Students in an economics course are asked to write a doumented problem solution to explain how a change in a determinant of demand will impact the equilibrium price.
The concept of comparative advantage is used to make a decision about specialization and trade. The microeconomic impact is also included.
The concept of price elasticity of demand was introduced in class. Elastic and inelastic goods were discussed. The impact that a change in price will have on total revenue was also presented.
During the lecture, labor demand and labor supply were discussed and were used to determine the equilibrium wage rate. Then, the concept of a minimum wage rate was introduced and the impact of the wage rate on the labor market was demonstrated graphically.
During the lecture, the competitive market was introduced. A graph was used to demonstrate a competitive market in which there was an economic profit. The profit motive causes an increase in supply. As additional producers enter the market, the price of the product or service decreases. In the end, price will decrease until the long-run equilibrium situation is reached which means that the economic profit decreases to zero.
Lesson Objective: At the completion of this lesson, students will be able to describe and explain how interest rates affect the value of a dollar and how exchange rates affect purchasing value in the global market. Supplies Needed: Lesson Supplies Two different color sheets of paper cut in strips torepresent currency and a bag of candy Student Handout 1 Exchange Rates and Currencies (1 per student) (found in Task 2) Student Handout Answer Key 1 Exchange Rates and Currencies (found in Resource Library) Student Handout 2 Timbuktu Bidding Game - Tally Table (1 per student) (found in Task 4) Student Handout 3 The Timbuktu Bidding Game Analysis (1 per group) (found in Task 5) Student Handout 4 Currency and Exchange Rate Quiz (1 per student) (found in Task 6) Student Handout Answer Key 4 Currency and Exchange Rate Quiz (found in Resource Library) Teacher Resource 1 Big Mac Index Poster (When printing poster, uncheck “fit picture to frame” in the print dialogue box. Also, print on legal sized paper or larger. Best printed on 11x17 landscape.) (found in Task 3) Video 1 Big Mac Index (1:13) (found in Task 1) References: Econedlink: Council for Economic Education. (n.d.). Economic Glossary. IMF Center: A public center for economics education. (n.d.). Lessons #1 and 2 focus on the IMF and its role in the global economy. Retrieved from http://www.imf.org/external/np/exr/center/students/hs/think/lesson7.pdf MBA dictionary. (n.d.). Retrieved November 15, 2014, from MBAResearch and Curriculum Center Rinsema, Kate. Alltop: Holy kaw! (n.d.). The big mac index [infographic]. Retrieved from http://holykaw.alltop.com/the-big-mac-index-infographic Travelex: Worldwide money. (n.d.). The Economist: Big mac index. Retrieved from http://www.spring.org.uk/the1sttransportX-Rates. (n.d.). Rates Table. Retrieved from http://www.x-rates.com/table/?from=USD Copyright Permission:Copyright permission has been given for the educational use of the web-based and printed Big Mac Index Chart, contained within this lesson.
Spreadsheets Across the Curriculum module. Students build a spreadsheet to explore the trade-offs between "bargain-priced" gas vs. the extra mileage needed to get it. A modeling problem.
Deterministic optimization: maximum principle, dynamic programming, calculus of variations, optimal control, dynamic games. Stochastic optimization: stochastic optimal control and dynamic programming, Markov processes, Ito calculus, Markov games. Applications. Dynamical systems: local and global analysis and chaos. The unifying theme of this course is best captured by the title of our main reference book: "Recursive Methods in Economic Dynamics". We start by covering deterministic and stochastic dynamic optimization using dynamic programming analysis. We then study the properties of the resulting dynamic systems. Finally, we will go over a recursive method for repeated games that has proven useful in contract theory and macroeconomics. We shall stress applications and examples of all these techniques throughout the course.
This course provides a review of physical, chemical, ecological, and economic principles used to examine interactions between humans and the natural environment. Mass balance concepts are applied to ecology, chemical kinetics, hydrology, and transportation; energy balance concepts are applied to building design, ecology, and climate change; and economic and life cycle concepts are applied to resource evaluation and engineering design. Numerical models are used to integrate concepts and to assess environmental impacts of human activities. Problem sets involve development of MATLABĺ¨ models for particular engineering applications. Some experience with computer programming is helpful but not essential.
This course provides a review of physical, chemical, ecological, and economic principles used to examine interactions between humans and the natural environment. Mass balance concepts are applied to ecology, chemical kinetics, hydrology, and transportation; energy balance concepts are applied to building design, ecology, and climate change; and economic and life cycle concepts are applied to resource evaluation and engineering design. Numerical models are used to integrate concepts and to assess environmental impacts of human activities. Problem sets involve development of MATLABĺ¨ models for particular engineering applications. Some experience with computer programming is helpful but not essential.
What are the two biggest threats facing future generations? The growing Federal debt, and climate change. The national debt will trash the economy, and global warming will trash the planet. But economics offers a solution to BOTH problems: a carbon tax. So why do economists cry themselves to sleep?
Econometrics is the study of estimation and inference for economic models using economic data. Econometric theory concerns the study and development of tools and methods for applied econometric applications. Applied econometrics concerns the application of these tools to economic data.
An introduction to current macroeconomic concerns with particular emphasis on medium-run economic fluctuations, economic crises, and the role of asset markets. Topics include the explanation of high chronic unemployment in some nations, the source of modern liquidity crises, the origin and end of speculative bubbles, and the factors that lead to substantial periods of economic stagnation.
Through a close study of a rich set of demographic and economic statistics, students will see the development over 150 years of two similar yet divergent colonies (Virginia and Barbados). They will work through population, land use, and trade statistics with closely-guiding questions in order to find links between one set of numbers and another.
Explores the changing map of the public and the private in pre-industrial and modern societies and examines how that map affected men's and women's production and consumption of goods and leisure. The reproductive strategies of women, either in conjunction with or in opposition to their families, is another major theme. How did an ideal of the "domestic" arise in the early modern west, and to what extent did it limit the economic position of women? How has it been challenged, and with what success, in the post-industrial period? Focuses on western Europe since the Middle Ages and on the United States, but some attention to how these issues have played themselves out in non-Western cultures. This course will explore the relation of women and men in both pre-industrial and modern societies to the changing map of public and private (household) work spaces, examining how that map affected their opportunities for both productive activity and the consumption of goods and leisure. The reproductive strategies of women, either in conjunction with or in opposition to their families, will be the third major theme of the course. We will consider how a place and an ideal of the "domestic" arose in the early modern west, to what extent it was effective in limiting the economic position of women, and how it has been challenged, and with what success, in the post-industrial period. Finally, we will consider some of the policy implications for contemporary societies as they respond to changes in the composition of the paid work force, as well as to radical changes in their national demographic profiles. Although most of the material for the course will focus on western Europe since the Middle Ages and on the United States, we will also consider how these issues have played themselves out in non-western cultures.
Lesson Objective: At the completion of this lesson, students will have an understanding of the economic indicators and their relationship to the business cycle. Supplies Needed:Student Handout 1Key Terms (1 per student) (found in Task 1) References: Econedlink: Council for Economic Education. (n.d.). Economic Glossary. Retrieved from http://www.econedlink.org/economic-resources/glossary.phphttp://www.econedlink.org/interactives/index.php?iid=200&type=studentMBA dictionary. (n.d.). Retrieved November 15, 2014, from MBAResearch and Curriculum Center
Considers how institutions have been incorporated theoretically into explorations of growth and development. Four sets of institutions are examined in detail: the corporate sector, to study how ownership, strategy, and structure affect growth-related policies; financial institutions, to analyze how they condition savings and investment; labor market institutions, to investigate their impact on the determination of wage and production-related productivity; and the institutions associated with technology, such as universities, research laboratories, and corporate training centers, to consider how skill formulation is accomplished.
This is presentation of some basic economic ideas for the beginning community college student.
Choice of material has implications throughout the life-cycle of a product, influencing many aspects of economic and environmental performance. This course will provide a survey of methods for evaluating those implications. Lectures will cover topics in material choice concepts, fundamentals of engineering economics, manufacturing economics modeling methods, and life-cycle environmental evaluation.
This textbook, Economics: Theory Through Applications, centers around student needs and expectations through two premises: … Students are motivated to study economics if they see that it relates to their own lives. … Students learn best from an inductive approach, in which they are first confronted with a problem, and then led through the process of solving that problem.
Many books claim to present economics in a way that is digestible for students; Russell and Andrew have truly created one from scratch. This textbook will assist you in increasing students’ economic literacy both by developing their aptitude for economic thinking and by presenting key insights about economics that every educated individual should know.