following are the key ideas and messages for this topic:
Learning Outcome 1.1 states:
Review the personal resources available to them to realise their needs and wants and analyse the extent to which realising their needs and wants may impact on individuals and society. NOTE: As the material required to deal with this Learning Outcome is quite diverse and relates to more than one strand of the specification, we have not attempted to provide it all in a single chapter in the Time for Business textbook. As authors, we feel that using a single chapter would only allow for a narrow and superficial overview of the topic. Page xviii of the Teacher Resource Book (page 315 of the online version) provides a diagram to inform teachers which chapters contain material related to each Learning Outcome. For example, chapters 1, 15 and 16 (Strand 1) deal with individual resources and choices, chapters 3, 4 and 5 look at the issues from a household perspective, while chapter 34 (Stand 3) broadens the perspective even further to consider the economic implications of the use of resources. Once they have studied a number of related chapters, students should have a broad understanding of the term 'resources' in an economic sense and be very well prepared to deal with a wide range of questions and activities related to this learning outcome. This material can be covered at any time during the Junior Cycle and teachers have total freedom and discretion when deciding on the sequencing of Learning Outcomes and associated chapters. The guiding rule is to deal with each learning outcome at a time and in a manner which is appropriate to the context of your class. In our view, the following are the key ideas and messages for this topic:
http://www.irishtimes.com/sport/soccer/english-soccer/from-tayto-crisps-to-nights-in-a-travelodge-what-would-pogba-s-fee-get-you-1.2750551 The video on this page on the Irish Times website looks at spending alternatives for the €110million which Manchester United paid to Juventus for the footballer. It's light-hearted and uses 'currency' which the students are familiar with, e.g. Tayto Crisps, cars, etc. It would be a great ice-breaker and introduction to the topic of opportunity cost and should certainly help students to think of alternative uses for money. If you wish to take it to a deeper level and explore some economic theory, there is scope to look at the impact of supply and demand on price (transfer fees) and perhaps also the purchasing power of a player who reportedly earns €220,000 per week. That would buy an awful lot of Taytos, but might be subject to diminishing marginal utility! Categories All |
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