Development of Model Economics Lab

Abstract

There is a need to make the teaching-learning process of Economics more meaningful, participatory activity-based and interesting. Most of the Economics teachers look forward to use of information and communication technology and wish to teach Economics in innovative ways. Experimental Economics is the application of experimental methods to study various questions pertaining to economics. Data collected from experiments are used to estimate size, test the validity of economic theories and illuminate market mechanism. Experiment may be conducted in the field or in laboratory settings. Economics theories train students to think like a scientist, logically and rationally. In the learning process, students are exposed to the scientific methodology of collecting evidence, facts and figure and analysing them by using statistical tools and economics theories. For instance, in class XI, the project works in statistics allows students to demonstrate the skills of data collection - whether primary or secondary; and presentation, analysis and interpretation of data so as to arrive at a meaningful conclusion. This requires a laboratory equipped with necessary equipment like computer with internet connectivity and relevant software.