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Jose Vazquez.Eric Chiang.
A Picture is Worth a Thousand Words (at least): The Effective Use of Visuals in the Economics Classroom
Which word comes to mind to explain the concept of “Supply” to students?
The Supply Curve
• The supply curve is an upward-sloping curve illustrating firms’ willingness-to-sell a particular good or service. Why is the supply curve upward-sloping?– As the price of a unit increases, firms are more
willing to supply a greater quantity to the market.– The Law of Supply states that as prices increase,
quantity supplied increases, and vice-versa.– It also represents the cost of providing an
additional unit to the market, or Marginal Cost.– As the prices rises, suppliers are more willing to
incur greater costs to provide the good or service.– The idea that costs rise as the quantity supplied
increases is the result of Decreasing Returns to Scale.
Q u a n t i t y S u p p l i e d
Price
Law of Supply
$800/oz
$1,200/oz
$1,600/ozLaw of Supply
Corn Subsidies Excess Supply
Law of Supply
S
D
S'
An Increase in Technological Innovation
Q
P
Google: http://terpconnect.umd.edu/~pwang/PopIT/innovation.jpg
Problems With PowerPoint• Instructors tend to write every
single word of their presentation in their PowerPoint slides. This makes it difficult for the students to pay attention and also to concentrate on the message. Of course, this helps the instructor because it makes it easier to memorized the lecture while at the same time allow him or her not to face the students (which may cause panic). Nevertheless, this tend to cause the students to get…..
Problems With PowerPointbored out of their mind.
Minutes
Beats
per
Min
ute
15 30 45
85
81
77Dead
GDP per capita, 2005
Growth rate, 1960-2005
China $6,572 5.8%Singapore 29,921 5.4%Japan 30,821 3.8%Spain 26,125 3.2%India 3,486 2.7%Israel 25,670 2.7%United States 41,854 2.2%Canada 32,886 2.1%Colombia 7,769 1.8%New Zealand 22,511 1.4%Philippines 4,920 1.4%Argentina 14,421 1.0%Saudi Arabia 14,729 0.8%Rwanda 1,333 0.3%Haiti 1,836 –1.2%
Incomes and
Growth Around
the WorldFACT 1:There are vast differences in living standards around the world.
China
Singapore
Japan
Spain
India
Israel
United States
Canada
Colombia
New Zealand
Philippines
Argentina
Saudi Arabia
Rwanda
0 20000 40000 60000
GDP/person, 2005
China
Singapore
Japan
Spain
India
Israel
United States
Canada
Colombia
New Zealand
Philippines
Argentina
Saudi Arabia
Rwanda
5.8%
5.4%
3.8%
3.2%
2.7%
2.7%
2.2%
2.1%
1.8%
1.4%
1.4%
1.0%
0.8%
0.3% GDP growth rate, 1960- 2005
China
Singapore
Japan
India
United States
Canada
Philippines
Argentina
Saudi Arabia
Rwanda
5.8%
5.4%
3.8%
2.7%
2.2%
2.1%
1.4%
1.0%
0.8%
0.3%GDP growth rate, 1960- 2005
2) The Brain Likes the Forest
A B C D
E F G H
I J K L
Amplify by Simplifying
3) Picture Superiority
Adding a picture increases recollection by up 65 percent!
--John Medina
WorkingMemory
Visual message(pictures
)
Verbal messag
e(Words)
Focus
Devotion
Shifting Demand and Supply Curves• Suppose that an increase in the
demand for a particular good arises. What happens to equilibrium?– Demand increases shifting the demand
curve up, out, and to the right.– At the original equilibrium price, excess
demand exists in the market.– Buyers will drive up the price to outbid
other buyers for this shortage.– As the price rises, quantity supplied rises.– The price and quantity will continue to
rise until equilibrium is reached.– In a free market, the equilibrium price
will adjust rather quickly.
Shifting Demand and Supply Curves• Suppose that an increase in the
demand for a particular good arises. What happens to equilibrium?– Demand increases shifting the demand
curve up, out, and to the right.– At the original equilibrium price, excess
demand exists in the market.– Buyers will drive up the price to outbid
other buyers for this shortage.– As the price rises, quantity supplied rises.– The price and quantity will continue to
rise until equilibrium is reached.– In a free market, the equilibrium price
will adjust rather quickly.
Increase in
Demand
Increase in Demand
The Main Economic Problem
• Since all resources are scarce…• And since they could be
distributed in different ways– Give everyone the same– Leave it to Chance– Based on Need
• We need economics to find the BEST way to distribute the limited resoruces
Resources are scarce
Give everyone the same
Leave it to chance
Based on Need
Shifting Demand and Supply Curves
Image is too small
Shifting Demand and Supply Curves
Image placed at weird location
Hesitant
Distorted
You can’t see the text
Really tacky
Design Basics
Contrast is interesting
CONFLICT
CONTRAST IS INTERESTING
Contrast…
is interesting
Principles of PowerPointUsing PowerPoint for Good and
Not for EvilJose J. Vazquez, PhDAssociate Director
Teaching and Learning Center
Principles of PowerPoint
Using PowerPoint for Good and Not for Evil
Jose J. Vazquez, PhDAssociate Director
Teaching and Learning Center
Principles of
Jose J. Vazquez, PhDAssociate Director
Teaching and Learning Center
PowerPointUsing PowerPoint for Good and Not for Evil
• Courier New• Organized and Structured
• Comic Sans MS• Playful
• Times New Roman• Lazy, apathetic and unimaginative since you always use
the default.
Serif font
Sans-serif font
Based on Need
Based on Need
Incentives Matter!
Incentives Matter!
Incentives Matter!
Contrast is interesting
Drawing
Drawing Activity
Fierce Competition