The Cost of Restricting Input Choices Goals: Demonstrate how non-optimal input choices result in inefficient production. Demonstrate that minimum effective scale cannot be achieved if inputs are restricted. Time needed: 30 minutes Materials Required: Wood BBQ skewers, A package of large marshmallows, Bottles of super glue Overview: The concept of minimum effective scale (MES) isContinue reading “Minimum Effective Scale”
Category Archives: How To Teach…
Hold Up Problem
Mando is Held Up. So are Firms. Goals: Students will experience hold-up problems in a one-shot game. Students will experience hold-up problems in a repeated game. Students will experience the market when the product isn’t specialized. Time needed: 30-45 minutes Materials Required: None Overview: Hold-up problems occur when firms exert effort for a specific buyer;Continue reading “Hold Up Problem”
Money Supply
Teaching Money Supply through Star Wars and a Think-Pair-Share: Goals for students in Kindergarten and Older Have students understand what makes something money. Have students understand why stores won’t take money from other countries. Have students understand what bartering is and how it is used as a substitute when money is not available. Additional goalsContinue reading “Money Supply”
Prisoner’s Dilemma
Goals: Students will demonstrate an understanding of how to use a Payoff Matrix and the background of the Prisoner’s Dilemma game. Students will demonstrate an understanding of Nash Equilibrium. Students will participate in a Prisoner’s Dilemma game of their own. Time needed: 30-40 minutes Materials Required: A lot of smaller candies (similar to what isContinue reading “Prisoner’s Dilemma”
Discrimination
Teaching Discrimination through Star Wars and a Think-Pair-Share: Initial goals: Show students examples of discrimination that occur in the Star Wars series. Teach students to think about how similar discrimination cases might occur in our galaxy. Help students understand how market forces could impact discrimination. Advanced goals: Show through demand and supply analysis how, ifContinue reading “Discrimination”