BSED Major in Social Studies 2

Lesson Plan: Economic Theory

Lesson Plan

I. General Information
Course: Microeconomics

Time Allotted: 45 minutes
Lesson Title: Economic Theory

II. Learning Objectives
At the end of the lesson, students should be able to:

(A) Affective Domain
Show appreciation for the role of economic theory in understanding real-world issues and its application in decision-making processes.

(S) Psychomotor Domain
Formulate basic economic models on a whiteboard or paper, effectively organizing and presenting the information.

(K) Cognitive Domain:
Describe the construction of economic theory, identify its functions, and apply economic theory to practical situations.

Analyze the relevance of economic theory in solving economic problems.

Evaluate the importance of mathematical formulations in simplifying complex economic relationships.

III. Subject Matter
A. Lesson Title:
II. Economic Theory
    A. The Construction of Economic.       
         Theory
    B. Functions of Economic Theory

References:
Mankiw, N. G. (2020). Principles of Microeconomics (9th ed.). Cengage Learning.

Online articles and resources such as Khan Academy's videos on Economic Theory.

Materials/Resources:
Projector and screen
Whiteboard and markers
Handouts summarizing key concepts
PowerPoint slides

IV. Procedure

A. Introduction (5 minutes)
Motivation: Start with a thought-provoking question:

"What strategies can we use to prioritize spending when resources are limited but desires are boundless?"

This will engage students and prompt them to think about the practical applications of theory.

Review of Previous Lesson: Recap the previous lesson: what is economic, basic principles of economics, specifically the concepts of scarcity and opportunity cost, to show the connection to economic theory.

B. Lesson Proper (25 minutes)

Presentation of New Topic:

a. Conceptual Frameworks (5 minutes): Explain how conceptual frameworks help structure economic theory by organizing key relationships (e.g., supply and demand). Use a simple visual representation of a conceptual framework on the whiteboard.

b. Predictive Capabilities (5 minutes): Discuss how economic theories allow economists to predict future trends. Provide an example, such as predicting unemployment rates using economic models.

c. Assumptions in Economic Theories (5 minutes):
Explain the role of assumptions in simplifying models to isolate specific variables. Use an example to show how assumptions are made to focus on key relationships in an economy.

d. Empirical Verification (5 minutes): Highlight the importance of testing economic theories in real-world scenarios. Ask students to share examples of policies that succeeded or failed based on economic predictions.

e. Mathematical Formulation (5 minutes): Show how mathematical models quantify economic relationships, simplifying complex ideas for more precise analysis. Use a simple equation to illustrate this (e.g., demand = price - quantity).

V. Assessment (15 minutes)
Affective: Hold a class discussion where students express their thoughts on how economic theories affect real-world decision-making (e.g., setting tax policies).