Predicting Outcomes with Case Studies
Overview
Students predict the outcome of a case study at the beginning of a module. Later, they reflect on their predictions by applying what they learned in the module’s final assessment. The goal is for students to see how their thinking has changed after completing the module content.
Why Use This?
Using case studies in assessments provides real-world examples that students can connect to their everyday lives. Discussing a case study at the beginning of a module lets students reflect on what they already know about the topic and generates interest in what the outcome might be. Seeing what others are thinking in the discussion also helps students check their own understanding of the topic and see the case study from different perspectives.
How Does It Work?
At the beginning of a module, students are given a short case study. They are then asked questions about the case that prompt them to reflect on their opinions and what they might do in the situation. Lastly, they are encouraged to share their initial thoughts on a discussion board.
Case Study: Is the Economy Bad?
You are having lunch with a friend who you haven’t seen in a while. Your friend talks about how difficult it has been for them as they have been trying to buy a house for over a year now. However, with high home prices and rising interest rates, they have essentially been priced out of the market and cannot afford to purchase anything decent. The increase in prices for gas, groceries, and other consumer items has eaten into their savings toward a down payment, despite getting a raise at work. Your friend mentions that they don’t understand why everything has gotten so much more expensive.
You commiserate with your friend, saying that you’ve noticed high prices, too, and that inflation seems to be the cause. You also mention that you think you saw something about “The Fed” raising interest rates as a way to bring prices and inflation down.
“This economy is so bad!” your friend exclaims as the server comes to your table. The server apologizes for the long wait and explains the restaurant is short-staffed despite trying to hire more workers.
Hopefully, you remember from earlier modules that there are a number of factors that can influence prices, including inflation. What do you think the connection is between inflation and interest rates?
Based on your friend’s complaints about high interest rates and high prices due to inflation, do you agree with your friend’s assessment that the current economy is “bad”? Why or why not?
Pause and Reflect
Share your initial thoughts on the questions above in a quick discussion post.
You will revisit this scenario at the end of the module and apply the concepts from it to your decision.
At the end of the module, students revisit the case study in a reflection paper rather than a discussion post. They are asked to apply what they’ve learned in the module to solve the problem posed in the study and reflect on the accuracy of their initial thoughts.
Purpose
Applying the economic concepts learned in this module represents the primary purpose of this assignment. Moreover, this assignment helps you see the progress in your ability to think like an economist. By comparing your thoughts in the initial case study discussion to the more detailed analysis required in the reflection, you can see firsthand how much you have learned in this module!
Instructions
Download and complete the Case Study Reflection – Is the Economy Bad?Download Case Study Reflection – Is the Economy Bad?
Be sure to be as specific as possible with your answers by including terminology and concepts from this module.
Keep In Mind
- Use case studies that apply to daily life if your students are new to the content. Case studies rooted in everyday situations help students make connections to the content they’re learning in the course.
- Make the case studies more advanced as the course goes on and students have new knowledge.
- Ask students to simply complete the first case study. This approach lets students make “mistakes,” and they are freer to do so if there are no penalties.