What Every Economics Student Needs to Know and Doesnt Get in the Usual Principles Text

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BTW, if you are looking to leverage analytics to drive better marketing decision, we recommend assessing your analytics aptitude to see how well you would be able to apply what you learn here to your day-to-day projects. Traditional economics says NO. But indeed it is possible. What happened here? Nothing had changed—consumers would still get the same amount of incremental joy consuming an exotic truffle vs.

The preference should not have changed. So why did it? It evokes unreasonably positive feelings in the brain. So how does this play out in the real world? Which one are you more likely to respond to? Consider this scenario at the Economist. As expected no one chose the third option, but something magical happened! The mere introduction of this third option made option 2 look very attractive—you were getting online version for free now!

The first scenario with two options they had nothing to compare either option to. Option 1 has no comparable so it gets left out. This principle has been demonstrated successfully in many different scenarios. Only, there were only two individuals in the pictures, the third was a digitally altered slightly inferior version of one of the two. An overwhelming majority chose B in this scenario! Hence B wins in a large majority of cases.

Next time you are evaluating vacation packages or buying a home, pay attention to how different options are being positioned. These professionals have figured this stuff out through experience, even if they do not articulate it this way. Research says you are. Members of the Stanford Wine Club were invited to taste 5 bottles of wine and rate them based on their liking.

Only, there were actually only 3 different wines in those bottles— two wines had two bottles each. Chapter 4.

Labor and Financial Markets. Learning Objectives By the end of this section, you will be able to: Predict shifts in the demand and supply curves of the labor market Explain the impact of new technology on the demand and supply curves of the labor market Explain price floors in the labor market such as minimum wage or a living wage. Self-Check Questions In the labor market, what causes a movement along the demand curve?

What causes a shift in the demand curve? In the labor market, what causes a movement along the supply curve? What causes a shift in the supply curve? Why is a living wage considered a price floor? Does imposing a living wage have the same outcome as a minimum wage? Are households demanders or suppliers in the goods market?


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Are firms demanders or suppliers in the goods market? What about the labor market and the financial market? Name some factors that can cause a shift in the demand curve in labor markets. Name some factors that can cause a shift in the supply curve in labor markets. How would this affect employers and how would it affect workers? In your opinion, would this be a good policy?

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What assumption is made for a minimum wage to be a nonbinding price floor? What assumption is made for a living wage price floor to be binding? Problems Identify each of the following as involving either demand or supply. Draw a circular flow diagram and label the flows A through F. Some choices can be on both sides of the goods market. Households in the labor market Firms in the goods market Firms in the financial market Households in the goods market Firms in the labor market Households in the financial market Predict how each of the following events will raise or lower the equilibrium wage and quantity of coal miners in West Virginia.

In each case, sketch a demand and supply diagram to illustrate your answer. The price of oil rises. New coal-mining equipment is invented that is cheap and requires few workers to run. Several major companies that do not mine coal open factories in West Virginia, offering a lot of well-paid jobs. Government imposes costly new regulations to make coal-mining a safer job. Glossary minimum wage a price floor that makes it illegal for an employer to pay employees less than a certain hourly rate. Solutions Answers to Self-Check Questions Changes in the wage rate the price of labor cause a movement along the demand curve.

A change in anything else that affects demand for labor e. Changes in the wage rate the price of labor cause a movement along the supply curve. A change in anything else that affects supply of labor e. Since a living wage is a suggested minimum wage, it acts like a price floor assuming, of course, that it is followed. If the living wage is binding, it will cause an excess supply of labor at that wage rate.

Previous: Introduction to Labor and Financial Markets. Next: 4. License 4. Share This Book. Table 1. Demand and Supply of Nurses in Minneapolis-St. When the demand for the good produced output increases, both the output price and profitability increase. As a result, producers demand more labor to ramp up production. A well-trained and educated workforce causes an increase in the demand for that labor by employers.

Increased levels of productivity within the workforce will cause the demand for labor to shift to the right. If the workforce is not well-trained or educated, employers will not hire from within that labor pool, since they will need to spend a significant amount of time and money training that workforce. Demand for such will shift to the left. Technology changes can act as either substitutes for or complements to labor.

When technology acts as a substitute, it replaces the need for the number of workers an employer needs to hire. For example, word processing decreased the number of typists needed in the workplace. This shifted the demand curve for typists left. An increase in the availability of certain technologies may increase the demand for labor. Technology that acts as a complement to labor will increase the demand for certain types of labor, resulting in a rightward shift of the demand curve.

More and better technology will increase demand for skilled workers who know how to use technology to enhance workplace productivity. Those workers who do not adapt to changes in technology will experience a decrease in demand. An increase in the number of companies producing a given product will increase the demand for labor resulting in a shift to the right. A decrease in the number of companies producing a given product will decrease the demand for labor resulting in a shift to the left.

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Complying with government regulations can increase or decrease the demand for labor at any given wage. In the healthcare industry, government rules may require that nurses be hired to carry out certain medical procedures. This will increase the demand for nurses. Less-trained healthcare workers would be prohibited from carrying out these procedures, and the demand for these workers will shift to the left. Labor is not the only input into the production process.

For example, a salesperson at a call center needs a telephone and a computer terminal to enter data and record sales. The demand for salespersons at the call center will increase if the number of telephones and computer terminals available increases. This will cause a rightward shift of the demand curve. As the amount of inputs increases, the demand for labor will increase.

If the terminal or the telephones malfunction, then the demand for that labor force will decrease. As the quantity of other inputs decreases, the demand for labor will decrease. Similarly, if prices of other inputs fall, production will become more profitable and suppliers will demand more labor to increase production. The opposite is also true. Higher input prices lower demand for labor.


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  4. An increased number of workers will cause the supply curve to shift to the right. An increased number of workers can be due to several factors, such as immigration, increasing population, an aging population, and changing demographics. Great practical ideas. Also the comments are so much rich to understand and implement differentiated teaching. Differentiated instructional techniques for each lesson Heightens interest and increases participation when children are grouped according to learning styles.

    By using the content provided in this article and searching the web division of students into groups of primary learning styles with an activity focused on the overall learning styles and examples printed or recorded for others seems to be more achievable with the block schedules used in upper grades. I teach at risk students who have been tested with the state required Dibbles system. If they score in the red they become my students. I then teach a program designed for them to learn the different sounds in the English language.

    Many students are Hispanic and speak little English. I use an interactive SMART board, magnetic boards, dry-erase boards, and note books with a hands on approach. The program works well and is user friendly. I highly recommend this program and students do well with great results. If you put in the work you get the reward.

    I have an average of over 60 students daily. A consideration when setting up varied instructions leading to 'doable' activities is knowing your learners, their learning styles and making the DI 'fit' as best you can.

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    Giving them choices where they can be involved is good for their confidence too. Major Tom. This article is very important because it gives teachers strategies of differentiated teaching, which includes elements to help students learn and be successful. It is excellent how it explains the importance of learning. Without going into detail, lets at least start with the idea of the uniqueness of each student. The we can realise that we have to tailor our teaching to create the best conditions for that student to learn. Of course it is difficult with more students in the class, but that is how we develop our professionalism.

    As someone mentioned, good , professional, skilled teachers adapt their teaching all the time. I found this article very useful for my lower primary students. It will be highly appreciated, if you can share some more documents and applications. Differentiated instruction is a wonderful strategy but with a class of ESE students it is difficult to use without an assistant to help.

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    Introduction to economics

    Each student requires one on one instruction. Daily thinking of how to keep them motivated is taking a toll on my family life. You don't won't to over whelm them or talk over there head. Teachers cant afford to waste time teaching what kids already know as well what they are not ready to learn. I feel that is the easiest way to do the young kids.

    Nice, this is quite a good job in giving out the minute details. Please write more. A sample lesson plan can be of great help too. Differentiated Learning is simply learning styles and social learning theory utilizing teacher pedagogy as the arbitrator and brain-based learning theory as the fundamental underlying outcome.

    I just wanted to share an awesome site that allows you to print nonfiction articles at varying Lexile levels. As students work in groups, they can all read the same article but have it at their instructional level. They have current event articles that my students absolutely love.

    Hope this helps! Should a lesson be focusing on differentiating only one element for all students or can ONE lesson have different learning objectives for different differentiated-element tasks for groups of students? I think the biggest problem with DI at this point in time is that we obviously are not in agreement on its practical definition. If when we try and implement a program we took the time to talk about the various ways this format has tried to be implemented, we could get a better handle on what we want it to look like. Personally, I think we need to make something sound easy and enticing to those that have to implement and for God's sake That's a huge problem for teachers today I am planning to conduct a study about it's effectiveness in enhancing my students conceptual understanding and attitude in my subject since it's, well, considered by many as a hard science.

    Another question is, should i also differentiate the learning environment? By the way i want to differentiate my methods based from my students learning styles only.. Help pls: thanx. I love the information, it really demonstrated all the components of differentiated teaching. The ideals were great. OK, jg and all of your supporters, yes, elementary teachers work hard too, but I have as an administrator seen elementary teachers who seem to think lesson planning consists of turning to the next page in the teacher edition - and I don't mean the night before - I am talking about doing that when it's time to teach the lesson, so HS teachers with yellowed lesson plans in a dusty cabinet don't have a monopoly on lack of planning.

    There are excellent and poor teachers at all levels, and none of them have an easy job. We do ourselves a disservice when we bicker back and forth about who has the toughest job. However, in this discussion, the number of students per day IS a valid concern. If you have the same 30 kids all day, even if it is for all possible subjects, you can get to know their learning needs and allow activities to flow from one to another, covering more than one topic in the same activity.

    You can use non-fiction reading materials for reading and science, you can teach a math and science combination lesson together with a writing assignment afterward, etc. The HS teacher has to stick to one topic and stop after X minutes to begin again with a new group - and every group is composed of different students with unique needs.

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    In many states, and especially now with the Common Core, the sheer number of topics to cover during the course can be quite daunting, and teachers feel the pressure to cover the material. I don't equate coverage with teaching - I am just saying there is a lot of pressure to cover all objectives.

    And, I hate to burst your bubble, many HS teachers do have multiple subjects in a single day. However, even the year that I had four sections of geometry and one of another math so only two preps , the four geometry classes were all different and had to be approached differently. Same topic with different kids does not mean that you can do exactly the same lesson. Differentiation is difficult but worthwhile, and it is not something you can do for every lesson every day, but excellent teachers find a way to do as much as they can to help all students achieve.

    I teach high school science. You can come up with new jargon all you want but I have always been implementing these strategies. If you want your student to learn and if you find that they are not doing as well as you would like then naturally you modify, tweak, alter your methods as much as you can to get different results.

    For much of us it is trial and error. Unfortunately I have seen many teachers who have no business in the teaching profession. But that goes the same for many other professions that deal with the general public…. I find nothing significantly new or different in this or much of the other tools talked about …which probably means what has been said before.

    Though people can be taught to teach, clearly, some are born to teach. Just an observation, I am old enough to remember a form of technology, a pesticide, that was used to minimize damage to crops thus yielding an increase in harvest and therefore profit margins. It's the American way..

    Unfortunately, more often than not there is a "cost of doing business". In the case of this particular pesticide, it was later discovered to be the sole reason for the almost complete extinction of a bird that our country uses as its symbol of strength, freedom and nobility. What does this have to do with differentiated learning and all the many techniques and strategies that seem to be at the center of discussion on educational reform? The examples are endless The pesticide technology was created ultimately to help produce as high a yield of crop as possible so that demands can be met and money can thus be made.

    In fact, American slave trading existed for fundamentally the same reasons. The drive was about making large amounts of money regardless of the means by which it was accomplished and then through cognitive dissonance,.. Are we or at least the few economic elite so different from the days of imperialism? Just how far have we come as human beings from this need to acquire land, collect as much wealth as possible, to commodify the entire planet including our own kind? Here we are in the "digital age".

    We have created a world for our children, a world in which they are being so profoundly impacted by this new way of making money through technology. The human-screen analog digital interface.

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