ons-Instructor-Notes.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!~~~~~~~~~~~~~~~~~~~~~~~~~~~~~RRRRRR$$$$$$$$$$$$$$#!!!!!!!!!!!!!!!!
s3e Discussion-Questions-Instructor-Notes.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!~~~~~~~~~~~~~~~~~~~~~~~~~~~~~RRRRRR$$$$$$$$$$$
Macroeconomics3e Discussion-Questions-Instructor-Notes.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
ons-Instructor-Notes.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!~~~~~~~~~~~~~~~~~~~~~~~~~~~~~RRRRRR$$$$$$$$$$$$$$#!!!!!!!!!!!!!!!!
s3e Discussion-Questions-Instructor-Notes.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!~~~~~~~~~~~~~~~~~~~~~~~~~~~~~RRRRRR$$$$$$$$$$$
Macroeconomics3e Discussion-Questions-Instructor-Notes.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
,ons-Instructor-Notes.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!~~~~~~~~~~~~~~~~~~~~~~~~~~~~~RRRRRR$$$$$$$$$$$$$$#!!!!!!!!!!!!!!!!
s3e Discussion-Questions-Instructor-Notes.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!~~~~~~~~~~~~~~~~~~~~~~~~~~~~~RRRRRR$$$$$$$$$$$
Macroeconomics3e Discussion-Questions-Instructor-Notes.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
2
HOW TO USE THIS MANUAL
These discussion questions with instructor notes were written as authentic assessments, leading
students beyond route memorization to investigations of economics topics and concepts.
Rubrics for LMS-hosted and in-class discussions can be found in Appendix A and B. These rubric
templates are licensed under CC BY and can be edited to suit your course.
The discussion questions are Copyright 2023 by Rice University, All Rights Reserved. We ask that
this manual not be posted online or shared outside the classroom to preserve the integrity of
these questions for future courses and students. Questions may be modified to align with course
parameters.
DISCUSSION QUESTION TYPES
Discussions have been organized into three different categories. Categories may vary between
chapters depending on what best fits the topics in that chapter.
Economics and You
These discussion questions ask students to connect topics from the chapter to their everyday
life, experiences, and/or future careers.
For example, students might identify how division of labor is at work in their future career fields.
Economics and Theory
These discussions unpack concepts in economic theory, asking students to explain and apply
principles.
For example, students may be asked to explain Adam Smith’s concept of the “invisible hand” and
then describe how markets can allocate resources in a way that they go to those who value them
most.
Economics and Policy
These discussions explore how economic policy impacts facets of everyday life.
For example, students might research a price control that has been implemented in the real
world and analyze the benefits and drawbacks of that control.
This file is copyright 2023, Rice University. All Rights Reserved.
We ask that this manual not be posted online, used commercially, or shared outside the classroom to preserve the integrity of these
questions for future courses and students.
ons-Instructor-Notes.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!~~~~~~~~~~~~~~~~~~~~~~~~~~~~~RRRRRR$$$$$$$$$$$$$$#!!!!!!!!!!!!!!!!
s3e Discussion-Questions-Instructor-Notes.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!~~~~~~~~~~~~~~~~~~~~~~~~~~~~~RRRRRR$$$$$$$$$$$
Macroeconomics3e Discussion-Questions-Instructor-Notes.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
,ons-Instructor-Notes.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!~~~~~~~~~~~~~~~~~~~~~~~~~~~~~RRRRRR$$$$$$$$$$$$$$#!!!!!!!!!!!!!!!!
s3e Discussion-Questions-Instructor-Notes.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!~~~~~~~~~~~~~~~~~~~~~~~~~~~~~RRRRRR$$$$$$$$$$$
Macroeconomics3e Discussion-Questions-Instructor-Notes.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
3
TABLE OF CONTENTS
Chapter 1: Welcome to Economics
Economics and You: Course Introduction
Economics and You: Division of Labor
Economics and Theory: Economy Organization
Chapter 2: Choice in a World of Scarcity
Economics and You: Opportunity Cost of an Activity
Economics and You: Overshadowed Opportunity Cost
Economics and Theory: Shape of PPT
Economics and Theory: Invisible Hand
Chapter 3: Demand and Supply
Economics and Theory: Counterintuitive Goods
Economics and Theory: Allocation of Resources
Economics and Policy: Price Controls
Chapter 4: Labor and Financial Markets
Economics and You: Paying Outside of Equilibrium
Economics and You: Intertemporal Decision Making
Economics and Policy: Labor Market Regulation Challenges
Economics and Policy: What is a living wage?
Chapter 5: Elasticity
Economics and Theory: Expectations for Elasticity
Economics and Theory: Elasticity for Similar but Not Identical Goods
Economics and Theory: Impracticality of Polar Cases of Elasticity
Chapter 6: The Macroeconomic Perspective
Economics and You: Shortcoming of GDP
Economics and You: Intermediate Goods
Economics and Theory: Importance of Real and Nominal Values
This file is copyright 2023, Rice University. All Rights Reserved.
We ask that this manual not be posted online, used commercially, or shared outside the classroom to preserve the integrity of these
questions for future courses and students.
ons-Instructor-Notes.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!~~~~~~~~~~~~~~~~~~~~~~~~~~~~~RRRRRR$$$$$$$$$$$$$$#!!!!!!!!!!!!!!!!
s3e Discussion-Questions-Instructor-Notes.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!~~~~~~~~~~~~~~~~~~~~~~~~~~~~~RRRRRR$$$$$$$$$$$
Macroeconomics3e Discussion-Questions-Instructor-Notes.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
,ons-Instructor-Notes.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!~~~~~~~~~~~~~~~~~~~~~~~~~~~~~RRRRRR$$$$$$$$$$$$$$#!!!!!!!!!!!!!!!!
s3e Discussion-Questions-Instructor-Notes.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!~~~~~~~~~~~~~~~~~~~~~~~~~~~~~RRRRRR$$$$$$$$$$$
Macroeconomics3e Discussion-Questions-Instructor-Notes.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
4
Chapter 7: Economic Growth
Economics and You: Importance of Rule of Law and Contractual Rights
Economics and Theory: Economic Growth
Economics and Theory: Defend and Critique Economic Convergence
Chapter 8: Unemployment
Economics and You: Unemployment Rate and Misrepresentation
Economics and You: Evaluating Sticky Wages
Economics and Theory: Unemployment Rate in Isolation
Chapter 9: Inflation
Economics and You: Misconceptions About Inflation
Economics and You: Evaluating Tools for Alleviating Inflations
Economics and Theory: Tradeoff Between Unemployment and Inflation
Chapter 10: The International Trade and Capital Flows
Economics and You: Charged Terminology: Deficit and Surplus
Economics and You: Trade Balance vs. Level of Trade
Economics and Policy: Downstream Effects of a Trade Surplus or Deficit
Chapter 11: The Aggregate Demand/Aggregate Supply Model
Economics and You: AD/AS n a Crisis
Economics and Policy: Advantages and Disadvantages of Says/Keynes Law
Economics and Policy: AD/AS Curves and Policy
Chapter 12: The Keynesian Perspective
Economics and Theory: Keynesian Perspective
Economics and Theory: Sticky Wages
Economics and Theory: Phillips Curve
This file is copyright 2023, Rice University. All Rights Reserved.
We ask that this manual not be posted online, used commercially, or shared outside the classroom to preserve the integrity of these
questions for future courses and students.
ons-Instructor-Notes.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!~~~~~~~~~~~~~~~~~~~~~~~~~~~~~RRRRRR$$$$$$$$$$$$$$#!!!!!!!!!!!!!!!!
s3e Discussion-Questions-Instructor-Notes.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!~~~~~~~~~~~~~~~~~~~~~~~~~~~~~RRRRRR$$$$$$$$$$$
Macroeconomics3e Discussion-Questions-Instructor-Notes.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
s3e Discussion-Questions-Instructor-Notes.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!~~~~~~~~~~~~~~~~~~~~~~~~~~~~~RRRRRR$$$$$$$$$$$
Macroeconomics3e Discussion-Questions-Instructor-Notes.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
ons-Instructor-Notes.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!~~~~~~~~~~~~~~~~~~~~~~~~~~~~~RRRRRR$$$$$$$$$$$$$$#!!!!!!!!!!!!!!!!
s3e Discussion-Questions-Instructor-Notes.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!~~~~~~~~~~~~~~~~~~~~~~~~~~~~~RRRRRR$$$$$$$$$$$
Macroeconomics3e Discussion-Questions-Instructor-Notes.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
,ons-Instructor-Notes.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!~~~~~~~~~~~~~~~~~~~~~~~~~~~~~RRRRRR$$$$$$$$$$$$$$#!!!!!!!!!!!!!!!!
s3e Discussion-Questions-Instructor-Notes.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!~~~~~~~~~~~~~~~~~~~~~~~~~~~~~RRRRRR$$$$$$$$$$$
Macroeconomics3e Discussion-Questions-Instructor-Notes.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
2
HOW TO USE THIS MANUAL
These discussion questions with instructor notes were written as authentic assessments, leading
students beyond route memorization to investigations of economics topics and concepts.
Rubrics for LMS-hosted and in-class discussions can be found in Appendix A and B. These rubric
templates are licensed under CC BY and can be edited to suit your course.
The discussion questions are Copyright 2023 by Rice University, All Rights Reserved. We ask that
this manual not be posted online or shared outside the classroom to preserve the integrity of
these questions for future courses and students. Questions may be modified to align with course
parameters.
DISCUSSION QUESTION TYPES
Discussions have been organized into three different categories. Categories may vary between
chapters depending on what best fits the topics in that chapter.
Economics and You
These discussion questions ask students to connect topics from the chapter to their everyday
life, experiences, and/or future careers.
For example, students might identify how division of labor is at work in their future career fields.
Economics and Theory
These discussions unpack concepts in economic theory, asking students to explain and apply
principles.
For example, students may be asked to explain Adam Smith’s concept of the “invisible hand” and
then describe how markets can allocate resources in a way that they go to those who value them
most.
Economics and Policy
These discussions explore how economic policy impacts facets of everyday life.
For example, students might research a price control that has been implemented in the real
world and analyze the benefits and drawbacks of that control.
This file is copyright 2023, Rice University. All Rights Reserved.
We ask that this manual not be posted online, used commercially, or shared outside the classroom to preserve the integrity of these
questions for future courses and students.
ons-Instructor-Notes.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!~~~~~~~~~~~~~~~~~~~~~~~~~~~~~RRRRRR$$$$$$$$$$$$$$#!!!!!!!!!!!!!!!!
s3e Discussion-Questions-Instructor-Notes.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!~~~~~~~~~~~~~~~~~~~~~~~~~~~~~RRRRRR$$$$$$$$$$$
Macroeconomics3e Discussion-Questions-Instructor-Notes.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
,ons-Instructor-Notes.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!~~~~~~~~~~~~~~~~~~~~~~~~~~~~~RRRRRR$$$$$$$$$$$$$$#!!!!!!!!!!!!!!!!
s3e Discussion-Questions-Instructor-Notes.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!~~~~~~~~~~~~~~~~~~~~~~~~~~~~~RRRRRR$$$$$$$$$$$
Macroeconomics3e Discussion-Questions-Instructor-Notes.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
3
TABLE OF CONTENTS
Chapter 1: Welcome to Economics
Economics and You: Course Introduction
Economics and You: Division of Labor
Economics and Theory: Economy Organization
Chapter 2: Choice in a World of Scarcity
Economics and You: Opportunity Cost of an Activity
Economics and You: Overshadowed Opportunity Cost
Economics and Theory: Shape of PPT
Economics and Theory: Invisible Hand
Chapter 3: Demand and Supply
Economics and Theory: Counterintuitive Goods
Economics and Theory: Allocation of Resources
Economics and Policy: Price Controls
Chapter 4: Labor and Financial Markets
Economics and You: Paying Outside of Equilibrium
Economics and You: Intertemporal Decision Making
Economics and Policy: Labor Market Regulation Challenges
Economics and Policy: What is a living wage?
Chapter 5: Elasticity
Economics and Theory: Expectations for Elasticity
Economics and Theory: Elasticity for Similar but Not Identical Goods
Economics and Theory: Impracticality of Polar Cases of Elasticity
Chapter 6: The Macroeconomic Perspective
Economics and You: Shortcoming of GDP
Economics and You: Intermediate Goods
Economics and Theory: Importance of Real and Nominal Values
This file is copyright 2023, Rice University. All Rights Reserved.
We ask that this manual not be posted online, used commercially, or shared outside the classroom to preserve the integrity of these
questions for future courses and students.
ons-Instructor-Notes.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!~~~~~~~~~~~~~~~~~~~~~~~~~~~~~RRRRRR$$$$$$$$$$$$$$#!!!!!!!!!!!!!!!!
s3e Discussion-Questions-Instructor-Notes.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!~~~~~~~~~~~~~~~~~~~~~~~~~~~~~RRRRRR$$$$$$$$$$$
Macroeconomics3e Discussion-Questions-Instructor-Notes.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
,ons-Instructor-Notes.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!~~~~~~~~~~~~~~~~~~~~~~~~~~~~~RRRRRR$$$$$$$$$$$$$$#!!!!!!!!!!!!!!!!
s3e Discussion-Questions-Instructor-Notes.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!~~~~~~~~~~~~~~~~~~~~~~~~~~~~~RRRRRR$$$$$$$$$$$
Macroeconomics3e Discussion-Questions-Instructor-Notes.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
4
Chapter 7: Economic Growth
Economics and You: Importance of Rule of Law and Contractual Rights
Economics and Theory: Economic Growth
Economics and Theory: Defend and Critique Economic Convergence
Chapter 8: Unemployment
Economics and You: Unemployment Rate and Misrepresentation
Economics and You: Evaluating Sticky Wages
Economics and Theory: Unemployment Rate in Isolation
Chapter 9: Inflation
Economics and You: Misconceptions About Inflation
Economics and You: Evaluating Tools for Alleviating Inflations
Economics and Theory: Tradeoff Between Unemployment and Inflation
Chapter 10: The International Trade and Capital Flows
Economics and You: Charged Terminology: Deficit and Surplus
Economics and You: Trade Balance vs. Level of Trade
Economics and Policy: Downstream Effects of a Trade Surplus or Deficit
Chapter 11: The Aggregate Demand/Aggregate Supply Model
Economics and You: AD/AS n a Crisis
Economics and Policy: Advantages and Disadvantages of Says/Keynes Law
Economics and Policy: AD/AS Curves and Policy
Chapter 12: The Keynesian Perspective
Economics and Theory: Keynesian Perspective
Economics and Theory: Sticky Wages
Economics and Theory: Phillips Curve
This file is copyright 2023, Rice University. All Rights Reserved.
We ask that this manual not be posted online, used commercially, or shared outside the classroom to preserve the integrity of these
questions for future courses and students.
ons-Instructor-Notes.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!~~~~~~~~~~~~~~~~~~~~~~~~~~~~~RRRRRR$$$$$$$$$$$$$$#!!!!!!!!!!!!!!!!
s3e Discussion-Questions-Instructor-Notes.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!~~~~~~~~~~~~~~~~~~~~~~~~~~~~~RRRRRR$$$$$$$$$$$
Macroeconomics3e Discussion-Questions-Instructor-Notes.pdf!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
