Government action to overcome the 'virus' recession

I listened to a great webinar yesterday which was organised by the Economic Society of Australia. Some of Australia's leading economics commentators discussed whether the government response to COVID-19 is 'too little, too big or just right'. Shane Wright led a great discussion of the panel's viewpoints on the potential for the cureent fiscal stimulus packages to get Australia out of the projected recession. Will we have a 'V' shaped recovery? The webinar was recorded and I recommend that you have a look.

Avo trend in reverse

In recent years avocados have been a widely used example when teaching how markets respond to increasing demand: initially more competition drives prices higher the supply increases as resources are re-allocated and growers produce more (perhaps existing growers of other fruits who pulled trees out and replace them with avocado trees). Now the market is heading in reverse with a significant decrease in demand as cafes and restaurants have been closed due to the coronavirus pandemic. There has also been a decrease in exports with the same social distancing restrictions in most of the countries to which Australian avocado growers sell. Read this ABC News article about the impact on the avocado

Easter eggs and Economics

An article that I read yesterday, is a great example of leveraging off things that are current in ‘teenager space’ to teach Economics ideas. It deals with work practices in the cocoa trade by starting with chocolate Easter eggs - something most kids are interested in at this time of the year. You can use article ‘Turning to Easter eggs to get through these dark times? Here's the bitter truth about chocolate’ from The Conversation in: Year 8 (responsibilities of businesses – to source ethically is one of them) or Year 9 (trade with other countries – ethical trade is a ‘moral’ consideration to include).

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