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Making Rational Decisions in Economics - The Role of Sunk and Marginal Costs
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This JiTT exercise uses a real-life example to pose a question to students about the nature of "rationality" as typically used in economics. In this case, the focus is on fixed vs. marginal costs and the use of marginal analysis by economists to make "rational" economic decisions.

Subject:
Business and Communication
Economics
Social Studies
Material Type:
Activity/Lab
Provider:
Science Education Resource Center (SERC) at Carleton College
Provider Set:
Pedagogy in Action
Author:
Scott Simkins
Date Added:
02/24/2021
Marginal Analysis Context-Rich Problem
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In this problem, students consider the benefits of reduced tray usage in school cafeterias by comparing the cost savings of having to clean fewer trays against the opportunity cost of increased labor and energy costs to clean the cafeteria after meals.

Subject:
Business and Communication
Economics
Social Studies
Material Type:
Activity/Lab
Provider:
Science Education Resource Center (SERC) at Carleton College
Provider Set:
Pedagogy in Action
Author:
Brian Peterson
Date Added:
02/24/2021
Market Equillibrium
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In this module, students learn about market equilibrium.

Prices for most goods and services are determined in markets by what economists call supply and demand. This module uses a fictitious chocolate market to help students better understand how supply and demand work together to determine prices.

NOTE: This module assumes that your students already understand the economic concepts of demand and supply. If your students do not have a deep understanding of demand and supply, please assign the EconLowdown Demand and Supply modules first.

Subject:
Business and Communication
Economics
Social Studies
Material Type:
Module
Provider:
Federal Reserve Bank of St. Louis
Date Added:
03/30/2022
MarketSim
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MarketSim helps students understand the functioning of markets by having them become consumers and producers in a simulated economy. There are two versions, both implemented over the internet. Jeremy's market is a consumer barter market. Adam's market introduces firms and money. MarketSim received funding from the National Science Foundation. The simulation is most appropriate for economics principles courses. The principle developers are Tod S. Porter and Kriss Schueller at Youngstown State University.

Subject:
Business and Communication
Economics
Social Studies
Material Type:
Activity/Lab
Simulation
Provider:
Science Education Resource Center (SERC) at Carleton College
Provider Set:
Pedagogy in Action
Author:
Betty J. Blecha
Date Added:
02/24/2021
Marketing Manager
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Learn about this wide-ranging career that requires strong communicaton and multi-tasking skills to educate, inform and connect.
See the Lab Squad kids’ report for this career in Support Materials +

Subject:
Career and Technical Education
Material Type:
Audio/Video
Provider:
PBS LearningMedia
Date Added:
04/16/2024
Measuring Unemployment
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When unemployment is persistently high, government may enact policies to bring it down; so, unemployment statistics matter. Students learn how these data are collected and how unemployment is measured in this short module.

Subject:
Business and Communication
Economics
Government
Social Studies
Material Type:
Lesson
Provider:
Federal Reserve Bank of St. Louis
Date Added:
03/30/2022
Measuring Wellbeing Across Racial Groups Using Data and Statistics
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This set of assignments exposes students to statistics and data pertaining to economic wellbeing over time across racial (black-white) categories in the U.S.

Subject:
Economics
Mathematics
Social Studies
Material Type:
Activity/Lab
Homework/Assignment
Provider:
Science Education Resource Center (SERC) at Carleton College
Provider Set:
Pedagogy in Action
Author:
Jenny Wahl
Date Added:
02/24/2021
Medical Engineer: Candice | Engineering Your Future
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Meet Candice Otrembiak, a Medical Engineer with Ethicon, who designs medical instruments that can help doctors save lives by making surgeries more safe and accurate. Engineering Your Future shares real stories from young professionals who want to inform and inspire students about in-demand engineering careers.

Subject:
Career and Technical Education
Engineering
Science
Material Type:
Audio/Video
Provider:
PBS LearningMedia
Provider Set:
Engineering Your Future
Date Added:
04/17/2024
Met the Fed: America's Central Bank
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In this short overview of the Federal Reserve System, students will get acquainted with the major roles and responsibilities of the central bank. It is a module that is designed primarily for those who are preparing a trip to the Federal Reserve Bank of Chicago (or another regional Federal Reserve location). It could also serve as a primer for students just being introduced to the Fed in various contexts.

Subject:
Economics
Government
Social Studies
Material Type:
Lesson
Provider:
Federal Reserve Bank of St. Louis
Date Added:
03/30/2022
Minimizing Cost while Meeting Nutritional Needs -- An example of linear programming
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Spreadsheets Across the Curriculum module. Students use Excel Solver to find the linear combination of servings of two specified foods that minimize cost while meeting nutritional requirements.

Subject:
Economics
Social Studies
Material Type:
Activity/Lab
Provider:
Science Education Resource Center (SERC) at Carleton College
Provider Set:
Pedagogy in Action
Author:
Yu-Ju Kuo
Date Added:
02/24/2021
Monetary Policy
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Inflation, unemployment, recession, economic growth?these economic concepts affect people in very real ways. In this module containing three interactive, thought-provoking lessons, students will learn about monetary policy, the avenue by which the Federal Reserve System attempts to influence the economy. Four other modules that would further students understanding of related content are GDP and Pizza, The Story of Unemployment, The Great Inflation, and Fiscal Policy.

Subject:
Economics
Government
History
Social Studies
Material Type:
Module
Provider:
Federal Reserve Bank of St. Louis
Date Added:
03/30/2022
Official Website of the Nobel Prize
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Home on the web of the Nobel Prize and the foundation that sponsors the awards, given annually, for outstanding contributions in physics, chemistry, medicine, literature, and peace. The site features current winners each year. You will also find biographies and other information on every Nobel Prize Laureate in every category since the Prize was initiated in 1901. In the Education section, there are over 40 productions, including many interactive games which help to develop an understanding of the developments for which Nobel Laureates have won their prizes.

Subject:
Science
Material Type:
Catalog
Provider:
The Nobel Prize
Date Added:
10/03/2023
Once Upon a Decision
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We are faced with the need to make decisions, both big and small, on a daily basis. The earlier young people learn how to make a good decision, the better their decisionmaking skills will be. In this short module, your students will read and listen to a story about Ella, who has decisions to make. While most of her decisions are easy, she runs across a hard one and employs a decisionmaking tool to solve her problem.

Subject:
21st Century Skills
Economics
Financial Literacy
Personal Management
Social Studies
Material Type:
Lesson
Provider:
Federal Reserve Bank of St. Louis
Date Added:
03/30/2022
Open Outcry Market
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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.

Subject:
Business and Communication
Economics
Social Studies
Material Type:
Activity/Lab
Simulation
Provider:
Science Education Resource Center (SERC) at Carleton College
Provider Set:
Pedagogy in Action
Author:
Betty J. Blecha
Date Added:
02/24/2021