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Pedagogical foundation

Throughout the OpenStax version of Principles of Economics , you will find new features that engage the students in economic inquiry by taking selected topics a step further. Our features include:

  • Bring It Home: This added feature is a brief case study, specific to each chapter, which connects the chapter’s main topic to the real word. It is broken up into two parts: the first at the beginning of the chapter (in the Intro module) and the second at chapter’s end, when students have learned what’s necessary to understand the case and “bring home” the chapter’s core concepts.
  • Work It Out: This added feature asks students to work through a generally analytical or computational problem, and guides them step-by-step to find out how its solution is derived.
  • Clear It Up: This boxed feature, which includes pre-existing features from Taylor’s text, addresses common student misconceptions about the content. Clear It Ups are usually deeper explanations of something in the main body of the text. Each CIU starts with a question. The rest of the feature explains the answer.
  • Link It Up: This added feature is a very brief introduction to a website that is pertinent to students’ understanding and enjoyment of the topic at hand.

Questions for each level of learning

The OpenStax version of Principles of Economics further expands on Taylor’s original end of chapter materials by offering four types of end-of-module questions for students.

  • Self-Checks: Are analytical self-assessment questions that appear at the end of each module. They “click–to-reveal” an answer in the web view so students can check their understanding before moving on to the next module. Self-Check questions are not simple look-up questions. They push the student to think a bit beyond what is said in the text. Self-Check questions are designed for formative (rather than summative) assessment. The questions and answers are explained so that students feel like they are being walked through the problem.
  • Review Questions: Have been retained from Taylor’s version, and are simple recall questions from the chapter and are in open-response format (not multiple choice or true/false). The answers can be looked up in the text.
  • Critical Thinking Questions: Are new higher-level, conceptual questions that ask students to demonstrate their understanding by applying what they have learned in different contexts. They ask for outside-the-box thinking, for reasoning about the concepts. They push the student to places they wouldn’t have thought of going themselves.
  • Problems: Are exercises that give students additional practice working with the analytic and computational concepts in the module.

Updated art

Principles of Economics includes an updated art program to better inform today’s student, providing the latest data on covered topics.

U.s. minimum wage and inflation

sample image
After adjusting for inflation, the federal minimum wage dropped more than 30 percent from 1967 to 2010, even though the nominal figure climbed from $1.40 to $7.25 per hour.Increases in the minimum wage in 2007, 2008, and 2009 kept the decline from being worse—as it would have been if the wage had remained the same as it did from 1997 through 2006. (Sources: http://www.dol.gov/whd/minwage/chart.htm; http://data.bls.gov/cgi-bin/surveymost?cu)

About our team

Senior contributing author

Timothy Taylor, Macalester College
Timothy Taylor has been writing and teaching about economics for 30 years, and is the Managing Editor of the Journal of Economic Perspectives , a post he’s held since 1986. He has been a lecturer for The Teaching Company, the University of Minnesota, and the Hubert H. Humphrey Institute of Public Affairs, where students voted him Teacher of the Year in 1997. His writings include numerous pieces for journals such as the Milken Institute Review and The Public Interest , and he has been an editor on many projects, most notably for the Brookings Institution and the World Bank, where he was Chief Outside Editor for the World Development Report 1999/2000, Entering the 21st Century: The Changing Development Landscape . He also blogs four to five times per week at http://conversableeconomist.blogspot.com. Timothy Taylor lives near Minneapolis with his wife Kimberley and their three children.

Steven A. Greenlaw, University of Mary Washington
Steven Greenlaw has been teaching principles of economics for more than 30 years. In 1999, he received the Grellet C. Simpson Award for Excellence in Undergraduate Teaching at the University of Mary Washington. He is the author of Doing Economics: A Guide to Doing and Understanding Economic Research , as well as a variety of articles on economics pedagogy and instructional technology, published in the Journal of Economic Education , the International Review of Economic Education , and other outlets. He wrote the module on Quantitative Writing for Starting Point: Teaching and Learning Economics , the web portal on best practices in teaching economics. Steven Greenlaw lives in Alexandria, Virginia with his wife Kathy and their three children.

Contributing authors

Eric Dodge Hanover College
Cynthia Gamez University of Texas at El Paso
Andres Jauregui Columbus State University
Diane Keenan Cerritos College
Dan MacDonald California State University San Bernardino
Amyaz Moledina The College of Wooster
Craig Richardson Winston-Salem State University
David Shapiro Pennsylvania State University
Ralph Sonenshine American University

Expert reviewers

Bryan Aguiar Northwest Arkansas Community College
Basil Al Hashimi Mesa Community College
Emil Berendt Mount St. Mary's University
Zena Buser Adams State University
Douglas Campbell The University of Memphis
Sanjukta Chaudhuri University of Wisconsin - Eau Claire
Xueyu Cheng Alabama State University
Robert Cunningham Alma College
Rosa Lea Danielson College of DuPage
Steven Deloach Elon University
Debbie Evercloud University of Colorado Denver
Sal Figueras Hudson County Community College
Reza Ghorashi Richard Stockton College of New Jersey
Robert Gillette University of Kentucky
Shaomin Huang Lewis-Clark State College
George Jones University of Wisconsin-Rock County
Charles Kroncke College of Mount St. Joseph
Teresa Laughlin Palomar Community College
Carlos Liard-Muriente Central Connecticut State University
Heather Luea Kansas State University
Steven Lugauer University of Notre Dame
William Mosher Nashua Community College
Michael Netta Hudson County Community College
Nick Noble Miami University
Joe Nowakowski Muskingum University
Shawn Osell University of Wisconsin, Superior
Mark Owens Middle Tennessee State University
Sonia Pereira Barnard College
Brian Peterson Central College
Jennifer Platania Elon University
Robert Rycroft University of Mary Washington
Adrienne Sachse Florida State College at Jacksonville
Hans Schumann Texas AM
Gina Shamshak Goucher College
Chris Warburton John Jay College of Criminal Justice, CUNY
Mark Witte Northwestern
Chiou-nan Yeh Alabama State University

Ancillaries

OpenStax projects offer an array of ancillaries for students and instructors. Please visit http://openstaxcollege.org and view the learning resources for this title.

Questions & Answers

what is elastic
fadoju Reply
how is equilibrium defined in financial market?
infinity Reply
what is the definition of money
infinity
Money is define as anything that is generally acceptable as a means of exchange nd settlement of dept
Simeon
what is elastic
fadoju
how do choices end up determining what, how and for whom goods and services are produced
Ayesha Reply
there are 10 000 seats available for the Wimbledon tennis Championships. the price per ticket is fixed by the organisers. the supply of seats is thus: A. completely elastic B. completely inelastic C. elastic D. unitary elastic E. elastic which option is the answer?
Esihle Reply
what is international trade
Naomi Reply
the trade between two or more countries outside the territory of own country
Mukeem
it's an international trade
Ivan
Multilateral trade it is
Antony
how do monopolistic firm make profit in the short run and long run
Ediga Reply
oligopolistic competition is known to have a kinked demand curve .why there is such a tease my in oligopolistic form only
Ediga
please can anyone help me in econs
Oppong
Manuel in which context
Daizy
please in utility
Oppong
what is demand ?
Tonight Reply
The amount of some goods or services consumers need to purchase
Adu
The amount of goods or services that consumers are willing and can afford to purchase.
Ivan
it is goods and services consumers are willing and able to buy at given price over a given period of time
Rebecca
as quantity of good and service that a consumer is willing and able to purchase at a given price and at the particular market price.
MOHAMMED
The amount of goods and services consumers are able and willing to buy and pay for at a given price and at given point in time.
Solomon
refers to the quantity of goods and services that customers are willing and able to purchase at various prices over a period of time
Ryt
what are subsidies
Yaya Reply
how do trade unions deal with subsidies
Yaya
bro can you explain decision making
WhatsApp
Decision making is a process to use your limited resources for best productive purpose.
Dipam
explain why an increase in national income may not always lead to improvement in economic wellbeing of all the citizens?
Mendo
How many types of labour do we have pls
ROA
two
nabil
skilled and unskilled labour
nabil
Thanks 🙏
ROA
what are the factors that affects efficiency of labour ?
nabil
What are tools of economics analysis
Adu
Adu Tumwah,,, The tools of economics analysis are; Charts, graphs, equations, table, arithemetic mean, etc.
Dennis
Subsidies are payments made by the government to the producers of goods and services
Daizy
what is the marginal revenue if p=10-2q
Karen Reply
what's the difference between demand goods and supply gooda
Spiff Reply
why is 2% the optimal inflation rate in many countries
Spiff
why is 2% the optimal inflation rate in many countries
Spiff
what's inflation
Thando Reply
a general rise in the prices of services and goods in a particular country
Spiff
why is 2% the optimal inflation rate in many countries?
amina
resulting in a fall in the value of money,,
Spiff
for example
Spiff
Inflation is the continuous rise of price of goods and services in a nation
Oluchi
persistent increase in the general price level
Anyere
what will the effective demand if inflation is constant and real wage is less then money wage ?
Vipul Reply
to start
Dennis
to start with your question i think we have to break it down into key words, and they effective demand ,inflation and real wages ... Ok when we say demand is effective we mean the demand is backed up by capital .. it is backed up by the ability to pay for the good/commodity demanded for
Dennis
in other hand inflation is the persistent rise of goods and services in and particular country's economy
Dennis
so what is real wages it means the amount paid to labour for a particular work done
Dennis
money wage is the money/capital paid to a worker
Dennis
knowing this terms you can be able to answer your question....
Dennis
What is monopoly
Oluchi Reply
I believe that a market is monopolistic if there is no competition. in other words, a given company is the only one offering the product/service.
amina
am a fan of monopoly
Okeke
it is correct
Spiff
and in other word,,, is a thing that belongs to one person or group that another people will not able to share
Spiff
a single seller and large number of consumer
Vipul
A monopoly is a firm that is the sole producer of a good or service for which there are no close substitutes. It exist because of barriers to entry. The barriers can be legal or natural.
Dennis
Ok
Oluchi
give tree difference between economic good and free good
Gideon Reply
economic goods produced by man efforts and free goods are free by nature
Kobwa
What are tools of economics analysis
Adu
economics provides tools to know our better desire and how to get maximum utility and right way right time decission power.
Inno
economic good are related to income to fullfill satisfaction and free goods are natural resourses like sunshine rain air water from earth e.t.c
Inno
graphs,pie chart,histograms,tables,curves,etc.
nabil
why do government sometimes impose indirect taxes rather than direct taxes.
nabil
just five points with no explanations
nabil
what is want
Wasila Reply
anything just come from your heart
domingo
no matter how much you give
domingo
is what you desire to have
Tsai
their the human desire it's need(s).
Gideon
YES
Erik
like medicine food etc
domingo

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Source:  OpenStax, Principles of economics. OpenStax CNX. Sep 19, 2014 Download for free at http://legacy.cnx.org/content/col11613/1.11
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