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Peer Review

Economics Basics

Reviewed:
Apr 19, 2022 by Business
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Ratings

Overall Rating: 4.8 stars
Content Quality: 4.8 stars
Effectiveness: 4.8 stars
Ease of Use: 5.0 stars
Overview:

This resource provides a primer on basic economics, with the following topics: Introduction What Is Economics? Production Possibility Frontier, Growth, Opportunity Cost and Trade Supply and Demand Elasticity Utility,Monopolies, Oligopolies and Perfect Competition Conclusion

Type of Material:

Reference Material

Recommended Uses:
  • Can be used as reference for students
  • Could assign as homework

 

Technical Requirements:

Computer, Browser, Used Chrome, Edge

PDF file viewer

Identify Major Learning Goals:
  • Define the Law of Supply
  • Define the Law of Demand
  • Explain the concept of market Equilibrium
  • First introduction to the discipline of economics. 
  • Develop an overview of the major subdisciplines, historical background, major thinkers, schools of thought, analytical approaches, and economic measures.
Target Student Population:
  • Introductory economics classes
  • Introductory business classes
Prerequisite Knowledge or Skills:

none

Content Quality

Rating:
Strengths:
  • The concepts presented in the material are very basic and valid. 
  • The material is presented with a graph to help show a visual picture of the Law of Supply, Law of Demand, and market equilibrium.
  • Information is presented clearly and thoroughly, given the format.
  • The videos are well done and accompany the text in an interesting way. 
  • Demonstration of concepts is mostly provided in graphs, with clear explanations.
Concerns:
  • The material adds a concept of Time and Supply in an effort to discuss short-term versus long-term implications. 
  • This part of the material is incomplete and could add additional information related to the time frame analysis. 

Potential Effectiveness as a Teaching Tool

Rating:
Strengths:
  • Material can be used by almost any level of educational attainment by a student or instructor. This is why the material needs no prerequisite knowledge.
  • Summarizes each concept with ‘Key Takeaways’ that are useful summaries.
  • Minute-long video.
  • Boxed inserts with useful additional information or ‘fast facts’.
  • The addition of the graphs adds to the conceptual understanding of the user.
Concerns:
  • The addition of the Time and Supply piece to the learning materials is applied to the supply side of the materials.  This could also be applied to the demand side of the materials.

Ease of Use for Both Students and Faculty

Rating:
Strengths:
  • The materials are clear and accurate for use. 
  • The pdf file is clear and consistent and easy to use.
  • Website is ‘point-and-click”.
Concerns:

Providing a real life example with actual values might strengthen the materials.

Creative Commons:
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