Economic Schools of Thought: 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 36 questions based on The Crash Course Economics video: Economic Schools of Thought.
This assignment will ask students to go to YouTube and watch the Crash Course video: Economic Schools of Thought. The video will first introduce students to the ideas of Thomas Malthus in order to explain how economic theories can be proven wrong, and why economics has changed over time. The video analyzes the ideas of Adam Smith first and allows students to see where the ideas of free market capitalism emerged from. Following Smith, the video introduces Marx and the ideas behind communism. The video goes on to explain that Smith's views would go on to dominate until the 20th century. The emergence of communism in the Soviet Union, and the Great Depression forcing nations to adopt Keynesian economic principles is then reviewed. The idea of socialism is explained along with Keynesian theories. The video also describes the Austrian and Chicago schools of economic thought in response to Keynesian economics. The video concludes by having students analyze how economies on the far left (China and Cuba) and free market economies on the right have both drifted towards the center in recent history.
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.