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Fall 2018

ISSN 0890-913X

Volume 33, Number 3

Teaching How Markets Work Using the Economics of The Office Website

Daniel Kuester, Kansas State University

Dirk Mateer, University of Arizona

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TheJournalofPrivateEnterprise33(3),2018,75–91EDUCATIONALNOTETeachingHowMarketsWorkUsingtheEconomicsofTheOfficeWebsiteDanielKuester�KansasStateUniversityDirkMateerUniversityofArizona______________________________________________________AbstractThispaperdescribesaseriesofassignmentsthatcanbeusedinconjunctionwiththeEconomicsofTheOfficewebsitetohelpstudentsidentifytheequilibriumpriceandquantitysoldofagoodinamarket,differentiatebetweenashiftinthedemandcurveandamovementalongthedemandcurve,understandelasticityofdemandandsupply,comprehendwillingnesstopayandwillingnesstosell,andmakesubjectivevaluations.WeaugmentvideosfromTheOfficewithgroupworktoencouragestudentstodrawsupplyanddemandcurvesandexplainifthereisanonequilibriumpriceinamarketorashiftinthedemandfunction.Theseactivitiesstrengthencoreknowledgeofhowmarketsworktohelpstudentsintuitivelygraspeconomicsasawhole.______________________________________________________JELCodes:A11,A22,Z11Keywords:supplyanddemand,elasticityofdemand,shiftsinsupply,shiftsindemand,demanddeterminantsI.IntroductionandMotivationThemotivationbehindtheEconomicsofTheOfficewebsite(www.economicsoftheoffice.com;referredtoasETOhereafter)istoprovideeconomicsinstructorswithready-madeexamplesofeconomicsconcepts.Thesite’sshortvideosareaccompaniedbybriefdescriptionsofhowaninstructormightwishtouseavideoduringclasstoillustrateapointabouteachconcept.�ThankstoWayneGeerlingandBenO.Smithfortheircommentsandsuggestions.

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Metadata [hide]

Title	Teaching How Markets Work Using the Economics of The Office Website
Authors/Creators:	Daniel Kuester, Kansas State University Dirk Mateer, University of Arizona
Year:	2018
Volume:	33
Number:	3
Pages:	75 - 91
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Educational Notes
Keywords:	supply and demand, elasticity of demand, shifts in supply, shifts in demand, demand determinants

Citation:
Kuester, Daniel; Mateer, Dirk / 2018. "Teaching How Markets Work Using the Economics of The Office Website." The Journal of Private Enterprise, 33(3): 75-91.