Behavioral Economics: Crash Course Economics Video Analysis with Key- This is a 10 page document that contains a video analysis assignment and a completed teachers key for easy marking. It contains 30 questions based on The Crash Course Economics video: Behavioral Economics.
This assignment will ask students to go to YouTube and watch the Crash Course video: Behavioral Economics. The video will first introduce students to the concept of bounded rationality and how it often prevents people from always making the best possible decisions, contrary to classic economic theory. The scenario of the "Ultimatum Game" is explained to students to help them understand how human decision making is influenced by complex ideas like fairness, injustice, and even revenge- we aren't always rational. The concepts of cognitive bias and psychological pricing are explained and demonstrated to show how producers advertise to consumers psychologically. The video then moves on to nudge theory- a concept which argues that nudges encourage people to act a certain way without actually changing their choices- by showing how using this theory is helping tackle childhood obesity. The video concludes by explaining the concept of loss aversion, and how it has been applied to reduce plastic bag usage at grocery stores.
This video analysis can be easily used as an introduction to the topic, a study guide, or a quick and easy sub plan. Students love the independence of this assignment by getting to use laptops, Chromebooks, or even their own cellphones to watch the video. Crash Course videos tend to move fast so students often find success if they watch the video through once before going back to pause/play to find the answers to all of the questions.