Episode 3: The Role of Self-Interest and Competition in a Market Economy

This Episode 3: The Role of Self-Interest and Competition in a Market Economy audio also includes:

Why do scholars go to school? Is it due to self-interest and wanting more for themselves? Adam Smith's concept of competition spearheads the third lesson of a 21-part economic series from Econ Lowdown. Scholars investigate how self-interest is at the heart of business competition. Podcasts and video lectures introduce examples of how self-interest actually drives the economy, and budding historians then see how self-interest drives their own lives and shapes their futures. 

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CCSS: Adaptable
Instructional Ideas

  • Introduce self-interest concept with short reading from investopedia
  • Extend the lesson with an additional short video on Adam Smith
Classroom Considerations

  • With adjustments, the lesson is perfect for an economic unit from eighth grade through higher education
Pros

  • Printable transcript of podcast is available for use in the classroom 
  • Offers differentiated instruction with audio and video resources 
Cons

  • None