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.
- Law of Diminishing Marginal Returns
- Standard #1: Scarcity
- Standard #2: Decision Making
Unit 7: Lesson 43 - Why Are Some Nations Wealthy?
Students work in groups to examine data from several nations regarding size, natural resources, and population. Using these data, they try to identify the nations and predict whether each nation is rich or poor. Students rank the nations from richest to poorest. After the mystery nations are revealed, students discuss economists' findings about the factors that contribute most to long-term economic growth.
- Economic Growth
- Natural Resources
- Human Capital
- Physical Capital
- Property Rights
- Standard #15: Economic Growth