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The goal behind this project is to create freestanding tutorials that can be "plug and play" with different instructional delivery methods.This Macroeconomics tutorial provides practice and feedback on the concepts of supply and demand, substitute or complementary goods, elasticity, and durable and nondurable goods. The presentation of information is outsourced to web articles. Macroeconomics instructors could remove the article references and use it to supplement in-class learning. Or it can be used to recall or assess prerequisite knowledge.The images used are copyrighted and only recommendations for purchase in the event of implementation.
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Supply and DemandIntroductory concepts of
Macroeconomics
Next
•How changes in the market affect supply, demand, and prices
•How to identify elastic and inelastic goods
•How to identify complementary and substitute goods
•How to identify durable and nondurable goods
You will learn:
Time:
This tutorial should take you about 30 minutes to complete.
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Throughout this tutorial, you will access articles by clicking on links like the one below:
http://thelinkslooklikethis.com
Read through the recommended sections, then close the browser window to return to this tutorial. Activities will follow designed to help clarify what you’ve learned. You will be given opportunities later to access the content again, if needed.
During the activities, use your pen and paper to write down your answers. Score yourself to gauge how well you’re doing.
To participate in this tutorial, you will need:•Internet access•A piece of paper•Pen or pencil
Instructions
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Changes in Supply and DemandFollow the link below and read from the start through “supply curve shifts”. Then close the browser to return to the tutorial and proceed with activities.
http://en.wikipedia.org/wiki/Supply_and_demand
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Changes in Supply and Demand
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Now that you know about supply and demand, do you understand the cartoon?
The suppliers (the kids) chose to restrict supply to artificially increase apple prices.
In response to a higher price, less people are likely to buy.
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Changes in Supply and Demand
What is the expected change in supply or demand?
a) Increase Supply b) Decrease Supplyc) Increase Demandd) Decrease Demand
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Read the scenario about the “sock market” and write down your answer before pressing “next”.
Scenario 1:Scientists discover a hybrid plant that produces 5 times more cotton per season.
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Changes in Supply and Demand
Answer:The correct response is a) Increase Supply.
How do you think increased supply will change the price of socks?
Write down “higher price” or “lower price”.
Click here to view the change in supply.
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Scenario 1:Scientists discover a hybrid plant that produces 5 times more cotton per season.
Did you choose a lower price?Give yourself a point for each one you got right.
Watch how the movement in the supply or demand curve changes the equilibrium price.
Review the article: http://en.wikipedia.org/wiki/supply_and_demandBack Next
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What is the expected change in supply or demand?
a) Increase Supply b) Decrease Supplyc) Increase Demandd) Decrease Demand
Changes in Supply and Demand
Scenario 2:World-wide increase in average temperature causes people to abandon their shoes for flip flops.
Read the scenario about the “sock market” and write down your answer before pressing “next”.
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Watch how the movement in the supply or demand curve changes the equilibrium price.
Changes in Supply and Demand
Scenario 2:World-wide increase in average temperature causes people to abandon their shoes for flip flops.
Answer:The correct response is d) Decrease Demand.
How do you think increased supply will change the price of socks?
Write down “higher price” or “lower price”.
Click here to view the change in supply.
Did you choose a lower price? Give yourself a point for each one you got right.
Review the article: http://en.wikipedia.org/wiki/supply_and_demandBack Next
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What is the expected change in supply or demand?
a) Increase Supply b) Decrease Supplyc) Increase Demandd) Decrease Demand
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Changes in Supply and Demand
Scenario 3:Exposure to radiation causes everyone to grow a third foot.
Read the scenario about the “sock market” and write down your answer before pressing “next”.
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Changes in Supply and Demand
Scenario 3:Exposure to radiation causes everyone to grow a third foot.Answer:The correct response is c) Increase Demand.
How do you think increased supply will change the price of socks?
Write down “higher price” or “lower price”.
Click here to view the change in supply.
Did you choose a higher price?Give yourself a point for each one you got right.
Watch how the movement in the supply or demand curve changes the equilibrium price.
Need more help? Click here for help.
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What is the expected change in supply or demand?
a) Increase Supply b) Decrease Supplyc) Increase Demandd) Decrease Demand
How will the price change in reaction?Higher or Lower?
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Changes in Supply and Demand
Scenario 4:The textile labor union lobbies for increased wages.
Read the scenario about the “sock market” and write down your answer before pressing “next”.
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Changes in Supply and Demand
Scenario 4:The textile labor union lobbies for increased wages.
Answer:The correct response is c) Decrease Supply.
How do you think increased supply will change the price of socks?
Did you choose a higher price?
If you got both of these right, you get another 2 points.
Watch how the movement in the supply or demand curve changes the equilibrium price.
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Progress Report
How are you doing so far? If you got at least three of the last four questions right, you’re ready to move on to the next section.
If you didn’t get three right, consider checking out the supply and demand help page for clarification. Click here.
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Elasticity
Follow the link below and read the section called “elasticity”. Then close the browser to return to the tutorial and proceed with activities.
http://en.wikipedia.org/wiki/Supply_and_demand
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Elasticity
Now that you know about elasticity, think about this cartoon.
Does everybody need candy? Stationary? Microcomputers?
Are any of these products inelastic?
Why would a seller want to offer inelastic products?
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Elasticity
Elastic Inelastic
Diabetic Insulin
Movie Tickets
Golf Clubs
Heating Oil
Pedicure
In the list below, identify which items you think are elastic or inelastic. Write your answers on paper.
Need more help? Click here for help.
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Elasticity
Elastic Inelastic
Diabetic Insulin
Movie Tickets
Golf Clubs
Heating Oil
Pedicure
How’d you do? Mark the questions you correctly identified. Then proceed to the next screen for explanation.
What do you think?
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Elasticity
Inelastic Items: Diabetic Insulin & Heating OilWhy? Both are survival items that buyers have to purchase regardless of price.
Elastic Items: Movie Tickets & PedicureWhy? Both are luxury items that may be eliminated if prices are too high.
?: Golf ClubsWhy? This example could go either way. If you’re a professional golfer who has to have golf clubs to be able to do your job, then golf clubs are inelastic. However, despite what many recreational golfers might tell you, golf clubs are not essential for survival.
Give yourself a point for each right answer.
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Progress Report
How are you doing so far? If you got at least three of the last five questions right, you’re ready to move on to the next section.
If you didn’t get three right, consider reading the elasticity help page for clarification. Click here.
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Complementary and Substitute Goods
Follow the link below to read the article on “substitute goods”. Then click on the browser to come back to the tutorial. Follow the same procedure to read the article on “complementary goods”. Make sure you read both articles before clicking the “next” button.
http://en.wikipedia.org/wiki/Substitute_goodhttp://en.wikipedia.org/wiki/Complementary_good
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Complementary and Substitute Goods
Now that you know about complementary and substitute goods, what do you think about this cartoon?
What substitute goods is the wife using? Why does the husband want her to buy bulk, off-brand products?
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Complementary and Substitute GoodsIn relation to the given product, identify which are complimentary, substitute, and unrelated goods. Write down your answers on paper.
Product: Hot Dogs
Buns
Bratwurst
Coffee
Football Tickets
McDonald’s
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Complementary Substitute Unrelated
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Complementary and Substitute Goods
Check your answers and give yourself a point for each correct answer.
Product: Hot Dogs
Buns
Bratwurst
Coffee
Football Tickets
McDonald’s
Review the article: http://en.wikipedia.org/wiki/substitute_goodReview the article: http://en.wikipedia.org/wiki/complementary_good
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Complementary Substitute Unrelated
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Complementary and Substitute Goods
In relation to the given product, identify which are complimentary, substitute, and unrelated goods. Write down your answers on paper.
Product: Car
Scooter
Gas
Transit Card
Mechanic Service
Lawn Mower
Need more help? Click here for help.
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Complementary Substitute Unrelated
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Complementary and Substitute Goods
Product: Car
Scooter
Gas
Transit Card
Mechanic Service
Lawn Mower
Check your answers and give yourself a point for each correct answer.
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Complementary Substitute Unrelated
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Complementary and Substitute Goods
In relation to the given product, identify which are complimentary, substitute, and unrelated goods. Write down your answers on paper.
Product: College Education
Xbox
Textbooks
Office Chair
Trade school
Lawn Chair
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Complementary Substitute Unrelated
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Complementary and Substitute Goods
Product: College Education
Xbox
Textbooks
Office Chair
Trade school
Lawn Chair
What do you think?
Check your answers and give yourself a point for each correct answer.
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Complementary Substitute Unrelated
What do you think?
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XboxDepending on your priorities, you could make the argument that you have to have an Xbox at college, you will play Xbox instead of going to college, or that the two are unrelated. What do you think?
Office ChairA student may need to an office chair to sit in while studying at college. However, an office chair is not required to go to college. Clearly, however, an office chair is not a substitute for education. What do you think?
Complementary and Substitute Goods
Product: College Education
These two examples are meant to encourage you to think deeper about what can be considered complementary and substitute.
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Complementary Substitute Unrelated
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Progress Report
How are you doing so far? If you got at least 2 of the last five questions right, you’re ready to move on to the next section.
If you didn’t get three right, consider reading the complementary and substitute help page for clarification. Click here.
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Durable and Nondurable Goods
Follow the link below to read the article on “durable goods”. Then close the browser to return to the tutorial and proceed with activities.
http://en.wikipedia.org/wiki/Durable_goods
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Durable and Nondurable Goods
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Now that you know about durable and nondurable goods, what do you think about this cartoon?
What kind of goods are bought repeatedly as they are used up? What kind of goods can be kept around long-term after purchase? Which is durable and which is nondurable?
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Durable vs. Nondurable goods
Nondurable
Diabetic Insulin
Movie Tickets
Golf Clubs
Heating Oil
Pedicure
Identify which goods you think are durable and nondurable.
Need more help? Click here for help.
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Durable
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Durable vs. Nondurable goods
Diabetic Insulin
Movie Tickets
Golf Clubs
Heating Oil
Pedicure
Give yourself a point for each correct answer.
Durable Nondurable
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Progress ReportHow are you doing so far? If you got at least 4 of the last 5 questions right, you’re ready to move on to the next section.
If you didn’t get 4 out of 5 correct, consider reading the durable and nondurable goods help page for clarification. Click here.
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Final ReportCongratulations! You have reached the end of the tutorial.
Add up your points to see how you rate:
Click here to return to the start.
Thank you for participating. If you would like to comment on the tutorial, please e-mail [email protected].
27-33 Exceptional performance
19-26 A strong foundation to in introductory macroeconomics
18 or Below You may want to review the material
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