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In this active learning lesson, students apply economic concepts to a professional baseball league. The lesson underscores the importance of incentives, control of supply, and potential market inefficiencies resulting from a cartel. Students assume one of two roles: either (i) a member of a team owner group trying to get its team into the Professional Baseball League or (ii) a member of the Professional Baseball League Expansion Committee deciding whether new teams are admitted.
In the sixth episode of the Economic Lowdown Video Series, economic education specialist Scott Wolla explains the circular flow model. Viewers will learn how households and businesses interact in the market for resources and in the market for goods and services, and see how money keeps the whole process moving.