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Baking for economics and the community–An experiential learning project for the principles of microeconomics class

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  • Gao, Guanlin

Abstract

This paper introduces an experiential learning project for the principles of microeconomics class. In this project, students create a baking business and act as entrepreneurs, from conducting market research, engaging in production and sales, to evaluating their business’s financial performance. This hands-on project not only covers a wide range of learning objectives, including demand and supply, elasticity, market efficiency, production costs, and market structures, but also offers students an opportunity to improve their communication skills, problem-solving skills, time management skills, and teamwork skills. This paper introduces the project and provides supplemental materials for instructors to evaluate student performance in this project. This paper also discusses several modifications to shorten or expand this project to meet different learning objectives for various class sizes and class formats.

Suggested Citation

  • Gao, Guanlin, 2021. "Baking for economics and the community–An experiential learning project for the principles of microeconomics class," International Review of Economics Education, Elsevier, vol. 37(C).
    • Handle: RePEc:eee:ireced:v:37:y:2021:i:c:s1477388021000116
    DOI: 10.1016/j.iree.2021.100219
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    References listed on IDEAS

    as
    1. Kim Hawtrey, 2007. "Using Experiential Learning Techniques," The Journal of Economic Education, Taylor & Francis Journals, vol. 38(2), pages 143-152, April.
    2. Alexander Serenko & Brian Detlor & Heidi Julien & Lorne D. Booker, 2012. "A model of student learning outcomes of information literacy instruction in a business school," Journal of the American Society for Information Science and Technology, Association for Information Science & Technology, vol. 63(4), pages 671-686, April.
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    More about this item

    Keywords

    Experiential learning; Group project; Economics; Entrepreneurship;
    All these keywords.

    JEL classification:

    • A22 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - Undergraduate
    • D00 - Microeconomics - - General - - - General
    • M20 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - General

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