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Peer Review

The Price Is Right: Communicating the Free Market

Reviewed:

Nov 1, 2022 by Business
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Ratings

Overall Rating: 5.0 stars
Content Quality: 5.0 stars
Effectiveness: 5.0 stars
Ease of Use: 5.0 stars
Overview:

Three professors present the role of prices in the market in a set of eight videos. Instructors can use the videos to supplement lectures while students can use the videos to complement textbook material. Students will learn how prices are determined in a free market

Type of Material:

Online course module

Recommended Uses:

  • Supplement course lecture
  • Individual work
  • Homework
  • In-class work
Technical Requirements:

Internet Explorer, Firefox or Chrome 

Identify Major Learning Goals:

Students will learn:

  • What motivates us?
  • Why do we exchange things?
  • What do prices "know" that you don't?
  • Externalities: When is a potatoe chip not just a potatoe chip?
  • The unintended consequences of price control?
  • Should you be allowed to buy or sell your kidney?: Limits on Markets?
  • Is price gouging immoral?: A Thought Experiment
  • Middle men and market efficiency
Target Student Population:

  • Introductory economic classes
  • Introductory marketing classes
Prerequisite Knowledge or Skills:

None.

Content Quality

Rating:
Strengths:

  • The videos use interesting, contemporary examples. 
  • Videos are informative, engaging, and sometimes entertaining.
  • The material is easy to access and review for students. 
Concerns:

  • Only one video referred to a previous video, but each video is self-contained.

Potential Effectiveness as a Teaching Tool

Rating:
Strengths:

  • The material supports student learning
  • Promotes conceptual understanding of the various topics having to do with the free market.
  • Each video is self-contained.
Concerns:

  • The free-market system is promoted.
  • The role of government when the market fails is given less emphasis. 
  • However, the videos are designed to present the role of prices as signals in a market-based system to students.

Ease of Use for Both Students and Faculty

Rating:
Strengths:

  • The videos are very well produced. 
  • Links are provided to additional videos and material content. 
  • Opportunities given for students to provide additional feedback.
  • The material is easy to navigate and use.
Concerns:

None

Other Issues and Comments:

Excellent online module.

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