The importance Costs: teacher-led discussion Calculations of totals Students will be able to understand: of cost, revenue on the types of cost: total, and averages. business objectives, including profit, and profit for average, fixed and variable. sales growth and increasing market Group work skills. producers Student activity sorting a list share of different costs into their how to identify and calculate Total and appropriate groups. Average, Fixed and Variable costs how to identify and calculate Total and Revenues: teacher-led Average Revenues discussion on the types of that total revenue total costs = profit, – revenues: Total and Average. and that a firm may aim to increase its Student activity calculating profits by reducing average costs total and average costs for a and/or increasing revenues variety of given example that higher prices imply higher profits data. and that this will provide the incentive for producers to expand production that the motivations of producers may conflict with ethical and moral interests. Production and work skills. Production: teacher-led Students will be able to understand: productivity activities explaining the Analytical and the difference between production and nature of production. reasoning skills. productivity Productivity: Teacher the benefits of increased productivity. introduces the concept of productivity. Students can be told to consider output per input, and as a group suggest examples of benefits of increased productivity.
The importance of cost, revenue and profit for producers Calculations of totals and averages. Group work skills. Students will be able to understand: business objectives, including profit, sales growth and increasing market share how to identify and calculate Total and Average, Fixed and Variable costs how to identify and calculate Total and Average Revenues that total revenue – total costs = profit, and that a firm may aim to increase its profits by reducing average costs and/or increasing revenues that higher prices imply higher profits and that this will provide the incentive for producers to expand production that the motivations of producers may conflict with ethical and moral interests. Costs: teacher-led discussion on the types of cost: total, average, fixed and variable. Student activity sorting a list of different costs into their appropriate groups. Revenues: teacher-led discussion on the types of revenues: Total and Average. Student activity calculating total and average costs for a variety of given example data. Production and productivity work skills. Analytical and reasoning skills. Students will be able to understand: the difference between production and productivity the benefits of increased productivity. Production: teacher-led activities explaining the nature of production. Productivity: Teacher introduces the concept of productivity. Students can be told to consider output per input, and as a group suggest examples of benefits of increased productivity.