Instructional expert Jim Knight visits Chris Korinek to observe his social science classroom. Chris and Jim discuss scaffolding techniques, and when to use closed versus open questions.
This lesson plan contains a presentation that gives a brief overview of the three different economic systems. There is a worksheet that the students can complete alone with the presentation. I have also provided the key to the worksheet.
Principles of Macroeconomics 2e covers the scope and sequence of most introductory economics courses. The text includes many current examples, which are handled in a politically equitable way. The outcome is a balanced approach to the theory and application of economics concepts. The second edition has been thoroughly revised to increase clarity, update data and current event impacts, and incorporate the feedback from many reviewers and adopters.Changes made in Principles of Macroeconomics 2e are described in the preface and the transition guide to help instructors transition to the second edition.
In this Unit, you will learn about:How Individuals Make Choices Based on Their Budget ConstraintThe Production Possibilities Frontier and Social ChoicesConfronting Objections to the Economic Approach
By the end of this section, you will be able to:
Interpret production possibilities frontier graphs
Contrast a budget constraint and a production possibilities frontier
Explain the relationship between a production possibilities frontier and the law of diminishing returns
Contrast productive efficiency and allocative efficiency
Define comparative advantage
By the end of this section, you will be able to:
Explain how inflation can cause redistributions of purchasing power
Identify ways inflation can blur the perception of supply and demand
Explain the economic benefits and challenges of inflation
By the end of this section, you will be able to:
Explain frictional and structural unemployment
Assess relationships between the natural rate of employment and potential real GDP, productivity, and public policy
Identify recent patterns in the natural rate of employment
Propose ways to combat unemployment
By the end of this section, you will be able to:Contrast traditional economies, command economies, and market economiesExplain gross domestic product (GDP)Assess the importance and effects of globalization
Adam Smith described self-interest and competition in a market economy as the "invisible hand" that guides the economy. This episode of "The Economic Lowdown" explains these concepts and their importance to our understanding of the economic system.
