CEL for Teachers’s Updates

Week 1 - The Price Mechanism

Week 1 Economics and The Price Mechanism

Many people equate Economics with money. Is that true?

Who invented Economics and what problems is it trying to solve?

How have I been impacted by Economics?

These fundamental questions will be explored this week.

What is Economics ?

                                                       Economics Sign. (Youngson, n.d.)

References

Youngson, N. (n.d.). Economics Sign. [Photo]. Alpha Stock Images. Retrieved August 7, 2023, from https://www.picserver.org/highway-signs2/e/economic.html

Lesson Objective for Week 1

1. Explain the Economic problem

2. Define key terms: scarcity, resources, allocation of resources, choice, invisible hand, price mechanism

3. Reflect: How have I benefited from the price mechanism? (Personal Update 1 - 150 words, use as many terms you have learned in your reflection) This takes place during our f2f session.

4. Comment on 2 Peers' Reflection (75 words using terms and ideas learned) This takes place after f2f session.

Pre-Session Material  (please complete before f2f synchronous sessions)

Introduction to the Father of Economics - Adam Smith

Media embedded August 8, 2023

                                                         (The Fraser Institute, 2019)

What is Economics all about? (hint: it is not about money)

Media embedded August 3, 2023

                                                (Marginal Revolution University, 2015a)

What is the invisible hand? Why does it matter?

Media embedded August 3, 2023
Media embedded August 7, 2023

                                                (Marginal Revolution University, 2015a)

References

Marginal Revolution University. (2015a). Introduction to economics [Video]. In YouTube. https://www.youtube.com/watch?v=g9uUIUqhrSQ

Marginal Revolution University. (2015b). I, Rose [Video]. In YouTube. https://www.youtube.com/watch?v=t3QMC_TeP-Q

The Fraser Institute. (2019b). The Essential Adam Smith: Who is Adam Smith? [Video]. In YouTube. https://www.youtube.com/watch?v=iZuoxKlKk7A

 

Comment: What new insights did you gain about what Economics is about, in contrast to more common understanding of this discipline? What is a wondering you have? (please complete response to the prompt below (include at least 1 wondering, which will be basis of synchronous class discussion) Due before synchronous meeting).

  • Lu Chen
  • Robin Ford Coron
  • Joanne Anderson
  • Joanne Anderson
  • Kristina Pilgueva
  • Tammy Cheng
  • Cat Ho