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Principles of Economics: Introduction - Getting to Know You

This course is part of A Story of Economics: A Principles Tale Specialization

Taught in English

Instructor: James DeNicco

Financial aid available

Recommended experience

Beginner level

No official background is necessary, just a curiosity for economics. This is based off of a college level introductory course though.

Skills you'll gain

• macroeconomics
• Microeconomics
• Market (Economics)

Details to know

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November 2023

6 quizzes, 49 assignments

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There are 7 modules in this course

Economics and economic theory is fundamental to decision making in business, policy, and everyday life. If you're interested in a career in business, law, accounting, or investment then studying economics is a great foundation of knowledge.

In this first course of a three course Specialization adapted from my ECON 100 course taught at Rice University, we'll cover the introduction to the basic concepts of microeconomics and macroeconomics. Microeconomics component includes analysis of supply and demand, consumer and producer behavior, and competitive and noncompetitive market equilibria, with applications to current policy issues. Macroeconomics component provides an overview of the determination of national output, employment, interest rates, and inflation, and analyzes monetary fiscal policies and international trade. More specifically here's some things you should be able to do by the end of the course: 1. Identify how Opportunity Costs affect economic decisions. 2. Discover the basics of the study of economics 3. Compare the long and short of economic theory 4. Link trade and national production 5. Discuss what tradeoffs nations face in production 6. Determine how market supply relates to prices 7. Compare the relationships between the price elasticity of demand and revenue 8. Discover how taxes affect supply and demand Lastly there is a book that I've written that coincides with this and the other two courses in the Specialization. You can purchase it here: https://he.kendallhunt.com/product/story-economics-principles-tale

Welcome to the Course!

Congratulations on enrolling and welcome! Please take a look around at these intro and orientation materials. Here you'll learn a little bit about the course, what you'll gain, and also a little bit about yours truly.

What's included

3 videos 4 readings 1 discussion prompt

3 videos • Total 6 minutes

• Meet the Professor • 2 minutes • Preview module
• Welcome to the Course • 1 minute
• Discussion Forum Philosophy • 2 minutes

4 readings • Total 32 minutes

• Course Book • 2 minutes
• Course Information and Keys to Success • 10 minutes
• Discussion Forum Guidelines • 10 minutes
• Accessibility and Accommodations Statement • 10 minutes

1 discussion prompt • Total 10 minutes

• Introduce Yourself • 10 minutes

Module 1 - Start From the Start

It's always a good idea to start a story that's beginning. We're going to begin at the beginning of the story of economics. What is economics? That's a good question. Well, the standard definition is the study of choice in a world of scarcity. Now I can't argue with that, but let's take a deeper dive in this Module explore more of what it's really all about.

10 videos 1 reading 1 quiz 9 assignments 1 discussion prompt

10 videos • Total 101 minutes

• What is Economics? • 10 minutes • Preview module
• Microeconomics • 15 minutes
• Marginal Analysis: A Consumer’s Choice • 9 minutes
• Tradeoffs in National Production • 11 minutes
• International Trade • 19 minutes
• Macroeconomics • 16 minutes
• Problem Set Solution - Production Possibility Frontier • 4 minutes
• Problem Set Solution - Marginal Analysis • 3 minutes
• Problem Set Solution - Marginal Analysis Equation Form • 3 minutes
• Problem Set Solution - Comparative Advantage and Trade • 7 minutes

1 reading • Total 2 minutes

• About Problem Sets • 2 minutes

1 quiz • Total 2 minutes

• Quiz 1.6 • 2 minutes

9 assignments • Total 97 minutes

• Marginal Analysis • 15 minutes
• Marginal Analysis Equation Form • 15 minutes
• Comparative Advantage and Trade • 15 minutes
• Quiz 1.1 • 10 minutes
• Quiz 1.2 • 10 minutes
• Quiz 1.3 • 2 minutes
• Quiz 1.4 • 5 minutes
• Quiz 1.5 • 10 minutes
• Production Possibility Frontier Problems • 15 minutes
• The Winners and Losers of Trade • 10 minutes

Module 2 - Markets, Like Where the Piggy's go

What are markets? Well, a market is just anytime there's a group of buyers and sellers. So the buyers, they're going to constitute demand. Buyers make up the demand for a good or service, sellers, they make up the supply of a good or service. There's all kinds of markets out there and we're going to take a look at them and more in this module.

12 videos 11 assignments 1 discussion prompt

12 videos • Total 60 minutes

• Markets • 3 minutes • Preview module
• Market Demand • 9 minutes
• Problem Set Solution - Market Demand • 9 minutes
• Market Supply • 9 minutes
• Market Equilibrium • 11 minutes
• Market Demand Solution • 2 minutes
• Problem Set Solution - Market Supply • 2 minutes
• Problem Set Solution - Market Supply and Demand Pt. 1 • 4 minutes
• Problem Set Solution - Market Supply and Demand Pt. 2 • 2 minutes
• Problem Set Solution - Market Supply and Demand Pt. 3 • 1 minute
• Problem Set Solution - Market Supply and Demand Pt. 4 • 2 minutes
• Problem Set Solution - Market Supply & Demand Pt. 5 • 3 minutes

11 assignments • Total 135 minutes

• Market Supply • 15 minutes
• Market Supply and Demand Pt.1 • 15 minutes
• Market Supply and Demand Pt.2 • 15 minutes
• Market Supply and Demand Pt.3 • 15 minutes
• Market Supply and Demand Pt.4 • 15 minutes
• Market Supply and Demand Pt.5 • 15 minutes
• Quiz 2.1 • 5 minutes
• Quiz 2.2 • 10 minutes
• Quiz 2.3 • 10 minutes
• Quiz 2.4 • 5 minutes
• Market Demand • 15 minutes
• Dealing with the Inferior • 10 minutes

Module 3 - Elasticity

Welcome to elasticity. Now with elasticity, we want to talk about how sensitive supply and demand are. Elasticity is a measure of responsiveness of the quantity demanded or quantity supplied when there's a change in one of their determinants. The things that make up supply and demand when they change, how much does the quantity demanded or the quantity supplied change. Now let's take a look at the ins and outs of elasticity.

9 videos 9 assignments 1 discussion prompt

9 videos • Total 52 minutes

• Elasticity • 7 minutes • Preview module
• Calculating the PED • 7 minutes
• The PED and Revenue • 9 minutes
• Income/Cross-Price Elasticity of Demand • 5 minutes
• Price Elasticity of Supply • 8 minutes
• Problem Set Solution - Elasticity • 2 minutes
• Problem Set Solution - Elasticity and Revenue • 6 minutes
• Problem Set Solution - Income Elasticity • 2 minutes
• Problem Set Solution - Cross Price Elasticity • 2 minutes

9 assignments • Total 90 minutes

• Elasticity and Revenue • 15 minutes
• Income Elasticity • 15 minutes
• Cross Price Elasticity • 15 minutes
• Practice Quiz 1 • 5 minutes
• Practice Quiz 2 • 10 minutes
• Practice Quiz 3 • 5 minutes
• Practice Quiz 4 • 5 minutes
• Practice Quiz 5 • 5 minutes
• Elasticity • 15 minutes
• The Lux Life • 10 minutes

Module 4 - Market and Government Policy

In this module, we're going to talk about how government policy interacts with our markets. How government policy interacts with supply and demand. We're going to look at two main types of government policy. We're going to look at price setting and we're going to look at taxes. Let's get to it!

7 videos 7 assignments 1 discussion prompt

7 videos • Total 39 minutes

• Markets and Government Policy • 7 minutes • Preview module
• Price Floor • 10 minutes
• Taxes • 13 minutes
• Problem Set Solution - Price Ceiling • 1 minute
• Problem Set Solution - Price Floor • 2 minutes
• Problem Set Solution - Tax on the Goods Market • 2 minutes
• Problem Set Solution - Tax on the Labor Market • 2 minutes

7 assignments • Total 80 minutes

• Price Floor • 15 minutes
• Tax on the Goods Market • 15 minutes
• Tax on the Labor Market • 15 minutes
• Practice Quiz 2 • 5 minutes
• Practice Quiz 3 • 10 minutes
• Price Ceiling • 15 minutes
• Your Thoughts on Labor Policy • 10 minutes

Module 5 - The Welfare of Markets

Welcome to welfare economics. Where here, we're going to look at how well our markets are fairing. Now, I know we don't like to be judgmental, but here we're going to judge, we're going to judge the performance of our markets. In welfare economics, the goal is to get everybody in the market who values the product above or equal to the cost of making it. C'mon, let's get it.

9 videos 4 quizzes 4 assignments 1 discussion prompt

9 videos • Total 73 minutes

• The Welfare of Markets • 11 minutes • Preview module
• Total Surplus • 6 minutes
• Taxes and Welfare • 12 minutes
• Trade and Welfare • 8 minutes
• Arguments for Trade • 8 minutes
• Problem Set Solution - Consumer Surplus and Prices • 4 minutes
• Problem Set Solution - Producer Surplus and Prices • 5 minutes
• Problem Set Solution - Dead Weight Loss of Taxation • 7 minutes
• Problem Set Solution - Dead Weight Loss of a Tariff • 8 minutes

4 quizzes • Total 35 minutes

• Practice Quiz 5.1 • 10 minutes
• Practice Quiz 5.2 • 5 minutes
• Practice Quiz 5.3 • 10 minutes
• Practice Quiz 5.4 • 10 minutes

4 assignments • Total 60 minutes

• Producer Surplus and Prices • 15 minutes
• Dead Weight Loss of Taxation • 15 minutes
• Dead Weight Loss of a Tariff • 15 minutes
• Consumer Surplus and Prices • 15 minutes
• Taxes and the Efficiencies of Markets • 10 minutes

Module 6 - Externalities and Types of Goods

Oh my gosh, it's the final module of this course! What a journey thus far, but there's still much to cover! Up until this point, we've been assuming that we're in a perfectly competitive market with no externalities. Well, we're going to continue to assume that we're in a perfectly competitive market, even though that might be a little bit more of a theoretical boundary. But here, we're going to relax the assumption about externalities. So no longer are we going to assume that our actions don't affect bystanders. What this is going to give us an ability to do is talk about the potential role of government. So, what is an externality? Let's take a look.

10 videos 1 quiz 9 assignments 1 discussion prompt

10 videos • Total 59 minutes

• Externalities and Types of Goods • 4 minutes • Preview module
• Public Policy • 10 minutes
• Positive Externalities: Subsidies • 9 minutes
• Characteristics of Goods • 5 minutes
• Public Goods • 11 minutes
• Problem Set Solution - Negative Externality • 5 minutes
• Problem Set Solution - Positive Externality • 3 minutes
• Problem Set Solution - Types of Goods • 4 minutes
• Thinking Like an Economist • 4 minutes
• Congratulations! • 0 minutes

1 quiz • Total 30 minutes

• Final Exam • 30 minutes

9 assignments • Total 150 minutes

• Positive Externality • 15 minutes
• Types of Goods • 15 minutes
• Getting Critical • 45 minutes
• Discussion Revisited • 30 minutes
• Quiz 6.1 • 5 minutes
• Quiz 6.2 • 10 minutes
• Quiz 6.3 • 10 minutes
• Quiz 6.4 • 5 minutes
• Negative Externality • 15 minutes
• Climate Change - An Economic Perspective • 10 minutes

Rice University is consistently ranked among the top 20 universities in the U.S. and the top 100 in the world. Rice has highly respected schools of Architecture, Business, Continuing Studies, Engineering, Humanities, Music, Natural Sciences and Social Sciences and is home to the Baker Institute for Public Policy.

Recommended if you're interested in Economics

Rice University

A Story of Economics: A Principles Tale

Specialization

Principles of Economics: Microeconomics - Down to Business

The Hong Kong University of Science and Technology

Erasmus University Rotterdam

Introduction to Economic Theories

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Frequently asked questions

When will i have access to the lectures and assignments.

Access to lectures and assignments depends on your type of enrollment. If you take a course in audit mode, you will be able to see most course materials for free. To access graded assignments and to earn a Certificate, you will need to purchase the Certificate experience, during or after your audit. If you don't see the audit option:

The course may not offer an audit option. You can try a Free Trial instead, or apply for Financial Aid.

The course may offer 'Full Course, No Certificate' instead. This option lets you see all course materials, submit required assessments, and get a final grade. This also means that you will not be able to purchase a Certificate experience.

What will I get if I subscribe to this Specialization?

When you enroll in the course, you get access to all of the courses in the Specialization, and you earn a certificate when you complete the work. Your electronic Certificate will be added to your Accomplishments page - from there, you can print your Certificate or add it to your LinkedIn profile. If you only want to read and view the course content, you can audit the course for free.

What is the refund policy?

If you subscribed, you get a 7-day free trial during which you can cancel at no penalty. After that, we don’t give refunds, but you can cancel your subscription at any time. See our full refund policy Opens in a new tab .

Is financial aid available?

Yes. In select learning programs, you can apply for financial aid or a scholarship if you can’t afford the enrollment fee. If fin aid or scholarship is available for your learning program selection, you’ll find a link to apply on the description page.

More questions

Macroeconomics: Key Topics

Managing Director, Sim Institute

Tim Rogmans is Managing Director at Sim Institute. He is the author of Sustainability Managment Simulation: Net Zero , Business Essentials Simulation: Coffee Shop Inc. , and Macroeconomics Simulation: Econland .

This module covers the fundamental topics of a macroeconomics course. Students will learn about critical economic concepts and how they interact with each other. 

6 Topics in This Module

Measuring a nation's output: gdp.

A nation’s output, as measured by its gross domestic product (GDP), is the start of most macroeconomics courses. This topic looks at GDP—how it is calculated, its individual components (consumption, government expenditure, Investment, and net exports), and the determinants of GDP. There are various challenges when calculating GDP, some of which are addressed by considering real GDP or GDP at purchasing power parity. Although GDP is a useful measure of a nation’s output, it has several shortcomings and can’t be used as the sole measure of economic health. 

GDP Explained

Assignments

Describe the main limitations of using GDP to measure an economy. How can these limitations be addressed?

Money, Prices, and Inflation

This topic introduces money as a means of exchange and facilitating trade. Money affects important macroeconomic variables, such as interest rates, exchange rates, and the aggregate price level (inflation). Several macroeconomic variables (GDP, exchange rates, or interest rates) can be considered in real terms rather than nominal terms (i.e., after adjusting for inflation).  

A country’s central bank and its banking system determine the supply of money. Governments can apply monetary and fiscal policy tools to avoid or minimize economic recessions. 

Inflation Explained

Using information from one or both case studies in this topic, what are the main costs of high inflation for companies? How can companies deal with the challenges posed by high inflation?

Production and Growth

Over the last few decades, the economies of many emerging markets have been catching up with developed countries. Identifying high growth economies is a challenge for international investors and can depend on nontraditional economic indicators and an assessment of government institutions.

Solow’s growth model is used to explain long-term economic growth. In this model, a country’s output or productive capacity depends on the amount of physical capital, the size of the labor force, and productivity. A combination of capital accumulation, population growth, and increasing productivity help to explain why emerging markets can grow more quickly than developed markets. However, effective government institutions are critical in facilitating economic development.

What indicators would you use to assess the economic growth potential of a country? Compare two countries of choice based on the indicators that you identified.

Apply Solow’s model to explain the economic growth and development of a country. You can use data from one of the case studies or publicly available data.

What are the main factors inhibiting South Africa’s economic development? 

Unemployment

Unemployment is a key topic for economists, and maintaining low levels of unemployment has become part of the mandate of central banks of the world’s major economies. The causes of unemployment, as well as the appropriate measures to reduce it, are hotly debated among economists.

Unemployment Explained

For a country of your choice, analyze the level and causes of unemployment. What would be appropriate policies to reduce the unemployment rate or maintain it at an acceptable level?

When you played Econland , which policies did you implement and why?

During the simulation, did your policy decisions lead to the results you expected in all areas? If not, can you determine why you obtained the results that you did?

How did expectations and the economic situations in other countries depicted in the simulation impact your country’s economy and your policy decisions? 

Open Economies

International trade can be explained through the theory of comparative advantage: countries specialize in the production of goods and services in which they hold a relative advantage. Although this theory is quite good at explaining trade between countries with very different factor endowments, it does not explain inter-sectoral trade between similar countries (for example, cars being traded in both directions between France and Germany). The “new trade theory” relaxes some of the assumptions of the theory of comparative advantage and describes trade between markets with imperfect competition and differentiated products.

Dealing with fluctuating and unpredictable exchange—which are determined by relative levels of inflation, interest rates, and the volume of international trade between countries—is an ongoing challenge for companies. 

Identify and describe an export of goods or services between two countries. Discuss to what extent the theory of comparative advantage helps to explain the existence of the trade flow.

Fiscal and Monetary Policy

Governments impact an economy in a range of ways, most importantly through their ability to tax and spend (fiscal policy) and the central bank’s ability to control the money supply (monetary policy). Common macroeconomic goals that governments aim to achieve through their policies include economic growth, low unemployment, and a manageable level of inflation. By implementing expansionary fiscal or monetary policies, aggregate demand can be stimulated. Risks associated with expansionary policies include unacceptable levels of government debt and high inflation. The case studies in this topic discuss the most important current fiscal and monetary policy debates, particularly in response to the COVID-19 pandemic.  

1369 word count

Fiscal Policy Explained

Monetary Policy Explained

4.5 minutes

For a country in which you work or operate, what are the main risks the economy is facing? How can managers prepare for the consequences of these risks materializing?

After playing the  Econland  base case scenario and at least one other scenario, how did you adapt your policy decisions compared to the first time you played? Were you able to improve on your score for the base case scenario?

Discuss some of the areas of impact of each of your decisions while playing the simulation and relate these to the macroeconomic data in the reports section. For example, what do you expect the difference in impact to be between changes in the corporate tax rate and the income tax rate?

How did the circumstances of the either rollercoaster or stagnation scenario impact the policy decisions that you made? 

About this module

The study of macroeconomics deals with the analysis of an entire economy, usually a country, but potentially also a group of countries or a region with a country. This module introduces learners to key topics in macroeconomics, including national income (GDP), productivity, inflation, unemployment, and international trade.  Macroeconomics Simulation: Econland  can be used throughout the module or as an integrative exercise towards the end, when the topics of fiscal and monetary policy are introduced. 

In this module, case studies apply macroeconomic concepts to national economies and discuss the managerial implications of macroeconomic developments. Instructors looking to link the topics of the module to current events can use the weekly economics newsletter,  Econland News .

Learning Objectives

Understand how an economy works and how it affects citizens and companies that operate in it.

Understand the key topics of macroeconomics, including GDP, productivity, inflation, unemployment, and international trade.

Understand how monetary and fiscal policy decisions impact different aspects of a country’s economy.

Analyze current economic developments and events in a systematic way.

Use macroeconomic data and forecasts in business decision-making. 

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How to Write a Good Economics Essay

Last Updated: March 7, 2023 References

This article was co-authored by Emily Listmann, MA . Emily Listmann is a private tutor in San Carlos, California. She has worked as a Social Studies Teacher, Curriculum Coordinator, and an SAT Prep Teacher. She received her MA in Education from the Stanford Graduate School of Education in 2014. This article has been viewed 127,541 times.

A good economics essay requires a clear argument that is well-supported by appropriately referenced evidence. Research your topic thoroughly and then carefully plan out your essay. A good structure is essential, as is sticking closely to the main essay question. Be sure to proofread your essay and try to write in formal and precise prose.

Preparing to Write Your Essay

• For example a question such as “Discuss the macroeconomic consequences of rising house prices, alongside falling interest rates” could be divided into 2 parts: 1 part could be on the effects of rising prices, and 1 on the effects of falling interest rates.
• In this example you could begin by discussing each separately and then bringing the 2 together and analysing how they influence each other.
• Be sure to keep the question at the forefront of your mind and don’t veer off topic. [1] X Research source

• Be sure that you understand all the key terms that you are being asked about.
• Try to keep your reading focussed closely to the essay question.
• Don’t forget to look at any lecture or class notes you have made.
• 3 Come up with a thesis statement . A thesis statement is the main argument you will make in your essay. It should be 1-2 sentences long and respond to the essential question that’s being asked. The thesis will help you structure the body of your essay, and each point you make should relate back to the thesis.

• Once you have put together a list of key points, then try to add in some more detail that brings in elements from your research.
• When you come to write out your essay, you can develop a paragraph based on each point.

• All of the evidence and explanation will be in the main body of the essay.
• Order the key points in the body of your essay in such a way that they flow logically.
• If you are writing a longer essay, you can break the main body into different sections. [2] X Research source
• If you have a word limit, be sure to take this into account when you are planning.
• Allocate yourself a rough number of words per section.
• The introduction and conclusion can be just a paragraph each.

Writing the Essay

• What your essay is about.
• What material you will cover in the essay.
• What your argument is. [3] X Research source

• Having this stated clearly at the start can help you to stay focussed on the question as you work your way through the essay.
• Try writing out this one or two sentence statement and sticking it up in front of you as you write, so it’s stays at the forefront of your mind.

• Try to begin each paragraph with a sentence that outlines what the paragraph will cover.
• Look at the opening sentence of each paragraph and ask yourself if it is addressing the essay question. [5] X Research source

• Try to engage with arguments that run counter to yours, and use the evidence you have found to show the flaws.
• It might help to imagine someone reading the essay, and anticipating the objections that he might raise.
• Showing that you have thought about potential problems, and you can make an argument that overcomes them, is a hallmark of an excellent essay. [6] X Research source
• If there is conflicting evidence, discuss it openly and try to show where the weight of the evidence lies. [7] X Research source
• Don’t just ignore the evidence that runs counter to your argument.

• In the conclusion you can add a few sentences that show how your essay could be developed and taken further.
• Here you can assert why the question is important and make some tentative suggestions for further analysis.

Proofreading and Making Revisions

• As you read through it, think about how closely you stick to main overarching question.
• If you notice paragraphs that drift off into other areas, you need to be tough and cut them out.
• You have a limited number of words so it’s essential to make every one count by keeping tightly focussed on the main question.

• Think about how you use the evidence too. Do you critically engage with it, or do you merely quote it to support your point?
• A good analytical essay such discuss evidence critically at all times.
• Even if the evidence supports your argument, you need to show that you have thought about the value of this particular piece of data.
• Try to avoid making any assumptions, or writing as if something were beyond dispute. [10] X Research source

• Remember an academic essay should be written in a formal style, so avoid colloquialisms.
• Avoid contractions, such as “don’t”, or “won’t”.
• Try to avoid paragraphs that are more than ten or fifteen lines long.
• Think about how it looks on the page. [12] X Research source

• Always include a bibliography, but don’t include references to things you haven’t read or didn’t inform your argument. [13] X Research source
• Your teacher will know if you just add a load of titles into your bibliography that are not evidenced in the body of your essay.
• Always follow the bibliography format used by your department or class.

Community Q&A

You Might Also Like

• ↑ http://www.economicshelp.org/help/tips-economic-essays/
• ↑ http://www.writing.utoronto.ca/advice/planning-and-organizing/organizing
• ↑ http://carleton.ca/economics/courses/writing-preliminaries/academic-essay-writing/
• ↑ https://www.economicsnetwork.ac.uk/archive/lse_writing/page_11.htm
• ↑ http://homes.chass.utoronto.ca/~mcmillan/writing.pdf
• ↑ https://www.royalholloway.ac.uk/economics/documents/pdf/essaywriting-departmentofeconomics.pdf

About This Article

Before you begin writing your economics essay, make sure to carefully read the prompt so that you have a clear sense of the paper's purpose and scope. Once you have read the prompt, conduct research using your textbook and relevant articles. If you cannot find research materials, ask your instructor for recommendations. After your research is done, construct a 1-2 sentence thesis statement and begin outlining your main ideas so that your essay will have a clear structure. Make sure to leave time to write a draft and revise your work before it is due. If you want to learn more, like how to cite the sources you used for your essay, keep reading the article! Did this summary help you? Yes No

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Lesson 1: Economic Growth and Scarcity

• Teacher Resources
• Lesson Plans
• Economics for Leaders
• Lesson 1: Economic Growth and …

Download EFL Lesson 1 Guide

 EFL Lesson 1 Slides

Introduction

In this lesson students are introduced to the concept of economic growth through the story of human progress and changing standards of living over time.  Video clips, historical examples and a mini-activity engage students in the discovery of the institutions that foster economic growth.

Mini Activity

• “Incentives Matter – Rice Pick-up”

At the end of this lesson students will be able to:

• Explain the relationship between scarcity and choice.
• Define Economic Growth
• Identify institutions that foster economic growth.

Economic Concepts

National content standards addressed, standard 1: scarcity.

Productive resources are limited. Therefore people cannot have all the goods and services they want. As a result, they must choose some things and give up others.

• Like individuals, governments and societies experience scarcity because human wants exceed what can be made from all available resources.
• Choices involve trading off the expected value of one opportunity against the expected value of its best alternative.
• The choices people make have both present and future consequences.
• The evaluation of choices and opportunity costs is subjective; such evaluations differ across individuals and societies.

Standard 4: Incentives

People respond predictably to positive and negative incentives.

• Rewards are positive incentives that make people better off.
• Penalties are negative incentives that make people worse off.

Standard 15: Growth

Investment in factories, machinery, new technology, and in the health, education, and training of people can raise future standards of living.

• Economic growth is a sustained rise in a nation’s production of goods and services. It results from investments in human and physical capital, research and development, technological change, and improved institutional arrangements and incentives.
• Historically, economic growth has been the primary vehicle for alleviating poverty and raising standards of living around the world.
• Differences in economic growth are explained by differences in institutional arrangements, incentives to invest and the openness of markets to trade.

Download full lesson guide for procedures and teaching tips.

• Scarcity – the condition we face with limited resources to satisfy unlimited wants, which compels us to choose among alternatives.
• Economic growth raises standards of living, even in the continuing face of scarcity.
• Why are some countries rich and others poor? The cross-sectional evidence shows a fairly wide disparity in per capita income between countries.
• Why have some countries experienced economic growth and others have not? That is, looking back over a country’s history, what factors have led to economic growth?
• Why are some countries growing rapidly today and others are not, even though they may have experienced significant growth in the past?
• What can be done to promote economic growth and reduce poverty?
• Increases in productivity, as the result of investments in human and physical capital, raise incomes and standards of living.
• Innovation, technological advances, and education are the major sources of increases in productivity.

• Institutional arrangements define the formal and informal rules of the game that govern how people interact. These arrangements shape incentives and outline expected and acceptable forms of behavior in social interaction.
• Open Markets – “Trade creates wealth.”
• Property Rights – “Rights of ownership facilitate exchange.”
• Rule of Law – “Consistent legal arrangements applied uniformly encourage long-term investment.”
• Entrepreneurship and Innovation – “Increasing the gains from creative endeavors adds to economic activity.”
• Economic growth expands a nation’s productive capacity.
• Historically, all segments of the economy have benefited from economic growth; hence the rise of the middle class.

Ideas To Take Away From This Lesson

• Scarcity forces us to choose among alternatives.
• Economic growth gives us more to choose from, and raises standards of living.
• Certain institutions and institutional arrangements encourage economic growth and this growth improves the human condition, by reducing infant mortality, lengthening lives, reducing hunger, improving environmental quality, cutting the incidence of debilitating diseases, etc.

Debbie Henney, FTE Director of Curriculum Receives Bessie B Moore Service Award

  Foundation for Teaching Economics is proud to announce that Debbie Henney, director of curriculum for the Foundation for Teaching…

FTE Pays Tribute to Jerry Hume

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Why We Should Be Teaching Students Economic Literacy

Ted Tucker, Executive Director, Foundation for Teaching Economics October 26, 2022 More high schools are offering courses on personal finance…

Module 6: Macroeconomic Measures — GDP and Economic Growth

Assignment: problem set — gdp and economic growth.

Step 1:  To view this assignment, click on  Assignment: Problem Set — GDP and Economic Growth.

Step 2:  Follow the instructions in the assignment and submit your completed assignment into the LMS.

• Problem Set Assignment: GDP and Economic Growth . Provided by : Lumen Learning. License : CC BY: Attribution

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Research and writing in economics - oakland campus.

• Getting Started
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• Finding Books
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• Citing Resources This link opens in a new window
• Understanding Plagiarism
• Course Guide: ECON 1710 Economic Policy Analysis
• Course Guide: ECON 1710 Economics of Human Rights

Research Support

ECON 1710 Economic Policy Analysis

• Required Texts
• Assignment: Policy Briefs
• Country Reports and Data

• Economic Issues and Policy by Jacqueline Murray Bruz Publication Date: 2019

The following resources will help you find out what a policy brief is, the general content and format, and some actual examples of briefs. Important: you should always check your assignment's requirements and/or ask your instructor what their expectations are regarding brief content and format.

Policy Brief Formatting

• Policy Brief - The Writing Center at UNC. This link Includes specifics on formatting.
• Duke Policy Bridge Guidelines for writing the one-page policy brief.
• Guidelines for Writing a Policy Brief

Sample Policy Briefs

• OECD Policy Briefs Search for real policy briefs by country, topic or date from Organization for Economic Co-operation and Development.
• Harvard Kennedy School Policy Briefs
• RAND Policy Briefs

Library Databases

• CountryWatch This link opens in a new window CountryWatch provides up-to-date information and news on the countries of the world.
• Africa-Wide Information This link opens in a new window Combines databases sourced from Africa, Europe and North America to form a multidisciplinary aggregation of unique, extensive coverage of African research and information. This includes content from South African Studies, African Studies, and African HealthLine. Incorporates previous titles South African Studies and the Africa Wide NiPad databases.
• China Infobank This link opens in a new window A web-based online service on China's news, business, legal and statistical information.
• Economist Intelligence Unit (EIU) This link opens in a new window EIU provides data and forecasts about political, economic, and business climates of various regions and up to 200 countries, as well as related news, analysis, and risk factor assessments. Coverage includes online versions of the Country Commerce, Country Finance, the Business Briefings series. Includes access to EIU Viewpoint that provides Global, regional and country-level analysis for nearly 200 markets.
• Europa World This link opens in a new window Europa World is the online version of the Europa World Year Book, the indispensable source of information on world-wide affairs. The database includes detailed surveys of over 250 countries and territories, a comprehensive listing of over 1,650 international organizations, access to the very latest statistics, directory information and current analysis.
• OECD iLibrary This link opens in a new window OECD iLibrary is the online library of the Organisation for Economic Cooperation and Development (OECD) featuring its books, papers and statistics. The OECD consists of 30 member countries sharing a commitment to democratic government and the market economy. With active relationships with some 70 other countries, NGOs and civil society, it has a global reach. Best known for its publications and its statistics, its work covers economic and social issues.

Web Resources

• World Bank Country Profiles The following country reports provide extensive information about a country's economic outlook, current news and initiatives from leading experts.
• World Bank's Doing Business Profiles World Bank's Doing Business Indicators country economy profiles measure different aspects of the startup process. Doing Business sheds light on how easy or difficult it is for a local entrepreneur to open and run a small to medium-size business when complying with relevant regulations. It measures and tracks changes in regulations affecting 11 areas in the life cycle of a business: starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts, resolving insolvency, and labor market regulation.
• Global Edge Global business knowledge portal connecting international business professionals to a wealth of information, insights, and learning resources on global business knowledge. Under the Global Insights section, students can search for resources by country, trade bloc, industry and more. Created by Michigan State University.
• CIA World Factbook World Factbook provides basic intelligence on the history, people, government, economy, energy, geography, communications, transportation, military, terrorism, and transnational issues for 266 world entities.
• UnData Search for global data on markets and industries provided by the United Nations
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• 11 Apr 2024
• In Practice

Why Progress on Immigration Might Soften Labor Pains

Long-term labor shortages continue to stoke debates about immigration policy in the United States. We asked Harvard Business School faculty members to discuss what's at stake for companies facing talent needs, and the potential scenarios on the horizon.

• 01 Apr 2024

Navigating the Mood of Customers Weary of Price Hikes

Price increases might be tempering after historic surges, but companies continue to wrestle with pinched consumers. Alexander MacKay, Chiara Farronato, and Emily Williams make sense of the economic whiplash of inflation and offer insights for business leaders trying to find equilibrium.

• 29 Jan 2024
• Research & Ideas

Do Disasters Rally Support for Climate Action? It's Complicated.

Reactions to devastating wildfires in the Amazon show the contrasting realities for people living in areas vulnerable to climate change. Research by Paula Rettl illustrates the political ramifications that arise as people weigh the economic tradeoffs of natural disasters.

• 10 Jan 2024

Technology and COVID Upended Tipping Norms. Will Consumers Keep Paying?

When COVID pushed service-based businesses to the brink, tipping became a way for customers to show their appreciation. Now that the pandemic is over, new technologies have enabled companies to maintain and expand the use of digital payment nudges, says Jill Avery.

• 17 Aug 2023

‘Not a Bunch of Weirdos’: Why Mainstream Investors Buy Crypto

Bitcoin might seem like the preferred tender of conspiracy theorists and criminals, but everyday investors are increasingly embracing crypto. A study of 59 million consumers by Marco Di Maggio and colleagues paints a shockingly ordinary picture of today's cryptocurrency buyer. What do they stand to gain?

• 15 Aug 2023

Why Giving to Others Makes Us Happy

Giving to others is also good for the giver. A research paper by Ashley Whillans and colleagues identifies three circumstances in which spending money on other people can boost happiness.

• 13 Mar 2023

What Would It Take to Unlock Microfinance's Full Potential?

Microfinance has been seen as a vehicle for economic mobility in developing countries, but the results have been mixed. Research by Natalia Rigol and Ben Roth probes how different lending approaches might serve entrepreneurs better.

• 23 Jan 2023

After High-Profile Failures, Can Investors Still Trust Credit Ratings?

Rating agencies, such as Standard & Poor’s and Moody's, have been criticized for not warning investors of risks that led to major financial catastrophes. But an analysis of thousands of ratings by Anywhere Sikochi and colleagues suggests that agencies have learned from past mistakes.

• 29 Nov 2022

How Much More Would Holiday Shoppers Pay to Wear Something Rare?

Economic worries will make pricing strategy even more critical this holiday season. Research by Chiara Farronato reveals the value that hip consumers see in hard-to-find products. Are companies simply making too many goods?

• 21 Nov 2022

Buy Now, Pay Later: How Retail's Hot Feature Hurts Low-Income Shoppers

More consumers may opt to "buy now, pay later" this holiday season, but what happens if they can't make that last payment? Research by Marco Di Maggio and Emily Williams highlights the risks of these financing services, especially for lower-income shoppers.

• 01 Sep 2022
• What Do You Think?

Is It Time to Consider Lifting Tariffs on Chinese Imports?

Many of the tariffs levied by the Trump administration on Chinese goods remain in place. James Heskett weighs whether the US should prioritize renegotiating trade agreements with China, and what it would take to move on from the trade war. Open for comment; 0 Comments.

• 05 Jul 2022

Have We Seen the Peak of Just-in-Time Inventory Management?

Toyota and other companies have harnessed just-in-time inventory management to cut logistics costs and boost service. That is, until COVID-19 roiled global supply chains. Will we ever get back to the days of tighter inventory control? asks James Heskett. Open for comment; 0 Comments.

• 09 Mar 2022

War in Ukraine: Soaring Gas Prices and the Return of Stagflation?

With nothing left to lose, Russia's invasion of Ukraine will likely intensify, roiling energy markets further and raising questions about the future of globalization, says Rawi Abdelal. Open for comment; 0 Comments.

• 10 Feb 2022

Why Are Prices So High Right Now—and Will They Ever Return to Normal?

And when will sold-out products return to store shelves? The answers aren't so straightforward. Research by Alberto Cavallo probes the complex interplay of product shortages, prices, and inflation. Open for comment; 0 Comments.

• 11 Jan 2022
• Cold Call Podcast

Can Entrepreneurs and Governments Team Up to Solve Big Problems?

In 2017, Shield AI’s quadcopter, with no pilot and no flight plan, could clear a building and outpace human warfighters by almost five minutes. It was evidence that autonomous robots could help protect civilian and service member lives. But was it also evidence that Shield AI—a startup barely two years past founding—could ask their newest potential customer, the US government, for a large contract for a system of coordinated, exploring robots? Or would it scare them away? Harvard Business School professor Mitch Weiss and Brandon Tseng, Shield AI’s CGO and co-founder, discuss these and other challenges entrepreneurs face when working with the public sector, and how investing in new ideas can enable entrepreneurs and governments to join forces and solve big problems in the case, “Shield AI.” Open for comment; 0 Comments.

• 06 May 2021

How Four Women Made Miami More Equitable for Startups

A case study by Rosabeth Moss Kanter examines what it takes to break gender barriers and build thriving businesses in an emerging startup hub. Open for comment; 0 Comments.

• 20 Apr 2021
• Working Paper Summaries

The Emergence of Mafia-like Business Systems in China

This study sheds light on the political pathology of fraudulent, illegal, and corrupt business practices. Features of the Chinese system—including regulatory gaps, a lack of formal means of property protection, and pervasive uncertainty—seem to facilitate the rise of mafia systems.

• 02 Feb 2021

Nonprofits in Good Times and Bad Times

Tax returns from millions of US nonprofits reveal that charities do not expand during bad times, when need is the greatest. Although they are able to smooth the swings of their activities more than for-profit organizations, nonprofits exhibit substantial sensitivity to economic cycles.

• 01 Feb 2021

Has the New Economy Finally Arrived?

Economists have long tied low unemployment to inflation. James Heskett considers whether the US economic policy of the past four years has shaken those assumptions. Open for comment; 0 Comments.

• 06 Jan 2021

Aggregate Advertising Expenditure in the US Economy: What's Up? Is It Real?

We analyze total United States advertising spending from 1960 to 2018. In nominal terms, the elasticity of annual advertising outlays with respect to gross domestic product appears to have increased substantially beginning in the late 1990s, roughly coinciding with the dramatic growth of internet-based advertising.

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Economics-Intelligence

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How to Write an Economics Assignment

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Economics is a vast subject and needs to be deeply understood when writing about any topic concerning it. You may be nervous when writing your assignment. You need not worry anymore as we are here with everything you need to write a great economics assignment. This article is going to educate you about how to write an economics assignment.

Things To Keep In Mind While Writing Your Economics Assignment

Follow the below-mentioned tips to write an amazing economics assignment.

Collect all the data accessible to you on the topic that you have been assigned or that you have picked for yourself. You can do this by going through the books available at a library, the web, and other sources that have databases related to your research. You should not indulge in a lot of sources as that would confuse you. Stick to the resources that you find are relevant and explain your topic in a good way. In-depth research will assist you in composing assignments that are factually and technically accurate. All you have to do is have a clear idea about your topic so that you can explain to the person reading your assignment what it is about. This can only be done if you do the research in the correct manner.

Read everything and then make an analysis of your own. Include everything that you think is important.

But in order to be 100% sure that your research is correct, we recommend you to buy assignment online on EasyEssay.us , it’s a legit writing service that is based in the USA.

Assignment Structure

You can use the format that has been provided by your teacher. If not then you should follow the standard format of the assignment. If you do not follow a proper structure you may end up losing marks which are not at all good for your academic records. In case you are not aware of the format here is the right one to write your economics assignment-

• Title – The first page should contain the topic of your assignment.
• Index – Include all the sub-topics that are included in your assignment. (This may not be necessary when it comes to small assignments.)
• Body – Now write all the things that should be covered under the topic. Write only relevant stuff and do not stray from the topic. Include all the facts, reviews, and literature that support your topic. The methods and the findings are also to be written here.
• Conclusion – Concluding the topic is very important as it sums up your assignment and also shows your understanding of the assignment. You should end it with your thoughts on the subject and give suggestions.
• Referencing – This is quite an important part of the assignment. If you want the plagiarism content to be low you can give credit to all the sources that you have cited in the assignment. Follow the format that has been asked to. You can learn various referencing styles from the internet.

No Unnecessary Information And Jargon

The language used in the assignment should be easy to understand, composed of simple English, and clear. Try avoiding the use of jargon wherever unnecessary and also stay clear of highly technical language. Include them only when it is needed. When you overuse a high level of terminology it becomes difficult for the person reading your work to clearly understand what you are trying to convey to them.

Avoid making unnecessary repetitions of the information and complete your assignment within the word limit assigned to you. If you keep on repeating the information the reader will understand you only wanted to reach the word limit and have not taken the assignment seriously. Also do not include information that has nothing to do with the topic that you are writing about. Stick to only the relevant points.

Edit And Proofread

Before you submit your assignment make sure you read it once thoroughly so that you can remove the mistakes and edit it wherever it is required. This way if there is any problem in the assignment it will be solved giving you better chances of scoring well in the assignment.

If you want to score good marks in your economics assignment then you should keep all of the above-mentioned tips in your mind. If you follow them all and work hard in making your assignment then you will surely get a good grade.

How to Approach Assignments on Health Economics: A Comprehensive Guide

Understanding the Assignment Requirements

Reading the question carefully, analyzing the question, identifying the relevant information, conducting research, use credible sources, analyze the information, develop a well-supported argument, writing the assignment, use clear and concise language to structure your assignment, use evidence to support your argument, editing and proofreading.

• Revise the content: Read through the assignment to ensure that it flows logically and addresses the question or topic. Make sure that the argument is well-supported by evidence, and that the thesis statement is clear and concise.
• Check for grammatical and spelling errors: Proofread the work for any typos, grammatical errors, or spelling mistakes. Pay attention to commonly confused words and homophones.
• Use appropriate formatting: Check that the assignment meets the formatting requirements of the assignment, including font size, margins, and spacing.
• Consider tone and style: Make sure that the tone and style of the assignment are appropriate for the audience and purpose of the assignment.
• Take a break and review again: After completing the editing process, take a break before proofreading again. This will allow you to view the work with fresh eyes and catch any errors you may have missed.

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How to approach assignments on health economics: a comprehensive guide submit your homework, attached files.

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• Dr. Hunt Allcott

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• Sustainability
• Environmental Policy
• Public Policy

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Environmental policy and economics, problem set 1.

Homework assignment on environmental economics consisting of problems from the course textbook.

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