Lesson 3: The Auction as a Model
Reading assignment: Murphy, Teacher’s edition, Preface; Lesson 1
Download here.
Take the test questions at the end.
This is a self-taught curriculum. I am asking you to teach yourself the textbook’s material. You must read both the textbook and the teacher’s manual. Read it first as a student. Re-read it the next day as a teacher. If you do both, you will learn a lot faster.
Reviewing fresh material is a great way to learn. By reading both versions, you will come away with a far firmer grasp of the material. By taking the tests, you will identify your weaknesses.
He does not provide the answers in the free online edition. If you think you will benefit from the answers, order the printed version of the teacher’s manual. You can buy it here. The Ron Paul Curriculum does not require families to buy textbooks. This purchase is optional.
I will be presenting daily videos on applied economics: topics that are heavily influenced by economics. They will be of interest to you, I think. I have tried to select topics that are relevant to high school students. I will discuss these topics from an economic point of view.
I could go through the textbook, paragraph by paragraph, explaining it. But that is what the teacher’s manual does. A standard high school course does not let you see the teacher’s manual.
It is good to learn basic economic theory. It is better to learn it, and then learn how to apply it to the real world.
You are self-disciplined. You would not still be using this curriculum if you were not. You are intelligent enough to read a textbook aimed at high school students. By combining real-world lectures with daily readings from the textbook and teacher’s manual, you will learn more than if I were to focus on explaining the textbook. You would cover far less material that way.
If you get stuck, ask questions on the economics forum. That’s what the forums are for.
Now, in preparation for my lesson, you need some background. Begin here. (Note: that photo is the label of what was known as a 78: a record that spun at 78 revolutions per minute. This is old technology. It goes back to the late 1890’s. When I was seven years old in 1949, the industry introduced 45’s. I bought my first ones — two boxes of three records each — in 1951.)
And this.
Here is today’s lesson.