Threshold concepts in economics

Abstract

Purpose – The purpose of this paper is to examine threshold concepts in the context of teaching and learning first-year university economics. It outlines some of the arguments for using threshold concepts and provides examples using opportunity cost as an exemplar in economics. Design/methodology/approach – The paper provides an overview of the theoretical literature around threshold concepts in economics and provides exemplars from previous research, and current practice, to illustrate how they might be applied in economics. Findings – The notion of threshold concepts such as opportunity cost can be extremely useful in pedagogic design. They focus on how learning concepts changes student thinking, rather than the standard approach which treats many concepts as equal in importance. Designing appropriate instructional materials around threshold concepts is time consuming and this may prove a barrier to the notions widespread adoption. Originality/value – This paper contributes to the literature discussing the practical application of threshold concepts in teaching first-year economics as well as identifying possible reasons for its relatively slow adoption as a teaching tool in university.

Quantitative Modelling and Perspective Taking: Two Competencies of Decision Making for Sustainable Development

“…The economic setting provides somewhat unfamiliar contexts [54] for the participants. Furthermore, the economics concepts required for many real-world Sustainable Development issues may not be connected with the underlying rational behind them [55]. The latter can result in a lack of a well-developed schema within the learner's mind [56].…”

What do economic scholars consider powerful economic knowledge of importance for people in their private and public lives? Implications for teaching and learning economics in social studies

“…Other researchers have also suggested opportunity cost as a potential economic threshold concept (e.g. Reimann and Jackson 2006;Shanahan, Foster, and Meyer 2006;Shanahan 2016). Reimann and Jackson (2006) suggest elasticity as a potential threshold concept, and Löw Beer (2016) indicates that market failure and externalities could be added to web threshold concepts.…”

“…Reimann and Jackson (2006) suggest elasticity as a potential threshold concept, and Löw Beer (2016) indicates that market failure and externalities could be added to web threshold concepts. Shanahan (2016) argues that opportunity cost can be very useful as a threshold concept that helps students enhance their understanding of economics, as this concept underpins production possibility frontiers and serves as the foundation of other economic concepts, such as consumers' choice, demand schedules, the decision to supply, perfect competition, efficiency, comparative advantage, incentives, price signals and markets. The threshold concepts suggested by Davies and Mangan (2007) have also been used in Karunaratne, Breyer, and Wood's (2016) research when they redesigned an entry-level economics course at a university in Australia.…”

“…The Voluntary National Content Standards in Economics for American students from kindergarten to the twelfth grade (K-12) and the economic framework developed within the theory of threshold concepts (e.g. Reimann and Jackson 2006;Shanahan, Foster, and Meyer 2006;Davies and Mangan 2007;O'Donnell 2009;Löw Beer 2016;Shanahan 2016) are (together with leading economics textbooks) possible sources for identifying important economic knowledge. According to Young's (2008Young's ( , 2009Young's ( , 2013a discussion about powerful knowledge, disciplinary knowledge derived from epistemic communities is one relevant source for identifying important economic knowledge.…”

Non-major accounting students’ learning in a threshold concepts-inspired tutorial programme

“…The knowledge acquired by these motivated students is deeply used by the application thereof. This means of learning is in line with that of constructivism, that allowed students to create upon the knowledge received (Biggs, 1999), as well as that of Threshold Concepts Theory learning that offered the prospect of promoting deep learning (Shanahan et al, 2016).…”