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Enhancing Business Students' Understanding of Economic Threshold Concepts using WinEcon and VLEs

This investigation explores the application of economics threshold concepts via WinEcon on a VLE for business students. The project aims to embed select concepts, develop teaching materials, assess understanding changes, and investigate broader embedding possibilities. Methodology involves seminar groups and WinEcon exercises. Implementation stages include introducing concepts, issuing baseline questions, and conducting case studies. Evaluation shows improvements in student understanding. Implementation challenges and WinEcon's usefulness are highlighted. Feasibility, students' access, material development, and inconclusive understanding are discussed. (492 characters)

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Enhancing Business Students' Understanding of Economic Threshold Concepts using WinEcon and VLEs

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  1. An Investigation into the Application of Economics Threshold Concepts using WinEcon via a VLE for Business StudentsEconomics Network Mini Project Mike Walsh Keith Gray Coventry University ref: DEE winthresh3 sept 07 ver4 U/L/D

  2. (1) Introduction • Builds upon two Fund for the Development of Teaching and Learning 5 projects (FDTL5) • Embedding threshold concepts in first year undergraduate economics • Beyond dissemination strategies: Embedding computer based learning and effective use of WinEcon and VLEs • WinEcon extensively used at Coventry University, particularly on business degrees

  3. Business students find certain threshold concepts relatively difficult. Consider: • Opportunity cost • Marginal analysis • Multiplier • Promote understanding and working knowledge (Salami 2005) • Mini project

  4. (2) Project Aims • Investigate feasibility of embedding selected threshold concepts using WinEcon via a VLE for business students • Develop relevant teaching materials • Assess how students’ understanding of these concepts changes as a result of embedding • Investigate possibility of embedding a wider range of threshold concepts

  5. (3) Methodology • 3 seminar groups, 1 being a control group • Introduce a threshold concept in lecture • 2 research groups undertake exercise with hyperlinks to WinEcon

  6. (4) Implementation Stage I (week2) • The threshold concept of opportunity cost introduced in lectures

  7. Stage II (week 4) • Baseline questions issued • To ensure completion • Concise • In labs • Three questions covered • a) a perceived understanding of the concept, • b) selecting a definition of the concept • c) an application of the concept.

  8. Stage III (week eight) • All three groups covered material on opportunity cost in order to reinforce the lecture • Short case study considering the opportunity cost of examination revision • Two research groups undertook WinEcon activity; ‘Allocation of a health budget’ • Verbal and written feedback

  9. Stage IV (week nine) • All three groups were given the baseline questions again • Process repeated for multiplier in term two

  10. (5) Web-linking • Instructions on www.winecon.com • Using weblinks http://www.winecon.com/video/using_weblinks/ • Creating weblinks http://www.winecon.com/video/creating_weblinks/

  11. (6) Implementation issues • Insufficient workshop time for marginal analysis • Problems with hyperlinks • Compliance • Non-attendance • ‘Matching’ • Motivation • Unanticipated benefits incl. • Move from unrealistic WinEcon pricing structure • Downloading to individual (registered) students pioneered at Coventry University

  12. (7) Evaluation • Student’s understanding: • Opportunity cost & Multiplier • Baseline…3 questions (confidence / definition / application) • Given immediate feedback • 4 weeks later = winecon link (research groups) or alternative (control group) • Follow up on 3 baseline questions 1 week later • Data is for matched pairs only

  13. Table 7.1: Percentage of Students Certain of Understanding (recording 4 or 5 on Likert scale): Opportunity Cost • Relative hubris among 2nd research group (age/ exp./ motivation?) • Notable that % change matched & highest for research groups

  14. Table 7.2: % of Students giving correct definition: Opportunity Cost Controlgroup • Only research group 2 improved • Students found question easier than anticipated

  15. Table 7.3: % of students giving correct application: Opportunity Cost • Notable 1st research group & control had same % gain • 2nd research group continued to be strongest in general

  16. Table 7.4: Percentage of Students Certain of Understanding (recording 4 or 5 on Likert scale): Multiplier • Notably lower confidence re multiplier concept • Again hubris for 2nd research group (p/t) • Small numbers make % change difficult to interpret

  17. Table 7.5: % of Students giving correct definition: Multiplier • Equivalent performance across groups at baseline • % change evidence mixed

  18. Table 7.6: % of students giving correct application: Multiplier • Evidence inconclusive • 2nd research group did improve performance & stronger in general

  19. (8) WinEcon survey • Indicates • Students find WinEcon a useful learning aid • Links relatively easy to use

  20. Source: ‘Embedding computer based learning and effective use of WinEcon and VLEs’ FDTL5 project, ‘WinEcon Survey’ for Year 1 Business students at Coventry, May 2007.

  21. (9) Conclusion • Feasible to embed threshold concepts using WinEcon • Students have improved access to WinEcon outside labs • Teaching materials developed • Students’ understanding of TCs inconclusive • Could extend using more groups and threshold concepts

  22. Bibliography • Meyer J and Land R, (2002), ‘Threshold Concepts and Troublesome Knowledge (1): linkages to ways of thinking and practicing within the disciplines’, ISL 2002 Conceptual Paper. • Salami M, (2003) ‘Teaching Economic Literacy: Why, What and How', International Review of Economics Education, vol 4, issue 2.

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