LEAVING CERTIFICATE ECONOMICS MICRO: TOPIC 10: COSTS WEEK: Differentiated AfL & skills can be fostered through differentiated content, Expected Learning Outcomes activities & methodologies Revision General Literacy The students will be able to do the following: & Comprehension, writing, oral language strategies AoL Explain the short run period Book page KWHL Revision resources Explain the long run period Workbook page Define implicit, explicit and opportunity cost Worksheet no Class tests Define, apply and interpret the law of diminishing returns Explain, calculate and illustrate average fixed cost, average Powerpoints Collated SEC exams & variable cost and average total cost Costs schemes Explain, calculate and illustrate total, average and marginal Costs of production Q & A using Bloom’s prompts revenue and marginal cost (student presentation) Define and illustrate total profit and normal profit Think-pair-share STUDYCLIX HL Derive and illustrate the SRAC (or SAC) and account for its shape Define and identify the point of optimum production Derive and illustrate the LRAC and account for its shape STUDYCLIX OL Numeracy Analyse the reasons why businesses grow (economies of scale) Drawing diagrams and the constraints on growth (diseconomies of scale) Labeling diagrams Examine the economic reasons for the survival of small firms in Interpreting diagrams the Irish economy Calculating FC, VC, AC, MC, Explain social costs and benefits
LEAVING CERTIFICATE ECONOMICS MICRO: TOPIC 10: COSTS WEEK: Differentiated Expected Learning Outcomes The students will be able to do the following: AfL & skills can be fostered through differentiated content, activities & methodologies General Literacy Comprehension, writing, oral language strategies Revision & AoL Explain the short run period Explain the long run period Define implicit, explicit and opportunity cost Define, apply and interpret the law of diminishing returns Explain, calculate and illustrate average fixed cost, average variable cost and average total cost Explain, calculate and illustrate total, average and marginal revenue and marginal cost Define and illustrate total profit and normal profit Derive and illustrate the SRAC (or SAC) and account for its shape Define and identify the point of optimum production Derive and illustrate the LRAC and account for its shape Analyse the reasons why businesses grow (economies of scale) and the constraints on growth (diseconomies of scale) Examine the economic reasons for the survival of small firms in the Irish economy Explain social costs and benefits Book page Workbook page Worksheet no Powerpoints Costs Costs of production (student presentation) KWHL Q & A using Bloom’s prompts Think-pair-share Numeracy Drawing diagrams Labeling diagrams Interpreting diagrams Calculating FC, VC, AC, MC, Revision resources Class tests Collated SEC exams & schemes STUDYCLIX HL STUDYCLIX OL