1 01:00:06:11 01:00:09:24 Annenberg Media 2 01:00:09:26 01:00:13: :00:15:08 01:00:20:11 [MUSIC] 4 01:00:58:19 01:00:59:16 [TIMOTHY TAYLOR] CAN

Transcription

1 1 01:00:06:11 01:00:09:24 Annenberg Media 2 01:00:09:26 01:00:13: :00:15:08 01:00:20:11 [MUSIC] 4 01:00:58:19 01:00:59:16 [TIMOTHY TAYLOR] CAN YOU IMAGIE 5 01:00:59:16 01:01:00:11 WHAT IT MUST BE LIKE 6 01:01:00:11 01:01:01:20 FOR AN IMMIGRANT COMING 7 01:01:01:20 01:01:02:14 TO THIS COUNTRY 8 01:01:02:14 01:01:04:20 FROM A POOR NATION AND SEEING 9 01:01:04:20 01:01:06:29 FOR THE FIRST TIME THE SHELVES 10 01:01:06:29 01:01:09:06 AND DISPLAYS OF A SUPERMARKET, 11 01:01:09:06 01:01:12:02 OR A WAL-MART, OR A HOME DEPOT? 12 01:01:12:02 01:01:13:24 THE SHEER VARIETY AND QUANTITY 13 01:01:13:24 01:01:16:13 OF GOODS MUST BE STUNNING :01:16:13 01:01:17:20 THIS COUNTRY HAS 15 01:01:17:20 01:01:20:08 EXTRAORDINARY OUTPUT AND WEALTH, 16 01:01:20:08 01:01:21:14 AND THE CENTRAL MECHANISM 17 01:01:21:14 01:01:23:14 FOR ACHIEVING THAT BOUNTY, 18 01:01:23:14 01:01:24:13 AND IN MOST CASES, 19 01:01:24:13 01:01:26:08 FOR THE ABILITY TO SHARE IN IT, 20 01:01:26:08 01:01:28:17 IS MARKETS :01:28:17 01:01:31:03 MARKETS, THOSE INSTITUTIONS 22 01:01:31:03 01:01:33:17 THROUGH WHICH BUYERS AND SELLERS 23 01:01:33:17 01:01:35:27 EXCHANGE GOODS AND SERVICES, 24 01:01:35:27 01:01:38:00 ARE AN EXTRAORDINARILY POWERFUL 25 01:01:38:00 01:01:39:26 AND FLEXIBLE INSTITUTION, 26 01:01:39:26 01:01:41:08 AN INSTITUTION, HOWEVER, 27 01:01:41:08 01:01:44:11 THAT WE OFTEN TAKE FOR GRANTED :01:44:11 01:01:45:18 FREDERIC BASTIAT, 29 01:01:45:18 01:01:47:26 A 19TH CENTURY FRENCH ECONOMIST 30 01:01:47:26 01:01:49:23 AND JOURNALIST, STEPPED BACK 31 01:01:49:23 01:01:51:21 FOR A MOMENT TO CONSIDER 32 01:01:51:21 01:01:54:07 HOW A METROPOLIS SUCH AS PARIS 33 01:01:54:07 01:01:55:25 MADE ORDER FROM THE APPARENT 34 01:01:55:25 01:01:58:12 CHAOS OF MILLIONS UPON MILLIONS 35 01:01:58:12 01:02:00:27 OF DIFFERING INTERESTS :02:00:27 01:02:02:15 HE NOTED THAT MASSIVE AMOUNTS 37 01:02:02:15 01:02:04:04 OF FOOD NEEDED TO BE DELIVERED 38 01:02:04:04 01:02:05:25 TO PARIS EVERY DAY, 39 01:02:05:25 01:02:08:06 AND NO CENTRAL ORGANIZATION WAS 40 01:02:08:06 01:02:10:00 PLANNING OR COORDINATING 41 01:02:10:00 01:02:10:26 THE AMOUNT OF FOOD 42 01:02:10:26 01:02:12:12 THAT WOULD ARRIVE :02:12:12 01:02:14:18 YET ALL ACROSS THE GREAT CITY 44 01:02:14:18 01:02:16:17 EVERYONE SLEPT PEACEFULLY, 45 01:02:16:17 01:02:18:20 NOT AT ALL WORRIED THAT PERHAPS, 46 01:02:18:20 01:02:21:04 TOMORROW, NO FOOD WOULD ARRIVE :02:21:04 01:02:23:24 AND, AND RIOTS WOULD OCCUR :02:23:24 01:02:25:00 BASTIAT WROTE: 49 01:02:49:13 01:02:51:10 THE FOCUS OF THIS WORKSHOP IS 50 01:02:51:10 01:02:53:25 ON THE FORCES OF FREE EXCHANGE, 51 01:02:53:25 01:02:55:18 OR AS ECONOMISTS SAY TODAY, 52 01:02:55:18 01:02:58:24 THE FORCES OF SUPPLY AND DEMAND :02:58:24 01:02:59:24 WE WILL SHOW YOU HOW TO WORK 54 01:02:59:24 01:03:01:00 WITH STUDENTS TO BUILD 55 01:03:01:00 01:03:02:00 A DEMAND CURVE 56 01:03:02:00 01:03:03:19 AND A SUPPLY CURVE.

2 57 01:03:03:19 01:03:04:23 THEY WILL SEE WHAT HAPPENS 58 01:03:04:23 01:03:06:15 WHEN SUPPLY AND DEMAND 59 01:03:06:15 01:03:08:07 INTERSECT :03:08:07 01:03:10:04 HOW SHIFTS IN SUPPLY 61 01:03:10:04 01:03:12:27 AND DEMAND CURVES AFFECT PRICES 62 01:03:12:27 01:03:13:28 AND THUS THE EQUILIBRIUM 63 01:03:13:28 01:03:15:16 OF THE MARKET :03:15:18 01:03:17:22 AND HOW PRICES ARE DETERMINED 65 01:03:17:22 01:03:18:17 THROUGH THE INTERPLAY 66 01:03:18:17 01:03:21:10 OF SUPPLY AND DEMAND :03:21:13 01:03:23:07 WE WILL DO ALL OF THIS CHIEFLY 68 01:03:23:07 01:03:25:19 THROUGH CLASSROOM SIMULATIONS 69 01:03:25:19 01:03:27:12 AND EXERCISES THAT ILLUSTRATE 70 01:03:27:12 01:03:28:18 THESE PRINCIPLES 71 01:03:28:18 01:03:31:17 IN FUNCTIONING MARKETS :03:31:17 01:03:33:03 BEAR IN MIND THAT SUPPLY 73 01:03:33:03 01:03:35:00 AND DEMAND ISN'T A PHILOSOPHY 74 01:03:35:00 01:03:37:18 OF MORALITY OR ETHICS; 75 01:03:37:18 01:03:39:14 IT'S A WAY OF ANALYZING 76 01:03:39:14 01:03:41:04 WHAT CAUSED PRICES TO BE 77 01:03:41:04 01:03:42:06 AT A CERTAIN LEVEL 78 01:03:42:06 01:03:43:06 AND THEN TO MOVE 79 01:03:43:06 01:03:45:03 TO OTHER LEVELS :03:45:03 01:03:47:18 NO SINGLE TOOL OF ANALYSIS EVER 81 01:03:47:18 01:03:48:21 CAPTURES EVERYTHING 82 01:03:48:21 01:03:50:01 OF IMPORTANCE :03:50:01 01:03:51:20 BUT WITHOUT UNDERSTANDING 84 01:03:51:20 01:03:53:00 THE INTERPLAY OF SUPPLY 85 01:03:53:00 01:03:54:06 AND DEMAND, 86 01:03:54:06 01:03:55:13 YOU ARE SURE TO MISS 87 01:03:55:13 01:03:59:14 THE ESSENCE OF HOW MARKETS WORK :04:02:28 01:04:04:03 [CAROL PENLAND] TODAY WE'RE GOP 89 01:04:04:03 01:04:05:11 SUPPLY AND DEMAND :04:05:11 01:04:05:25 WHAT DO YOU KNOW 91 01:04:05:25 01:04:08:19 ABOUT SUPPLY AND DEMAND? 92 01:04:08:19 01:04:10:12 NOTHING ALL RIGHT, ALL RIGHT 93 01:04:10:12 01:04:11:25 WE'VE GOT A FRESH START HERE 94 01:04:11:25 01:04:12:16 A FRESH START THAT'S WHY 95 01:04:12:16 01:04:13:07 WE DON'T HAVE TO WORRY 96 01:04:13:07 01:04:13:23 ABOUT ANYTHING HERE :04:13:23 01:04:14:05 I THINK ONE 98 01:04:14:05 01:04:15:00 OF THE HARDEST THINGS 99 01:04:15:00 01:04:17:12 THAT STUDENTS HAVE COMPREHENDING :04:17:12 01:04:19:01 IN ECONOMICS IS THE LAW :04:19:04 01:04:21:05 OF SUPPLY AND DEMAND :04:21:05 01:04:22:14 EVEN THOUGH THEY KNOW :04:22:14 01:04:24:10 THESE THINGS, NO ONE HAS EVER :04:24:10 01:04:26:17 USED THE VOCABULARY WITH THEM, :04:26:18 01:04:27:19 SUPPLY AND DEMAND, :04:27:19 01:04:28:16 QUANTITY DEMANDED, :04:28:16 01:04:29:17 AND QUANTITY SUPPLIED, :04:29:17 01:04:30:23 AND I THINK STUDENTS HAVE :04:30:23 01:04:32:14 A HARD TIME UNDERSTANDING :04:32:14 01:04:35:07 THAT PRICES WILL HAPPEN :04:35:07 01:04:36:04 WHEN BUYERS AND SELLERS :04:36:04 01:04:37:06 COME TOGETHER.

3 113 01:04:37:06 01:04:38:16 ONCE THEY GET IT, :04:38:16 01:04:39:09 THEN EVERYTHING ELSE :04:39:09 01:04:40:18 IN ECONOMICS KIND OF FALLS :04:40:18 01:04:41:21 IN PLACE :04:41:21 01:04:42:08 DID ANYBODY NOTICE :04:42:08 01:04:43:24 ANYTHING NICE, A NICE SMELL :04:43:24 01:04:45:14 IN THE ROOM WHEN YOU CAME IN? :04:45:14 01:04:46:04 >> COOKIES :04:46:04 01:04:47:25 >> COOKIES, YES :04:47:25 01:04:48:25 WE'VE TURNED ECONOMICS :04:48:25 01:04:49:28 INTO THE COOKIE EXPRESS :04:49:28 01:04:51:12 THIS MORNING AND SO WE'RE GOING :04:51:12 01:04:52:14 TO BAKE COOKIES :04:52:14 01:04:53:27 NOW HERE'S OUR PROBLEM :04:53:27 01:04:55:13 WE NEED TO RAISE SOME MONEY :04:55:13 01:04:57:06 FOR A CLASS PROJECT :04:57:06 01:04:58:25 EVERY YEAR THE SENIOR CLASS :04:58:25 01:05:01:10 LEAVES THE SCHOOL A NICE GIFT, :05:01:10 01:05:02:12 AND WE NEED TO LEAVE THE SCHOOL :05:02:12 01:05:03:19 A NICE GIFT TOO :05:03:19 01:05:05:02 SO WE NEED TO RAISE SOME MONEY, :05:05:02 01:05:06:15 NICE GIFTS AREN'T FREE :05:06:15 01:05:08:01 NOTHING IS FREE, RIGHT? :05:08:01 01:05:08:24 THERE'S NO SUCH THING :05:08:24 01:05:10:00 AS A FREE LUNCH, SO WE'VE GOT :05:10:00 01:05:11:09 TO RAISE SOME MONEY :05:11:09 01:05:12:17 SO WHAT WE'RE GONNA DO IS :05:12:17 01:05:13:10 WE'RE GONNA EXPLORE :05:13:10 01:05:14:22 THE POSSIBILITY :05:14:22 01:05:16:18 OF SELLING COOKIES :05:16:18 01:05:17:17 DO YOU NOTICE THAT A LOT :05:17:17 01:05:18:23 OF STUDENTS AROUND HERE LIKE :05:18:23 01:05:20:05 TO BUY STUFF AND THEY LIKE :05:20:05 01:05:21:08 TO HAVE LITTLE THINGS :05:21:08 01:05:23:15 TO NIBBLE ON DURING CLASS, :05:23:15 01:05:23:28 LOT OF FOLKS :05:23:28 01:05:25:12 AT THE VENDING MACHINES AND ALL :05:25:12 01:05:26:02 SO I THINK COOKIES :05:26:02 01:05:27:12 COULD GO OVER WELL, :05:27:12 01:05:28:01 ESPECIALLY IF THEY :05:28:01 01:05:29:27 ARE GOURMET COOKIES :05:29:27 01:05:30:13 WE'RE GONNA DO :05:30:13 01:05:32:23 GOURMET CHOCOLATE CHIP COOKIES :05:32:23 01:05:33:25 IN FACT, I NEED TO FIND OUT :05:33:25 01:05:34:25 FIRST OF ALL IF THERE IS :05:34:25 01:05:36:22 A DEMAND FOR THESE GOURMET :05:36:22 01:05:37:17 CHOCOLATE CHIP COOKIES :05:37:17 01:05:38:15 SO WHAT I'M GONNA DO IS :05:38:15 01:05:39:06 I'M GONNA LET THIS SIDE :05:39:06 01:05:41:14 OF THE ROOM BE MY CONSUMERS, :05:41:14 01:05:42:04 OKAY? :05:42:04 01:05:43:16 SO WE WILL KNOW EXACTLY :05:43:16 01:05:45:12 WHO ARE OUR BUYERS :05:45:12 01:05:47:02 I'M GONNA ASK EACH OF YOU :05:47:02 01:05:48:04 TO WEAR A LITTLE TAG :05:48:04 01:05:49:05 THAT SAYS BUYER.

4 169 01:05:49:05 01:05:49:23 NOW I KNOW THIS IS :05:49:23 01:05:50:16 LIKE A LITTLE GREEN :05:50:16 01:05:52:09 DOLLAR BILL THERE :05:52:09 01:05:52:28 TAPE THAT ON YOU, :05:52:28 01:05:55:11 THEY GOT SOME TAPE, :05:55:11 01:05:57:07 AND THAT WAY THE, THE SELLERS :05:57:07 01:05:58:23 WILL KNOW LATER ON IN THE, :05:58:23 01:06:00:25 DURING THE A CLASS PERIOD, :06:00:25 01:06:03:11 WHO THEY'RE TRYING TO SELL TO :06:03:11 01:06:04:23 OKAY, NOW :06:04:23 01:06:05:20 BECAUSE I'M SUCH :06:05:20 01:06:06:28 A BENEVOLENT TEACHER, :06:06:28 01:06:07:18 I'M GOING TO GIVE :06:07:18 01:06:09:19 EACH OF YOU $ :06:09:19 01:06:10:03 >> OOH :06:10:03 01:06:10:27 >> SO YOU'RE GOING TO BE ABLE :06:10:27 01:06:13:16 TO BUY COOKIES IF INDEED :06:13:16 01:06:14:14 THAT'S HOW YOU WOULD LIKE :06:14:14 01:06:20:00 TO USE YOUR MONEY :06:20:00 01:06:21:11 THREE DOLLARS :06:21:11 01:06:22:04 NOTICE THAT YOU'RE GETTING :06:22:04 01:06:24:23 YOUR $3, YOU HAVE TWO ONES, :06:24:23 01:06:25:10 AND THEN YOU HAVE :06:25:10 01:06:29:01 SOME LITTLE PINK QUARTERS THERE, :06:29:01 01:06:30:00 'CAUSE WE'RE REALLY NOT SURE :06:30:00 01:06:31:29 HOW MUCH THESE COOKIES :06:31:29 01:06:34:07 SHOULD SELL FOR :06:34:07 01:06:35:20 ALL RIGHT, HAVE ALL OF MY BUYERS :06:35:20 01:06:37:20 NOW GOT MONEY? :06:37:20 01:06:40:02 NOW, WE NEED TO KNOW, :06:40:02 01:06:41:17 IS THERE A DEMAND FOR :06:41:17 01:06:43:01 GOURMET CHOCOLATE CHIP COOKIES :06:43:01 01:06:44:03 MAYBE WE NEED TO LOOK AT THESE :06:44:03 01:06:44:21 A LITTLE BIT, :06:44:21 01:06:48:06 WHAT DO YOU THINK? :06:48:06 01:06:48:29 CURRENTLY I'M TEACHING :06:48:29 01:06:51:15 AN HONORS ECONOMICS CLASS :06:51:15 01:06:52:19 THEY HAVE STARTED TO SEE :06:52:19 01:06:54:11 A NEED FOR WHAT WE'RE LEARNING :06:54:11 01:06:55:11 AND THAT MAKES IT :06:55:11 01:06:57:02 VERY WORTHWHILE FOR ME, :06:57:02 01:06:58:10 THAT THEY ARE STARTING TO SAY, :06:58:10 01:06:59:17 YOU KNOW THIS DOES MATTER :06:59:17 01:07:00:27 AND I NEED--I NEED TO KNOW :07:00:27 01:07:02:06 ABOUT THESE THINGS :07:02:06 01:07:03:13 I SEE HOW THIS RELATES :07:03:13 01:07:04:23 TO THE NEWS THAT I'M HEARING :07:04:23 01:07:05:25 EVERY DAY :07:05:25 01:07:07:08 UM, I SEE HOW I FIT :07:07:08 01:07:08:22 INTO THIS ECONOMY :07:08:22 01:07:09:13 SO, I THINK THAT :07:09:13 01:07:11:08 THAT'S A VERY NICE SITUATION :07:11:08 01:07:12:14 WHEN YOU HAVE A CLASS :07:12:14 01:07:13:05 THAT COMES IN :07:13:05 01:07:15:03 AND THEY'RE MOTIVATED TO SEE :07:15:03 01:07:16:16 HOW THIS ALL REALLY FITS

5 225 01:07:16:16 01:07:18:02 INTO THEIR LIFE, :07:18:02 01:07:20:03 AMONG MY BUYERS, :07:20:03 01:07:21:03 WHO WOULD GIVE ME A QUARTER :07:21:03 01:07:22:21 FOR THESE TWO COOKIES? :07:22:21 01:07:24:18 OOH, EVERYBODY WILL :07:24:18 01:07:25:08 EVERYBODY OH A QUARTER, :07:25:08 01:07:26:27 THAT'S A GOOD PRICE :07:26:27 01:07:29:10 WHO WILL GIVE ME 50 CENTS? :07:29:10 01:07:30:17 OH ALMOST AROUND :07:30:17 01:07:32:25 SEVENTY-FIVE? :07:32:25 01:07:34:18 A DOLLAR? :07:34:18 01:07:36:24 OH WE LOST A FEW BUYERS THEN :07:36:24 01:07:37:24 A DOLLAR WAS A LITTLE STEEP :07:37:24 01:07:38:21 FOR A FEW FOLKS :07:38:21 01:07:39:08 HOW ABOUT A DOLLAR :07:39:08 01:07:41:16 AND A QUARTER? :07:41:16 01:07:42:23 HERE'S--A DOLLAR AND A QUARTER, :07:42:23 01:07:43:13 A DOLLAR AND A QUARTER :07:43:13 01:07:46:21 A DOLLAR-FIFTY! :07:46:21 01:07:48:17 AH THERE SHE IS :07:48:17 01:07:50:10 SHE'LL GIVE ME A DOLLAR-FIFTY :07:50:10 01:07:51:05 HERE YOU GO, MA'AM :07:51:05 01:07:54:01 GIVE ME YOUR DOLLAR-FIFTY :07:54:01 01:07:54:24 THANK YOU :07:54:24 01:07:56:03 NOW HERE--BUT UNFORTUNATELY :07:56:03 01:07:57:09 NOW SHE'S PARTED WITH HALF :07:57:09 01:07:58:22 OF HER MONEY :07:58:22 01:07:59:15 SUPPOSE WE HAVE COOKIES :07:59:15 01:08:02:22 FOR SALE LATER ON DURING CLASS? :08:02:22 01:08:03:08 YOU ALL STILL GOT :08:03:08 01:08:04:03 THREE DOLLARS LEFT, :08:04:03 01:08:06:23 SHE'S ONLY GOT A DOLLAR-FIFTY :08:06:23 01:08:07:11 WE DON'T KNOW YET :08:07:11 01:08:08:06 WHAT THE PRICE OF THE COOKIES :08:08:06 01:08:09:25 WILL BE, DO WE? :08:09:25 01:08:10:16 BECAUSE WE'VE JUST DONE :08:10:16 01:08:11:15 A LITTLE AUCTION HERE :08:11:15 01:08:12:11 THERE IS A DEMAND :08:12:11 01:08:13:01 AND WHAT DID YOU NOTICE :08:13:01 01:08:13:24 ABOUT THE DEMAND :08:13:24 01:08:15:03 FOR THE COOKIES? :08:15:03 01:08:16:27 WHEN THE PRICE WAS A QUARTER :08:16:27 01:08:17:22 >> IT WAS HIGH :08:17:22 01:08:19:15 >> EVERYBODY WANTED COOKIES :08:19:15 01:08:20:05 AND WHAT STARTED HAPPENING :08:20:05 01:08:22:18 AS THE PRICE STARTED GOING UP? :08:22:18 01:08:23:04 >> THE DEMAND :08:23:04 01:08:24:11 STARTED DECREASING :08:24:11 01:08:25:03 >> THE QUANTITY DEMANDED, :08:25:03 01:08:26:24 IT STARTED DECREASING :08:26:24 01:08:27:23 REMEMBER TO USE THAT TERM, :08:27:23 01:08:29:08 "QUANTITY DEMANDED." :08:29:08 01:08:31:00 SO, AS PRICE GOES UP, :08:31:00 01:08:32:23 QUANTITY DEMANDED GOES DOWN :08:32:23 01:08:33:22 PRICE GOES DOWN, :08:33:22 01:08:35:19 QUANTITY DEMANDED GOES UP.

6 281 01:08:35:19 01:08:36:19 SO THERE WE HAVE THE LAW :08:36:19 01:08:38:04 OF DEMAND :08:38:04 01:08:38:25 DO YOU ACT LIKE THAT :08:38:25 01:08:40:04 WHEN YOU GO SHOPPING? :08:40:04 01:08:40:24 >> YEAH :08:40:24 01:08:41:26 >> YES, I THINK WE ALL DO, :08:41:26 01:08:42:19 DON'T WE? :08:42:19 01:08:44:03 SO THERE IS A DEMAND :08:44:03 01:08:45:11 FOR OUR COOKIES :08:45:11 01:08:46:22 WELL GUESS WHAT? :08:46:22 01:08:49:10 I DID A MARKET SURVEY :08:49:10 01:08:49:27 AND HERE'S WHAT :08:49:27 01:08:51:06 THE MARKET SURVEY TELLS ME :08:51:06 01:08:52:01 ERIC, SHARE WITH ME :08:52:01 01:08:54:06 WHAT THE MARKET SURVEY TELLS ME :08:54:06 01:08:55:26 >> AT 50 CENTS :08:55:26 01:08:59:11 THE QUANTITY DEMANDED WAS 190, :08:59:11 01:09:01:25 AT 75 CENTS :09:01:25 01:09:04:24 THE QUANTITY DEMANDED WAS 175, :09:04:24 01:09:06:07 SO AS IT KEPT GOG DOWN :09:06:07 01:09:07:23 AS THE PRICE KEPT GOING UP, :09:07:23 01:09:09:15 THE DEMAND KEPT GOING DOWN :09:09:15 01:09:10:29 >> OKAY SO WE'RE SEEING HERE :09:10:29 01:09:12:14 IN THIS LITTLE MARKET RESEARCH :09:12:14 01:09:13:14 THAT INDEED THIS IS :09:13:14 01:09:15:19 WHAT'S GOING ON, RIGHT? :09:15:19 01:09:16:17 SOMEBODY GIVE ME AN EXAMPLE :09:16:17 01:09:17:10 IN YOUR OWN LIFE :09:17:10 01:09:18:03 WHEN HAVE YOU BOUGHT MORE :09:18:03 01:09:19:18 OF SOMETHING BECAUSE THE PRICE :09:19:18 01:09:20:24 WENT DOWN? :09:20:24 01:09:22:04 >> A SALE :09:22:04 01:09:23:08 >> A SALE :09:23:08 01:09:23:24 >> CLOTHING :09:23:24 01:09:24:14 >> CLOTHING, IF THERE'S :09:24:14 01:09:25:16 A CLOTHING SALE :09:25:16 01:09:27:01 YOU'LL PROBABLY BUY MORE :09:27:01 01:09:28:28 BECAUSE THE PRICE WENT DOWN :09:28:28 01:09:29:20 SO WE CALL THIS :09:29:20 01:09:31:23 A DEMAND SCHEDULE :09:31:23 01:09:32:12 IT SHOWS US :09:32:12 01:09:34:18 AT EVERY POSSIBLE PRICE :09:34:18 01:09:36:12 HOW MUCH WILL BE BOUGHT :09:36:12 01:09:37:05 OKAY? :09:37:05 01:09:37:24 WE GOOD WITH THIS? :09:37:24 01:09:38:13 WOULD YOU LIKE TO SEE IT :09:38:13 01:09:40:17 ON A CURVE? :09:40:17 01:09:42:06 AND ARE THESE THINGS ACTING :09:42:06 01:09:44:08 JUST LIKE YOU EXPECTED THEM TO? :09:44:08 01:09:44:28 >> YES :09:44:28 01:09:46:05 >> WHAT'S HAPPENING UP HERE? :09:46:05 01:09:47:13 WHEN THE PRICE IS WAY UP HERE :09:47:13 01:09:48:26 AT TWO DOLLARS, :09:48:26 01:09:50:19 ONLY ABOUT 40 PEOPLE WANT :09:50:19 01:09:52:02 TO BUY COOKIES :09:52:02 01:09:53:16 BUT WHEN THE PRICE IS WAY DOWN

7 337 01:09:53:16 01:09:56:00 HERE AROUND 50 CENTS :09:56:00 01:09:57:13 ALMOST 190 PEOPLE WANT :09:57:13 01:09:58:15 TO BUY COOKIES :09:58:15 01:10:00:06 SO, OUR DEMAND CURVE SLOPES DOWN :10:00:06 01:10:02:00 AND TO THE RIGHT :10:02:00 01:10:02:23 WELL BEFORE WE EVEN GO :10:02:23 01:10:04:10 ANY FURTHER, :10:04:10 01:10:05:22 MELODY BOUGHT OUR FIRST BATCH :10:05:22 01:10:06:06 OF COOKIES, :10:06:06 01:10:07:09 OUR FIRST TWO COOKIES :10:07:09 01:10:08:18 FOR A DOLLAR-FIFTY :10:08:18 01:10:10:28 TELL ME, WHAT COULD MELODY :10:10:28 01:10:12:14 HAVE DONE WITH HER MONEY :10:12:14 01:10:14:15 IF SHE HADN'T BOUGHT COOKIES? :10:14:15 01:10:15:19 >> SPEND IT ON FOOD FOR LUNCH :10:15:19 01:10:16:28 OR SOMETHING :10:16:28 01:10:18:05 >> OKAY THANK YOU, DANIELLE :10:18:05 01:10:19:04 ALL RIGHT :10:19:04 01:10:20:00 AH SHE COULD OF SPENT IT :10:20:00 01:10:21:13 ON SOMETHING ELSE :10:21:13 01:10:22:06 ALL RIGHT? :10:22:06 01:10:24:09 WHAT DO WE CALL WHAT YOU GIVE UP :10:24:09 01:10:25:05 WHEN YOU CHOOSE TO BUY :10:25:05 01:10:26:18 SOMETHING ELSE? :10:26:18 01:10:28:05 >> OPPORTUNITY COST :10:28:05 01:10:30:04 >> OPPORTUNITY COST :10:30:04 01:10:32:03 SHE GAVE UP AN OPPORTUNITY COST :10:32:03 01:10:33:15 SHE GAVE UP HER DOLLAR-FIFTY :10:33:15 01:10:34:28 IN RETURN FOR THE COOKIES :10:34:28 01:10:36:27 NOW HERE'S THE QUESTION :10:36:27 01:10:38:10 WAS IT WORTH IT, MELODY? :10:38:10 01:10:38:26 >> YEAH :10:38:26 01:10:39:14 >> YOU THINK SO? :10:39:14 01:10:40:19 SO YOU FEEL LIKE YOU GOT :10:40:19 01:10:41:26 A DOLLAR AND FIFTY CENTS WORTH :10:41:26 01:10:44:18 OF ENJOYMENT AND SATISFACTION :10:44:18 01:10:45:24 FROM THOSE TWO COOKIES? :10:45:24 01:10:46:29 OR WILL GET :10:46:29 01:10:47:12 >> YEAH :10:47:12 01:10:48:14 >> OKAY :10:48:14 01:10:51:11 HERE ARE OUR SELLERS OVER HERE :10:51:11 01:10:52:11 OKAY :10:52:11 01:10:53:24 HERE ARE OUR SELLERS :10:53:24 01:10:56:09 THEY ARE THE COOKIE MAKERS :10:56:09 01:10:57:07 WE NEED TO GIVE THEM A BADGE :10:57:07 01:10:59:15 TO WEAR SO YOU CAN IDENTIFY THEM :10:59:15 01:11:01:29 AS COOKIE SELLERS :11:01:29 01:11:03:04 THEY'RE GONNA BE PRODUCING :11:03:04 01:11:04:22 AND BAKING OUR COOKIES :11:04:22 01:11:06:00 AND SELL THEM SO YOU COULD NEED :11:06:00 01:11:07:02 TO KNOW WHO THEY ARE :11:07:02 01:11:08:13 I THINK IT'S IMPORTANT :11:08:13 01:11:09:29 TO REACH STUDENTS :11:09:29 01:11:11:02 WHERE THEY ARE, :11:11:02 01:11:13:13 AND MOST STUDENTS AT THIS AGE :11:13:13 01:11:14:17 IN HIGH SCHOOL ARE

8 393 01:11:14:17 01:11:16:04 ALREADY CONSUMING :11:16:04 01:11:18:03 MANY OF THEM HAVE PART-TIME JOBS :11:18:03 01:11:20:03 AND SO BY USING THE THINGS :11:20:03 01:11:23:06 THAT THEY ARE A FAMILIAR WITH, :11:23:06 01:11:26:01 SUCH AS, YOU KNOW, BUYING A CAR, :11:26:01 01:11:27:11 KEEPING THAT CAR IN RUNNING, :11:27:11 01:11:28:26 GOOD RUNNING CONDITION, :11:28:26 01:11:30:03 THOSE KIND OF THINGS, :11:30:03 01:11:31:23 YOU CAN REALLY REACH THEM :11:31:23 01:11:32:23 AND HELP THEM IN THE NEXT :11:32:23 01:11:34:18 YOU USE THAT AS A SPRINGBOARD :11:34:18 01:11:35:08 THAN INTO MORE :11:35:08 01:11:37:05 ECONOMIC CONCEPTS :11:37:05 01:11:38:04 IF YOU COULD HELP THEM SEE :11:38:04 01:11:40:03 THEIR ROLE IN THE ECONOMY :11:40:03 01:11:40:28 IT JUST MAKES A WORLD :11:40:28 01:11:41:25 OF DIFFERENCE :11:41:25 01:11:43:00 ALL RIGHT, SELLERS, :11:43:00 01:11:44:19 OUR TIME IS WORTH SOMETHING, :11:44:19 01:11:45:29 WE'RE THE LABOR INVOLVED :11:45:29 01:11:47:09 IN MAKING THE COOKIES :11:47:09 01:11:48:02 AND WE'RE GONNA NEED :11:48:02 01:11:49:27 AN OVEN TOO, AREN'T WE? :11:49:27 01:11:50:19 BUT WE'RE ALSO GONNA NEED :11:50:19 01:11:52:06 SOME LITTLE BAGS TOO, AREN'T WE, :11:52:06 01:11:53:06 TO PUT THE COOKIES IN :11:53:06 01:11:54:01 TO SELL THEM, :11:54:01 01:11:54:21 SO THERE ARE GONNA BE :11:54:21 01:11:55:24 SOME PAPER PRODUCTS :11:55:24 01:11:57:00 ALONG WITH THE OVEN, :11:57:00 01:11:59:06 THE DOUGH AND THE WORKERS :11:59:06 01:12:00:11 ALL RIGHT, I'VE GOT A SECRET :12:00:11 01:12:01:13 FOR YOU AND I'M GONNA SHARE :12:01:13 01:12:02:20 WITH YOU MY SECRET :12:02:20 01:12:04:03 HOW MUCH DO YOU THINK IT COSTS :12:04:03 01:12:05:17 TO BAKE TWO COOKIES :12:05:17 01:12:09:15 IN COOKIE DOUGH? :12:09:15 01:12:10:24 ADAM BRUENER, HOW MUCH :12:10:24 01:12:12:00 DO YOU THINK TO BAKE TWO :12:12:00 01:12:13:13 OF THESE GOURMET CHOCOLATE :12:13:13 01:12:14:14 CHIP COOKIES :12:14:14 01:12:15:21 WOULD IT COST US JUST :12:15:21 01:12:17:20 FOR COOKIE DOUGH ALONE? :12:17:20 01:12:19:12 >> ABOUT 25 CENTS? :12:19:12 01:12:21:02 >> THAT IS VERY GOOD, ADAM :12:21:02 01:12:22:03 YOU WERE VERY CLOSE :12:22:03 01:12:24:05 IT COST 26 CENTS :12:24:05 01:12:30:00 TO MAKE OUR COOKIES :12:32:07 01:12:36:04 SO 26 CENTS, :12:36:04 01:12:42:11 TWO COOKIES, THE DOUGH :12:42:11 01:12:44:04 ALL RIGHT? :12:44:04 01:12:45:07 HOW ABOUT THE LITTLE BAG :12:45:07 01:12:46:22 WE PUT THEM IN? :12:46:22 01:12:47:17 ANYBODY WANT TO GUESS :12:47:17 01:12:50:16 WHAT THAT MIGHT COST? :12:50:16 01:12:51:04 HILLARY?

9 449 01:12:51:04 01:12:52:14 >> ABOUT 10 CENTS A BAG? :12:52:14 01:12:52:29 >> WELL HILLARY, :12:52:29 01:12:54:11 YOU'RE A LITTLE HIGH ON THAT :12:54:11 01:12:55:14 ACTUALLY, THE LITTLE PAPER BAGS :12:55:14 01:12:57:17 ARE ONLY THREE CENTS :12:57:17 01:13:00:11 SO, THREE CENTS :13:00:11 01:13:05:23 FOR THE PAPER BAG, :13:05:23 01:13:07:06 AND THE LAST QUESTION IS :13:07:06 01:13:09:02 THE LABOR COST :13:09:02 01:13:10:21 HOW MUCH SHOULD WE PAY WORKERS :13:10:21 01:13:12:12 NOW IF WE WE DIVIDE IT UP :13:12:12 01:13:13:14 AND WE PAY OUR WORKERS BASED :13:13:14 01:13:15:26 ON HOW MANY COOKIES THEY BAKE? :13:15:26 01:13:17:07 ANYBODY WANNA GUESS AT HOW MANY :13:17:07 01:13:18:26 PER COOKIE OR PER BAG :13:18:26 01:13:20:01 OF COOKIES? :13:20:01 01:13:21:02 >> ABOUT 10 PERCENT :13:21:02 01:13:23:01 >> TEN PERCENT OF WHAT, JAMISON? :13:23:01 01:13:26:07 >> THE 26 CENTS A COOKIE? :13:26:07 01:13:26:27 >> OKAY, JAMISON, :13:26:27 01:13:28:17 THE ONLY PROBLEM WITH THAT IS :13:28:17 01:13:29:03 REMEMBER THERE ARE :13:29:03 01:13:31:02 MINIMUM--MINIMUM WAGE LAWS :13:31:02 01:13:33:02 THAT'LL WE HAVE TO TO ABIDE BY :13:33:02 01:13:33:27 SO, THE TRUTH IS, :13:33:27 01:13:34:16 IT'S GONNA TAKE US :13:34:16 01:13:36:22 ABOUT 13 CENTS A BAG :13:36:22 01:13:38:14 TO PAY OUR WORKERS :13:38:14 01:13:40:00 OKAY? :13:40:00 01:13:41:27 SO OUR LABOR IS GONNA TAKE :13:41:27 01:13:44:05 13 CENTS, SO THAT'S GONNA BE :13:44:05 01:13:51:07 A TOTAL OF 42 CENTS PER BAG :13:51:07 01:13:53:24 IN COST :13:53:24 01:13:55:05 OKAY :13:55:05 01:14:00:04 NOW, TELL ME, SELLERS, :14:00:04 01:14:00:29 HOW MUCH ARE YOU WILLING :14:00:29 01:14:02:13 TO SELL YOUR COOKIES FOR? :14:02:13 01:14:03:12 YOU WOULDN'T WANT TO SELL THEM :14:03:12 01:14:05:02 FOR LESS THAN 42 CENTS, :14:05:02 01:14:06:04 WOULD YOU? :14:06:04 01:14:06:27 >> NO :14:06:27 01:14:07:25 PROBABLY LIKE 50 CENTS :14:07:25 01:14:09:07 TO A DOLLAR :14:09:07 01:14:10:12 >> OKAY, YOU KNOW YOU WANT TO GO :14:10:12 01:14:13:11 ABOVE 42 CENTS, WHY? :14:13:11 01:14:14:25 >> BECAUSE WE HAVE TO GAIN BACK :14:14:25 01:14:16:01 WHAT WE ALREADY SPENT, :14:16:01 01:14:17:08 AND PLUS MAKE A PROFIT :14:17:08 01:14:17:19 >> OKAY :14:17:19 01:14:19:25 SO NOW THE QUESTION :14:19:25 01:14:21:07 IT'S GONNA BE A LOT OF WORK :14:21:07 01:14:22:18 TO BAKE THESE COOKIES :14:22:18 01:14:23:24 YOU'RE GONNA HAVE TO COME IN :14:23:24 01:14:26:02 BEFORE AND AFTER SCHOOL AND PUT :14:26:02 01:14:27:08 IN YOUR TIME AND EFFORT :14:27:08 01:14:28:17 BETWEEN CLASSES.

10 505 01:14:28:17 01:14:29:04 YOU'RE GONNA HAVE :14:29:04 01:14:30:08 TO BE COOKIE SELLERS :14:30:08 01:14:32:12 WHAT IF YOU HAVE HOMEWORK TO DO :14:32:12 01:14:33:20 BEFORE YOUR NEXT CLASS :14:33:20 01:14:35:06 AND WHAT'S GONNA HAPPEN THEN? :14:35:06 01:14:36:06 YOU'RE GONNA HAVE TO BE TIED UP :14:36:06 01:14:37:20 WITH COOKIE SALES :14:37:20 01:14:39:13 SO, HOW MUCH DO YOU :14:39:13 01:14:42:03 WANNA CHARGE FOR THESE COOKIES :14:42:03 01:14:43:03 KNOWING THAT YOU'RE GONNA HAVE :14:43:03 01:14:44:26 A LOT OF OPPORTUNITY COST :14:44:26 01:14:46:20 IN MAKING THEM :14:46:20 01:14:48:26 HOW ABOUT ADAM FOWLER? :14:48:26 01:14:49:24 TELL ME, HOW MUCH, :14:49:24 01:14:51:12 HOW MANY COOKIES WOULD YOU :14:51:12 01:14:54:11 BE WILLING TO BAKE AND SELL, :14:54:11 01:14:55:03 IF WE COULD ONLY GET SAY, :14:55:03 01:14:57:12 50 CENTS FOR THEM? :14:57:12 01:14:58:02 >> I WOULDN'T BE WILLING :14:58:02 01:14:58:20 TO MAKE THAT MANY :14:58:20 01:14:59:16 BECAUSE YOU WOULDN'T BE ABLE :14:59:16 01:15:01:22 TO MAKE A MUCH PROFIT ON THAT :15:01:22 01:15:02:27 >> SO, YOU WOULDN'T MAKE :15:02:27 01:15:04:07 VERY MANY SINCE YOU COULD ONLY :15:04:07 01:15:06:08 GET 50 CENTS A BAG :15:06:08 01:15:07:18 IT'S A LOT OF WORK ISN'T IT :15:07:18 01:15:09:24 FOR JUST A FEW CENTS PROFIT? :15:09:24 01:15:11:07 WELL, TELL ME THOUGH, :15:11:07 01:15:12:17 WHAT WOULD HAPPEN :15:12:17 01:15:14:11 IF YOU COULD MAKE :15:14:11 01:15:16:19 TWO DOLLARS A BAG? :15:16:19 01:15:17:13 ADAM, HOW MANY WOULD YOU BE :15:17:13 01:15:19:02 WILLING TO MAKE THEN? :15:19:02 01:15:19:23 >> I'D BE WILLING TO MAKE :15:19:23 01:15:21:00 A LOT MORE BECAUSE YOU COULD :15:21:00 01:15:22:00 MAKE MUCH MORE PROFIT :15:22:00 01:15:22:29 ON THE TWO DOLLARS :15:22:29 01:15:24:29 THAN YOU WOULD 50 CENTS :15:24:29 01:15:26:28 BE WILL--IT'D BE MORE EFFORT :15:26:28 01:15:28:18 FOR MORE MONEY :15:28:18 01:15:29:02 >> GOOD :15:29:02 01:15:30:11 THE MORE YOU COULD MAKE, :15:30:11 01:15:31:17 THE MORE COOKIES YOU'RE WILLING :15:31:17 01:15:32:16 TO MAKE :15:32:16 01:15:33:03 SO, IF YOU COULD MAKE :15:33:03 01:15:33:18 MORE MONEY, :15:33:18 01:15:35:14 WE WENT INTO THIS FOR A PROFIT, :15:35:14 01:15:36:03 SO IF YOU COULD :15:36:03 01:15:37:09 MAKE MORE MONEY, :15:37:09 01:15:38:16 THE MORE COOKIES YOU'RE WILLING :15:38:16 01:15:40:19 TO BAKE, OKAY? :15:40:19 01:15:41:21 AH, LET'S SEE I EVEN DID :15:41:21 01:15:42:18 A SUPPLY SCHEDULE :15:42:18 01:15:44:02 BECAUSE I KINDA KNEW :15:44:02 01:15:45:21 THAT A LOT OF YOU WOULD BE :15:45:21 01:15:48:01 THINKING LIKE THIS SO WE DID

11 561 01:15:48:01 01:15:50:07 A SUPPLY SCHEDULE :15:50:07 01:15:51:23 AND IT PRETTY MUCH SAYS :15:51:23 01:15:53:08 WHAT ADAM JUST TOLD US :15:53:08 01:15:55:06 AT 50 CENTS, :15:55:06 01:15:56:08 HE'S ONLY WILLING TO MAKE :15:56:08 01:15:58:07 50 BAGS OF COOKIES, :15:58:07 01:15:59:13 CAUSE HE'S NOT MAKING AH :15:59:13 01:16:01:07 VERY LITTLE PROFIT THERE :16:01:07 01:16:02:11 IF WE GET THE PRICE UP :16:02:11 01:16:04:10 DOWN HERE TO TWO DOLLARS THOUGH, :16:04:10 01:16:07:07 ADAM'S WILLING TO BAKE 300 BAGS :16:07:07 01:16:09:01 OF COOKIES :16:09:01 01:16:09:26 AND THIS IS WHAT :16:09:26 01:16:12:08 A SUPPLY SCHEDULE LOOKS LIKE :16:12:08 01:16:16:02 WHEN YOU GRAPH IT :16:16:02 01:16:16:25 YOU'VE GOT A CURVE :16:16:25 01:16:18:01 THAT'S SLOPING UP :16:18:01 01:16:19:20 TO THE RIGHT NOW :16:19:20 01:16:20:12 IN OTHER WORDS, :16:20:12 01:16:22:21 AS THE PRICE GOES UP, :16:22:21 01:16:24:29 QUANTITY SUPPLIED GOES UP :16:24:29 01:16:26:25 PRICE AND QUANTITY SUPPLIED :16:26:25 01:16:28:29 HAVE A DIRECT RELATIONSHIP :16:28:29 01:16:29:15 AND THEY MOVE :16:29:15 01:16:31:14 IN THE SAME DIRECTION :16:31:14 01:16:32:17 SO, THE SUPPLIERS :16:32:17 01:16:33:23 WHO ARE BAKING COOKIES :16:33:23 01:16:35:20 TO MAKE MONEY, THE MORE MONEY :16:35:20 01:16:36:19 THEY COULD MAKE, :16:36:19 01:16:37:21 THE MORE COOKIES :16:37:21 01:16:39:11 THEY'RE WILLING TO BAKE :16:39:11 01:16:40:16 I GOT INVOLVED TEACHING :16:40:16 01:16:42:13 IN THE LATE '70s :16:42:13 01:16:44:12 AND I HAVE CONTINUED EVER SINCE :16:44:12 01:16:45:13 AND IT IS DEFINITELY :16:45:13 01:16:47:01 MY FAVORITE COURSE TO TEACH :16:47:01 01:16:48:05 AND I DON'T WANT TEACHERS :16:48:05 01:16:49:17 TO BE AFRAID OF THIS COURSE :16:49:17 01:16:51:11 THIS IS A WONDERFUL COURSE :16:51:11 01:16:52:27 THIS IS A COURSE THAT APPLIES :16:52:27 01:16:54:12 TO EVERYBODY :16:54:12 01:16:55:14 SO MANY TIMES THERE'S NOT :16:55:14 01:16:57:02 A RIGHT OR WRONG ANSWER :16:57:02 01:16:58:16 FOR THE ECONOMY :16:58:16 01:16:59:29 IF YOU HAD A LOT OF ECONOMISTS :16:59:29 01:17:01:05 TOGETHER, THEY'D PROBABLY :17:01:05 01:17:02:11 THEY WOULD NOT AGREE :17:02:11 01:17:03:15 ON WHAT NEEDS TO BE DONE :17:03:15 01:17:04:23 OR WHAT'S GOING ON RIGHT NOW :17:04:23 01:17:05:21 WITH THE ECONOMY, :17:05:21 01:17:07:07 BUT THE IDEA IS THAT YOU OPEN :17:07:07 01:17:08:15 THE DOOR TO STUDENTS :17:08:15 01:17:09:28 AND THAT THEY START TO LOOK :17:09:28 01:17:11:01 AT THE ECONOMY :17:11:01 01:17:12:18 AND THINK ABOUT THESE ISSUES :17:12:18 01:17:14:15 THAT WE'RE DEALING WITH.

12 617 01:17:16:11 01:17:18:15 >> SIMULATIONS OF MARKETS :17:18:15 01:17:19:24 WHERE STUDENTS PLAY THE ROLES :17:19:24 01:17:22:09 OF DEMANDERS AND SUPPLIERS ARE :17:22:09 01:17:22:26 AN EXCITING :17:22:26 01:17:25:15 AND USEFUL PEDAGOGICAL TOOL :17:25:15 01:17:27:08 STUDENTS CAN SEE FOR THEMSELVES :17:27:08 01:17:29:20 IN A HANDS-ON EXERCISE :17:29:20 01:17:31:18 HOW PRICES AND QUANTITIES :17:31:18 01:17:33:17 ARE DETERMINED BY MARKETS :17:33:17 01:17:34:17 THEY CAN ALSO SEE :17:34:17 01:17:36:07 HOW ACTUAL SUPPLY :17:36:07 01:17:38:08 AND DEMAND CURVES FORM :17:38:08 01:17:39:22 IN MARKETS :17:39:22 01:17:40:28 THESE SIMULATIONS ARE :17:40:28 01:17:42:24 REMARKABLY POWERFUL TOOL :17:42:24 01:17:44:11 FOR UNDERSTANDING :17:44:11 01:17:45:04 I RUN THESE KINDS :17:45:04 01:17:46:21 OF SIMULATIONS NOT ONLY :17:46:21 01:17:48:04 WITH HIGH SCHOOL STUDENTS :17:48:04 01:17:50:08 BUT ALSO WITH COLLEGE STUDENTS :17:50:08 01:17:51:03 AND HIGH SCHOOL TEACHERS :17:51:03 01:17:52:23 OF ECONOMICS :17:52:23 01:17:54:19 IN GOING THROUGH THE SIMULATION :17:54:19 01:17:55:22 EVEN THOSE WHO KNOW :17:55:22 01:17:57:29 THE CONCEPTS FAIRLY WELL OFTEN :17:57:29 01:17:59:20 FIND THAT THEIR UNDERSTANDING :17:59:20 01:18:02:19 IS DEEPENED :18:04:15 01:18:05:15 >> WE GOT THE COOKIES BAKING :18:05:15 01:18:06:26 AND WE DON'T KNOW WHAT PRICE :18:06:26 01:18:08:12 WE SHOULD PUT ON OUR COOKIES :18:08:12 01:18:09:25 WHAT DO THESE BUYERS WANT :18:09:25 01:18:11:02 OVER HERE, SELLERS? :18:11:02 01:18:11:28 TELL ME? :18:11:28 01:18:13:01 WHAT DO THE BUYERS WANT? :18:13:01 01:18:15:14 >> COOKIES AT A LOW PRICE :18:15:14 01:18:16:10 >> THEY WANT COOKIES :18:16:10 01:18:18:04 AT A LOW PRICE :18:18:04 01:18:19:03 WELL, BRETT, :18:19:03 01:18:20:08 WHAT DO THESE SELLERS :18:20:08 01:18:21:18 OVER HERE WANT? :18:21:18 01:18:25:12 >> THEY WANT OUR MONEY :18:25:12 01:18:26:08 >> THEY WANT YOUR MONEY :18:26:08 01:18:27:17 >> YEAH :18:27:17 01:18:28:20 >> I AGREE :18:28:20 01:18:29:19 THEY WANT A PROFIT :18:29:19 01:18:30:00 >> YES :18:30:00 01:18:31:13 >> THEY WANT TO SELL THE COOKIES :18:31:13 01:18:32:19 FOR AS MUCH AS THEY CAN :18:32:19 01:18:33:21 >> YES :18:33:21 01:18:35:12 >> BUYERS, ARE YOU STARTING :18:35:12 01:18:37:14 TO SMELL THE COOKIES? :18:37:14 01:18:38:00 >> YES :18:38:00 01:18:39:11 >> OHHHH, THAT MAKES YOU WANT :18:39:11 01:18:40:26 A COOKIE, RIGHT? :18:40:26 01:18:41:26 WELL GUESS WHAT? :18:41:26 01:18:42:17 WE DON'T KNOW WHAT

13 673 01:18:42:17 01:18:43:19 THE CORRECT PRICE IS :18:43:19 01:18:44:26 BECAUSE WE'VE GOT SELLERS :18:44:26 01:18:46:26 OVER HERE WITH THE IDEA :18:46:26 01:18:48:09 OF HIGH PROFITS AND BUYERS :18:48:09 01:18:50:00 OVER HERE WITH THE IDEA :18:50:00 01:18:51:27 OF LOW PRICES :18:51:27 01:18:52:18 HOW YOU'RE EVER GONNA GET :18:52:18 01:18:53:25 THESE FOLKS TOGETHER? :18:53:25 01:18:54:22 WELL I'M GONNA SEE HERE :18:54:22 01:18:55:07 IN A FEW MINUTES :18:55:07 01:18:57:09 IF YOU CAN GET TOGETHER :18:57:09 01:18:59:15 I'M GONNA GIVE YOU SOME COUPONS :18:59:15 01:19:02:24 THAT YOU CAN SELL TO THE BUYERS :19:02:24 01:19:03:20 IN EXCHANGE THAT THEY CAN :19:03:20 01:19:04:26 EXCHANGE FOR COOKIES :19:04:26 01:19:06:13 OKAY, LET ME GET EVERYBODY, :19:06:13 01:19:07:18 ALL OF MY BUY--OH MY :19:07:18 01:19:11:12 MY SELLERS SOME COOKIE COUPONS :19:11:12 01:19:12:05 I'M GOING TO GIVE YOU :19:12:05 01:19:16:06 SEVEN COOKIE COUPONS APIECE :19:16:06 01:19:18:18 THAT YOU WILL BE ABLE TO SELL :19:18:18 01:19:20:22 NOW, YOU WANT :19:20:22 01:19:22:21 TO SELL YOUR COOKIES :19:22:21 01:19:25:09 FOR AS MUCH AS YOU POSSIBLY CAN :19:25:09 01:19:26:06 THEY'RE ONLY EIGHT :19:26:06 01:19:27:24 COOKIE SELLERS :19:27:24 01:19:32:12 THERE ARE 12 BUYERS OVER THERE :19:32:12 01:19:33:10 THAT MEANS WE MIGHT TO GET :19:33:10 01:19:35:11 A REALLY GOOD PRICE :19:35:11 01:19:38:16 FOR OUR COOKIES, RIGHT? :19:38:16 01:19:39:20 SO EVERYBODY'S GONNA GET :19:39:20 01:19:41:08 SEVEN COUPONS :19:41:08 01:19:42:14 BE SURE THAT YOU'VE GOT :19:42:14 01:19:48:10 SEVEN COOKIE SELLERS :19:48:10 01:19:49:03 AND I'M GONNA LET YOU :19:49:03 01:19:51:03 SELL YOUR COUPONS :19:51:03 01:19:52:14 IF YOU'LL HAND, THANK YOU :19:52:14 01:19:53:09 FOR AS MUCH MONEY :19:53:09 01:19:54:25 AS YOU CAN GET NOW :19:54:25 01:19:57:08 ALL OF THESE BUYERS HAVE :19:57:08 01:19:58:09 THREE DOLLARS, :19:58:09 01:20:00:07 WITH THE EXCEPTION OF MELODY, :20:00:07 01:20:02:04 WHO ONLY HAS A DOLLAR-FIFTY :20:02:04 01:20:03:17 BECAUSE SHE BOUGHT COOKIES :20:03:17 01:20:05:29 EARLIER AT THE AUCTION :20:05:29 01:20:08:22 NOW HERE'S THE DEAL :20:08:22 01:20:09:27 YOU NEED TO SELL ALL :20:09:27 01:20:12:08 OF YOUR COUPONS :20:12:08 01:20:14:14 YOU NEED TO BUY AS MANY COOKIES :20:14:14 01:20:15:24 AS YOU CAN :20:15:24 01:20:18:00 WITH YOUR THREE DOLLARS :20:18:00 01:20:18:26 SO EVERYBODY'S GOTTA DRIVE :20:18:26 01:20:20:26 A HARD BARGAIN HERE :20:20:26 01:20:22:02 OKAY? :20:22:02 01:20:23:11 THE WINNING GROUP HERE, :20:23:11 01:20:24:09 THE WINNING PERSON,

14 729 01:20:24:09 01:20:25:15 AND THERE'S ALWAYS A REWARD, :20:25:15 01:20:27:16 THE WINNERS WILL BE THE PEOPLE :20:27:16 01:20:28:01 OVER HERE, :20:28:01 01:20:30:06 THE SELLERS WITH THE MOST MONEY, :20:30:06 01:20:30:26 WHICHEVER SELLER HAS :20:30:26 01:20:31:23 THE MOST MONEY AT THE END :20:31:23 01:20:33:12 OF THIS :20:33:12 01:20:34:25 AND THE WINNER FOR OUR BUYERS :20:34:25 01:20:35:19 OR--IS THE PERSON :20:35:19 01:20:38:08 WITH THE MOST COOKIE COUPONS :20:38:08 01:20:41:07 DON'T LET THE ROUND END :20:41:07 01:20:43:06 HOLDING MONEY :20:43:06 01:20:44:29 DON'T LET THE ROUND END :20:44:29 01:20:47:05 HOLDING COOKIE COUPONS :20:47:05 01:20:48:08 OKAY? :20:48:08 01:20:49:01 WE'RE GONNA DO THIS :20:49:01 01:20:51:18 FOR FIVE MINUTES :20:51:18 01:20:52:20 LADIES AND GENTLEMEN, :20:52:20 01:20:54:19 GET UP AND INTERACT :20:54:19 01:20:58:23 BUY AND SELL COOKIES :20:58:23 01:21:00:09 STUDENTS, I THINK, LEARN BETTER :21:00:09 01:21:01:22 WHEN YOU CAN MAKE IT :21:01:22 01:21:02:24 A COMMON SENSE KIND :21:02:24 01:21:04:08 OF AN EVERY DAY ACTIVITY :21:04:08 01:21:05:29 AND THAT'S THE REASON I LOVE :21:05:29 01:21:07:01 TEACHING ECONOMICS :21:07:01 01:21:09:20 IT'S SO MUCH ALL AROUND US :21:09:20 01:21:12:06 AND SO BY USING A DEMONSTRATION, :21:12:06 01:21:13:04 LIKE THE COOKIE-BAKING :21:13:04 01:21:14:05 DEMONSTRATION, :21:14:05 01:21:16:02 THEY'RE ACTUALLY INVOLVED NOW :21:16:02 01:21:16:26 THEY'RE BUYERS :21:16:26 01:21:17:22 OR THEY'RE SELLERS :21:17:22 01:21:19:00 AND THEY UNDERSTAND :21:19:00 01:21:20:14 WHAT THEY'RE ROLE IS :21:20:14 01:21:20:27 SO THEY START :21:20:27 01:21:23:09 TO KINDA SEE WHAT AFFECTS THEM, :21:23:09 01:21:24:28 WHAT ENCOURAGES THEM TO BUY, :21:24:28 01:21:26:21 OR WHAT ENCOURAGES THEM TO SELL :21:26:21 01:21:27:14 >> HOW ABOUT I'LL GIVE YOU :21:27:14 01:21:30:08 75 CENTS FOR ONE, 75, 75, :21:30:08 01:21:33:09 RIGHT HERE :21:33:09 01:21:34:01 >> HOW ABOUT THREE :21:34:01 01:21:35:04 FOR A DOLLAR-FIFTY? :21:35:04 01:21:36:01 >> TWO FOR A DOLLAR :21:36:01 01:21:37:00 >> IT--THIS IS :21:37:00 01:21:39:15 A HANDS-ON EXPERIENCE :21:39:15 01:21:41:00 BY HAVING THE INTERACTION :21:41:00 01:21:42:00 KNOWING WHAT WE GAINING :21:42:00 01:21:43:20 AND WHAT WE LOSING :21:43:20 01:21:44:07 >> TWO FOR A DOLLAR :21:44:07 01:21:44:24 >> YOU CAN'T FIND :21:44:24 01:21:45:14 ANY BETTER COOKIES THAN THIS :21:45:14 01:21:46:25 >> --75 CENTS, 75 CENTS :21:46:25 01:21:47:27 >> YOU HAVE TWO MINUTES LEFT :21:47:27 01:21:49:16 IN TRADING.

15 785 01:21:49:16 01:21:51:18 BUYERS, SPEND ALL YOUR MONEY :21:51:18 01:21:53:10 SELLERS, SELL ALL :21:53:10 01:21:56:08 YOUR COOKIE COUPONS :21:56:08 01:21:57:27 >> NAH AH :21:57:27 01:21:59:07 >> SELLERS, GET RID :21:59:07 01:22:00:17 OF YOUR COUPONS :22:00:17 01:22:03:06 FOR WHATEVER PRICE YOU CAN :22:03:06 01:22:04:26 BUYERS, GET AS MANY COUPONS :22:04:26 01:22:07:21 AS YOU POSSIBLY CAN :22:07:21 01:22:08:12 ONE MINUTE, :22:08:12 01:22:10:03 LADIES AND GENTLEMEN :22:10:03 01:22:11:07 ONE MINUTE 'TILL THE CLOSE :22:11:07 01:22:15:17 OF TRADING :22:21:18 01:22:22:09 >> I WAS JUST TRYING :22:22:09 01:22:23:11 TO GET RID OF MY COOKIES :22:23:11 01:22:26:19 >> ALL RIGHT, TRADING HAS ENDED :22:26:19 01:22:29:15 IF YOU ARE A SELLER, :22:29:15 01:22:32:01 YOU SHOULD ONLY HAVE MONEY :22:32:01 01:22:34:04 IF YOU ARE A BUYER, YOU SHOULD :22:34:04 01:22:37:03 ONLY HAVE COOKIE COUPONS :22:37:03 01:22:39:12 LET'S SEE WHO OUR WINNERS ARE :22:39:12 01:22:40:09 ALL RIGHT, OVER HERE :22:40:09 01:22:42:22 FOR OUR SELLERS :22:42:22 01:22:45:18 ANYBODY WITH THREE DOLLARS? :22:45:18 01:22:46:28 OOH, EVERYBODY GOT THREE :22:46:28 01:22:50:06 ANYBODY WITH FOUR DOLLARS? :22:50:06 01:22:52:12 FOUR-FIFTY? :22:52:12 01:22:54:28 FIVE DOLLARS? :22:54:28 01:22:56:08 DO YOU EACH HAVE FIVE DOLLARS? :22:56:08 01:22:57:27 HOW MUCH DO YOU HAVE, DESMOND? :22:57:27 01:22:58:23 >> I HAVE FIVE-FIFTY :22:58:23 01:22:59:14 >> FIVE-FIFTY :22:59:14 01:23:00:10 DANIELLE? :23:00:10 01:23:01:14 >> I HAVE SEVEN DOLLARS :23:01:14 01:23:03:09 >> SO WOW, SHE DROVE :23:03:09 01:23:04:25 SOME HARD BARGAINS :23:04:25 01:23:06:08 SO DANIELLE IS GOING TO BE :23:06:08 01:23:08:28 OUR CHAMPION COOKIE SELLER :23:08:28 01:23:10:00 AND SHE'LL BE THE WINNER :23:10:00 01:23:11:00 WE'LL HAVE TO GIVE DANIELLE :23:11:00 01:23:13:19 EXTRA COOKIES AS A BONUS TODAY, :23:13:19 01:23:15:12 AT THE END OF OUR CLASS PERIOD :23:15:12 01:23:16:11 ALL RIGHT, LET'S GO OVER HERE :23:16:11 01:23:18:15 TO OUR BUYERS :23:18:15 01:23:20:13 WHO OUT THERE HAS THREE COOKIES? :23:20:13 01:23:20:27 RAISE YOUR HAND :23:20:27 01:23:21:16 IF YOU GOT YOUR :23:21:16 01:23:22:00 OH EVERYBODY :23:22:00 01:23:23:00 SO THAT'S GOOD :23:23:00 01:23:23:16 AT LEAST EVERYBODY :23:23:16 01:23:24:13 GOT SOME COOKIES :23:24:13 01:23:27:26 HOW ABOUT FOUR COOKIES? :23:27:26 01:23:29:28 LOOKS LIKE ERIC IS OUT HERE :23:29:28 01:23:32:17 FIVE COOKIES? :23:32:17 01:23:34:21 SIX COOKIES? :23:34:21 01:23:37:09 SEVEN COOKIES?

16 841 01:23:37:09 01:23:39:08 EIGHT COOKIES? :23:39:08 01:23:39:27 OH HOW MANY DO YOU HAVE :23:39:27 01:23:40:24 BACK THERE, COURTNEY? :23:40:24 01:23:41:12 >> EIGHT :23:41:12 01:23:42:27 >> YOU HAVE EIGHT COOKIES :23:42:27 01:23:44:00 ALL RIGHT! :23:44:00 01:23:46:06 >> WHO DON'T HAVE NO COUPONS? :23:46:06 01:23:48:00 >> I HOPE EVERYONE HAS GOT SOME :23:48:00 01:23:49:14 SURELY, YOU--WE DIDN'T HAVE :23:49:14 01:23:50:21 SOME BUYERS THAT WEREN'T :23:50:21 01:23:52:22 ABLE TO BUY A SINGLE COOKIE? :23:52:22 01:23:53:29 OH THAT WOULD BE TERRIBLE :23:53:29 01:23:55:14 TELL ME, COURTNEY, :23:55:14 01:23:58:23 YOU HAVE EIGHT COOKIES :23:58:23 01:23:59:12 AND YOU STARTED :23:59:12 01:24:01:06 WITH THREE DOLLARS, :24:01:06 01:24:02:10 WHAT WAS THE AVERAGE YOU PAID :24:02:10 01:24:03:15 FOR COOKIES, OR WERE YOU ABLE :24:03:15 01:24:05:06 TO WORK DEALS THERE? :24:05:06 01:24:05:20 >> DEALS :24:05:20 01:24:06:23 >> YOU WORKED DEALS :24:06:23 01:24:08:02 TO GET ALL THOSE COOKIES, :24:08:02 01:24:09:02 RIGHT :24:09:02 01:24:09:14 >> RIGHT :24:09:14 01:24:12:08 >> OKAY :24:12:08 01:24:15:16 WHAT, WHAT WOULD HAVE HAPPENED :24:15:16 01:24:17:04 WHAT WOULD HAVE HAPPENED :24:17:04 01:24:19:19 IF OUR SELLERS OVER HERE :24:19:19 01:24:20:06 HAD ENDED :24:20:06 01:24:22:02 OUR LITTLE DEMONSTRATION :24:22:02 01:24:23:17 STILL HOLDING THEIR COUPONS? :24:23:17 01:24:24:02 WHAT WOULD WE KNOW :24:24:02 01:24:26:14 ABOUT THE PRICE, BUYERS? :24:26:14 01:24:27:08 ERIC? :24:27:08 01:24:28:06 >> IT WAS TOO HIGH :24:28:06 01:24:29:28 AND THERE WAS A SURPLUS :24:29:28 01:24:30:21 >> OKAY IF THEY WERE :24:30:21 01:24:33:00 STILL HOLDING THEIR COUPONS, :24:33:00 01:24:33:18 THEN THEIR PRICES :24:33:18 01:24:34:27 WOULD HAVE BEEN TOO HIGH :24:34:27 01:24:35:16 AND THERE WOULD HAVE BEEN :24:35:16 01:24:36:29 A SURPLUS OF COOKIES :24:36:29 01:24:37:19 OKAY? :24:37:19 01:24:39:02 WHAT ON THE OTHER HAND, LADIES :24:39:02 01:24:40:09 AND GENTLEMEN, LET'S GO BACK :24:40:09 01:24:43:07 TO OUR SELLERS, :24:43:07 01:24:44:25 WHAT WOULD HAVE HAPPENED :24:44:25 01:24:47:00 IF YOU SOLD ALL OF YOUR COOKIES :24:47:00 01:24:49:06 JUST VERY, VERY QUICKLY? :24:49:06 01:24:49:21 WHAT WOULD YOU KNOW :24:49:21 01:24:50:10 ABOUT YOUR PRICE? :24:50:10 01:24:51:06 TIFFANY? :24:51:06 01:24:52:10 >> OUR PRICE WAS TOO LOW, :24:52:10 01:24:53:12 SO THERE WAS A SHORTAGE :24:53:12 01:24:54:25 >> OKAY, SO IF YOU'D SOLD OUT :24:54:25 01:24:56:11 VERY QUICKLY, YOU WOULD

17 897 01:24:56:11 01:24:57:08 HAVE FOUND THAT YOU HAD, :24:57:08 01:24:58:17 A SHORTAGE, RIGHT :24:58:17 01:25:00:10 SO, IF YOU HAD SOLD OUT, :25:00:10 01:25:01:16 TIFFANY, YOU WOULD HAVE BEEN :25:01:16 01:25:03:26 SELLING YOUR COOKIES TOO CHEAPLY :25:03:26 01:25:04:19 AND IT WOULD HAVE CREATED :25:04:19 01:25:06:00 THAT SHORTAGE :25:06:00 01:25:07:06 SO HERE'S WHAT WE NEED :25:07:06 01:25:08:01 TO LOOK AT :25:08:01 01:25:09:24 HOW DO WE GET BUYERS :25:09:24 01:25:12:00 AND SELLERS TOGETHER? :25:12:00 01:25:12:23 WELL, ALL WE'VE GOT TO DO IS :25:12:23 01:25:14:03 TAKE OUR TWO GRAPHS :25:14:03 01:25:16:28 AND PUT THEM ON THE SAME CHART :25:16:28 01:25:20:11 LET'S DO THAT :25:23:04 01:25:24:16 HERE WAS OUR DEMAND CHART :25:24:16 01:25:26:03 FOR COOKIES, :25:26:03 01:25:27:03 AND AS I SAID BEFORE :25:27:03 01:25:29:04 IT SLOPES DOWN TO THE RIGHT, :25:29:04 01:25:30:18 AS PRICES COME DOWN, :25:30:18 01:25:32:26 THE QUANTITY DEMANDED INCREASES, :25:32:26 01:25:34:05 ALL RIGHT :25:34:05 01:25:35:29 LET'S LOOK AT OUR SUPPLY CHART :25:35:29 01:25:37:28 HERE WAS OUR SUPPLY CHART, :25:37:28 01:25:39:27 AND IT SLOPES UP TO THE RIGHT :25:39:27 01:25:41:06 WHAT DO YOU NOTICE HAPPENS :25:41:06 01:25:43:03 WHEN WE PUT THEM TOGETHER? :25:43:03 01:25:44:12 OKAY, KIM RUSSELL, :25:44:12 01:25:46:21 >> THEY CROSS, UM, ON THE LINE :25:46:21 01:25:47:21 >> VERY GOOD, KIM :25:47:21 01:25:49:16 THEY MAKE AN EQUILIBRIUM :25:49:16 01:25:52:08 AT THAT MAGIC PRICE RIGHT HERE, :25:52:08 01:25:53:01 WHICH IS GONNA BE :25:53:01 01:25:55:00 ABOUT A DOLLAR, :25:55:00 01:25:56:22 EVERYBODY THAT WANTS COOKIES :25:56:22 01:25:58:03 GETS THEM AND THERE ARE :25:58:03 01:25:59:28 NO COOKIES LEFT OVER :25:59:28 01:26:01:06 NO ONE IS UNHAPPY :26:01:06 01:26:01:24 BECAUSE THEY DIDN'T :26:01:24 01:26:02:21 GET A COOKIE, :26:02:21 01:26:03:12 BECAUSE WE FOUND :26:03:12 01:26:06:03 THAT MAGIC EQUILIBRIUM PRICE :26:06:03 01:26:06:25 SO IF WE'RE GONNA SELL :26:06:25 01:26:08:03 OUR COOKIES, :26:08:03 01:26:10:00 PROBABLY ONE DOLLAR A BAG :26:10:00 01:26:11:02 WOULD BE THAT MAGIC PRICE :26:11:02 01:26:12:08 FOR US :26:12:08 01:26:14:15 UM, WILL WE ALWAYS STAY :26:14:15 01:26:17:23 AT THAT EQUILIBRIUM OF A DOLLAR? :26:17:23 01:26:19:13 >> NO :26:19:13 01:26:20:12 >> WHY? :26:20:12 01:26:23:21 >> BECAUSE, UM, OF COMPETITION, :26:23:21 01:26:25:16 OR LIKE--LIKES AND DISLIKES :26:25:16 01:26:27:04 CHANGE AND THEY MAY NOT WANT :26:27:04 01:26:29:21 AS MANY COOKIES AS BEFORE :26:29:21 01:26:30:23 AND STUFF LIKE THAT.

18 953 01:26:30:23 01:26:31:23 I THINK IT'S REALLY IMPORTANT :26:31:23 01:26:33:15 TO HAVE ECONOMICS AS A CLASS :26:33:15 01:26:34:26 AND FOR IT TO BE REQUIRED :26:34:26 01:26:35:28 BECAUSE SINCE, :26:35:28 01:26:36:21 IF IT WASN'T REQUIRED, :26:36:21 01:26:38:04 I DON'T KNOW IF I WOULD TAKE IT, :26:38:04 01:26:39:20 AND I'M GLAD THAT I HAVE :26:39:20 01:26:41:02 TO TAKE IT BECAUSE NOW I KNOW :26:41:02 01:26:42:25 SO MUCH MORE ABOUT THE ECONOMY :26:42:25 01:26:44:08 AND HOW TO SPEND MY MONEY :26:44:08 01:26:46:14 >> AS LONG AS THE ONLY THING :26:46:14 01:26:48:14 THAT EVER CHANGES HERE IS :26:48:14 01:26:50:19 THE PRICE OF OUR COOKIES, :26:50:19 01:26:51:25 THEN WE'RE GOING TO HAVE :26:51:25 01:26:54:13 SOMETHING THAT LOOKS LIKE THIS :26:54:13 01:26:55:13 BUT WHAT IF SOMETHING ELSE :26:55:13 01:26:57:25 COMES ALONG AND CHANGES :26:57:25 01:27:00:05 OUR SITUATION? :27:00:05 01:27:00:23 WE WON'T STAY :27:00:23 01:27:02:18 ON OUR ORIGINAL CURVES, :27:02:18 01:27:05:28 WE WILL GET NEW CURVES, OKAY? :27:05:28 01:27:06:23 WE'RE NOW GONNA BE LOOKING :27:06:23 01:27:09:20 AT A SHIFT IN--IN DEMAND, :27:09:20 01:27:11:20 OR A SHIFT IN SUPPLY :27:11:20 01:27:15:04 HERE WAS OUR DEMAND CURVE, :27:15:04 01:27:16:12 AS LONG AS THE ONLY THING :27:16:12 01:27:17:25 THAT CHANGES IS PRICE, :27:17:25 01:27:19:18 WE GO UP AND DOWN ON THIS CURVE :27:19:18 01:27:22:00 AND WE CHANGE QUANTITY DEMANDED :27:22:00 01:27:24:06 HERE IS OUR SUPPLY CURVE :27:24:06 01:27:25:09 AS LONG AS THE ONLY THING :27:25:09 01:27:26:29 THAT CHANGES IS PRICE, :27:26:29 01:27:28:26 WE GO UP AND DOWN ON THIS CURVE, :27:28:26 01:27:29:11 AND THE ONLY THING :27:29:11 01:27:30:26 THAT CHANGES IS PRICE :27:30:26 01:27:32:21 AND THE QUANTITY SUPPLIED :27:32:21 01:27:33:23 I THINK IT'S ALWAYS IMPORTANT :27:33:23 01:27:35:16 FOR TEACHERS TO SHARE :27:35:16 01:27:36:16 WITH EACH OTHER, :27:36:16 01:27:37:28 THINGS THAT WORK FOR THEM :27:37:28 01:27:38:22 I THINK THERE ARE A LOT :27:38:22 01:27:40:07 OF DIFFERENT TEACHING STRATEGIES :27:40:07 01:27:41:23 YOU CAN USE AND YOU NEED :27:41:23 01:27:42:16 TO GO OUT AND FIND :27:42:16 01:27:43:13 WHAT WORKS BEST :27:43:13 01:27:44:22 WITH THIS PARTICULAR CLASS :27:44:22 01:27:45:26 YOU'RE DEALING WITH :27:45:26 01:27:46:26 SOME CLASSES CAN HANDLE :27:46:26 01:27:48:25 MORE FREEDOM, MORE HANDS-ON, :27:48:25 01:27:49:21 MORE INTERACTION :27:49:21 01:27:51:08 THAN OTHER CLASSES CAN :27:51:08 01:27:52:21 BUT THERE'S SO MUCH MATERIAL :27:52:21 01:27:54:03 OUT THERE THAT YOU SHOULD BE :27:54:03 01:27:55:18 ABLE TO FIND SOMETHING :27:55:18 01:27:57:04 THAT YOU COULD ADAPT FOR ANY :27:57:04 01:27:58:20 TEACHING SITUATION IS--YOU FIND