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A Picture is Worth a Thousand Words (at least): The Effective Use of Visuals in the Economics Classroom. Jose Vazquez. Eric Chiang. . Which word comes to mind to explain the concept of “Supply” to students?. The Supply Curve.
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A Picture is Worth a Thousand Words (at least): The Effective Use of Visuals in the Economics Classroom Jose Vazquez. Eric Chiang.
Which word comes to mind to explain the concept of “Supply” to students?
The Supply Curve The supply curve is an upward-sloping curve illustrating firms’ willingness-to-sell a particular good or service. Why is the supply curve upward-sloping? As the price of a unit increases, firms are more willing to supply a greater quantity to the market. The Law of Supply states that as prices increase, quantity supplied increases, and vice-versa. It also represents the cost of providing an additional unit to the market, or Marginal Cost. As the prices rises, suppliers are more willing to incur greater costs to provide the good or service. The idea that costs rise as the quantity supplied increases is the result of Decreasing Returns to Scale.
Law of Supply P r i c e Q u a n t i t y S u p p l i e d
$1,600/oz Law of Supply $1,200/oz $800/oz
An Increase in Technological Innovation P S S' D Q Google: http://terpconnect.umd.edu/~pwang/PopIT/innovation.jpg
Problems With PowerPoint Instructors tend to write every single word of their presentation in their PowerPoint slides. This makes it difficult for the students to pay attention and also to concentrate on the message. Of course, this helps the instructor because it makes it easier to memorized the lecture while at the same time allow him or her not to face the students (which may cause panic). Nevertheless, this tend to cause the students to get…..
Problems With PowerPoint bored out of their mind.
85 81 Beats per Minute 77 Dead 15 30 45 Minutes
Incomes and Growth Around the World FACT 1: There are vast differences in living standards around the world.
B D C A E F G H I J L K
Adding a picture increases recollection by up 65 percent! • --John Medina
Working Memory Visual message (pictures) Verbal message (Words)
Shifting Demand and Supply Curves Suppose that an increase in the demand for a particular good arises. What happens to equilibrium? Demand increases shifting the demand curve up, out, and to the right. At the original equilibrium price, excess demand exists in the market. Buyers will drive up the price to outbid other buyers for this shortage. As the price rises, quantity supplied rises. The price and quantity will continue to rise until equilibrium is reached. In a free market, the equilibrium price will adjust rather quickly.
Shifting Demand and Supply Curves Suppose that an increase in the demandfor a particular good arises. What happens to equilibrium? Demand increases shifting the demand curve up, out, and to the right. At the original equilibrium price, excess demand exists in the market. Buyers will drive up the price to outbid other buyers for this shortage. As the price rises, quantity supplied rises. The price and quantity will continue to rise until equilibrium is reached. In a free market, the equilibrium price will adjust rather quickly. Increase in Demand
The Main Economic Problem • Since all resources are scarce… • And since they could be distributed in different ways • Give everyone the same • Leave it to Chance • Based on Need • We need economics to find the BEST way to distribute the limited resoruces
Shifting Demand and Supply Curves Image is too small
Shifting Demand and Supply Curves Image placed at weird location
Contrast… is interesting
Principles of PowerPointUsing PowerPoint for Goodand Not for EvilJose J. Vazquez, PhDAssociate Director Teaching and Learning Center
