By the end of this section, you will be able to:Discuss the importance of studying economicsExplain the relationship between production and division of laborEvaluate the significance of scarcity

With this free video resource, students will explore the economic way of thinking, and the role incentives play in all our lives through engaging Hollywood production style videos.

Educators can use MRU's videos in a variety of ways, to include “flipping” the classroom, as study aids, supplementary material, concept reinforcement, or even as a full course offering.

In MRU's Principles of Macroeconomics course, we’ll cover fundamental questions such as: Why do some countries grow rich while others remain poor? How important is a country’s banking system — and what happened during the recent financial crisis? How did Zimbabwe end up with an inflation rate that rose into the quadrillions?

We’ll also cover important topics like the Federal Reserve, monetary policy, fiscal policy, the Solow Growth Model, institutional analysis, the “economics of ideas,” and more.

------------------------------------

What is Marginal Revolution University (MRU)?

Many of us can remember our first great economics teacher who fundamentally changed how we see the world. At MRU, we try and deliver that experience to millions worldwide through video.

Founded as a nonprofit in 2012 by George Mason University economics professors Tyler Cowen and Alex Tabarrok, MRU is building the world’s largest online library of free economics education videos -- currently weighing in at more than 800 videos.

The purpose of this course is to provide the student with a basic understanding of the principles of microeconomics. At its core, the study of economics deals with the choices and decisions that have to be made in order to manage scarce resources available to us. Microeconomics is the branch of economics that pertains to decisions made at the individual level, i.e. by individual consumers or individual firms, after evaluating resources, costs, and tradeoffs. "The economy" refers to the marketplace or system in which these choices interact with one another. In this course, the student will learn how and why these decisions are made and how they affect one another in the economy. Upon successful completion of this course, students will be able to: Think intuitively about economic problems; Identify how individual economic agents make rational choices given scarce resources and will know how to optimize the use of resources at hand; Understand some simplistic economic models related to Production, Trade, and the Circular Flow of Resources; Analyze and apply the mechanics of Demand and Supply for Individuals, Firms, and the Market; Apply the concept of Marginal Analysis in order to make optimal choices and identify whether the choices are 'efficient' or 'equitable'; Apply the concept of Elasticity as a measure of responsiveness to various variables; Identify the characteristic differences amongst various market structures, namely, Perfectly Competitive Markets, Non-Competitive Markets, and Imperfectly Competitive Markets and understand the differences in their operation; Analyze how the Demand and Supply technique works for the Resource Markets. (Economics 101; See also: Business Administration 200)

Short Description:
Principles of Microeconomics - First Edition highlights the behavior of an individual household or business in a particular market. The textbook discusses choices that individuals make in allocation of resources. It provides a concise yet comprehensive account of the core topics of microeconomics, including theories of the consumer and of the firm, market structure, and market failures caused by externalities. This OER uses many current examples from the Canadian economy to balance theory and its application of economic concepts. It explains all the concepts, tools, and techniques in a lucid language targeted for undergraduate students.

Word Count: 43884

(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.)

With this free video resource, students will be exposed to the economic way of thinking. Students will understand how to use economics in their lives and, ultimately, you’ll see the world differently-- all through engaging Hollywood production style videos.

Educators can use MRU's videos in a variety of ways, to include “flipping” the classroom, as study aids, supplementary material, concept reinforcement, or even as a full course offering.

In MRU's Principles of Microeconomics course, covers fundamental concepts like supply and demand and equilibrium. We also answer questions such as: How are prices determined? What did Adam Smith mean when he said the market process works like an “invisible hand”? How is it that we have access to fresh roses in very cold cities every Valentine’s Day? All key topics are covered to include competition, monopoly, price discrimination, externalities, public goods and more.

There are no prerequisites for this course, and it is accessible to beginners.

------------------------------------

What is Marginal Revolution University (MRU)?

Many of us can remember our first great economics teacher who fundamentally changed how we see the world. At MRU, we try and deliver that experience to millions worldwide through video.

Founded as a nonprofit in 2012 by George Mason University economics professors Tyler Cowen and Alex Tabarrok, MRU is building the world’s largest online library of free economics education videos -- currently weighing in at more than 800 videos.

Microeconomics with Ethics is an introductory college-level textbook that will enable students to understand current controversies about how to best organize an economic system. The approach emphasizes economic model development and how to interpret their results. The textbook first introduces an Edgeworth box to explain the gains from trade and comparative advantage. We then introduce market complexity, stepwise, by introducing monopoly, oligopoly, and finally perfect competition with supply and demand. Government policy is analyzed under perfect competition and in the presence of market imperfections such as externalities, public goods and common resources. Students will learn why some economic models support limited government while others support a much larger role for government. The textbook diverges only slightly from traditional neoclassical textbooks by demonstrating why individual self-interest must be constrained by ethical behavior to achieve economically efficient outcomes. For example, the acceptance of theft, equivalent to a violation of property rights, may more readily satisfy someone’s self-interest, but would nonetheless undermine the development of markets involving mutually voluntary exchange. Other unethical behaviors examined include deceptive business practices, efforts to undermine free competition, the unwillingness to consider community well-being, and economic disloyalties. Lastly, the text highlights how both private institutions, such as religions, and public institutions, such as criminal justice systems, can constrain unethical behaviors and thereby promote economic efficiency. Students will come away from this course with a rich understanding of the modern economic system and a clearer perspective on the different opinions across the economic and political spectrum about how to best organize an economy.

The PDF file available here is ideal for creating a print version of the textbook. This textbook offers a pluralistic approach to microeconomic theory, macroeconomic theory, and international economic theory. It adopts a critical approach to neoclassical economics and incorporates heterodox alternatives to mainstream economics throughout the book.

The pro-con-caveat activity is a quick and easy way to engage students through a more interactive lecture experience.

In this project, you will explore a real-world problem, and then work through a series of steps to analyze that problem, research ways the problem could be solved, then propose a possible solution to that problem. Often, there are no specific right or wrong solutions, but sometimes one particular solution may be better than others. The key is making sure you fully understand the problem, have researched some possible solutions, and have proposed the solution that you can support with information / evidence.Begin by reading the problem statement in Step 1. Take the time to review all the information provided in the statement, including exploring the websites, videos and / or articles that are linked. Then work on steps 2 through 8 to complete this problem-based learning experience.

Word Count: 78647

(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.)

The Processing Integrity Challenge makes use of game theory to help students learn how to determine relevant application controls for accounting systems to ensure processing integrity is achieved. It specifically addresses source data, data entry, processing, and output controls. The playing format is an adaptation of the television game show, Jeopardy, which is a novel way to reinforce concepts and provide immediate feedback to confirm students' knowledge.

Data source updated on quarterly basis to assess commodity price changes in different sectors and as an aggregate.

In this active learning lesson, students apply economic concepts to a professional baseball league. The lesson underscores the importance of incentives, control of supply, and potential market inefficiencies resulting from a cartel. Students assume one of two roles: either (i) a member of a team owner group trying to get its team into the Professional Baseball League or (ii) a member of the Professional Baseball League Expansion Committee deciding whether new teams are admitted.

In this lecture, Professor Howie Baetjer of Towson University explains how the market process generates improvements in the human condition, highlighting how profit and loss serve to help people channel their activities in creative and socially useful directions.

This book, Project Evaluation: Essays and Case Studies, is based primarily upon materials prepared between 1997 and 2010 by Carl D. Martland for 1.011 Project Evaluation, a required course within MIT’s Department of Civil & Environmental Engineering that he designed, developed, and taught for many years. It is structured to be of interest to anyone focused on infrastructure systems, especially engineers, planners, and managers who design, build and operate such systems. The book may also be of interest to students in planning or engineering who are interested in transportation, water resources, energy, city planning, or real estate development.
Project Evaluation: Essays and Case Studies is published in two stand-alone volumes. Volume I provides an overview of project evaluation as a multi-dimensional process aimed at creating projects that meet the needs of society. Volume II examines the equivalence relationships that can be used to compare cash flows or economic costs and benefits over the life of a project.

This course examines the theories and policy debates over who can own real property, how to communicate and enforce property rights, and the range of liberties that they confer. It explores alternative economic, political, and sociological perspectives of property rights and their policy and planning implications.

This inquiry leads students through an investigation of property taxes in Nebraska. It focuses on the history, administration, and use of revenue from the taxes. Relief efforts both past and current will be analyzed with students formulating their own solutions. Resource created by Dan Gossman, Johnson-Brock Public Schools, as part of the Nebraska ESUCC Social Studies Special Projects 2023 - Inquiry Design Model (IDM).

Psychology and Economics (aka Behavioral Economics) is a growing subfield of economics that incorporates insights from psychology and other social sciences into economics. This course covers recent advances in behavioral economics by reviewing some of the assumptions made in mainstream economic models, and by discussing how human behavior systematically departs from these assumptions. Applications will cover a wide range of fields, including labor and public economics, industrial organization, health economics, finance, and development economics.

In this experiment, students must decide how to divide their "endowment" of a good between private consumption and a public good. The private consumption provides a benefit (earnings) to only the individual and the public good provides a benefit to each person in the group, even those who do not contribute to the public good. This hand-run experiment is suitable for use in small classes in the range of 5 to 40 students. Some variations on this basic experiment are also described.