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Exploring Everyday Economics: Understanding the economic forces shaping our world
Exploring Everyday Economics: Understanding the economic forces shaping our world
Group size
1-6 students
Outcome
A published article in a pre-print research archive and a presentation slide deck on the topic
Tuition
$495
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Exploring Everyday Economics: Understanding the economic forces shaping our world
Economics as it’s taught in academia is a social science surrounding the production, distribution, and consumption of goods and services. In a classroom setting, especially early on in an economics curriculum, the topic can be very theoretical. In the real world, economics can be seen just about anywhere you look. Why are concert and sports tickets so expensive? How do grocery store chains decide where to put things? What is the origin of the phrase “too many cooks in the kitchen”? In this pod, students will have the opportunity to learn about and apply basic economic concepts in a real-world context. After these six sessions, students will come away with a deeper understanding of basic economic concepts and a new way to approach learning more about the field.
Week by week curriculum
Week 1
Introduction and Economics Overview: In the first session, we will spend some time getting to know each other and briefly previewing each of the upcoming sessions and economic concepts. Students will come away with a clear picture of what is to come in the pod and a high-level understanding of the selected economic concepts.
Week 2
Supply & Demand and Tickets: According to the Bureau of Labor Statistics, prices for sports tickets increased 25% between November 2022 and November 2023. By looking at the basics of supply, demand, and some associated economic concepts, students will begin to understand what drives the increasing prices for their favorite teams.
Week 3
Types of Goods and Grocery Stores: Ever wonder why the peanut butter is always next to the jelly? Or why certain items go on sale at the same time? The identification of complements, substitutes, and other types of goods can help explain the way grocery stores are designed and organized.
Week 4
Production, Farming, and Trade: Farmers only have so much land, forcing them to make decisions of which crops to grow. Sure, a lot of this is based on climate, but how does a farmer decide how much of their land should grow wheat vs. how much should grow corn? Why do certain countries specialize in production in specific goods, while others specialize in other goods? Through applying the production possibilities frontier, students will understand how these resource allocation decisions are made.
Week 5
Macroeconomics and the United States: What is “the economy”? What do common terms thrown around like inflation, unemployment, interest rates, and GDP mean? What drives them? In this lesson, students will gain a better understanding of basic macroeconomic concepts and their roles in the United States economy.
Week 6
Careers in Economics: It can often be difficult to identify the potential career outcomes of studying a more theoretical field like economics. In our final lesson, we will walk through what different career paths students can take if they choose to study economics in college.