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  5. “How Tos” for Literacy-Targeted Teaching
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“How Tos” for Literacy-Targeted Teaching

Paper Session

Saturday, Jan. 3, 2026 2:30 PM - 4:30 PM (EST)

Philadelphia Marriott Downtown, Room 412
Hosted By: National Association of Economic Educators
  • Chair: Andrew Hill, Federal Reserve Bank of Philadelphia

Who Needs Cost Curves in Principles Courses?

Avi J. Cohen
,
University of Toronto and York University

Abstract

This paper motivates all of the key economic lessons of the short- and long-run profit-maximizing decisions of the firm, without using cost curves. Using only the production possibilities frontier to derive increasing marginal costs, and the demand curve to derive decreasing marginal revenue, I explain a profit-maximizing rule that applies to all market structures, including those with constant marginal costs: “Produce all quantities for which marginal revenue is greater than marginal cost, then set highest price that allows you to sell that quantity.” The invisible-hand-allocation story of entry and exit in response to economic profits can be told using only demand and supply curves, combined with a given long-run equilibrium price. This streamlined presentation frees up more time for applications of the key economic lessons.

Designing and Implementing Literacy-Targeted Principles Courses: Lessons from Simon Fraser University

Anke Kessler
,
Simon Fraser University
Martin Santamaria
,
Simon Fraser University

Abstract

This paper presents a case study of literacy-targeted (LT) principles courses in Economics at Simon Fraser University, one of the first North American departments to embed LT courses as an alternative to traditional principles. We outline the initiative’s origins, the process that led to implementation in 2021, and its full integration into the core curriculum in 2022. We discuss strategies for faculty adoption, enrollment patterns, and student experience, as well as design differences and open questions about long-term learning outcomes and preparedness for upper-level coursework.

Data Literacy: Understanding Why Prices Don’t Fall When Inflation Falls

Mary Clare Peate
,
Federal Reserve Bank of St. Louis
Scott Wolla
,
Federal Reserve Bank of St. Louis

Abstract

This paper addresses a common economic misconception: Why do prices continue to rise even when the inflation rate is falling? Drawing on recent economic data and trends, we will clarify the relationship between inflation rates and price levels, highlighting the critical distinction between disinflation and deflation. Anchored in the Literacy-Targeted (LT) approach to teaching economics, this paper emphasizes mastering core economic and data literacy concepts and applying them to real-world scenarios. Participants will gain practical strategies for effectively discussing and teaching these concepts in the classroom, fostering a deeper understanding of inflation dynamics.

Enhancing Decision-Making Skills using the PACED Model: A Literacy-Targeted Approach

Scott Wolla
,
Federal Reserve Bank of St. Louis
Andrea Caceres-Santamaria
,
Federal Reserve Bank of St. Louis

Abstract

The PACED decision-making model (Problem, Alternatives, Criteria, Evaluate, Decision) offers a structured framework for teaching economic reasoning, making it an ideal tool for literacy-targeted economics instruction. This paper will demonstrate how the PACED model aligns with a literacy-targeted approach by focusing on mastery of foundational economic concepts— scarcity, opportunity cost, and trade-offs—applied to real-world scenarios. Participants will learn practical strategies for incorporating the PACED model into their courses, promoting active learning, and improving students’ ability to analyze economic choices systematically.

Discussant(s)
Eric Kam
,
Toronto Metropolitan University
William Bosshardt
,
Florida Atlantic University
Susan McMaster
,
Frederick Community College
Irene Foster
,
George Washington University
JEL Classifications
  • A2 - Economic Education and Teaching of Economics
  • A1 - General Economics