The Mathematics of Economics and Business

The resources in this collection are the result of a project managed by Mathematics for Education and Industry (MEI) and funded by the Clothworkers’ Foundation.

These resources aim to show the importance of mathematics and statistics in economics and business. There are seven areas covered - use of multipliers, statistical modelling, elasticity, compound interest, inflation, student loans, measuring inequality and modelling the market.

Please note that some resources require use of Geogebra software.

Resources

Statistical Modelling

From the Integrating Mathematical Problem Solving project by Mathematics for Education and Industry (MEI), this activity for post-16 students shows how modelling helps decision making by allowing us to see what is likely to happen. The mathematical ideas covered are:
• Modelling cycle
• Binomial...

Multipliers

From the Integrating Mathematical Problem Solving project by Mathematics for Education and Industry (MEI), this activity for post-16 students shows how money which circulates has a greater effect than could be expected. The activity starts by students predicting on what they will spend their wages when they get a...

Elasticity

From the Integrating Mathematical Problem Solving project by Mathematics in Education and Industry (MEI), this activity shows how changing the price of a product changes the demand so putting the price up can reduce income. Modelling helps decision making. The mathematical ideas covered are:
• Percentage...

Student Loans: Part One

From the Integrating Mathematical Problem Solving project by Mathematics in Education and Industry (MEI), this activity shows how, when introducing a new way of doing things, it is useful to model how it is likely to work. When comparing the value of money over a period of years, inflation needs to be taken into...

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