THE IMPORTANCE OF PRODUCTION COSTS, REVENUE AND PROFIT FOR PRODUCERS

For teaching: PRODUCTION COSTS, REVENUE AND PROFIT – THE IMPORTANCE OF PRODUCTION COSTS, REVENUE AND PROFIT FOR PRODUCERS

The lesson objectives are:
• Business objectives, including profit, sales growth and increasing market share.
• How to identify and calculate total and average, fixed and variable costs, and 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.
• Higher prices imply higher profits – which provides an incentive for producers to expand production.
• The motivations of producers may conflict with ethical and moral interest.

A note on this series of resources for Economics GCSE micro – 20 lessons in total
The resources for each lesson will comprise at least:
• A detailed PowerPoint presentation
• Worksheets for students to make revision notes
• Exam questions from past papers linked to the topic.

The resources will be more than sufficient for an entire lesson, depending on how much discussion and classroom interaction you like to have of course! They are designed to encourage student interaction. In several cases, the resources will be sufficient for more than one lesson. For instance, more complex topics will have more detailed resources.
The resources can be used for any GCSE course, but they are tailored for the AQA 8136 Economics GCSE micro spec.
The presentations pose questions and encourage discussion. Many include video clips to support the topic content, or to review/consolidate learning.
Most resources include news stories from the media, so that the theory can be contextualised in real life.
As a magpie of ideas, sometimes my resources will incorporate ideas that I have gathered over time from various sources, and which I include or adapt if I feel they are the ‘mots justes’ to get concepts across effectively.
Occasionally, presentation slides have east London specific images/text. You may choose to replace with others that are more regional to you.
The ‘worksheets’ are designed to go with the presentations and together should form useful revision notes for students.
The exam questions are from either past AQA exam papers, or past OCR exam papers for Economics GCSE.
I really hope you find my resources useful. If so, please be kind and show your appreciation by leaving a review, so that it helps me - and helps others to find quality resources.

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Thanks!