Teaching Perfect and Imperfect Competition with Context-Rich Problems

Abstract

In this paper I discuss a technique for helping students to apply economic principles outside of the classroom. In particular I discuss the use of context-rich problems. These problems involve setting up a realistic scenario with the student at the center of the problem and asking them to make decisions. Students need to determine which economic principles to apply in order to effectively solve the problem. I discuss particular context-rich problems that I developed involving competition in a principles of microeconomics course. I also discuss the methods I used to make the use of these context-rich problems more effective in my classes.

JEL Classification: A22