Module 1: Welcome to Economics
Section outline
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What is economics and why should you spend your time learning it? After all, there are other disciplines you could be studying, and other ways you could be spending your time. Making choices is at the heart of what economists study, and your decision to take this course is as much as economic decision as anything else.
Economics is probably not what you think. It is not primarily about money or finance. It is not primarily about business. It is not mathematics. What is it then? It is both a subject area and a way of viewing the world.
Upon completion of this module, you will be able to:- Discuss the importance of studying economics
- Explain the relationship between production and division of labor
- Evaluate the significance of scarcity
- Describe microeconomics
- Describe macroeconomics
- Contrast monetary policy and fiscal policy
- Interpret a circular flow diagram
- Explain the importance of economic theories and models
- Describe goods and services markets and labor markets
- Contrast traditional economies, command economies, and market economies
- Explain gross domestic product (GDP)
- Assess the importance and effects of globalization
To achieve these objectives: [Edit these items to match your resources and activities.]
- Read the Module 1 Introduction
- Read Chapter 1 in the course textbook, Microeconomics.
- Complete Module 1 Discussion.
- Complete Module 1 Quiz.
- Complete the Module 1 Assignment.
- For course instructors, list any other reading assignments here. [Include all reading assignments here that are outside of Moodle. Be as
concise as possible. More information can be included in the
third-party section below, if necessary.]
- Complete the [specific activities in the module. Include all in the order you want them completed.]
Note the check boxes to the right that help you track your progress: some are automatic, and some are manual. [Delete in subsequent modules.]
Module Pressbooks Resources and Activities
You will find the following resources and activities in this module at the Pressbooks website. Click on the links below to access or complete each item.
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Students mustMark as done
Chapter 1 of Microeconomics
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Students mustMark as done
In Class Activity (hide from students)
Activity: Create a scavenger hunt using FRED. Divide the students into teams and give them a list of questions that require them to use FRED to find the answers. For example:
- What is the current unemployment rate in the US?
- Which country has the highest GDP per capita in 2020?
- How has the consumer price index changed since 2010?
- What is the correlation between inflation and interest rates?
The first team to answer all the questions correctly wins a prize. This activity can help the students learn how to use FRED to access and analyze economic data, as well as apply some of the concepts they learned in microeconomics.
To access FRED, there are several options.
- The FRED website 1, where you can search or browse for the data by typing in your search term or using other organized points of access.
- The FRED add-in for Microsoft Excel, which allows you to download, update, and graph data within Excel. You can get the add-in from Excel>Insert tab>Get Add-in>button>search the add-in>Add
- The FRED API1, which allows software developers to access the database functionality and integrate FRED data into their own applications.
- The FRED apps for iPhone and Android devices 1, which let you view and graph data on your mobile device.
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