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Posts By: peter
Activity: Opportunity Cost – an introductory lesson
Activity: A Day of Choices Lesson Overview: Students learn to identify alternatives and opportunity costs by looking at the journey of…
Read MoreHandout 3: Price Elasticity
Price Elasticity Elasticity Price Elasticity of Demand Formula PED = % Change in Quantity Demanded …
Read MoreHandout 2: Demand and Supply
Competitive Markets and How They Work (Demand and Supply) Eternal Economic Truth: attempts to fight market forces usually backfire. The essence…
Read MoreAdvanced Article: Rotations or Shifts in Demand Curves?
Rotations or shifts in a demand curve? Source: Graves, Philip E., Sexton, Robert L., Atlantic Economic Journal “Pure economics has a…
Read MoreArticle 1: When Demand Shocks are Supply Shocks
When Demand Shocks are Supply Shocks Source: Economist February 26th 2012 MATT YGLESIAS muses on the threat of oil prices to…
Read MoreHandout 1: Market Economies
Market Economies The market economy is also referred to as the free enterprise economy or capitalist economy. It is an…
Read MoreStart here: Four Key Concepts
Economics is the study of how scarce resources are allocated amongst competing wants. Or so the standard definition goes. There is…
Read MoreCore Concept 1: Scarcity and The Basic Economic Problem
Scarcity and The Basic Economic Problem Scarcity The world’s resources are FINITE; there are only limited amounts of land, water, oil,…
Read MoreCore Concept 4: Marginality
Marginality is a key to understanding microeconomics because rational economic man takes decisions at the marginal level – at the level…
Read MoreHandout: Production Possibility Frontiers
Production Possibility Frontiers Eternal Economic Truth: in the long run productivity (output per person) is almost the only thing that matters…
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