We had a session where we discussed the incentives to work - according to Adam Smith. I have to say that I found today filled with Psychic Income. (See slides in Week 002)
I only glanced at the work done with the Factors of Production - but the students present really demonstrated an understanding of what those factors look like in your pathways. You are different from all the other pathways in the school in that "land" is not a tactile thing - something you can touch. You had discussions about how labor and capital are different as well - it had me thinking differently as observations were made. Entrepreneurship also brought up things I had not thought about. But you all should understand that all four factors are needed before you can create a product or service. For those gone - (See slide #2 from the blue slides in lesson 002 and do the assignment from page 8-9) Talk to those who were in class for help. I will probably update this blog with some of your work next week.
We had a great lesson on opportunity costs and benefits and solved the problem of where Tyson should go to lunch. We were all worried about that one. Next week we will be doing more with decision grids in a micro and macro way.
I pulled together an alternative activity involving property rights and WOW did I see the economic behavior and choices between two groups - and I did not give any prompts. I will try to explain what we did for those that weren't there in the assignment I will be posting by Monday.
Have a great weekend people and I look forward to having a full class for next week's simulation.
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