Canton Center for Economic Education

Canton Center for Economic Education

presents

CHOICES AND CHANGESMay 7th, 2010

Canton Center for Economic Education

@ http://www.canton.edu/centereconed

• 2009-2010• 2008-2009• 2007-2008• 2006-2007• 2005-2006

Choices & Changes Agenda

I. Exchanging goods and services

II. You in the EconomyIII. Using Human

CapitalIV. Economic ChoicesV. Choices Based on

PreferencesVI. Making Choices

VII. Impact on othersVIII.Choices make a

DifferenceIX. Choices have

ConsequencesX. What Influences

ChoicesXI. Bearing Others

ChoicesXII. Making Good

Choices

OBJECTIVES• Illustrate how scarcity problem forces

choices• Explain rational choices making• Critique consumer and producers roles• Support human capital enhancements • Evaluate opportunity cost, benefit/cost

analysis, consequences, and influences of choices

Students Journal• Start journal “Decisions I Make”• Assign Journal Pages • Students to complete Journal

Pages after each lesson• Promotes child-parent relationship

I: Exchanging goods and services

Students will:• Recognize that all economies

exchange goods and services• Understand that all parties benefit

in voluntary exchange• Identify ways in which they

participate in the economy

Student Journal 1-1Things Bought and Sold

List barter item/goods:1. Phone2. IPod3. Car4. Books

Help Bought and Sold

List barter services:1. Hairdressing2. Pedicure/Manicure3. Tanning4. Piecing

I: Exchanging goods and services

• Trading should satisfies both parties

• Ask each student to bring one barter item for exchange

• Discuss barter: ancient, time consuming, divisibility, money, win-win, self-interest

II: You in the EconomyStudents will:• Recognize that consumers (in

exchange) are part of the economy• Prepare Consumer Report by engaging

as objective (fair) consumer researchers

• Perform benefit cost-analysis• Economic Life Activity

II: You in the Economy Student Researchers

As consumer researchers evaluate 3 different rolls of paper towels:

Test for the best using the following criteria:

1. Absorbency2. Strength3. Tear

ResultBrand Absorbency Strength Tear

A fair poor good

B good good good

C fair fair good

Student Journal 2-11. Write the definition of “The

economy”: The way society organizes to satisfy human wants

2. Describe economy in your own words

3. Draw a picture of an exchange4. What is the most common way to

get money in the economy: Work

II: You in the EconomyChoice is a Decision or Selection

Students complete Activity 1: A Day in My Economic Life

Label “C” for Consumer ActivityLabel “HC” for Activity to Develop Human

Capital

Activity 1A Day in My Economic

LifeTime Economic Choice Kind: C or HC

6:00 AM Breakfast (C) Consumer

8:00 AM Math or Reading (HC) Human Capital

12:00 PM Lunch (C) Consumer

2:00 PM Soccer Practice (HC) Human Capital

4:00 PM

6:00 PM

8:00 PM

10:00 PM

Activity 2Making Good Choices

1. During this one-day period, what is your best choice and why?

2. What was your worst choice and why?3. Do you think you made good choices about

spending money during this day.4. Do you think you made good choices about

the way you developed your human capital?5. How might you improve?

III: Using Human Capital

Students will:• Recognize workers and consumers

as part of the economy• Value human capital• Discover how to develop human

capital

III: Using Human Capital

Workers produce while consumers buy goods and services

Economic value is a measure of worth of a good, service, or resource

• Open with Student Journal (SJ) 3-1• Use SJ 3-2 to take Inventory of Human

Capital • Show ability with SJ 3-3

Student Journal 3-1 1. Name a good or service?2. Name a good you often buy for

$5? 3. Name two services you have used

in the past?4. What is the first good/service you

will buy when you leave home?5. Describe 3 consumer choices?

Student Journal 3-21. States in the US (Place-name knowledge)

2. Words More Than 9 Letters Long (Vocabulary knowledge)

3. Multiplication Problems I can Solve (Math skills)

4. Popular Music Stars and Groups (Popular culture knowledge)

Students Journal 3-2Other topics about which I know a lot are:

Student Journal 3-3Skill Inventory

Skills Can Do

Want to Improve

Want to Learn

Not Intereste

d

Using Tools v

Calculating Numbers

Gathering Information

Classifying Information

Attention to Details

Using a Computer

Team Player

Drawing

IV: Economic ChoicesStudents will• Recognize the need to make

economic choices• Relate scarcity and economic

choices• Explain opportunity cost• Identify the benefits and cost in

choice-making

Activity 3Mario’s Lucky Day

Mario is 14 years old with $75• Saving for a $200 digital camera• $60 new clothing • $75 season ticket for his favorite basket ball team

Student Journal 5-1Never Enough

Alternatives Price Additional Cost/Sacrifice

1.

2.

3

IV: Economic Choices1. Does Mario have a scarcity

problem?2. What are his alternatives?3. If you were in Mario’ position,

which alternative would you choose ? Why?

4. What would your second choice or highest-valued alternative (opportunity cost) be? Why?

Student Journal 5-2My Story about Scarcity 1. What is wanted, explain the

scarcity situation? What do they cost? How much is available?

2. How did you decide the alternatives and how did the situation turn out.

3. Identify the choice and opportunity cost?

IV: Economic Choices Choice Situation Stimulation

“What ‘s in the Box?”• Contestants select one of two

boxes. Each box holds a prize.• Decide whether to keep the prize

in the first box or give it up and choose another

• List the benefits of each prize

Student Journal 6-1What’s in the Box

Box OneBenefits________________________________________________________________________________________________________________________________________________________________________________________________________________

Box TwoBenefits________________________________________________________________________________________________________________________________________________________________________________________________________________

V: Choices Based on Preferences

Students will:• Recognize that choices are based

on preferences• Understand that individual use

preferences in choice-making• Recognize and accept differences

in preferences

V: Choices Based on Preferences

Situation One:Would you buy an inexpensive sweatshirt and go to the movies with friends. Or buy a good quality sweater.Choice and Reason:_____________________________________Opportunity Cost:______________________________________

Situation Two:Would you spend 15 minutes hanging out with your friends and miss the school bus to take a later one. Or leave school at regular time.Choice and Reason:______________________________________Opportunity Cost:_______________________________________

Situation Three:Would you get help tonight from a math whiz in class. Or go to your best friend’s house to watch one of your favorite videos.Choice and Reason:______________________________________Opportunity Cost:_______________________________________

VI: Making Choices• Identify and examine six common

ways of choice-making• Recognize the cost and benefits of

the different ways • Use one of the six methods to

make a choice (select a preference)

Student Journal 8-1Six Common Methods

Let Chance Determine OutcomeExample:_________________Cost:Benefit:

Follow an ImpulseExample:_________________CostBenefit

Let Someone Else DecideExample:_________________CostBenefit

Obtain Facts and Think It OverExample:_________________CostBenefit

Rely on HabitExample: _________________CostBenefit

Do NothingExample:_________________CostBenefit

Activity IVChoice Cards

Situation: I have a book report due tomorrow.Choice?A. Do the book report.B. Go to a movie tonight.

Situation: I just won $300Choice?A. Buy a digital camera.B. Save money for a trip out of

town.

Situation: What should I do after school today?Choice?A. Talk to friend on the phone.B. Visit a friend.

Situation: I’m tardy. What should I do if the principal stops me?Choice?A. Make up a false story?B. Apologize and explain.

Situation: I want to hear my favorite music groupChoice?A. Go to their concert.B. Buy their CD.

Situation: I am hungry for pizza. What should I do.Choice?A. Buy a pizza at a

restaurant.B. Heat a frozen pizza..

VII: Impact on OthersStudents will:• Recognize that choices made

affect others• Illustrate the ways choices affect

(influence, change) others

Activity 5Flow Chart of Marsha’s Story

Marsha calls in sick one night to go to the season’s hottest new movie with a friend

The manager calls another employee to try to get him or her to work for Marsha.

The manager cannot find the other employee.

The manager ask the other employees to work faster and

give up breaks.

Customers are getting angry because they

are having to wait too long for their food.

The manager is finally able to reach a daytime worker who agrees to

come in and work but is not happy.

Student Journal 9-1Timothy’s Science Project

Timothy doesn’t have his science project for the group and

presentation

What should he do?The 1st student whisper

a solution to the second student

The 2nd students whispers both the

first event

and the event he

or she adds to the 3rd

student.

Student Journal 9-1Chain of Events

• The 3rd student repeats the 1st and 2nd events and adds to the chain of events for the 4th student.

• The 4th students reports the entire chain of events with a final event ( a happy ending).

Student Journal 9-2Flow Chart of Events

Event that occurred

Add another event

Add 2nd event

Add a 3rd event

Close chain of event with a

happy ending.

VIII: Choices Make a Difference

Students will:• Discover the effect choices have

on adult lives.• Learn from the choice and

experiences of adult.

VIII: Choices Make a Difference

Students prepare for interviews with adults by working in pairs.

• Begin with self-introduction• Ask for the name of the

interviewee• Ask questions, actively listen, and

record answers• Say thank you

Student Journal 10-1Interview Questions and

Answers

1. Is your work related to goods or service?

2. Why did you choose the job?3. What alternatives did you have?4. What knowledge and skills does

your job require?5. What are the benefits and costs?

Student Journal 10-2learning from Interviews

1. The person I interviewed produces____________________

2. The person possesses the following skills_______________________

3. The person developed these skills by ___________________________

4. The cost and benefit of this career is _________________________

IX: Choices and Consequences

Students will:• Connect choices and

consequences• Recognize that alternative choices

can have different consequences• Identify specific consequences of

choices• Distinguish long- from short term

consequences of action

Activity 7Paired Writing Recording Form

Report your partner’s response to the situation that you described and the possible consequences.

_________________________________________________________________________________________________________________

Student Journal 11-1What are Consequences

• You have $15, you want to see a movie for $7, your sister ask for $10 and you want a new $15 CD.

• Do you keep the money, go to the movies, lend your sister, or buy a CD

• What did you decide and what are the consequences?

Student Journal 12-1Consequences of Not Graduating High

School

Short Term (1 year) Long Term (5 to 10 years)

Positive •Free Time•No Rules•Sleep in

•Start Family Early•Start Work Early

Negative •No Jobs•No Sports/Exercise•Miss Out on High School Friends

•Limited Job Options•Lower Social Status•Lower Self-Esteem

Student Journal 12-2Letter to Younger Students

20 years Old, 20 _ _

Dear Student,Because I graduated from high school, I now_________________________________________________________________________________________________________________________________________________________Sincerely,

20 years Old, 20 _ _

Dear Student,Because I did not graduate from high school, I now_________________________________________________________________________________________________________________________________________________________Sincerely,

X: What Influences Choices

Students will:• Recognize that incentives and

disincentives influence choices• Get how other people’s opinion

influences choices• Identify the ways that media

influences choices

Student Journal 13-1Influences on Our Choices

Consequence I or D Incentive or Disincentive

To go to study hall because of poor grades

D Study hall

Free movie for good grades I

Tip for carrying groceries in the snow

“F” for not completing assignment

Allowance to stay in school

Student Journal 13-2Paired Interview Questions

1. What influences to buy/or not buy to clothing?

2. What influences you not to be friends with people?

3. What influences you to do your homework?4. What influences you not to go to school?5. What influences you to each at certain fast-

food restaurant?Check your list for the greatest influencers?

X: What Influences Choices

Incentives and disincentives are offered by institutions that have power in our lives such as:

1.Families2.Schools3.Businesse

s

4. The Law5. Church

XI: Bearing Others Choices

Students will:1. Evaluate how choices made by

others affect them.2. Show instances when they have

been affected by the choices of others.

Juan Faces A DilemmaShoplifter

s steal

Mr. Norka keeps teens

out.

Juan can’t get groceries for

diner

Anne (Juan sister) doesn't

get supper

Juan’s mother is upset.

What can Juan do?

Student Journal 14-1Choices Made by Others Affect Me

1. Describe the dilemma or problem. 2. Explain how the choices made by

other people contributed.3. Identify two alternatives that you

have in solving the problem4. Tell how you solved the problem.

XII: Making Good Choices

Students will:1. Present a group projects on

rewards of graduating high school.

2. Apply learning from Choices and Changes to present and future endeavors.

XII: Making Good Choices• Ask groups to present

advertisement or commercials of the benefits of graduating from high school.

• Use audio- or videotaping capabilities to create the ads.

• Or publish the ads in newspapers, magazines or create a brochure.

Student Journal 15-11. Focus on choices that you are making

now? Consumer choices, developing and using your human capital, using time, and selecting friends.

2. Do you make wise choices most of the time? How could you improve choices?

3. Describe your choices and how you make choices at this point in your life.

Thank you!Thank you!

Marcellina Hamilton34 Cornel Drive, SUNY Canton

315 379 3938hamiltonm@canton.edu