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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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/index.php?action=ajax&rs=GDMgetPage&rsargs[]=2018 Journal of Private Enterprise Vol 33 No 3 Fall parte5.pdf&rsargs[]=0
TheJournalofPrivateEnterprise33(3),2018,7591EDUCATIONALNOTETeachingHowMarketsWorkUsingtheEconomicsofTheOfficeWebsiteDanielKuesterKansasStateUniversityDirkMateerUniversityofArizona______________________________________________________AbstractThispaperdescribesaseriesofassignmentsthatcanbeusedinconjunctionwiththeEconomicsofTheOfficewebsitetohelpstudentsidentifytheequilibriumpriceandquantitysoldofagoodinamarket,differentiatebetweenashiftinthedemandcurveandamovementalongthedemandcurve,understandelasticityofdemandandsupply,comprehendwillingnesstopayandwillingnesstosell,andmakesubjectivevaluations.WeaugmentvideosfromTheOfficewithgroupworktoencouragestudentstodrawsupplyanddemandcurvesandexplainifthereisanonequilibriumpriceinamarketorashiftinthedemandfunction.Theseactivitiesstrengthencoreknowledgeofhowmarketsworktohelpstudentsintuitivelygraspeconomicsasawhole.______________________________________________________JELCodes:A11,A22,Z11Keywords:supplyanddemand,elasticityofdemand,shiftsinsupply,shiftsindemand,demanddeterminantsI.IntroductionandMotivationThemotivationbehindtheEconomicsofTheOfficewebsite(www.economicsoftheoffice.com;referredtoasETOhereafter)istoprovideeconomicsinstructorswithready-madeexamplesofeconomicsconcepts.Thesitesshortvideosareaccompaniedbybriefdescriptionsofhowaninstructormightwishtouseavideoduringclasstoillustrateapointabouteachconcept.ThankstoWayneGeerlingandBenO.Smithfortheircommentsandsuggestions.
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