This example is an in-class market simulation conducted with paper cards assigning each student a buyer or seller role and a reservation price. This example is appropriate for both upper and lower division courses. Open Outcry Market was developed by Barry P. Keating at the University of Notre Dame.

In this first episode of The Economic Lowdown, we will introduce three topics in economics: choice, scarcity and opportunity cost.

A public interest group claims that pharmaceutical companies overstate the costs of developing drugs because they include the foregone earnings from the money invested in drug development. The story can be used to discuss the concepts of opportunity cost and normal profit.

Paradoxically, while natural disasters clearly destroy wealth, they also seem to create wealth and employment when the damages are repaired. But 19th century French economist Frédéric Bastiat argued that this idea is a fallacy and fails to take opportunity costs into account. In this video, philosophy professor Dan Russell of the University of Arizona defines opportunity costs and explains the importance of Bastiat’s realization on contemporary economics.

The goal of this doctoral course is to familiarize students with major conceptual frameworks, debates, and developments in contemporary organization theory. This is an inter-disciplinary domain of inquiry drawing primarily from sociology, and secondarily from economics, psychology, anthropology, and political science. The course focuses on inter-organizational processes, and also addresses the economic, institutional and cultural contexts that organizations must face.
This is an introduction to a vast and multifaceted domain of inquiry. Due to time limitations, this course will touch lightly on many important topics, and neglect others entirely; its design resembles more a map than an encyclopedia. Also, given the focus on theoretical matters, methodological issues will move to the background. Empirical material will be used to illustrate how knowledge is produced from a particular standpoint and trying to answer particular questions, leaving the bulk of the discussion on quantitative and qualitative procedures to seminars such as 15.347, 15.348, and the like.

Students listen to the story Ox-Cart Man in which a father and his family use various resources to produce goods. As you read the story aloud to the students, place special emphasis on identifying both how it takes resources to make goods and who buys the goods in a market. Students will then participate in a simulation of the circular flow of the economy. They will use examples from the story to apply the concepts learned and model how the circular flow shows the interdependence between people and businesses in the resource and goods/services markets.

This collection uses primary sources to explore the construction of the Panama Canal. Digital Public Library of America Primary Source Sets are designed to help students develop their critical thinking skills and draw diverse material from libraries, archives, and museums across the United States. Each set includes an overview, ten to fifteen primary sources, links to related resources, and a teaching guide. These sets were created and reviewed by the teachers on the DPLA's Education Advisory Committee.

Short Description:
This can serve as the text for a 1-hour Undergraduate Level Patent Law Class

Word Count: 9506

(Note: This resource's metadata has been created automatically by reformatting and/or combining the information that the author initially provided as part of a bulk import process.)

Teaching market structures in a microeconomics class? These slides present graphs related to perfect competition, the market structure in which there are many buyers and sellers of an identical product and there are no barriers to enter or exit the market. The slides illustrate firms' short-run decisions.

Students find the profit-maximizing level of output for a perfectly competitive firm and check the shut-down condition for two different prices.

The world's leaders have committed to creating a Global Earth Observing System - a massive network to provide a continuous and comprehensive picture of the Earth and its environment. This "system of systems" would provide an understanding of changing conditions on our Planet and support decision-making affecting the world's economy. Dr. Charles Kennel, Director of SIO, will describe the U.S. contributions to this international initiative and will talk about the extensive Earth observing capabilities at SIO. (59 minutes)

The growth of Chinese and Indian economies is improving their well being, but at a very high environmental cost. Widespread air pollution and greenhouse gases are having a range of complex effects on both regional and global climate. Join Scripps Oceanography atmospheric science researcher V. Ramanathan as he explains that while science can offer practical solutions, the effectiveness of these strategies will hinge on global cooperation and immediate implementation. (54 minutes)

Planning Economics will apply microeconomic theory to issues that markets don’t always handle well and so are not usually covered in a standard microeconomics course. Issues for this year include global warming, how you value a national park, the economics and politics of New York City development, how cities form and why people are willing to pay more to live in, say, the Boston Metro area, than they would pay to live in rural North Dakota, and how to evaluate costs and benefits that occur at different points in time.

This course explores policy and planning for sustainable development. It critically examines concept of sustainability as a process of social, organizational, and political development drawing on cases from the U.S. and Europe. It also explores pathways to sustainability through debates on ecological modernization; sustainable technology development, international and intergenerational fairness, and democratic governance.

This course takes a broad-based look at poker theory and applications of poker analytics to investment management and trading.
This course is offered during the Independent Activities Period (IAP), which is a special 4-week term at MIT in January. IAP provides members of the MIT community including students, faculty, staff, and alums with an opportunity to organize, sponsor and participate in a wide variety of activities and topics that are often outside of the regular MIT curriculum.
Faculty Advisor: Paul Mende

Political Economists are concerned with the allocation of scarce resources in a world of infinite wants and needs. In order to allocate these resources, politics are used within a state to provide for the people. Political economy is the study of the relationships between individuals and society, and more specifically, the relationships between citizens and states.

Political economy is a study of philosophy and ideology that studies the evolution of political and economic ideas. Political economy is a mixture of politics, economics, sociology, philosophy, and history, which all bring together evidence to the study of how humans exist within societies. Political economists study political ideology, economic structure, human interaction, human nature, and theories in philosophical thought. It is a study that studies not only the mechanics of a particular structure, but also the reasoning behind why a structure is regarded to be the best by various people with different beliefs.

The study of political economics can be split into two different sections, one which is Classical Political Economy and the other which is Modern Political Economy. The classical branch studies range from the conservative philosophers such as Machiavelli to liberals such as Adam Smith to the critiquers of liberalism such as Marx. The modern branch studies range from social liberals such as Keynes to modern political economists whose works deal with a multitude of issues including foreign trade and globalization.

This course explores the relationship between political institutions and economic development, covering key theoretical issues as well as recent empirical evidence. Topics include corruption, democracy, dictatorship, and war. Discusses not just what we know on these topics, but how we know it, covering how to craft a good empirical study or field experiment and how to discriminate between reliable and unreliable evidence.
MITx Online Version
This course is part of the Micromaster’s Program in Data, Economics, and Design of Policy through MITx Online. The course is entirely free to audit, though learners have the option to pay a fee, which is based on the learner’s ability to pay, to take the proctored exam, and earn a course certificate. To access the course, create an MITx Online account and enroll in the course 14.750x Political Economy and Economic Development.

After reading and discussing a story about a family during the Great Depression, students differentiate between goods, services, barter, and money. Students are led through several rounds of a barter activity that incorporates math skills. Through this activity, students learn about the difficulties of using barter to satisfy wants.

In 1962, an American activist named Michael Harrington wrote a relatively short but influential study on the problem of poverty in the United States. 'The Other America' ultimately found its way into the hands of President John F. Kennedy, and the book had a profound impact on bringing poverty issues to public attention. It ultimately contributed to the launch of the government's "War on Poverty."

TeachableMoment marks the 50 year anniversary, and addresses the ongoing issue, with a series of readings and discussion questions for high school students. Readings one and two, below, give an overview of Michael Harrington's book and consider the state of poverty in the U.S. now. The next pair of readings in the series will examine the debate about who should count as poor in this country and proposals for combating poverty.

Intensive coverage of precision engineering theory, heuristics, and applications pertaining to the design of systems ranging from consumer products to machine tools. Topics covered include: economics, project management, and design philosophy; principles of accuracy, repeatability, and resolution; error budgeting; sensors; sensor mounting; systems design; bearings; actuators and transmissions; system integration driven by functional requirements, and operating physics. Emphasis on developing creative designs, which are optimized by analytical techniques applied via spreadsheets. This is a projects course with lectures consisting of design teams presenting their work and the class helping to develop solutions; thereby everyone learning from everyone’s projects.