Ch 1: Introduction to Microeconomics Lesson Plans

About This Chapter

The Introduction to Microeconomics chapter of this course is designed to help you plan and teach the basics of microeconomics in your classroom. The video lessons, quizzes and transcripts can easily be adapted to provide your lesson plans with engaging and dynamic educational content. Make planning your course easier by using our syllabus as a guide.

Weekly Syllabus

Below is a sample breakdown of the Introduction to Microeconomics chapter into a 5-day school week. Based on the pace of your course, you may need to adapt the lesson plan to fit your needs.

Day Topics Key Terms and Concepts Covered
Monday History of economic theory and the importance of consumer choice Market economy, microeconomics, law of supply and demand, macroeconomics, economic growth and consumer
Tuesday Microeconomic resources and resource allocation Scarcity, utility and allocative efficiency
Wednesday Concept of the 'economic man' and logic pitfalls in economics Assumptions and constraints of the economic man, fallacy of composition, bias, correlation vs. causality and loaded terminology
Thursday Macroeconomics vs. microeconomics and positive vs. normative economics Examples of areas addressed by macroeconomics and microeconomics; applications of positive and normative economics
Friday Absolute advantage vs. comparative advantage and the basics of economics models Ways producers use absolute and comparative advantage to make production choices and examples of economic models and usefulness

10 Lessons in Chapter 1: Introduction to Microeconomics Lesson Plans
Test your knowledge with a 30-question chapter practice test
What is Economics? - Definition & Types

1. What is Economics? - Definition & Types

Few things affect the day-to-day lives of everyone more than the economy. In this lesson, you'll learn about economics, including some of its foundational topics and concepts. You'll also have a chance to take a quiz after the lesson.

The Importance of Consumer Choice in Economics

2. The Importance of Consumer Choice in Economics

Nothing makes a business happier than when we buy something they sell - well, maybe when we buy two of what they sell! This lesson explains why smart companies and governments try to understand everything about you to sell you more.

Microeconomic Resources: Scarcity & Utility

3. Microeconomic Resources: Scarcity & Utility

For economics to work, we must assume that resources are scarce and that people will work to secure the greatest utility possible. This lesson explains both scarcity and utility and what they mean for people everywhere.

Understanding the Challenge of Resource Allocation

4. Understanding the Challenge of Resource Allocation

By now, you've probably figured out that all resources are scarce. But how do we allocate resources to make the most of that scarcity? This lesson explains how economists allocate resources, as well as three of the major philosophies influencing such choices.

What Is the Economic Man? - Concept, Assumptions & Constraints

5. What Is the Economic Man? - Concept, Assumptions & Constraints

Just because the Economic Man doesn't exist doesn't mean that he's not important. This lesson explains how the Economic Man is really quite useful to economists for a variety of reasons.

Common Logic Pitfalls in Economics

6. Common Logic Pitfalls in Economics

Economics is a pretty straightforward subject, but it can be plagued with plenty of logical pitfalls. This lesson discusses swimsuits, mansions, and politicians to explain some of the most common logical fallacies.

Microeconomics vs. Macroeconomics

7. Microeconomics vs. Macroeconomics

In this lesson, we learn how economics touches every aspect of human life. Focusing on the central ideas of scarcity and utility, we see how economics plays out in its two largest fields, microeconomics and macroeconomics.

Comparing Normative & Positive Economics

8. Comparing Normative & Positive Economics

In most sciences, you can largely ignore opinions. However, in economics, we call opinions normative statements and economists must pay attention to them. This lesson details the differences between normative statements and positive statements.

Comparative vs. Absolute Advantage in Microeconomics

9. Comparative vs. Absolute Advantage in Microeconomics

Ever wonder why economies don't just try to do everything themselves and instead rely on trade as such an important idea? This lesson on comparative vs. absolute advantages helps to explain why.

An Overview of Economic Models & Uses

10. An Overview of Economic Models & Uses

For this lesson on economic models, you won't need any plastic cement or craft knives. That said, a lot of very useful detail can still be captured and portrayed in economic models, as this lesson demonstrates.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

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