Dec 02 2009

Review Lesson: Econ concepts in 60 seconds – Perfect Competition

YouTube – ACDCLeadership’s Channel

More econ review videos from my new favorite YouTube channel, Jacob Clifford’s Econ Concepts in 60 Seconds.

To review for the upcoming test, you will join a small group and watch one of the four videos on the Perfect Competition. After watching and discussing one video with your group, you will be re-assigned to another group with students who watched a different video. You will then lead a short discussion on your original video with your new group.

With your first group – 15 minutes: As your group watches its assigned video, have your notes open in front of you and draw the graphs Mr. Clifford draws along with him. Pause the video where necessary to have time to draw graphs. Take notes while watching the video so you can teach it to another group. With your group, prepare a short discussion of the video’s main points, including:

  • What rule or lesson about Perfect Competition does the video focus on?
  • What did you already know that this video reminded you of or reinforced your understanding of?
  • What did this video introduce that was new to you?
  • How were graphs used to teach the concepts?

With your second group – 20 minutes: For the second part of this assignment, there should be four new groups, each including one member of the four original groups.

  • Each group member should lead a 2-3 minute discussion of the video he or she watched in the first group.
  • Go over each of the discussion points from above.
  • Answer any questions your new group members have about video you watched.

Group 1 – The Profit Maximization Rule – MR=MC:

[youtube]http://www.youtube.com/watch?v=qaQRM6WIxpA[/youtube]

Group 2 – Perfect Competition in the short-run:

[youtube]http://www.youtube.com/watch?v=yY8f571AUxk[/youtube]

Group 3 – Perfect Competition in the long-run:

[youtube]http://www.youtube.com/watch?v=SjZmnOAPKUM[/youtube]

Group 4 – The Shut-Down Rule in Perfect Competition:

[youtube]http://www.youtube.com/watch?v=VFY2aJwpdNM[/youtube]h


About the author:  Jason Welker teaches International Baccalaureate and Advanced Placement Economics at Zurich International School in Switzerland. In addition to publishing various online resources for economics students and teachers, Jason developed the online version of the Economics course for the IB and is has authored two Economics textbooks: Pearson Baccalaureate’s Economics for the IB Diploma and REA’s AP Macroeconomics Crash Course. Jason is a native of the Pacific Northwest of the United States, and is a passionate adventurer, who considers himself a skier / mountain biker who teaches Economics in his free time. He and his wife keep a ski chalet in the mountains of Northern Idaho, which now that they live in the Swiss Alps gets far too little use. Read more posts by this author

11 responses so far

11 Responses to “Review Lesson: Econ concepts in 60 seconds – Perfect Competition”

  1. Mike Fladlienon 22 Dec 2009 at 7:59 pm

    Do you have block scheduling? Your plans are excellent.

  2. American studenton 18 Oct 2010 at 1:45 pm

    Competitive is spelled incorrectly in the first video. The video spells the word as "Competative."

    You may want to correct the mistake to improve the credibility of the video.

  3. Jason Welkeron 18 Oct 2010 at 6:10 pm

    @American student: You may want to mention that to the teacher who made the video. I posted it here to help students review for their test, which I don't think a simple mis-spelling detracts much from the credibility of the content. I am sure the teacher will appreciate your astute observation though!

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