The Institute for Humane Studies has partnered with the authors of the textbook Common Sense Economics: What Everyone Should Know about Wealth Creation and Prosperity to help teach students why economic understanding is essential for life in today's society. With videos and quiz question corresponding to each element, this collection can be used as a study guide for "Part 1: Twelve Key Elements of Economics".
Context Rich Problem on demand shifters and the implications of such a shift.
In this context rich problem, students are asked to analyze the effects of a price ceiling.
This assignment asks students to write a data-rich policy brief, showing their ability to apply standard microeconomic models and contextualizing the policy debate with numeric evidence.
- Material Type:
- Science Education Resource Center (SERC) at Carleton College
- Provider Set:
- Pedagogy in Action
- Quantitative Writing (SERC)
- Nathan Grawe
- Date Added:
Looking for engaging content for your economics courses? The Institute for Humane Studies has curated this collection of educational resources to help economics professors enrich their curriculum. Find videos, interactive games, reading lists, and more on everything from opportunity costs to trade policy. This collection is updated frequently with new content, so watch this space!
Presumably you've already made plans for surviving a zombie apocalypse, but have you thought through the important economic factors that might make the difference between surviving and losing your brain to one of the walking dead? In this video, Professor Anthony Davies of Duquesne University discusses how a zombie apocalypse would affect the price of gasoline, the supply of money, and the economy as a whole.
In this video, Professor Don Boudreaux of George Mason University explains how the price system is able to coordinate the behavior of billions buyers and suppliers in a great chain of global cooperation.
Context Rich Problem using the concepts of excise tax incidence, elasticity of demand, and elasticity of supply. Students must determine which information is appropriate and which is extraneous to the problem.
Trade benefits both buyers and sellers, but what happens when the transaction affects a third party? In this video, Professor Michael Munger of Duke University defines the term externality and explains different ways to solve the problem of externalities.
According to Prof. Don Boudreaux of George Mason University, free trade is nothing more than a system of trade that treats foreign goods and services no differently than domestic goods and services. In this video, Professor Boudreaux defines free trade and protectionism and provides real world examples of free trade.
Economist Russ Roberts once remarked, "How strange it is that we live in the richest society in human history and we don't teach our children how we got to be the richest society in human history." We are unbelievably wealthy, yet most of us give little thought to what it takes to create that wealth. This video course, featuring Professor Dan Russell of the University of Arizona, explores the nature of wealth and the institutions that help us create it.
This consists of a short essay to be written by students after watching the West Wing episode "Hartsfield's Landing." In it, students are asked to help a friend to understand the content of the show using the basic components of non-cooperative game theory and the prisoner's dilemma.
Teaching general equilibrium analysis to students is challenging. General equilibrium models are typically accessible to only a small handful of mathematically well prepared students. Yet the growing significance of general equilibrium models in economics challenges instructors to find ways to make these models accessible to undergraduate students. The simulation gives microeconomics instructors an alternative to the traditional Edgeworth box graphical presentation. The simulation, with sample parameter files, is implemented with a Java applet available at General Equilibrium Simulations. The developers of the simulation are Walter Nicholson and Frank Westhoff at Amherst College.
If you were a government official trying to raise revenue, who would you tax? Pick whether to tax cigarettes, luxury goods, or oil and gas in this interactive game and Professor Art Carden of Samford University will explain how the market will react.
This context-rich problem helps students to apply the characteristics of imperfect competition to a real world setting.
This course is designed to extend the student's knowledge of the basic microeconomic principles that will provide the foundation for their future work in economics and give them insight into how economic models can help us think about important real world phenomena. Topics include supply and demand interaction, utility maximization, profit maximization, elasticity, perfect competition, monopoly power, imperfect competition, and game theory. Upon successful completion of this course, the student will be able to: Explain the standard theory in microeconomics at an intermediate level; Explain and use the basic tools of microeconomic theory, and apply them to help address problems in public policy; Analyze the role of markets in allocating scarce resources; Explain both competitive markets, for which basic models of supply and demand are most appropriate, and markets in which agents act strategically, for which game theory is the more appropriate tool; Synthesize the impact of government intervention in the market; Develop quantitative skills in doing economic cost and consumer analysis using calculus; Compare and contrast arguments concerning business and politics, and make good conjectures regarding the possible solutions; Analyze the economic behavior of individuals and firms, and explore how they respond to changes in the opportunities and constraints that they face and how they interact in markets; Apply basic tools that are used in many fields of economics, including household economics, labor economics, production theory, international economics, natural resource economics, public finance, and capital markets. (Economics 201)
This is a module framework. It can be viewed online or downloaded as a zip file.
As taught Semester 1 2009/2010.
There are no pre-requisites to taking this module and in particular there is no assumption of any prior knowledge of economics. For those who have taken A-level economics or any other version of economics some of the module content will appear familiar to you. However, the methods of analysis and the approach to teaching will quite probably be very different to anything experienced before and thus it is very important that good lecture notes are made, essays are thoughtfully written and background reading is undertaken. If not, then a degree level of understanding of the material will not be achieved.
This module is suitable for study at undergraduate level 1
Dr Wyn Morgan
Dr Wyn Morgan has been a member of staff at Nottingham since 1990 and became Associate Professor in August 1999. His research interests lie in imperfect competition in vertically related markets; price transmission, and futures and commodity markets. Since 2005 he has been an Associate Director in the Centre for Excellence in Teaching and Learning for Integrative Learning at the University of Nottingham. In 2006 he was appointed to be the University's Director of e-Learning and in August 2007 he became the University's Director of Teaching and Learning.
He is also an Associate Director of the Economics Network of the Higher Education Academy and an Associate of the Learning Sciences Research Institute.
In this problem, students consider the benefits of reduced tray usage in school cafeterias by comparing the cost savings of having to clean fewer trays against the opportunity cost of increased labor and energy costs to clean the cafeteria after meals.