RosenWorld

12th Grade Economics

 

Handouts, Videos, and Supplementary Materals

Lesson 1, Handout 1: Presentation Note-Taking Guide (Optional)

 

Lesson 1, Handout 2: Chapter 1 Practice Problems

 

Video: Why Capitalism Works

 

Video: Here's Why Capitalism Sucks and Needs to End

 

 

Lesson 2, Handout 1:  Presentation Note-Taking Guide (Optional)

 

Handout: Is Economics an Art or a Science (Full Handout)

 

Chapter 3: Interdependence and the Gains from Trade

 

Lesson 3, Handout 1: Design Your Own Trade Scenario (includes assignments)

 

Video:  Comparative Advantage / Marginal Revolution University

 

What is comparative advantage? And why is it important to trade? This video guides us through a specific example surrounding Tasmania — an island off the coast of Australia that experienced the miracle of growth in reverse. Through this example we show what can happen when a civilization is deprived of trade, and show why trade is essential to economic growth.

 

In an economy with a greater number of participants trading goods and services, there are more ways to find a comparative advantage and earn more by creating the most value for others. Let’s dive right in with an example from our new friends, Bob and Ann.

 

Video:  Absolute and Comparative Advantage

 

Video:  Input Approach to Determining Comparative Advantage

 

In this video, we take a slightly different approach to determining comparative advantage because we are given data in a slightly different way. Rather than knowing how much of two goods can be produced in a day, we know how much of a resources (in this case labor) is needed to produce one unit of a good.