Engage your students before you launch into your lecture with the #iclickerqoftheweek! Tyler Cowen and Alex Tabarrok, authors of Modern Principles of Economics, share their favorite question about the market for roses to help you talk about price on #valentinesday. Have your students watch how the #invisiblehand delivers roses in this short video, and then answer these questions. (Click here for the video: I, Rose - YouTube )
Start your students off with a target question (learn how to use target questions here: iClicker Support) with a world map (search via Google Images for a world map with the countries labeled) and ask your students to Click on the country that the majority of the world's roses are coming from, according to the Chapter Opener in CH 7 The Price System: Signals, Speculation and Prediction (Page 119 in Micro and Econ). Answer: Kenya.
Additional questions for discussion
- Why are so many countries involved with getting roses into the United States for Valentine's Day?
- If the price of airline fuel goes up, trace out the mechanism by which the number of roses given on Valentine's Day is likely to decline.
- If you are trying to predict which countries might supply roses for Valentine's Day, which factors might be likely to play a role?