Economics Unit

By the end of this lesson, students will have a better understanding of the complex and nuanced relationship between government regulations and private firms and individuals.

This lesson will examine how both market failure and government failure can result in an inefficient allocation of resources and a loss of economic and social welfare.

In this lesson, we will explore one of the fundamental concepts of economics and international trade—comparative advantage, which is the production of a good or service at a lower opportunity cost than another country.

By the end of the lesson, students will have a solid understanding of the impact of the growing U.S. debt on the economy and its implications for future generations.

In this lesson, students will learn to evaluate and analyze the effectiveness and unintended consequences of price controls.

Which perspective should you take if you’re trying to answer the question, “How much does that hamburger cost”? Whose point of view, even if we rightly include opportunity costs, is the “correct” one? How might this help us to analyze issues of public policy?

Comparative advantage, on its face, is indeed a difficult idea. Our unexamined gut reaction to the question “who should do X?” is to say “the person who is best at X.” Part of the confusion of comparative advantage rises from this word “best.” Best according to what metric? Typically, people use “best” in an absolute manner: who can, in absolute terms, produce the most.