KATHRYN GUSTAFSON FARMINGTON HIGH SCHOOL [email protected]...
-
Upload
scot-boone -
Category
Documents
-
view
217 -
download
1
Transcript of KATHRYN GUSTAFSON FARMINGTON HIGH SCHOOL [email protected]...
KATHRYN GUSTAFSONFARMINGTON HIGH SCHOOL
KAT H RY N. G U STA F SO N @ FA R M I N G T O N. K 1 2 . M I . US
H TT P : / / G U S O N O M I C S . W I K I . FA R M I N G T O N. K 1 2 . M I . U S/
Economics and Theme: Price Theory
Michigan Content Standards
1.3 Prices, Supply, and Demand Compare how supply, demand, price, equilibrium, elasticity, and
incentives affect the workings of a market.
1.3.1 Law of Supply – Explain the law of supply and analyze the likely change in supply when there are changes in prices of the productive resources (e.g., labor, land, capital including technology), or the profit opportunities available to producers by selling other goods or services, or the number of sellers in a market.
1.3.2 Law of Demand – Explain the law of demand and analyze the likely change in demand when there are changes in prices of the goods or services, availability of alternative (substitute or complementary) goods or services, or changes in the number of buyers in a market created by such things as change in income or availability of credit.
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.
WHAT WORKS?
Only 22 states require students to take a high school economics course
• National Council Economic Education (2011 Survey of States)
“Next to student ability, teacher ability may be the most important variable in the learning equation. Teachers’ knowledge of economics is positively related to students’ learning of economics”
• “What Works: A Review of Research on Outcomes and Effective Program Delivery in Precollege Economic Education”
• BY DR. MICHAEL WATTS,
Director of the Center for Economic Education at Purdue University
See more at: http://www.councilforeconed.org/news-information/research/#sthash.9MfD6aQu.dpuf
MC3 INITIATIVE
EXCELLENT resources for teachers!
Atlasrubicon Unit II -Microeconomic Challenges
Theme Based Unit?
Given12 weeks Required 9th grade
classNot an “name your
theme” expert
InfluenceWilling to learn
along with my students
Willing to experiment
Wanting to make learning more meaningful
Michigan Social Studies Standards
General Social Science Knowledge – embedded in economics standards and expectations
Social Studies Procedures and Skills – embedded in economics standards and expectations
P1 Reading and Communication – read and communicate effectively.
P2 Inquiry, Research, and Analysis – critically examine evidence, thoughtfully consider conflicting claims, and carefully weigh facts
and hypotheses.
P3 Public Discourse and Decision Making – engage in reasoned and informed decision making that should characterize each
citizen’s participation in American society.
Common Core Literacy and Writing Standards
Key Ideas and Details CCSS.ELA-Literacy.RH.9-10.1 Cite specific textual evidence to support analysis of primary and secondary sources, attending to such features as the date and origin of the information.CCSS.ELA-Literacy.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 CCSS.ELA-Literacy.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 CCSS.ELA-Literacy.RH.9-10.7 Integrate quantitative or technical analysis (e.g., charts, research data) with qualitative analysis in print or digital text.CCSS.ELA-Literacy.RH.9-10.8 Assess the extent to which the reasoning and evidence in a text support the author’s claims.CCSS.ELA-Literacy.RH.9-10.9 Compare and contrast treatments of the same topic in several primary and secondary sources.
Text Types and Purposes CCSS.ELA-Literacy.WHST.9-10.1 Write arguments focused on discipline-specific content.CCSS.ELA-Literacy.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.
• ELECTRICITY• FAST FOOD• OIL AND GAS• YOUR CHOICE
Theme Based Unit
Student Journal
Describe how your life would change if the price of gasoline increased to $12 a gallon. DETAILS!!!
No more extra curricularCar poolsWalking and riding bikes
(horses)Better healthBuy a Chevy VoltUse more ethanolTheft of gasolineEventually move closer to
parents workChange in focus of
parents work (automotive)
• STUDENT WRITING SAMPLE
• BUILD RELATIONSHIP WITH YOUR STUDENTS
• CONTENT IDEAS TO INCORPORATE INTO YOUR UNIT
OPPORTUNITY !
WHY DO THE GAS PR I CES GO U P? DOWN ?WHAT P R ODU CTS DO WE M AKE WI TH PETR OLEU M ?
WHER E DOES OU R EN ER GY COME FR OM?SHOU LD THE GOVER N MEN T SET PR I CES FOR GAS?
HOW CAN WE EN COU R AGE A MOR E EFFI CI EN T U SE OF EN ER GY?
WHAT I S THE FU TU R E OF ELECTR I C CAR S?I S ETHAN OL A GOOD SU BSTI TU TE FOR GAS?WHO I S OPEC? OI L EMBAR GO? I N T ’L TR ADE?
What should we investigate?
Basic Foundation
Websites US Energy Information
Administration US Dept. of Energy
Articles/Radio/TV
Documentaries A Crude Awakening
Interview Assignment
Describe how your life changed during the 1970’s oil embargo.
When the price for oil reached an all time record of $120 a barrel last year (about $4.00 a gallon), did it change any of your current actions? If so, describe. If not, explain why.
We will be investigating and analyzing different hypotheses for rising gas prices in class. Why do you think the price of gasoline has increased dramatically over the past few years?
Incorporate family knowledge
Historical Events
Develop a hypothesis
Need for Stamina and Strength- Day 2
Extra Credit Opportunity!
Raffle Ticket for chance to win…
DataNumber of
“Students”Push -ups
Student Demand Data
Push-ups
My Classroom
GRAPH - Build with YOUR data
Price (P)
Demand (D)
Content Student trouble spots
Consumer perspectiveWilling and ableShapeInverse relationshipTotal market demandChange in Quantity
Demanded vs. Change in Demand
Determinants
Comfort with graphChange in QD vs.
Change in DFamiliarity with
determinants
DEMAND
* Take existing materials and tweak to your theme
PRACTICE HOMEWORK IS THEME BASED• ARTICLES
• WEBSITES
• DOCUMENTARY
• CURRENT DATA
Click icon to add picture
ALTERNATE TRANSPORTATION? – Day 3
Collect Data
$ per Hour Quantity of babysitters
SUPPLY – build with YOUR data
Price (P)
Quantity (Q)
Content Student trouble spots
Producer perspectiveWilling and ableShapeDirect relationshipTotal Market SupplyChange in Supply vs.
Change in Quantity supplies
Determinants
Producer perspective
Shifting of curve (increase to the right!)
Familiarity with determinants
SUPPLY
* Take existing materials and tweak to your theme
Click icon to add picturePratice homework is theme based• Articles
• Websites
• Documentary
• Alternative Resources
MARKET SIMULATION from FTE – day 4
Adapt to themeIn school field tripChoose student
helpersExplain rules brieflyPractice RoundDEBRIEF!!!!!!!
Data Secrets to success Illegalities
In the Chips — A Market in Computer Chips
Price Theory – Day 5
GRAPH!!!
Equilibrium price and quantity
Surplus Shortage Shifting of one curve Shifting of two curves
Student Practice is theme based
Make sure to try to answer focus question- Why are the gas prices so high?
Government Intervention – Day 6
Price Floors Minimum Wage
Price Ceilings Illegal Drugs Organs –see
Organ Theft - Not Just Urban Legend -- Health & Wellness -- Sott.net
Should the government enact legislation to keep gas prices low?
Elasticity – Day 7
DefineGraph with TREquations
Short run?
Long run?
Senate Hearing Project
Should the Government give automakers an emergency loan?
Should the Government set price limits on gasoline?
BEST RESOURCE
Other theme based unit possibilities?
What works when YOU teach demand /supply /price theory?