- Peer Review: “Interactive graph of the aggregate supply and demand model”
Interactive graph of the aggregate supply and demand model
- Oct 19, 2011 by Business
- This interactive graph helps students to get a visual and understand more effectively the cause and effect relationships of the aggregate demand and aggregate supply model with respect to short and long term economic changes. It indicates upfront that students should be familiar with the underlying concepts of the graphical representation of the aggregate demand and aggregate supply model. The student will have an appreciation of real life application of the concepts provided in the 3 case studies with followed up exercises and explanations on both the correct and incorrect responses.
- Type of Material:
- Web-based presentation with interactive graphics Presentation has video explanation that the learner can see as the Learner changes supply/demand factors
- Recommended Uses:
- • Used in multiple venues by faculty to provide learners new learning or as refresher learning of aggregate supply/demand and microeconomic concepts and theories. • The interactive graph can repeatedly serve as a study aid when reviewing the concepts and visualizing the correct solution graphically prior to a test or exam.
- Technical Requirements:
- Browsers: Internet Explorer or Firefox, Flash
- Identify Major Learning Goals:
- • The student will be able to solidify his/her understanding of the aggregate supply, aggregate demand and equilibrium concepts. • The student will be able to interact and get a visual on how the market equilibrium changes given both the isolated changes aggregate demand and aggregate supply as well as when there is a change in both curves in a short and long-term economic adjustment. • The student will have an appreciation of real life application of the concepts provided in the 3 case studies with followed up exercises and explanations on both the correct and incorrect responses.
- Target Student Population:
- • Beginner/Introductory/Survey Economics, Introduction to Macroeconomics, Principles of Macroeconomics, Introduction to Microeconomics, Principles of Microeconomics and/or Business Students • Non-economics or Non-business students taking an Economics and/or Business course as a minor
- Prerequisite Knowledge or Skills:
- • Prior knowledge of the Aggregate Demand-Aggregate Supply Model • Basic computer skills
- • Allows the learner to see and interact with the economic concepts through the interactive graph • Provides easy to understand and view examples of economic principles • The manual interaction with the graphs allow Learner to gain knowledge both by word and visually • Cases provided questions and explanation of the selection be it right or wrong to build learner knowledge. • Its welcoming page is very succinct with its objective, assumption and directions on how the interactive graph would work.
- • Short general introduction has minimal instructions on use of the site • Very specific course content, difficult to use outside of the economics courses (identified as a technical note not full course) • Annotates that all cases were written in 2003 making cases 7-8 years old. • To be able to reach out to auditory learners, the recommendation is to enhance with audio.
Potential Effectiveness as a Teaching Tool
- • Graphic display demonstrates how aggregate supply/demand concepts and principles effect the marketplace • Learners are able to learn about aggregate supply/demand environment and experiment with the graphs to denote changes in supply or demand given cases or random experimentation. • The visual will also facilitate discussions when covering the application of the concepts in class. This will definitely be one of the ‘Aha’ moments for the students when they can see for themselves the effects on the model and the corresponding solutions graphically.
- • Did not find an indication of what prerequisite knowledge in business, finance and/or economics would be required for this presentation • Not much of a lead in to learning objectives open to the graphs and brief explanation of what Learner can do to learn. • Given that it is an interactive tool, it’s unclear on the type of assignments that can be allocated. • Perhaps more cases can be added that is more current since all the three cases were written eight years ago in 2003.
Ease of Use for Both Students and Faculty
- • Website was easy to connect to and easy to maneuver on the page • Key elements of the topics were identified and explained. • Had available 3 case studies in addition to the option to manually change graph indicators and explanation was provided. • Very clean and clear format and design accompanied with the interaction and has the option of reviewing it repeatedly. • A Spanish version is also provided at http://openmultimedia.ie.edu/OpenProducts/oferta_demanda/oferta_demanda/ejercicios.html .
- • Needed to be more explanatory as to how the presentations would or could be applied to an academic setting • Webpage had no links to other optional web links that discuss other projects in the series • The main description needs to address in more detail the value of the case studies and what the case studies reflect
- Other Issues and Comments:
- This was a very professionally done interactive multimedia material that will enable students to learn and comprehend the cause-effect relationship in the full aggregate demand and supply (AD/AS) model and the observe the adjustment of the economy in the short and the long term. The program assumes that students are already familiar with the underlying concepts of the graphic representation of the AD/AS model. The tool also has a number of simple case studies that illustrate the capacity and limits of the model and explain certain real economic situations (both historical and recent). The Learner will be viewing lectures and explanations of economic principles. Would work well with faculty from bachelor to graduate degree program
- Creative Commons: