Lesson Plan
By: Mascardo, Marjhon M
I. General Information
Course: Microeconomics
Time Allotted: 1 hour
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: Economic Theory
I. The Construction of Economic Theory
a. Conceptual Frameworks
b. Assumptions
c. Mathematical Formulation
d. Empirical Verification
II. Functions of Economic Theory
a. Predictive Capability
b. Policy Formulation
c. Basis for Further Research
d. Guiding Resource Allocation
B. 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.
C. 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 concepts of scarcity and opportunity cost to show the connection to economic theory.
B. Lesson Proper (40 minutes)
Presentation of New Topic:
I. The Construction of Economic Theory (20 minutes)
a. Conceptual Frameworks (5 minutes):
Explain how conceptual frameworks help structure economic theory by organizing key relationships (e.g., Keynesian theory conceptual framework). Use a visual representation on the whiteboard.
b. 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.
c. Mathematical Formulation (5 minutes): Show how mathematical models quantify economic relationships, simplifying complex ideas. Use Demand Function as an example.
Quantity demanded = quantity– price or Qd= 250-5p.
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.
II. Functions of Economic Theory (20 minutes)
a. Predictive Capability: (5 minutes)
Discuss how economic theories forecast future economic events and trends by using the Phillips Curve as an example.
b. Policy Formulation:(5 minutes)
Explain how theories help in designing policies to address economic issues.
c. Basis for Further Research: (5 minutes)
Describe how existing theories form the foundation for new research.
d. Guiding Resource Allocation: (5 minutes)
Discuss how theories aid in making optimal resource allocation decisions.
V. Assessment
Affective: Hold a class discussion on how economic theories affect real-world decision-making (e.g., setting tax policies).
Psychomotor: Let students explain a basic supply and demand model by drawing it on the whiteboard and labeling key components.
Cognitive:
Applying: Ask students to apply the concept of supply and demand to a current economic issue, such as rising oil prices.
Analyzing: Have students analyze the strengths and limitations of economic predictions in a fluctuating market.
Evaluating: Let students evaluate the effectiveness of economic theories in predicting the effects of government interventions (e.g., price controls).
Creating: Assign a task where students develop their own simple economic models to explain phenomena like inflation or unemployment.
List of Important Terms:
Economic Theory
Conceptual Framework
Supply and Demand Model
Assumptions
Predictive Capability
Policy Formulation
Empirical Verification
Assignment:
Students will write a 300-word essay discussing how assumptions and empirical verification influence the construction of economic theory. They should also provide an example of a policy informed by economic theory (e.g., a recent government policy on inflation control).
VI. Evaluation
Self-Evaluation: Reflect on the overall effectiveness of the lesson. Were the objectives achieved? Did the students engage actively with the topic? Was there enough time to cover all the materials?
Student Feedback: Conduct a brief survey or hold an open-ended discussion to gather feedback from students regarding their understanding and the relevance of the lesson.
VII. Reflection
Post-Lesson Reflection: Consider whether students were able to grasp abstract concepts such as assumptions and predictive capabilities. Adjust future lessons to incorporate more real-world examples or case studies to make the application of theory clearer. Provide more step-by-step guidance for constructing economic models, especially for students who are new to these concepts.
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