The authors of this article propose a simple exercise of monopoly pricing to illustrate complex theoretical results on the welfare effects of group pricing. By exposing students to this exercise, they aim to bridge a gap between the standard textbook analysis of group pricing and more general results in the literature and clarify some students'…

A major challenge in economics and financial education is frequently the attempt to explain the disparities in household consumption spending. Household income determines the quality and quantity of goods and services that a household could consume. The amount of income available to a household is a major determinant of the disparities in…

Can teachers promote true economic understanding among students by adding a dose of psychology? Fans of behavioral economics, with its unique blend of psychology and economics, think so. Blending a bit of behavioral economics into social studies lessons provides answers to the ever-present questions that permeate every classroom,"What does…

Purpose: To explore students' understandings of financial literacy and economics issues with an aim to inform future teaching designs. Design/methodology/approach: Phenomenography and variation theory has been used to analyze students' understanding of a concept found in both financial and economic contexts, namely "value." Findings:…

Behavioral economics concepts can advance understanding, predicting, and controlling complex human behavior. Although there have been numerous attempts to apply behavioral economics concepts to applied settings, there are a limited number of experiments conducted in educational settings. The purpose of the studies in this paper is a to apply…

Purpose: There is a growing call for novel approaches in education with respect to sustainable development. Transformative learning lacks empirical research. This paper responds to that gap and aims at analysing how transformative learning nurtures ecological thinking. Design/methodology/approach: The "Students Swap Stuff" sustainability…

The author discusses how to teach students to extend economic models using in-class scaffolding assignments, supported by discussions and workshops. Methods include discussions of a model's strengths and weaknesses; small group, in-class assignments that provide steps toward model extension; informal presentations of the work resulting from these…

Children construct meaning from their economic experiences in the form of naive theories and use these theories to explain the relationships between their actions and the outcomes. Inevitably, due to their lack of economic literacy, these theories will be incomplete. Through curriculum design that acknowledges and addresses these naive theories,…

Purpose: This study has two aims. It aims to analyse three essential pre-conditions of an authentic sustainability curriculum (ASC). The theoretical analysis involves the definition of authenticity through the learning outcomes (LOs) framework called authentic minimum (AM). This paper also aims to gauge students' views on economic growth,…

Economics faculty expect that students have an integrated understanding of economic theory upon graduation and that they grasp and appreciate how all elements of markets naturally move to equilibrium. Through assessment activities, the authors discovered that their students were not developing that knowledge, so they turned to learning theory to…

The Federal Reserve System is the central bank of the United States. The system includes 12 Federal Reserve Banks (and their associated branches) located throughout the country, with oversight by the Board of Governors in Washington, D.C. The diverse structure is designed to ensure that the interests of Main Street are represented along with those…

Poverty measurement is often controversial, but good public policy relies crucially on a broadly supported and understood poverty measure. In 2010, the U.S. Census Bureau announced it would begin regular reporting of a new supplemental poverty measure in October 2011. The present article provides background information for a student exercise…

The environmental and social costs of consumer societies have increasingly been recognized. Achieving sustainable household consumption requires an understanding of the underlying roots of current consumption levels. Using the case study of menstrual care practices, different theoretical frameworks--or narratives--for understanding household…

A mini-economy is an ongoing classroom project in which elementary school students apply for jobs, receive simulated income, go shopping at the classroom store, and ultimately create their own businesses. This study uses design-based research methodology to find out what classroom practices emerge when the College, Career, and Civic Life Framework…

The Edgeworth exchange diagram is a traditional tool of undergraduate microeconomic theory that depicts the mutually beneficial gains from voluntary trade. The authors take the analysis one step further. They identify the buyer's and seller's surpluses that accrue to both trading parties in the Edgeworth diagram. This is a straightforward exercise…