Below you will find three podcasts from an NPR series on trade and globalization. They correspond with the 2005 book Travels of a T-shirt in the Global Economy.
Tuesday, November 10, 2009
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Sammy says, "I know more about Economics than you do."
This blog exists to provide an open channel for communication between Economics teachers across the state of Florida.
Ten Key Principles of Economics
1. Everything has a cost. There is no free lunch. There is always a trade-off.
2. Cost is what you give up to get something. In particular, opportunity cost is cost of the tradeoff.
3. One More. Rational people make decisions on the basis of the cost of one more unit (of consumption, of investment, of labor hour, etc.).
4. Incentives work. People respond to incentives.
5. Open for trade. Trade can make all parties better off.
6. Markets Rock! Usually, markets are the best way to allocate scarce resources between producers and consumers.
7. Intervention in free markets is sometimes needed. (But watch out for the law of unintended effects!)
8. Concentrate on productivity. A country’s standard of living depends on how productive its economy is.
9. Sloshing in money leads to higher prices. Inflation is caused by excessive money supply.!!
10. Caution: In the short run, falling prices may lead to unemployment, and rising employment may lead to inflation.
2. Cost is what you give up to get something. In particular, opportunity cost is cost of the tradeoff.
3. One More. Rational people make decisions on the basis of the cost of one more unit (of consumption, of investment, of labor hour, etc.).
4. Incentives work. People respond to incentives.
5. Open for trade. Trade can make all parties better off.
6. Markets Rock! Usually, markets are the best way to allocate scarce resources between producers and consumers.
7. Intervention in free markets is sometimes needed. (But watch out for the law of unintended effects!)
8. Concentrate on productivity. A country’s standard of living depends on how productive its economy is.
9. Sloshing in money leads to higher prices. Inflation is caused by excessive money supply.!!
10. Caution: In the short run, falling prices may lead to unemployment, and rising employment may lead to inflation.
Sammy says, "I know more about Economics than you do."
A Message From Brett
At this point I've loaded articles from a variety of sources that may be helpful to you in teaching some concepts. There are both Micro and Macro issues addressed. Feel free to add more or suggest how they might be used. Use the contact e-mailer box a little further down on the left. I have included many of them in my instruction and will supplement some of them with assignments in a later post. Simply click on the title of the post to be taken to the article. It would be great to share best practices, resource ideas, materials, plans, organizational techniques, pacing charts, review methods, or anything else we have found helpful. I understand all the demands on your time so I'll wait patiently for your contributions.
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