Related Capstone Lessons

Unit 4: Lesson 21 - Productivity, Diminishing Marginal Returns, and the Demand for Labor

Students produce greeting cards with a fixed number of scissors and markers, and a variable number of workers. They discuss factors affecting workers productivity and the law of diminishing marginal returns. With a partner, they use marginal analysis to solve a problem about how many workers a firm should hire.

Concepts:

  • Specialization
  • Productivity
  • Law of Diminishing Marginal Returns
Standards:
  • Standard #1: Scarcity
  • Standard #2: Decision Making

Unit 7: Lesson 41 - Why People Trade: Comparative Advantage

The students decide why people buy foreign goods, and they practice measuring the comparative advantage of different producers.

Concepts:

  • Opportunity Cost
  • Specialization
  • Comparative Advantage
  • Trade
Standards:
  • Standard #6: Specialization

Close Window »

 

Copyright © 2017 Council for Economic Education. All rights reserved.