| Equipment/Manipulative A set of 3x5 index cards, one per student A variety of magazines from which students may cut out pictures and words (Option B) Bead containers– a mixture of red, green, blue, and yellow beads. (Do not give the lids to the containers to the groups as they will be used later in the game.) Computer with PowerPoint capability Computer with PowerPoint capability and a LCD or display 4 Dixie Cups – at least 4 and these stay with the teacher Markers or colored pencils for student drawings Overhead projector/ LCD projector 5 Rulers Scissors – enough for half of the class Spool of string (If you can find two types of string: thin, spool of thread and a thicker, plastic string is preferable) Student Notebook or Journal – “Decision Making Notebook” Unlined drawing or construction paper Student Resource A Facebook Tale: Founder Unfriends Pals On Way Up. NPR.com. 17 July 2009. 6 October 2015 http://www.npr.org/templates/story/story.php?storyId=106742510. Bill Gates Biography. Biography.com 6 October 2015 http://www.biography.com/people/bill-gates-9307520. Boyle, Matthew. “It came from Los Angeles.” Pinkberry could be the next hot franchise. CNN.com. Fortune. 28 May 2007. 6 October 2015 http://money.cnn.com/magazines/fortune/fortune_archive/2007/05/28/100033688/index.htm. Econ Ed – Opportunity Cost. Federal Reserve Bank of St. Louis. 6 October 2015 https://bts.stlouisfed.org/opportunity-cost/?p=yes. “Factors of Production.” Economic Lowdown Podcast Series. Federal Reserve Bank of St. Louis. 6 October 2015 http://www.stlouisfed.org/education_resources/economic-lowdown-podcast-series/factors-of-production/. Gustafson, Kathryn, Brian Pierce and Scott Warrow. PowerPoint (Lessons 1, 2, 4, 5, and 7, Unit 1). Teacher-made materials. Oakland Schools, 2014. - - -. Supplemental Materials (Lessons 1-7, Unit 1). Teacher-made materials. Oakland Schools, 2014. "I, Pencil: My Family Tree as told to Leonard E. Read." Library of Economics and Liberty. 1999. 6 October 2015 http://www.econlib.org/library/Essays/rdPncl1.html. “I, Pencil: The Movie.” Competitive Enterprise Institute. 14 November 2012. 6 October 2015 http://www.youtube.com/watch?v=IYO3tOqDISE. Logue, Andrew. “Drake Relays inspired Nike founder Phil Knight.” USA Today.com . 12 April 2009. 6 October 2015 http://www.usatoday.com/sports/olympics/2009-04-12-phil-knight-drake-relays_N.htm. Oprah Winfrey Biography. Biography.com 6 October 2015 http://www.biography.com/articles/Oprah-Winfrey-9534419?part=0. No access currently available. 14 July 2014. Today’s Meet. 6 October 2015 http://todaysmeet.com. “What is Fracking?” National Geographic. 6 October 2015 http://ngm.nationalgeographic.com/2013/03/bakken-shale-oil/fracking-animation-video. Zoning in the United States. Wikipedia. 6 October 2015 http://en.wikipedia.org/wiki/Zoning_in_the_United_States. Teacher Resource “Colour, Symbol, Image Routine.” Visible Thinking. Harvard Project Zero. 6 October 2015 http://www.visiblethinkingpz.org/VisibleThinking_html_files/03_ThinkingRoutines/03d_UnderstandingRoutines/ColourSymbolImage/ColourSymbolImage_Routine.html. “Increasing Opportunity Cost.” Scarcity, Possibilities, and Preferences and Opportunity Cost. Khan Academy. 6 October 2015 https://www.khanacademy.org/economics-finance-domain/microeconomics/choices-opp-cost-tutorial/production-possibilities/v/increasing-opportunity-cost. “Matching Organs.” Transplant Living. Unos. 8 July 2014 “Opportunity Cost - The Economic Lowdown Podcast Series.” Federal Reserve Bank of St. Louis. 6 October 2015 http://www.stlouisfed.org/education_resources/economic-lowdown-podcast-series/opportunity-cost/. Econlowdown. Federal Reserve Bank of St. Louis Online Learning Program. 6 October 2015 https://bts.stlouisfed.org/opportunity-cost/index.php?sid=318&p=1. Federal Reserve Bank of St. Louis. Education Resources. 6 October 2015 http://www.stlouisfed.org/. Junior Achievement Text and Study Guide. High School. 29 July 2010 Landsburg, Steven E. Fair Play: What Your Child Can Teach You About Economics, Values, and the Meaning of Life by Steven E. Landsburg. New York: The Free Press, 1997. Pp. 5-6. Marginal and Total Opportunity Cost from PPF. YouTube. 5 August 2012. 6 October 2015 http://www.youtube.com/watch?v=iZYkQDloJnE. McConnell, Campbell, Stanley Brue, and Sean Flynn. Contemporary Economics. 18th ed. Columbus, OH: McGraw-Hill, 2008. Ch. 2. Money Instructor, Play Money. 6 October 2015 http://www.moneyinstructor.com/play.asp. National Council for Economic Education. 6 October 2015 http://www.councilforeconed.org/. News Hounds. 6 October 2015 http://newshounds.keenspot.com/images/NH1/Fan%20Art/scarcity.jpg. Ripp, Ken. Bead Game Simulation. Foundation for Teaching Economics. Davis, CA. 2001. 6 October 2015 http://www.fte.org/teachers/lessons/lessons.htm. Rosenman, Robert E. "Marginal Analysis." School of Economic Sciences. Washington State University. 22 August 2009. 3 April 2014 Schenk, Robert E. The Circular Flow. 6 October 2015 http://ingrimayne.com/econ/TheFirm/CircularFlow.html. Shark Tank Season 2 Finale Onesole Shoes. YouTube. 12 July 2014 Spadaccini, Michael. “The Basics of Business Structures.” Entrepreneur.com. 9 March 2009. 6 October 2015 http://www.entrepreneur.com/article/200516. Tablet Comparison. 9 to 5 Mac. Apple Intelligence. 6 October 2015 http://9to5mac.com/2011/02/09/tablet-comparison/. Resources for Further Professional Knowledge (Summer Reading List for Teachers) Ariely, Dan. Predictably Irrational: The Hidden Forces That Shape Our Decisions. New York: HarperCollins, 2009. Friedman, Thomas L. The World Is Flat: A Brief History of the Twenty-first Century. New York: Farrar, Straus & Giroux, 2005. Levitt, Steven D. and Stephen L. Dubner. Freakanomics: A Rogue Economist Explores the Hidden Side of Everything. New York: HarperCollins, 2005 Miller, Roger LeRoy, Daniel K. Benjamin, and Douglass C. North. Economics of Public Issues, The (15th Edition). New York: Addison Wesley, 2007. |
| MI: English Language Arts 6-12 Presentation of Knowledge and Ideas
4. Present information, findings, and supporting evidence such that listeners can follow the line of reasoning and the organization, development, and style are appropriate to task, purpose, and audience. SL.9-10.4. Present information, findings, and supporting evidence clearly, concisely, and logically such that listeners can follow the line of reasoning and the organization, development, substance, and style are appropriate to purpose, audience, and task. 5. Make strategic use of digital media and visual displays of data to express information and enhance understanding of presentations. SL.9-10.5. Make strategic use of digital media (e.g., textual, graphical, audio, visual, and interactive elements) in presentations to enhance understanding of findings, reasoning, and evidence and to add interest. MI: Literacy in History/Social Studies, Science, & Technical Subjects 6-12 Reading: History/Social Studies 2. Determine central ideas or themes of a text and analyze their development; summarize the key supporting details and ideas. RH.9-10.2. Determine the central ideas or information of a primary or secondary source; provide an accurate summary of how key events or ideas develop over the course of the text. Craft and Structure
4. Interpret words and phrases as they are used in a text, including determining technical, connotative, and figurative meanings, and analyze how specific word choices shape meaning or tone. RH.9-10.4. Determine the meaning of words and phrases as they are used in a text, including vocabulary describing political, social, or economic aspects of history/social science. Integration of Knowledge and Ideas
7. Integrate and evaluate content presented in diverse formats and media, including visually and quantitatively, as well as in words. RH.9-10.7. Integrate quantitative or technical analysis (e.g., charts, research data) with qualitative analysis in print or digital text. Range of Reading and Level of Text Complexity
10. Read and comprehend complex literary and informational texts independently and proficiently. RH.9-10.10. By the end of grade 10, read and comprehend history/social studies texts in the grades 9–10 text complexity band independently and proficiently. Text Types and Purposes
1. Write arguments to support claims in an analysis of substantive topics or texts using valid reasoning and relevant and sufficient evidence. WHST.9-10.1a. Introduce precise claim(s), distinguish the claim(s) from alternate or opposing claims, and create an organization that establishes clear relationships among the claim(s), counterclaims, reasons, and evidence. 2. Write informative/explanatory texts to examine and convey complex ideas and information clearly and accurately through the effective selection, organization, and analysis of content. WHST.9-10.2. Write informative/explanatory texts, including the narration of historical events, scientific procedures/ experiments, or technical processes. Production and Distribution of Writing
4. Produce clear and coherent writing in which the development, organization, and style are appropriate to task, purpose, and audience. WHST.9-10.4. Produce clear and coherent writing in which the development, organization, and style are appropriate to task, purpose, and audience. 6. Use technology, including the Internet, to produce and publish writing and to interact and collaborate with others. WHST.9-10.6. Use technology, including the Internet, to produce, publish, and update individual or shared writing products, taking advantage of technology’s capacity to link to other information and to display information flexibly and dynamically. Research to Build and Present Knowledge
7. Conduct short as well as more sustained research projects based on focused questions, demonstrating understanding of the subject under investigation. WHST.9-10.7. Conduct short as well as more sustained research projects to answer a question (including a self-generated question) or solve a problem; narrow or broaden the inquiry when appropriate; synthesize multiple sources on the subject, demonstrating understanding of the subject under investigation. 9. Draw evidence from literary or informational texts to support analysis, reflection, and research. WHST.9-10.9. Draw evidence from informational texts to support analysis, reflection, and research. Range of Writing
10. Write routinely over extended time frames (time for research, reflection, and revision) and shorter time frames (a single sitting or a day or two) for a range of tasks, purposes, and audiences. WHST.9-10.10. Write routinely over extended time frames (time for reflection and revision) and shorter time frames (a single sitting or a day or two) for a range of discipline-specific tasks, purposes, and audiences. MI: Social Studies (2007) E1 The Market Economy
1.1 Individual, Business, and Government Choices Explain and demonstrate how economic organizations confront scarcity and market forces when organizing, producing, using, and allocating resources to supply the marketplace. 1.1.1 Scarcity, Choice, Opportunity Costs, and Comparative Advantage – Using examples, explain how scarcity, choice, opportunity costs affect decisions that households, businesses, and governments make in the market place and explain how comparative advantage creates gains from trade. 1.1.2 Entrepreneurship – Identify the risks, returns and other characteristics of entrepreneurship that bear on its attractiveness as a career. 1.2 Competitive Markets
Analyze how the functions and constraints of business structures, the role of price in the market, and relationships of investment to productivity and growth, impact competitive markets. 1.2.1 Business Structures – Compare and contrast the functions and constraints facing economic institutions including small and large businesses, labor unions, banks, and households. 1.2.2 Price in the Market – Analyze how prices send signals and provide incentives to buyers and sellers in a competitive market. 1.2.3 Investment, Productivity and Growth – Analyze the role investments in physical (e.g., technology) and human capital (e.g., education) play in increasing productivity and how these influence the market. 1.3 Prices, Supply, and Demand Compare how supply, demand, price, equilibrium, elasticity, and incentives affect the workings of a market. 1.3.3 Price, Equilibrium, Elasticity, and Incentives – Analyze how prices change through the interaction of buyers and sellers in a market including the role of supply, demand, equilibrium, elasticity, and explain how incentives (monetary and non-monetary) affect choices of households and economic organizations. 1.4 Role of Government in the Market
Describe the varied ways government can impact the market through policy decisions, protection of consumers, and as a producer and consumer of goods and services, and explain how economic incentives affect government decisions. 1.4.1 Public Policy and the Market – Analyze the impact of a change in public policy (such as an increase in the minimum wage, a new tax policy, or a change in interest rates) on consumers, producers, workers, savers, and investors. 1.4.2 Government and Consumers – Analyze the role of government in protecting consumers and enforcing contracts, (including property rights), and explain how this role influences the incentives (or disincentives) for people to produce and exchange goods and services. 1.4.4 Functions of Government – Explain the various functions of government in a market economy including the provision of public goods and services, the creation of currency, the establishment of property rights, the enforcement of contracts, correcting for externalities and market failures, the redistribution of income and wealth, regulation of labor (e.g., minimum wage, child labor, working conditions), and the promotion of economic growth and security. 1.4.5 Economic Incentives and Government – Identify and explain how monetary and non-monetary incentives affect government officials and voters and explain how government policies affect the behavior of various people including consumers, savers, investors, workers, and producers. E2 THE NATIONAL ECONOMY OF THE UNITES STATES OF AMERICA
2.1 Understanding National Markets
Describe inflation, unemployment, output, and growth, and the factors that cause changes in those conditions, and describe the role of money and interest rates in national markets. 2.1.1 Income – Describe how individuals and businesses earn income by selling productive resources. 2.1.2 Circular Flow and the National Economy – Using the concept of circular flow, analyze the roles of and the relationships between households, business firms, financial institutions, and government and nongovernment agencies in the economy of the United States. 2.2 Role of Government in the American Economy
Analyze the role of government in the American economy by identifying macroeconomic goals; comparing perspectives on government roles; analyzing fiscal and monetary policy; and describing the role of government as a producer and consumer of public goods and services. Analyze how governmental decisions on taxation, spending, protections, and regulation impact macroeconomic goals. 2.2.1 Federal Government and Macroeconomic Goals – Identify the three macroeconomic goals of an economic system (stable prices, low unemployment,and economic growth). E3 The International Economy
3.1 Economic Systems
Explain how different economic systems, including free market, command, and mixed systems, coordinate and facilitate the exchange, production, distribution, and consumption of goods and services. 3.1.1 Major Economic Systems – Gives examples of and analyze the strengths and weaknesses of major economic systems (command, market and mixed), including their philosophical and historical foundations (e.g., Marx and the Communist Manifesto, Adam Smith and the Wealth of Nations). 3.1.5 Comparing Economic Systems – Using the three basic economic questions (e.g., what to produce, how to produce, and for whom to produce), compare and contrast a socialist (command) economy (such as North Korea or Cuba) with the Capitalist as a mixed, free market system of the United States. E4 Personal Finance
4.1 Decision Making
Describe and demonstrate how the economic forces of scarcity and opportunity costs impact individual and household choices. 4.1.1 Scarcity and Opportunity Costs – Apply concepts of scarcity and opportunity costs to personal financial decision making. 4.1.2 Marginal Benefit and Cost – Use examples and case studies to explain and evaluate the impact of marginal benefit and marginal cost of an activity on choices and decisions. 4.1.5 Personal Decisions – Use a decision-making model (e.g., stating a problem, listing alternatives, establishing criteria, weighing options, making the decision, and evaluating the result) to evaluate the different aspects of personal finance including careers, savings and investing tools, and different forms of income generation. © Copyright 2010. National Governors Association Center for Best Practices and Council of Chief State School Officers. All rights reserved. |
