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Module 1 Resources: Understanding Economic Thinking

Interactive Simulations (McCreary)

These browser-based simulations let you explore Module 1 concepts hands-on. All simulations are from Dan McCreary's Introduction to Economics (CC BY-NC-SA 4.0).

Simulation What It Teaches Try It
Opportunity Cost Calculator Enter choices and see the value of what you give up Open
Production Possibilities Frontier Drag the production point along the PPF to visualize trade-offs Open
Economic Systems Comparison Compare how market, command, and mixed systems allocate resources Open
Correlation vs. Causation Detector Practice distinguishing genuine causal claims from spurious correlations Open
Diminishing Marginal Benefit Watch how the benefit of each additional pizza slice declines Open

Economist Stories (McCreary)

Biographical narratives of economists whose work connects to this module's themes.

Economist Key Insight Read It
Adam Smith — The Wealth of Watching How observation of ordinary life led to the foundations of economics Open
Ibn Khaldun — The Muqaddimah A medieval scholar who described supply, demand, and taxation centuries before Smith Open
Harriet Martineau — The Woman Who Translated Wealth The writer who made economics accessible to ordinary readers through storytelling Open
Thomas Sowell — Basic Economics An economist who explains complex concepts through real-world incentives and common sense Open

Textbook Readings

Book Relevant Chapters / Sections
Chang, H.-J. (2014). Economics: The User's Guide Ch. 1: What is Economics? Ch. 3: How Economics Developed
Wheelan, C. Naked Economics Ch. 1: The Power of Markets
Varoufakis, Y. Talking to My Daughter About the Economy Ch. 1-2: Markets and debt
Frank, R. H. (2011). The Economic Naturalist Introduction: Thinking like an economist
Staley, S. R. (2018). Contemporary Film and Economics Ch. on financial crisis films
Langlois, R. N. Economics Through Film (UConn) The Big Short unit: institutions, financial intermediation, systemic risk

Videos

  1. "The Big Short — Economics Explained" — YouTube, ~15 min. Breaks down the economic mechanisms behind the film.
  2. Richard Thaler's Nobel Prize Lecture — nobelprize.org, 45 min. Thaler explains behavioral economics in his own words.
  3. "What is Economics?" — Marginal Revolution University, ~10 min. Concise introduction to scarcity, trade-offs, and incentives.

Indian Context

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