Experiential Exercises in Economics

January 20, 2016

Big image

Your Learning Goals

What do you hope to get out of today's workshop? Write your responses on post-it notes (1 response per sticky note) and post them on the front white board.
Big image
Big image

Current Practice

What strategies do you currently use to engage students in your economics classes?
Big image

Which topics do your students struggle with the most?

Big image

Economics for Real Life Ideas

Filing taxes


Action Research Proposals

Tracking expenses / income

Go Fishing! Simulation

Vocabulary used in simulation:

  • incentives
  • scarcity
  • Adam Smith
  • free enterprise
  • private property
  • Tragedy of the Commons
  • Government intervention
  • Environmentalism
  • Resource Allocation

How can you use this simulation in your classroom?

  • Every group does the simulation
  • Break it up using online timer
  • Different situations per group - international ocean boundary, pond, lake with two companies on it
  • Incentives matter - "Goldfish" different colors = different incentives
  • Tie-in to externalities, short-term vs. long-term thinking, Law of Unintended Consequences
  • Debate: Classical vs. Neo-Classical Thinking
  • Relevant examples for shifts in supply and demand
  • Black market organ donors
  • Tie to current events
  • Video the simulation and upload

Law of Diminishing Marginal Utility


  • Diminishing marginal utility
  • All decisions are made at the margin
  • opportunity cost
  • marginal cost

Making Muffins

Simulation promotes respect for entrepreneurs


  • Invisible Hand
  • Self-interest
  • Profit Motive
  • Output
  • Supply
  • Competition
  • Substitutions,
  • Supply and Demand Schedule
  • Market efficiency
  • Making decisions at the margin

Ken Karrer

Retired Austin ISD educator and administrator and FTE Consultant and Presenter