1. Economics – Welcome! Orientation
It’s a new subject – lets walk before we run 
Resources
Digital Learning Space
Textbooks
Exam Board -> Edexcel Economics 2015 version
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Other Media -> You Tube (example PAJ Holden), Tutor4u

2. Economics as a social science
Objectives
To understand the concept ceteris paribus
To understand the difference between positive and normative statements

3. Do you think this statement is false? Why?
‘Free school meals for children at infant school will reduce the cost burden in the future for the NHS’. Brainstorm the assumptions which might underlie this economics argument.
Do you think this statement is false? Why?

4. Economic Study
Economics is a social science - a subject concerned with human behaviour
Theories are difficult to study because: - many things may change simultaneously - events can not be tested in labs
Economists try to isolate singular events by saying ‘all other things remaining equal’ or ‘ceteris paribus’

7. In essence, Ceteris Paribus allows us to make predictions with confidence about Hootie’s behavior during a walk, regardless of the environment or circumstances. 

8. ‘Free school meals for children at infant school will reduce the cost burden in the future for the NHS’.
The population may get even older and therefore burden the NHS
But there might be an outbreak of a virus in infant schools
There may be a war that starts that burdens the NHS

9. But that’s not the case….
Ceteris paribus is an essential part of basic economic theory.  
And if you, a student of economics, refuse to believe in the existence of the Ceteris Paribus Fairy, you'll undoubtedly end up thinking too much about what else could happen in the situation at hand.
 It's a flaw most smart, logically-thinking people fall into.  On economics exams, it often results in wrong answers and bad exam grades.

10. Economic Study
Economic models are developed to illustrate economic events by isolating individual relationships – these are then used to make forecasts about how one event will affect others in the future
Eg. If prices for chocolate rise, we will buy less chocolate and more crisps?
Eg. If prices for chocolate rise, will farmers grow more Cocoa?