Name____Brandi Kohne________

Teaching Social Studies: Fall 2010Unit Lesson Plan #2 Description Form Due Date: Nov. 23, 2010

5 Day Unit Description List and describe the State and NCSS standards to be addressed. Include 5 very detailed daily lesson plans for 40 minute periods. Do not include test days, review days, or the showing of full-length videos. List and explain Culminating Project Ideas.

Put the hyperlink to the lesson plan you found on the internet and that you are adapting here. ****LINKS ARE AT THE END – LISTED BY DAY AND TOPIC

Part A.1. Course:_Economics_________2. Unit Title:___Practical Economics for Planning your Future__ Grade Level:____7___

a. Describe the actual class and the unit that you intend to teach. One paragraph will be sufficient. Describe what it is you want the students to learn and be able to do at the end of the unit. In other words, what do you want the students to accomplish with your teaching of this unit? This should not be a list of facts but rather concepts and broader ideas. Focus on the student, not the teacher.

This class is composed of 7th graders in a basic, academic economics course. The unit I intend to teach them will revolve around basic economic principles that we will elaborate on. The students will learn basic concepts such as opportunity cost, trade-offs comparative advantage, etc. As the lessons build students, will make connections between the vocabulary terms and be able to relate them to their own lives in a micro-economic sense as well as generalize as to how those terms would operate on the national/global scale. The students will be able to illustrate how opportunity cost affects their lives and their future as they calculate and assess the opportunity cost of going to various colleges or completely forgoing college. They will then be able to take that same concept and apply it to the global arena by evaluating why countries that are scarce in one product would choose to import it rather than attempt to produce it. All of the vocabulary terms are inter-related and can be used to explain larger phenomena in micro or macroeconomics. The students will be able to network these terms into a larger framework and describe economic processes that they are a part of everyday. Students should be able to apply the information their near future and use the definitions, concepts, formulas, and tools provided for them to begin thinking about how to make responsible economic decisions, why the economic decision must be made, and how they can apply these same factors to understand the inter-relatedness of world trade markets.

3. List all standards to be addressed in this unit. Include the number and description of each:a. State (3 to 5):

Standard Number Description 6.2.9 Markets and the Functions of Governments:

A. Explain the flow of goods, services and resources in a mixed economy.B. Analyze how the number of consumers and producers affects the level of

competition within a market.F. Analyze how competition among producers and consumers affects price, costs, product quality, service, product design and variety and advertising.

Vocabulary #’s covered: 1-4, 13-20 6.3.9 Scarcity and Choice:

B. Analyze how unlimited wants and limited resources affect decision-making.C. Explain how resources can be used in different ways to produce different goods and services.Vocabulary #’s covered: 1-4,11-15, 18-20

6.4.9 Economic InterdependenceC. Explain why specialization may lead to increased production and

consumption.F. Explain how opportunity cost can be used to determine the product for which a nation has a comparative advantage.

Vocabulary #’s covered: 4, 11-15, 20b. NCSS (3 to 5):

Standard Number Description7. Production, Distribution, and Consumption: Social studies programs should include experiences that provide for the study of how people organize for the production, distribution, and consumption of goods and services.-People have wants that often exceed the limited resources available to them-Students will gather and analyze data, as well as use critical thinking skills to determine how best to deal with scarcity of resources

Vocabulary #s covered: 1-4, 11-258. Science, Technology, and Society: Social studies programs should include experiences

that provide for the study of relationships among science, technology, and society.Vocabulary #’s covered: 1, 4, 13, 20, 21

9. Global Connections: Social studies programs should include experiences that provide for the study of global connections and interdependence.

Vocabulary #’s covered: 11-14 5. Individuals, Groups, and Institutions: Social studies programs should include experiences that provide for the study of interactions among individuals, groups, and institutions.

Vocabulary #’s covered: 3,13,18-24c. SAS

6.1.7 Scarcity and Choice: - 6.1.7.A: Explain how limited resources and unlimited wants cause scarcity.- 6.1.7.B: Compare decisions made because of limited resources and unlimited wants. Describe how resources are combined to produce different goods and services.- 6.1.7.C: Define opportunity cost and describe the opportunity cost of personal choice.

Vocabulary #’s covered: 1-4,11-15, 18-206.2.7 Markets and Economic Systems- A: Describe the interaction of consumers and producers of goods and services in the state and national economy.

Vocabulary #’s covered: 1-4, 13-20 6.4.7 Economic Interdependence:-6.4.7.A: Explain why people specialize in the production of goods and services and divide labor.

Vocabulary #’s covered: 4, 11-15, 206.5.7 Income, Profit, Wealth- 6.5.7.G: Identify the costs and benefits of various financial tools available to savers.

Vocabulary #’s covered: 1-3, 5-9, 16, 17, 21-24d. NETS-National Education Technology Standards

1. Creativity and Innovation: Students demonstrate creative thinking, construct knowledge, and develop innovative products and processes using technology. 3. Research and Information Fluency: Students apply digital tools to gather, evaluate, and use information6. Technology Operations and Concepts Students demonstrate a sound understanding of technology concepts, systems, and operations

4. Essential Questions. At the end of the unit, what do you want the students to know and be able to do? Very broad questions students should be able to clearly address at the end of the unit:

a. Justify the opportunity cost of attending college – explain how all of the money spent on tuition, books, etc. could really be more cost effective than simply entering the work force out of high school.

b. Recommend how a country scarce in a product could most efficiently obtain that product.c. Determine whether a savings account with compound or simple interest is more beneficial –

consider the amount of money involved as well as the time allotted to accrue interest. Defend your response by outlining the mathematical principles that allowed you to reach that conclusion.

d. Select a product and choose its inferior or luxury counterpart. Describe the tradeoffs, opportunity cost, and other economic factors (as well as personal values) to consider what kind of a tradeoff would be acceptable.

EDITED ESSENTIAL QUESTIONS:1. How can nations reduce or eliminate scarcity? List, rank and defend the

economic concepts that could be employed to eliminate this global issue.2. How do the economic factors involved in determining opportunity cost affect the

decisions made on a personal as well as a national/global level? Create a formula of steps that explain the decisions and thought process that must be engaged when determining opportunity cost or the acceptability of a trade off.

5. Vocabulary and definitions and descriptions of importance for the unit. List 25 to 30 names, terms, events, people, documents, etc. that are key components to this unit:

***You may change this list of vocabulary as you develop the lesson plans.

1. Opportunity Cost: cost in terms of foregoing alternatives 1,22. Benefit: quantifiable in terms of money, such as revenue, net cash flow, and net income, etc. 1,22. Cost/Benefit Analysis: method of reaching economic decisions by comparing the costs of doing something with its benefits 1,23. Costs: the total spent for goods or services including money and time and labor 1,24. Comparative Advantage: the advantage a nation has by being able to produce products or services more efficiently and at lower cost than a competitor nation. 1,25. Interest: the price paid for using someone else’s money. People who deposit funds with a financial institution such as a bank are lending money to the bank. Those people receive interest. 26. Interest Rate: the price paid for using someone else’s money, stated as a percentage. 27. Simple Interest: earned and paid out to the depositor. 28. Compound Interest: the interest earned by leaving interest earned on deposit to earn additional interest. 29. Compounding: the practice of leaving interest earned on deposit so that it too earns interest. 211. Exports: the commercial activity of selling and shipping goods to a foreign country 1,212. Imports: commodities (goods or services) bought from a foreign country 1,2

13. Trade: the commercial exchange (buying and selling on domestic or international markets) of goods and services 1,214. Gains from Trade: The net benefits that countries experience as a result of lowering import tariffs and otherwise liberalizing trade 1,214. Trade off: Giving up or accepting one advantage, or disadvantage, to gain another that has more value to the decision maker. For example, accepting the higher cost (a disadvantage) of a project because there will be more functionality (an advantage) in the delivered product. 1,215. Scarcity: fundamental economic problem of having seemingly unlimited human needs and wants, in a world of limited resources. It states that society has insufficient productive resources to fulfill all human wants and needs; shortage. 116. Price: the amount of money needed to purchase something 217. Profit: net income: the excess of revenues over outlays in a given period of time (including depreciation and other non-cash expenses) 2 18. Supply: an amount of something available for use 1,219. Demand: the ability and desire to purchase goods and services 1,220. Specialization: the act of specializing; making something suitable for a special purpose 1,221. Decision Making: the cognitive process of reaching a decision 1,222. Goods: a physical (tangible) product, capable of being delivered to a purchaser and involves the transfer of ownership from seller to customer 1,223. Consumer: broad label for any individuals or households that use goods and services generated within the economy 1,224. Producer: someone who manufactures something 1,225. Profit: he excess of revenues over outlays in a given period of time (including depreciation and other non-cash expenses); gain money, materially. 1,2

Link all vocabulary to Standards and essential questions by letter and number in red font.6. Culminating project ideas. List and briefly describe three possible projects that students could

complete and that enriched the learning of this unit. At least one project must come from the NCSS, Social Education journal (document this project):

a. NCSS project idea and documentation: Student Directions for "Getting Rich?"“Becoming rich is the American dream. But is it possible for everyone? This project will help answer that question. Students will work on this project in pairs and submit it periodically, in process, for review. Project submissions can be revised, but all portions of the project must be submitted as part of the final evaluation. The project schedule I use appears below.

A.Select another student as your partner.B.Select an occupation in class.C.Write a personal profile that contains answers to the following questions:1.Who are you? (Include name, address, marital status, dependents, etc.)2.What kind of work do you do? What education or special training does your job require? Describe a typical workday. Learn more about your occupation by interviewing someone who works in the occupation or read about your occupation in The Dictionary of Occupational Titles, or Working by Studs Terkel.3.What is the salary range for your job? You may refer to the current Occupational Outlook Handbook for information.4.How much money do you earn annually? Assume that you are twenty-eight years old and have been working at this job for between five and eight years. Be sure to identify the source of this information.This is the creative part of the project. Describe your life-style. How do you spend your

spare time (e.g., hobbies, activities, special obligations)? The personal profile is due at the end of the second week of the semester.D.Prepare a personal budget that includes the following information:1.Now that you know your annual income, you need to talk to your most important and knowledgeable resource-your parents or guardians. Using the categories we've established in class and suggestions from your parents or guardians, prepare an annual budget. Remember to include all taxes-federal, state, and local-in your estimations. Don't forget to calculate deductions for F.I.C.A. Using the standard tax tables, available at your local post office, you can calculate your tax liability.2.Compute your discretionary income, i.e., the money you have available to spend or invest after you have deducted your taxes and basic necessities (food, housing, medical costs, etc.).3.Your personal budget is due at the end of week five of the semester.E.Preparing your investment portfolio comes next. How can you use your disposable income to earn money? What are your investment goals? Do you want to buy a house? Prepare for your retirement? Finance a college education? Begin by deciding how you want to use the money you accumulate, then think about how much risk you can tolerate (some investments entail more risk than others). Your investment portfolio may include stocks, bonds, certificates of deposit, mutual funds, real estate, precious metals, or works of art.1.You need to keep a list of all purchases and explain your reasons behind each investment decision. You must use and cite at least two sources of financial information to help explain your decisions. You may use any two of the following sources: Standard and Poor's Stock Market Encyclopedia, The Wall Street Journal, Investors Daily, Barrons, The New York Times Business Section, Money, Fortune, Business Week, "Adam Smith's Money World," and "Wall Street Week." Keep careful records of your investments and transactions: you must note the date of each purchase, the specific item purchased, and the purchase price. Remember to add a 2 percent broker's commission to the cost of your stock purchases. You may change your investment decisions at any time, but you must give an explanation for each decision.2.Stock and bond prices fluctuate daily and you will need to keep track of price changes by graphing them. The final graph must be submitted with your conclusion. Have current events had an effect on your stocks or bonds? Pay attention to articles in the newspapers. Remember political events can have an economic effect.3.Your investment portfolio is due at the end of week eight.F.It's time to see whether you are likely to become "rich."1.Did you have an opportunity to become "rich"? Will you become "rich" in the near future? Explain your response.2.How well have your investments performed? Have any external factors contributed to the growth or decline of your investments?3.How would you evaluate your financial position now? Would you make the same investments again? Why?4.Your final evaluation is due at the end of May and must include all of the portions submitted in final form and all drafts.”http://publications.socialstudies.org/se/5703/570310.html

b. Examining the costs of goods and services: For this project I will have students work in pairs and I will give them a list of pairs of items and their costs. For example, if we were talking about MP3 players there would be a big price discrepancy from the newest version of the iPod to a

lower grade MP3 player, or diamonds cost a lot more than cubic zirconium. The students will then examine why there would be a difference in price between the two including concepts like supply and demand, cost of production, the technology used (consider the comparative advantage of the country that produces it) and the tradeoffs between luxury (higher-end) products and products of inferior quality. After drafting some reasons for the examples I have given them I will ask the students to create a digital presentation. They are to come up with three examples of pairs (like iPod or Zune, Diamond of Cubic Zirconium, etc.) and use the aforementioned terms to explain the difference in price.

c. Scarcity: The necessity of Imports and Exports. This will be a group as well as class project. I will ask the students to get into groups of three. Each group will be assigned a country. Examples include: France, India, Pakistan, Australia, United States, Brazil, Nigeria, etc. The countries will range from 3rd world countries to super power nations. The project will come in phases.

I. Each group is to research the economics of their country. They will see what their country’s main exports and imports are, as well as the strengths and weakness of their level of agricultural or industrial production. They will assimilate their information into a visual representation as well as a chart or set of bullet points. They will send this to me and I will post it on the class wiki.

II. The groups are to visit the class wiki where each group has posted their information. They should analyze the information with one goal in mind – what global network would benefit their country the most? They will figure out a serious of trade relationships that could ultimately benefit their country. They should consider tradeoffs, the imports and exports of their country as well as of their potential trading partners, comparative advantage, etc. The group will draft their proposal for inter-national trade and post it to the class wiki.

III. As each group posts their proposals, nations can agree to the trade or decline. The process will continue for a few rounds of such postings. As a conclusion, the group is to create a map that would detail their ideal trading patterns indicating which countries they would like to trade with. I will give them a transparency of the globe to make this map on. In class I will review the students findings by layering the transparencies over one another and seeing if any common trade networks emerge. I will use this as a class discussion, in which every student must make at least one thoughtful comment to earn the participation points, about inter-national trade and why comparative advantage could play such a large role in international networking.

7. Day-by-Day lessons:a. Day 1: You’re going to college – introducing opportunity costb. Day 2: M & M Interesting – Decide between savings account with simple interest or one with

compound interestc. Day 3: The Trading Game – Exports, Imports – introducing micro concepts first, elaborates into

macro concepts like specialization etc.d. Day 4: Sand-Art Brownies – Applying choice and trade-offs in their everyday lives and American

culture, including global scale, what kind of tradeoffs different countries experience. e. Day 5: Marketplace – The Trouble with Truffles – add in information about opportunity cost,

and include modern, global examples to illustrate the inter-relatedness of scarcity, tradeoffs, and opportunity cost.

York College of Pennsylvania Name Brandi Kohne_______Department of Education Date Due___11-8-10____Lesson Plan Format Lesson Plan # __1__ Class/Subject:___Economics _____ Period/Time __50 minutes_____ Behavioral Objectives:

Students will be able to identify the costs and benefits associated with college financing. Students will be able to determine the approximate costs for a year at college. Students will be able to justify the opportunity cost of attending college. They will explain

how all of the money spent on tuition, books, etc. could really be more cost effective than simply entering the work force out of high school.

Assessment: List and briefly explain any assessments and goals The goal of this lesson is to introduce the concept of opportunity costs. The ultimate goal is for the students to grasp this economic concept by applying it to a situation that is relevant to their very near future. Through a series of activities and internet webquest/games, the students will be able to identify the costs of college as well as ways in which they could counter such costs with loans or grants. Through this lesson, students will discover that the high ‘sticker price’ of something, like college, could be more appealing when they consider the opportunity cost of forgoing such a choice. They will be able to determine the cost/benefit analysis of attending their dream college vs. one that may be less desirable to them but that they would also like to attend. They will also be able to compare the costs of attending such institutions with the opportunity cost of not attending and simply entering the workforce. As an assessment, the students will complete a worksheet that illustrates the costs of attending college, their projected income after attaining that degree, and the amount of money they would make if they simply entered the minimum wage workforce. After recording such numbers, the students will write a brief response about which choice they would make based upon the opportunity cost. Standard(s): List specific standards by number and descriptionPDE

6.3.9 Scarcity and Choice6.4.9 Economic Interdependence ? (applies to nations, but discusses opportunity cost, I wasn’t sure if it could be altered to be at the personal rather than national level)

NCSS5. Individuals, Groups, and Institutions: Social studies programs should include experiences that provide for the study of interactions among individuals, groups, and institutions. 7. Production, Distribution, and Consumption: Social studies programs should include experiences that provide for the study of how people organize for the production, distribution, and consumption of goods and services

SAS- 6.1.7.C: Define opportunity cost and describe the opportunity cost of personal choice.-- 6.5.7.G: Identify the costs and benefits of various financial tools available to savers.

NETS- 3: Research and Information Fluency: Students apply digital tools to gather, evaluate,

and use information- 6. Technology Operations and Concepts   Students demonstrate a sound

understanding of technology concepts, systems, and operations

Materials/Equipment/Resources: -Laptop-Classroom set of laptops for the students to use-Projector-http://www.braintrack.com/us-colleges-http://www.collegeboard.com- http://www.econedlink.org/lessons/EconEdLink-flash-interactive.php?filename=college3.swf&lid=789-http://www.gocollege.com/financial-aid

Procedures: 1) Motivational Technique/Opening

I will begin class by having instructions written on the board. It will read ‘Please consider the question and write your response below’. The following question will be written on the board: What is your dream college? Each student will come up and write the name of their dream college on the board. I will use this to begin a little discussion with them. I will ask each student to put their thumb on their desk if they plan to attend college right after graduation. I will then ask the students to put their thumb on their desk if they plan on skipping college and entering the workforce or doing something else right out of school. I will ask for a show of hands, “who thinks they will attend the school that they wrote on the board?” I will call on a student that does not raise their hand and ask them why – hopefully one of the students will respond with ‘it’s too expensive’ or ‘maybe I could if I got a scholarship’. This will form the base for our discussion on the costs of attending college vs. the opportunity cost of forgoing college. (5 minutes).

2) Development of Lesson

1. To segue from the introduction, I will tell students we are going to research their favorite college. I will have the students each get out a laptop. When they are logged onto the internet, they will be instructed to go to the following website: -http://www.braintrack.com/us-colleges, here they can look at different colleges and browse for a few minutes to decide what schools they would like to take a closer look at in class. After the students have had a few minutes to browse the different schools they will each select two schools, a dream school and a school that may not be their ideal but is a choice they see as realistic. They will record their choices on their worksheet. (5 minutes).

2. After each student has selected their two schools, they will go to the following website: http://www.collegeboard.com. On this site, a toolbar enables you to search for information on colleges by the name of the school. They are to search their two school choices and come up with tuition costs for each school – they should record this information on their worksheet. Once every student has found the cost of attending their school, we will have an initial discussion about their findings. Were they surprised or the results close to what they expected? Do they think college will be worth it? Do they think the cost of attending college will be outweighed by the benefits they will receive after they complete their college degree? Do you think that by spending money on a college degree you will actually make more money in the end? (10 minutes).

3. I will tell the students that there are ways to make college less expensive. To see this for themselves they will visit the following website, http://www.gocollege.com/financial-aid, to gather information about grants, loans, and financial aid. They are to read the information on the site as it will allow them to complete their next activity successfully. After they have read all of the information on the site, they will visit http://www.econedlink.org/lessons/EconEdLink-flash-interactive.php?filename=college3.swf&lid=789, to complete a game about the costs of attending college. *If the students seem restless I will allow them to work on the activity in pairs to get them moving and talking about the topic. (16 minutes).

4. After most of the students have completed the online activity, they will move on to making calculations on their worksheets. They may stay in pairs if they wish to discuss formulas or work together, but they are each responsible for their own worksheets using their own school information. They are to calculate the cost of attending each of their school choices for 4 years. They will then estimate the cost of what they will make out of college by using that degree – what will their salary be when they graduate. (If they do not have any idea they can search the internet for an average salary for their profession of choice). They will then calculate what they would earn working 40 hours a week and earning minimum wage. What did they earn in one year of a minimum wage job? What could they have earned in the 4 years they could have been in school? They will discuss their results with their partners (if they worked alone they can tag on with another group or find a partner now) in a think-pair-share exercise. They will examine their results and discuss which option they think offers them the best benefit 10 years from now. (6 minutes)

3. Closure/Outside Work:

After the students have completed their worksheets, we will have a fishbowl discussion about their results. The students will be able to tag each other in and out of the fishbowl. It will mostly be a discussion of students sharing their results and their opinions: What was the opportunity cost of attending college? How did college affect their income in the end? What kinds of things could actually lower the cost of attending college? Do you think the ‘sticker price’ listed on the website, as the tuition was really what they would end up paying? What other factors could be included when you consider the trade-offs or opportunity cost of attending college vs. simply entering the workforce (social experiences, where you would live, where you could be in the future, etc.). For homework, they are to create another situation, relevant to their lives, where opportunity cost would be present. I will give them the following example: You have been asked to babysit on New Year’s Eve. You know you would probably make $100 but you would miss a party that everyone has been talking about. If you babysit you’ll make the money, but you’ll miss all of the social fun, gossip, pictures, and first party of the new year. If you go you’ll miss out on the $100 dollars and probably end up spending more on getting an outfit, however, you’ll feel more socially included and you won’t have to miss the party. What would your choice be and explain what factors you considered in determining the opportunity cost. They are to bring this example to class tomorrow and we will use it in the lesson.

Adaptations:

For students that seem to be struggling with the pace or independent nature of this project, I will pair them up with a partner that is more knowledgeable about the task at hand, or more capable as an independent worker. If it is only one or two students I could help monitor their progress, have a computer already set up with the websites, order the tabs so they know which site to visit first, second, etc. I could also have them check in with me after each stage on the worksheet so I know that they are on track. I think the best method would be scaffolding where I would pair them with a partner and I could use these other checks as secondary checks on their progress.

(Conclusion) What do you expect will happen this period in reference to student learning? What should the students gain from your lesson this period?

I expect that students will be able to assess opportunities and make choices not based on a whim but rather based on the opportunity cost of making that choice. This will instill an outlook for looking into the future and thinking about consequences beyond their immediate situation. In order to evaluate opportunity cost the students must consider a number of a factors, it is my hope that they will be more aware of how many factors influence the cost of a decision and the decision itself. Through this lesson they will not only be debunk the ‘sticker price’ of tuition by being able to identify ways that they can lower the price through student loans, grants, financial aids, etc, but they will be able to confidently say that college will be worth it and have tangible evidence to back this up. By using real college prices and comparing it to a real minimum wage

Tuition Price:Tuition Price:rate students will be able to assess the value of their choices and their future. They will determine what trade-offs are acceptable to them and be able to make informed decisions. By creating their own situation that illustrates opportunity cost they will be able to extend this lesson beyond the confines of the examples used in class – they will see that it is a thought process that can extend to other realms of their life as well

NAME:CLASS PERIOD:DATE:

1. Using the information from the websites, list things that could potentially lower the ‘sticker price’ of your tuition:

****

2. Mathematically, considering your information from above, which option seems to offer you the greatest benefit 1 year from now? Explain your reasoning.

3. Which choice seems to offer you the greatest benefit 10 years from now? Explain your reasoning.

4. What kinds of factors did you consider when you evaluated the opportunity cost?

Social:

Economic:

Other:

York College of Pennsylvania Name Brandi Kohne_______Department of Education Date Due___11-9-10____Lesson Plan Format Lesson Plan # __2__ Class/Subject:___Economics _____ Period/Time __50 minutes_____ Behavioral Objectives:

-Students will be able to calculate interest earned on account balances.-Students will be able to analyze the concepts of trade-offs and opportunity cost and use those concepts to make a decision.- Students will be able to determine whether a savings account with compound or simple interest is more beneficial to them-Students will be able to defend their choice by outlining the economic principles that allowed them to make that decision.

Assessment: List and briefly explain any assessments and goals The goal of this lesson is for students to be able to calculate interest rates on different types of deposit cycles, for either simple or compound interest rates. They will be able to evaluate the opportunity cost of choosing one account over the other. The goal is for students to be able to use a number of resources to reach the conclusion on their own. They will be given a list of definitions to aid them in the process, but primarily the lesson will focus on group work where they are making calculations about deposits and interest rates after a series of cycles. The students will then compare the results of those that charted simple interest and those that charted compound interest and decide which option was the better choice for them. The completion of these charts and discussion of the best suitable account choice will serve as the assessment.

Standard(s): List specific standards by number and descriptionPDE

6.3.10Scarcity and Choice6.4.9 Economic Interdependence ? (applies to nations, but discusses opportunity cost, I wasn’t sure if it could be altered to be at the personal rather than national level)

NCSS5. Individuals, Groups, and Institutions: Social studies programs should include experiences that provide for the study of interactions among individuals, groups, and institutions. 7. Production, Distribution, and Consumption: Social studies programs should include experiences that provide for the study of how people organize for the production, distribution, and consumption of goods and services

SAS- 6.1.7.C: Define opportunity cost and describe the opportunity cost of personal choice.-- 6.5.7.G: Identify the costs and benefits of various financial tools available to savers.

NETS- 3: Research and Information Fluency: Students apply digital tools to gather, evaluate,

and use information (calculators)

Materials/Equipment/Resources:-Calculators, if available (at least one for each group)-An account envelope (9” x 12” recommended) for each group-Overhead projector and pens-Copy of Activities 14, 15, and 16 for each student-Approximately 900 candies or pretzels-Transparency of Activities 15 and 16-Thirty-six plastic deposit bags (Sandwich bags would work. Each should be filled in advance with ten -candies, pretzels, or other payment.)-One copy of Activity 17 or 18 for each group-Transparency of Activities 17 and 18 Answers-One copy of Activity 19 for each student

Procedures: 3) Motivational Technique/Opening

To open class I will ask all of the students to get out their opportunity cost scenarios that they created for homework last night. They are to get with a partner and read each other’s scenarios. Then they are to discuss why the scenario was appropriate for determining opportunity cost. After the students have reviewed each other’s scenarios I will announce that we are continuing our discussion on opportunity cost today but with a different twist – today we will be discussing bank accounts. I will ask the students to stay in their pairs and discuss what the word ‘interest’ means to them. (5 minutes).

Development of Lesson (30 minutes)

1. I will then ask several students to share their responses. After we have developed a consensus, I will distribute a packet to each student. This packet will have all of the worksheets necessary for today’s lesson, including the top sheet that will have a list of definitions, including the definition of interest. In their pairs the students will review the list of definitions and determine if any are unclear or if they have questions. They may consult with each other and use their text book, and if it is very unclear they may ask me to clarify. I will then review how to change a percentage into a decimal. Go through several examples. For instance,10% = 0.10 or just 0.120% = 0.20 or just 0.230% = 0.30 or just 0.340% = 0.40 or just 0.4

2. I will then explain that students will work in groups to calculate how much interest they will earn on their savings using an interest rate of 30 percent, a larger interest rate than a bank would use but it will make the differences between compound and simple interest more obvious. I will display a transparency of Activity 15 while asking students to turn to this sheet in their packet. I will briefly explain the information about interest and calculations, however, rather than elaborately discussing this, the directions are clear enough that I feel students should be able to figure it out during group work.

3. I will briefly display a transparency for Activity 16 while asking the students to look at it as well. I will only briefly gloss over the worksheet, allowing the students to preview the material before they have to figure out the instructions on their own during group work. I will then ask the students to count off by 6. They will get together with the rest of their fellow number (1’s together, 2’s together, etc.) in order to complete the group work activity. 3 groups will be assigned simple interest rate problems and 3 groups will be assigned compound interest rate problems. I will then set up the activity by explaining that I will be the banker, keep an account envelope for each group, and pay interest out to the groups or deposit in their account envelope as appropriate. The interest will be in the form of m & m’s. I will give the groups six plastic deposit bags. I will remind them that they have the directions in their packets, the forms we referred to earlier.

4. The activity will begin by having a representative of each group bring one plastic deposit bag to place in its account envelope. The groups will have time to do their calculations for each cycle and record their results on the activity sheet (rounding results to the nearest whole number). As each cycle is calculated and recorded on the activity sheet a member of each group should come to the bank (the teacher’s desk) to collect the group’s interest or have the interest deposited. While at the bank, the student should also make the group’s deposit and get a plastic bag for the next deposit cycle. Simple interest groups should consume (eat) their interest at the end of each cycle. Compound interest groups should have their interest put into their account envelope.

5. As the groups come up, I will check their calculations to ensure that they are on the right track. The cycle will continue until all six cycles have been completed. All deposits should go into the groups’ account envelopes. At the end I will distribute the account envelopes to the appropriate groups and instruct the students to open their envelopes and count their group’s candy. They should discuss their results in their groups.

3. Closure/Outside Work (10 minutes):

6. I will then ask the 3 simple interest groups to get together and the 3 compound interest groups to get together. They are to discuss their results and be able to explain why they ended up with the amount of candy they did. Each group will have to share their findings with the other group. They should be able to say why they ended up with that amount of candy, what economic factors influenced that number, and what the opportunity cost is of choosing their account/interest type. Each side will elect a representative to share their results with class. After they have shared, I will ask the students by a show of hands that would change their account knowing the opportunity costs involved. I will then ask the students to look at their vocabulary sheet and read the definition for tradeoff. Each group is to get together and discuss the trade-off involved in deciding between a simple interest account and a compound interest account. The students will each fill out an exit slip that answers the question about trade-offs. For homework the students are to read the following article: Exporting our Way to Stability, by Barack Obama, found at http://www.nytimes.com/2010/11/06/opinion/06obama.html?_r=1&ref=international_trade_and_world_market. The students are to read the article and come into class prepared to share how they feel trade-offs and opportunity cost might factor into this discussion.

(Conclusion) What do you expect will happen this period in reference to student learning? What should the students gain from your lesson this period?

I expect that students will be able to differentiate between compound and simple interest accounts. Through group work and guided practice, they will be able to use calculations to determine the opportunity cost of choosing each type of account. They will work together with worksheets, calculators, formulas, and tangible evidence of their interest (m & m’s). By completing these calculations for 6 cycles of interest, they will be able to determine the opportunity cost of choosing one method over another. Not only will they use different interest

rates and be able to calculate interest, they will be able to assess why each account would be valuable in different situations. By applying the information to the situation in class with the m&m’s they will experience the interest rates and experience the opportunity cost, especially when shown the results their peers had with the alternate interest rate. This will illustrate to them that they can apply opportunity costs apart from abstract concepts and to in tangible economic situations that will affect them in the future, such as which type of bank account to choose. They will learn to affectively work in a group, delegate group work, and achieve accurate results by working in that group.

**The worksheets mentioned can be found at http://ecedweb.unomaha.edu/lessons/M&M6-8.pdf#

York College of Pennsylvania Name Brandi Kohne_______Department of Education Date Due___11-9-10____Lesson Plan Format Lesson Plan # __3__ Class/Subject:___Economics _____ Period/Time __50 minutes_____ Behavioral Objectives:

Students will be able to assess the value of trade, both imports and exports, to the international market

Students will be able to determine what gains are made available through trade Students will be able to recommend how a country scarce in one product might be able to

obtain that product efficiently. Students will be able to predict the effectiveness of President Obama’s plans to expand

our nation’s exports and foster new trade relations based on the information they’ve gathered on the policy and the basic economic principles involved.

Assessment: List and briefly explain any assessments and goals The goal of this lesson is to build on the students knowledge of opportunity costs at a personal level, and expand this to include macro-economic topics and cover opportunity costs and trade-offs on the global/international level. The students will participate in a group Trading Game. They will apply the concept of opportunity costs, trade-offs, and value in a game trading certificates at a local, U.S, and the world trade level. Through the course of this simulation, the students will discover that mutual trade yields mutual benefits. They will then be able to relate this information to their previous homework reading and other information about Obama’s policies to gain greater awareness of our national economic policy plans for the near future. They will be able to discuss and debate Obama’s plan to expand the United States imports/exports by analyzing what import and export relationships we already have, and which ones we could possibly expand. The ultimate goal of this lesson is to experience the trade networks at the national and international level through the simulation and to take that information and apply it to our current economic condition and weigh in their now educated opinion about the future of U.S. trading policies. Standard(s): List specific standards by number and descriptionPDE

6.2.9 Markets and the Functions of Governments6.3.11Scarcity and Choice6.4.9 Economic Interdependence

NCSS5. Individuals, Groups, and Institutions: Social studies programs should include experiences that provide for the study of interactions among individuals, groups, and institutions.

7. Production, Distribution, and Consumption: Social studies programs should include experiences that provide for the study of how people organize for the production, distribution, and consumption of goods and services9. Global Connections: Social studies programs should include experiences that provide for the study of global connections and interdependence.

SAS- 6.1.7 – Scarcity and Choice- 6.2.7 Markets and Economic Systems- 6.4.7 Economic Interdependence

NETS- 3. Research and Information Fluency: Students apply digital tools to gather, evaluate,

and use information- 6. Technology Operations and Concepts   Students demonstrate a sound

understanding of technology concepts, systems, and operations

Materials/Equipment/Resources: - Trading   game   gift   certificate - Obama Policy: This site discusses the concepts of U.S. trade and exports, including

President Obama's plan to increase exports significantlyhttp://content.usatoday.com/communities/theoval/post/2010/07/obamas-day-trade-and-exports/1

- Top Ten Countries with which the U.S. Trades: Data for the December 2009, values given are for imports and exports added together.www.census.gov/foreign-trade/top/dst/2009/12/balance.html

- FTD Statistics: This website will be used in the extension activity for data on trading. www.census.gov/foreign-trade/top/index.html#2010

- Class set of laptops- Projector- Titan pad

Procedures: 4) Motivational Technique/Opening

To begin class we will discuss the article they read for homework last night. I will open the class by sharing a startling statistic with them: The FDA tests only about 1% of food imports. About 15% of what is eaten in the US is imported. This means that a good portion of the seafood and some fruits and veggies making their way to the table haven't been inspected for quality or safety. I will ask the students for a show of hands who was shocked by that statistic. I will then ask them, if this is true, to eliminate the need for inspecting imports, why can’t we just produce all of our own foods? The students will talk this out with a partner in a think-pair-share activity and they will post their response on a titan pad class discussion. I will read some of the more pertinent and accurate responses to read aloud to the class. I will then ask the students to keep their responses and the responses of their classmates in mind as we engage in a simulation about trade, imports and exports (6 minutes).

5) Development of Lesson

1. I will begin by grouping the students in groups of approximately 8 and those students are to sit together. I will give each student a certificate (available at the certificate link above). There will be several rounds of trading. In round one, I will give the students a couple of minutes to review their gift certificate. I will tell them to play the game as if the certificates are real and could be spent. Next, ask each student to rate, from 1-10 (1=little value; 10=very valuable), how much they value the certificate they've been given. Obviously, this is a difficult hypothetical question to answer but ask them to do their best. I will have each

student record their score on titan pad (the discussion will be grouped so that the students are responding under subheadings that are for their entire group). The groups will then add them up to find a total score for their group. Each group will have a few minutes to discuss why they rated their certificates the way they did and they will share that response with the class either verbally or on titan pad, whichever seems more appropriate considering how quickly the activity is moving and if the students need to move around and stand up to speak. Sharing this information allows the students to get a feel for all of the certificates that are out there. (9 minutes).

2. Round 2 ("U.S. trade "): The students will be instructed that they have 5 minutes to trade their certificate with others within their group. (5 minutes).

3. Once the trading is done again ask each student to rate how much they value their current certificate (some will have the same others will have new ones). Again add up the total by group (the number will almost certainly be bigger).

After Round 2 of trading has ended, the students should have a group discussion about why the number increased – they will record their final response on titan pad. The students should consider and report why they made trades and they should use their answers to demonstrate that both parties gain from trade. (8 minutes).

4. Round 3 ("World trade "): Lastly, play the game one more time but tell students they have 5 minutes to trade with anyone in the classroom. Again, ask the students to rate their certificate value. Once again the number will likely increase. Once again the students are to have a group discussion about why the numbers increased, consider why they made the trades, and demonstrate that both parties gain from the trade via a titan pad response. (8 minutes).

5. I will ask the class why the numbers never decreased. Hopefully someone will respond correctly, but if they don’t at this point it may be important to point out to students that the numbers never decreased because if the two people/nations engaged in the trade are voluntary participants then neither would suffer, both would have to benefit (4 minutes).

6. The students will take the information they just gained during the simulation and apply it to the exercise at the beginning of class and the reading they had the previous night. They may work in their groups. They are to go to the following website: http://content.usatoday.com/communities/theoval/post/2010/07/obamas-day-trade-and-exports/1. They will skim Obama’s policies, this will be a refresher that is in less detail than what they read for homework. Then as a group they are to visit the following websites: www.census.gov/foreign-trade/top/dst/2009/12/balance.html and www.census.gov/foreign-trade/top/index.html#2010. These sites offer information on the U.S’s top trading partners and a list of things the U.S imports and exports. They will survey this information and as a group they will determine how they think Obama’s plan to expand exports may benefit the U.S. but also how it could affect the countries we opt to trade with, or affect the trade relationships that are currently in place. If we expand trade could we still maintain all of these trade relationships? Do you think increased trade with Asian countries could usurp one of our larger trading partners – what kind of effect would that has on the U.S and those other nations? The students will discuss these questions in their groups and post the summarized bullet points of their discussions on the titan pad. (10 minutes).

3. Closure/Outside Work:To close class I will ask each student to select a response from another person on the titan pad. They are to respond to the post and either refute or support the statement with evidence from the class simulation or group discussion. For outside work they will have two assignments. The first will be to visit , http://www.politicalcartoons.com/cartoon/6624be48-8081-4aa7-91b7-aff9a177d687.html to view a political cartoon of President Obama and his policy of expanding exports to foreign countries. I will provide hands out of the cartoon as well for those who don’t have access to the internet at home. Underneath the cartoon they are to use the principles discussed in class today to either support or refute the cartoonist’s position. They should develop a well written paragraph that phrases their stance (do you agree that these trips are a waste of time and don’t benefit Americans, or are there less obvious benefits to such trips abroad – consider the economic principles covered in class today) and they should use vocabulary terms:

import, export, cost benefit, opportunity cost, and any others they feel may be appropriate. Also, to prepare for tomorrow’s lesson the students are to draft a list of brands they are loyal to – a store they shop at specifically, a kind of pizza brand they prefer, etc. They should have at least five examples of products/brands that they are loyal to.

CARTOON:

(Conclusion) What do you expect will happen this period in reference to student learning? What should the students gain from your lesson this period?

During this lesson I expect that students will further expand on the concept of opportunity cost. They will be able to apply it to the national and international level in terms of imports and exports. They will be able to describe the concept of voluntary, mutually beneficial trade. They will be able to apply this information to the current economic situation and Obama’s plans to expand exports. By experiencing the trade network through the class simulation the students will be able to picture how trade operates on a global scale – how different things were valued more highly by different people, and capitalizing on those value differences can make trade a mutually beneficial experience for all involved. They will take the information they read about current economic policy, projected plans for economic revival, and form their own informed opinions about whether such a policy could benefit us, benefit our trading partners, and the potential for a ripple effect in the global economy. The students will engage in a hands-on simulation, work in groups to discover how international trade operates, and form new opinions based on their own thoughts and the thoughts of their classmates. This kind of collaborative exercise should encourage discussion, thought provoking responses from students, and an experience they can

easily draw on from memory – something they would not be able to get simply from reading or filling out worksheets.

York College of Pennsylvania Name Brandi Kohne_______Department of Education Date Due___11-10-10____Lesson Plan Format Lesson Plan # __4__ Class/Subject:___Economics _____ Period/Time __50 minutes_____ Behavioral Objectives:

Students will be able to define the term ‘substitute good’ Students will be able to differentiate between and identify imperfect and perfect

substitutions Students will be able to predict consequences for choosing perfect and imperfect

substitutions in various scenarios Students will be able to select a product, choose its inferior or luxury counterpart and

analyze the economic processes involved in such a decision Students will be able describe the tradeoffs and opportunity cost to consider when making

a decision about substitute goods and services

Assessment: List and briefly explain any assessments and goals The goal of this lesson is for students to be able to define substitute goods and to assess what economic concepts are attached to making the decision to choose luxury (high end) or substitute goods. They will assess the opportunity costs and tradeoffs involved in such a decision. They will be able to assess their role as consumer, determining what substitutes they will accept and what they will not. They will be able to determine whether a good/service is a perfect or imperfect substitution. After a simulation of ‘purchasing’ substitute goods, the students will project this lesson onto a larger economic scene and predict how the presence of substitutes affects the U.S. economy as a whole. They will define consumers and producers and determine how the presence of producers of substitute goods influences their experience as a consumer.

Standard(s): List specific standards by number and descriptionPDE

6.2.9 Markets and the Functions of Governments6.3.12Scarcity and Choice

NCSS5. Individuals, Groups, and Institutions: Social studies programs should include experiences that provide for the study of interactions among individuals, groups, and institutions. 7. Production, Distribution, and Consumption: Social studies programs should include experiences that provide for the study of how people organize for the production, distribution, and consumption of goods and services

SAS- 6.1.7 – Scarcity and Choice- 6.2.7 Markets and Economic Systems

NETS-3. Research and Information Fluency: Students apply digital tools to gather, evaluate, and use information

Materials/Equipment/Resources:

- EconEdLink Glossary: Provides definitions for substitute goods and services.http://cyberteach/glossary.php?#S

- Kaboose:This website provides the recipe for Sand Art Brownies.http://crafts.kaboose.com/christmas-brownies.html

- Econ Grocery Store: This worksheet conveys the concept of opportunity costs.Econgrocery Store

- Class set of laptops- Projector- Titan pad

Procedures: 6) Motivational Technique/Opening

To begin class I will ask the students to get out the list they created for homework listing their brand loyalties. They will share their lists with a partner and discuss why they chose to be loyal to these brands. After this think-pair-share activity, I will bring the class back together. I will ask for a show of hands, who chose a soft drink or food brand to be loyal to. I will call on several students and ask why they are only loyal to that brand – what factors did they consider in their decision? I will again ask for a show of hands who chose a clothing brand to be loyal to – what factors did they consider in their decision? Did anyone consider price? I will announce that we are going to do an in class simulation about substitutes – are there products that they are willing to make substitutes for? Keep all of this in mind as we begin this simulation. (7 minutes).

7) Development of Lesson

- The students are each to retrieve a laptop and get into groups of four. In their groups, they are to draft a definition of substitute goods. They will post their group response on a titan pad discussion. As a class we will review the best parts of the definitions and then the students will read the actual definition on http://cyberteach/glossary.php?#S. On this same site they are to look up the definitions for imperfect and perfect substitutions – these will be imperative to know during the simulation. To demonstrate their understanding I will give each group two pieces of paper, each from a different company. They are to look at, touch, and feel them. Are they a perfect or imperfect substitute for one another? I will then ask them to write the answer, yes or no, the paper. I will then give each group a handful of crayons. They are to write their same response in crayon – how is this similar/different to what they wrote with before? Was the crayon a perfect or imperfect substitute for their pen or pencil? I will ask for any questions about perfect or imperfect substitutes, if there are not any then we will move on to beginning the simulation. (8 minutes).

- In their small groups the students will be analyzing substitute goods by ‘making’ sand art brownies. The students will view the finished products, description of sand art brownies, at the kaboose website. Each group will go to the grocery store to purchase their goods. I will have laminated images of products with their prices or even actual products, generic and name brand, with prices marked on them on a table in the back of the room – this will serve as the grocery store. The students will have play money to make their purchases at the store; each group will be given $12 of the play money. There will be a variety of differences in the products/prices in order for students to see how significant price differentials simulate some real decisions ( ex: generic chips or sugar versus brand name ones, raisins instead of nuts, decorative cloth added under the jar cover versus no expenditure on decorative cloth, etc.) In their groups, the students are each to fulfill one of the following roles: math mind; grocery guru; super scribe; option offerer. They will make the decisions as to which products they will select by discussing the opportunity costs and trade offs of choosing a name brand or substitute product. The super scribe will keep a log of their choices and record why they choose to select that particular option. The math mind should make their

calculations as they make their choices so they don’t exceed their $12.00 limit and they are appropriately budgeting for all of their purchases.

- After each group has had a chance to look at the store, plan their purchases, record their reasoning, and ‘make’ their purchases (they will be able to pick up everything they chose to buy, either the product or the laminated version) they will have a discussion in their group about how they feel about their choices. The grocery guru and option offerer will make the final decisions about purchases. When they are finished they should be prepared to share their results with the class and discuss the choices they made and what factors affected those choices. As a class, discuss the variety of choices that each group made. Ask them why they made their choices?

- 6. After the students have made their selections and had a little practice with purchasing and tradeoffs, they will go to the ECONGROCERY Store. This document will give them a form that we can use to compare to the rest of the class – it should be simple to fill out because they have already made the choices and recorded them in a log. They will also use this information to calculate what their cost per jar would be. Each group member should fill out a worksheet, even if it is just copying the recorder’s log from earlier, because they will have this to study from later. After the group has finished recording their information they will leave their original group and go to a new group according to their title: all the math minds together, etc. This way the students will be in groups that made other decisions. They will share their worksheet with the group and describe:

o why the selected the products they dido what tradeoffs occurred as a resulto whether they felt substitutions were acceptable for some products and not

others – why.o What their final cost per jar was

- After this jigsaw discussion, the super scribe from each original group will record their final cost per jar on the board so the class can see the results.

3. Closure/Outside Work:As a closure activity I will have the students stand in the front of the room. I will separate them into two halves – one half will stand on the right side of the room and one half will stand on the left side of the room. I will tell the left side that they are producers, their company is McDonalds, and I will tell the right side that they are consumers. I will announce that substitute goods (i.e. Wendy’s, Burger King, Hardees, etc.) are no longer available – how does this affect you? They may discuss as a group for a minute, but they are to predict how this change impacts their particular group. The students will engage in this discussion/debate until the end of class. For homework they are to look around the school and make a list of at least 5 substitute products they see in the halls every day – the person who comes up with the largest list of substitute products they see at school will receive a bonus point the next class.

(Conclusion) What do you expect will happen this period in reference to student learning? What should the students gain from your lesson this period?

I expect that the students will be able to define substitute goods and differentiate between perfect and imperfect substitutes. They will apply this information in a grocery store simulation that will bring the information down to a real level that is applicable to their everyday lives. By engaging in this simulation they will experience the principles associated with smart consumerism by analyzing opportunity costs and tradeoffs of choosing name brand products vs. their substitutes. They will build on previous knowledge of tradeoffs and opportunity cost and adds to that their ability to determine acceptable substitutes. The students will also be able to project this information beyond the confines of the simulation and relate it to the concept of producers and consumers – how does the presence of substitutes affect our economy, positively

or negatively? Does it benefit producers, consumers, or both? The students will also come away with an awareness of consumer life skills – comparing products and prices, assessing the value of a name brand over a substitute, etc. They will also exercise budgeting skills.

York College of Pennsylvania Name Brandi Kohne_______Department of Education Date Due___11-10-10____Lesson Plan Format Lesson Plan # __5__ Class/Subject:___Economics _____ Period/Time __50 minutes_____ Behavioral Objectives:

Students will be able to predict the effects of scarcity on buyers and sellers Students will be able to verify that scarcity can be reduced through specialization and

trade. Students will be able to demonstrate how the scarcity of goods and services directly

affects prices.

Assessment: List and briefly explain any assessments and goals The goal of this lesson is to introduce the students to the concept of scarcity. The students will be able to recognize that scarcity is a constant problem at all levels of economics – there is simply never enough to meet everyone’s needs. However, they will discover that on the international stage there are measures that can be taken to reduce the effects of scarcity. Both buyers and sellers are impacted by scarcity in different ways – the students will explore these ways by examining a case study “The Trouble with Truffles.” In this exercise, the students will be able to determine scarcity’s effect on buyers and sellers. After they have completed the case study they will review some sports charts – part of an exercise that will illustrate the values of comparative advantage and specialization. Using the economic principles demonstrated in the trouble with truffles group exercise and the analysis of sports charts about specialization, the students will be able to apply the concepts to the national scene. They will complete an online activity about imports/exports to the United States and evaluate which goods would be beneficial for the U.S. to import based on scarcity here and a comparative advantage there. They will also predict what goods they feel the U.S. has a comparative advantage for making based on specialization. Standard(s): List specific standards by number and descriptionPDE

6.2.9 Markets and the Functions of Governments6.3.13Scarcity and Choice6.4.9 Economic Interdependence

NCSS5. Individuals, Groups, and Institutions: Social studies programs should include experiences that provide for the study of interactions among individuals, groups, and institutions. 7. Production, Distribution, and Consumption: Social studies programs should include experiences that provide for the study of how people organize for the production, distribution, and consumption of goods and services9. Global Connections: Social studies programs should include experiences that provide for the study of global connections and interdependence.

SAS- 6.1.7 Scarcity and Choice- 6.2.7 Markets and Economic Systems- 6.4.7 Economic Interdependence

NETS-3. Research and Information Fluency: Students apply digital tools to gather, evaluate, and use information

Materials/Equipment/Resources: -Marketplace audio file The Trouble with Truffles: marketplace.publicradio.org/shows/2004/01/26_mpp.html play from 22:20 through 26:10. This is an audio clip about how a recent drought in France has caused the price of truffles to triple in price over the past year.- The Trouble with Truffles note-taker. Students will use this note-taker to take notes on throughout the lesson. - http://www.econedlink.org/lessons/docs_lessons/104_comparative_part11.html : charts for comparative advantage-http://www.econedlink.org/lessons/EconEdLink-flash-interactive.php?filename=em400_mappingexports.swf&lid=400 : Link to Econ Game, Mapping exports.

Procedures: 8) Motivational Technique/Opening

To begin class I will have a few props on my desk: a cabbage patch doll, beanie babies, a popular video game and a Furby. I will ask the students to make a list of what all four of these things have in common – think beyond the literal. They can think aloud, talk to partners, etc but they are to be drafting a list individually. After a few minutes I will ask who thinks they’ve figured it out. I will call on a few students, and hopefully someone has the right answer. If they don’t I’ll remind them that we are approaching the holiday season, that should spark something. I will share that at one point these were all must have gifts that were in too short of supply. They prompted people to wait outside for hours, enter ridiculous contests, pay way too much, and even resort to a black market type of purchasing. What is it called when there is not enough of a product to meet the needs? The result is scarcity. I will ask the students to think of a few examples of scarcity on a national level – ex: water, gas, oil, etc. I will tell the students that through group activities they will be investigating how to confront scarcity and a number of trade techniques to possibly prevent it. (5 minutes)

9) Development of Lesson

- To begin the lesson I will assign the students into groups of three – each member will be assigned a number: 1, 2, or 3. (Each student should have a laptop). I will be playing an audio clip for the class and based on their number they are to take notes on a specific aspect of the clip:

o 1. Scarcity of Truffleso Price of Truffleso Buyers and Sellers of Truffles

Clearly all of the students should listen to the clip in its entirety but their notes should specialize on their assigned number. Before I play the clip, they are to log onto the internet and follow this hyperlink: note-taker. All 3 categories will be listed on the note taker, but they are to focus on their number, they may make notes about the other categories but their number should be their primary focus. - I will play the clip for the students once through, if they need to hear it again I will allow

time to play it again so that the students get the most information they can from the news clip.

- When the clip has finished playing the students will get into their groups and share the notes they took – they will also answer the following questions:

- Question 1: Between January 2003 and January 2004, the price of truffles _______. [correct answer is c]

a) Doubled

b) Stayed the samec) Tripledd) Decreased

Question 2: Why do you think the price of truffles changed so much in one year? [Possible answers: there has always been a high demand for truffles; the drought affected hunters’ ability to find enough truffles; if the demand exceeds the supply, then the price should go up.]

Question 3: What contributed to the scarcity of truffles? [correct answer is d]

a) Truffles can't be produced in laboratoriesb) The droughtc) Exactly where and why truffles grow is impossible to predictd) All of the above

Question 4: If truffles could be mass-produced in a laboratory, what do you think would happen to their price? [Possible answers: the price should go down because the supply would go up; restaurants wouldn't have to raise prices because there would be a potentially limitless supply.]

Question 5: According to the news story, what did most restaurants do to compensate for the high price of truffles? [correct answer is d]

a) They used smaller quantities of trufflesb) They removed truffles from their menusc) They raised prices d) All of the above

Question 6: Why do some restaurant owners continue to use truffles despite the increased cost? What does the increased cost do to their profits? [Possible answers: Some restaurant owners continue to use truffles because they want to keep their customers happy. This makes their profits drop significantly because the meal costs them so much more to provide, yet the customers are paying the same price.]

- They will answer these questions on scrap paper, just to get them thinking about and discussing the news clip. After they have answered the questions I will have numbers 1 – 6 written on the board. I will inform the groups that I need the correct answer to each of the questions written on the board – if someone thinks their group can answer all of the correctly and volunteers first their group will get a piece of candy.

- Once we have verified the right answers I will tell the students that their group has just become a restaurant owner in France. They are to envision how they would deal with this crisis. They must address the following questions:

o Will you continue to sell truffles at a reasonable price, or raise your prices? [Answers will vary.]

What are the benefits of keeping your prices the same for the season even though you are spending more money to purchase truffles? How would keeping prices the same affect your profit? [If you raise prices to compensate for the additional money you are spending on truffles, customers will be unhappy. Keeping prices the same for the season, but doing so may also ensure customer loyalty for future seasons.]

What might happen if you raise your prices to compensate for the high cost of truffles? Could this affect your profit? [Your profit could go up because you are making back the additional money you spend on truffles. The demand for truffles

is so high that people are willing to buy them at any price. Raising your prices could limit your profit if you lose customers due to the increase.]

What are the possible effects of removing truffles completely from your menu? [Your profit could increase because you aren't spending money on truffles and you don't have to raise your prices. Your profit could decrease if people continue to demand truffles -- they will go to restaurants that serve them.]

- Each group will draft a proposal for why they have the best plan and knowledge to confront this scarcity crisis. When they have finished each group must stand and share their proposal with the class. (Entire truffle exercise should last about 25-30 minutes).

- Once all of the students have shared their proposals and demonstrated a firm grasp of the subject material – I will ask them a question. What is specialization? A few students can respond until we reach a good definition. How would the note taking have been different if I hadn’t asked you to specialize in one task? Would your notes have been better or worse? Why. After this brief class discussion I will tell them that we are going to shift the focus of the lesson to a means of preventing scarcity by engaging in smart trade. One of the key aspects of smart trade is engaging in specialization. They will each visit the following website: http://www.econedlink.org/lessons/docs_lessons/104_comparative_part11.html watch the brief clip and analyze the charts. In their groups they are to discuss the statistics and figure out how these sports stats relate to comparative advantage and specialization. They do not have to answer the questions at the bottom of the page in pen and paper, but they should be discussing them as a group. When each group has had time to discuss, we will move on to the closure activity. (7-10 minutes).

3. Closure/Outside Work:As a closure activity the students will reinforce the concept of comparative advantage and specialization in trade. The students will get into partners or small groups, each pair or group should have a laptop. They will go to the following website and play the game: Exporting Nations. In this game they will see what various countries import and export. As they play they should discuss with their partner or small group whether this nation would be a valuable trading partner to the U.S considering what comparative advantage they have and what product could be offered to us. They may use additional sites such as the U.S. Census Bureau: Foreign Trade Statistics to figure out what imports/exports we may need. This assignment will also count as a homework assignment because as they complete the game and fill out their responses, there will be an option to e-mail me their results. I will grade this is a class participation grade as well as a homework grade – it doesn’t have to be 100% accurate but their reasoning has to be plausible and justified by the concepts we learned in class. (10 minutes or remainder of class…if they don’t finish we can pick up here tomorrow).

(Conclusion) What do you expect will happen this period in reference to student learning? What should the students gain from your lesson this period?

I expect that the students will be able to take their knowledge of imports and exports and expand on those basic principles. They will now be able to recognize issues with scarcity, identify the effects of scarcity, and propose trade techniques to reduce, prevent, or eliminate scarcity. They will be able to do this because of the information they have gathered on specialization and comparative advantage. They will recognize that trade patterns on not random but rather have a basis on the country’s resources and ability to produce a good at the cheapest possible cost. They will be able to assess the value of potential U.S. trading partners by evaluating our scarcity level for a product and that country’s comparative advantage to specialize in the production of that same product – this is what makes trade mutually beneficial. This is the culminating lesson that builds upon all of the knowledge students have ascertained and the understanding they have been developing about imports, exports, trade, opportunity cost, etc. After this lesson they will be able to make connections, to fit together all of the elements that are essential to creating opportune trading experiences at all levels of economics.

Culminating Project Form

Your name: Brandi Kohne

Unit Title: Practical Economics for Planning Your Future

Project title and description narrative: Economics Web: Ties between Trade Connections

This will be a group project – the students will work in groups of four. This entire unit the students have been working on concepts of opportunity cost, comparative advantage, scarcity, and choice. This culminating project will address all of the aforementioned topics as well as others. Each group’s task is to create a Glogster that illustrates the interconnectivity of the terms. They will have to illustrate:-The definition of opportunity cost, comparative advantage, and, specialization and scarcity.

-How opportunity cost fuels the concept of comparative advantage-How scarcity can be reduced or eliminated by the effect use of comparative advantage, specialization -Specific examples of how U.S. trade relations illustrates this topic.I will post the link to each group’s Glogster online so that the students have each others sources to study from.

What specific core learning should the students reflect by completing the project? Explain: The students will be able to demonstrate that they can assess the interconnectivity of the

individual concepts we have discussed in this unit. The project brings together all of the key topics they have been studying for the past week and integrates them into one web. Students will not only have to make assertions and predictions based on the information they have gathered in this unit, but they must also be able to verify that information with specific information that is a real aspect of U.S. trade. This is important because it exemplifies how the concepts are applicable to real life. The students must form opinions and assertions based on the material, seek out information to support those assertions, and assemble them in a way that illustrates the interconnectivity of the terms and concepts. The students will not be able to complete this project by memorizing definitions or understanding parts of the unit – they will need to grasp the individual concepts as well as demonstrate that they understand how the concepts work in relation to one another. I think this is critical for student learning because it requires higher level thinking skills, research, and formal presentation of the material. It does not allow students to get away with memorizing or glossing over parts of the material they don’t like or don’t quite get, it encompasses the entire unit and requires students to see the unit as a cohesive entity rather than a random compilation of terms and ideas.

1. Standards to meet: List both content and technology standardsPDE6.2.9 Markets and the Functions of Governments6.3.9 Scarcity and Choice6.4.9 Economic Interdependence

NCSSProduction, Distribution, and Consumption: Social studies programs should include experiences that provide for the study of how people organize for the production, distribution, and consumption of goods and services9. Global Connections: Social studies programs should include experiences that provide for the study of global connections and interdependence.

5. Individuals, Groups, and Institutions: Social studies programs should include experiences that provide for the study of interactions among individuals, groups, and institutions

SAS6.1.7 Scarcity and Choice6.2.7 Markets and Economic Systems6.4.7 Economic Interdependence

NETS1. Creativity and Innovation: Students demonstrate creative thinking, construct knowledge, and develop innovative products and processes using technology. 3. Research and Information Fluency: Students apply digital tools to gather, evaluate, and use information6. Technology Operations and Concepts   Students demonstrate a sound understanding of technology concepts, systems, and operations

2. Objectives to meet: List Students will be able to determine what gains are made available through trade Students will be able to recommend how a country scarce in one product might be able to obtain

that product efficiently. Students will be able to analyze the concepts of trade-offs and opportunity cost and use those

concepts to make decisions about potential global trading partners for the U.S. Students will be able to verify that scarcity can be reduced through specialization and trade.

3. Describe the activity: For this project the students will work in groups. They are to create a Glogster using the concepts we have covered in this unit. They will define individual terms, link pages to content relevant to those individual concepts, and be able to link the concepts together and demonstrate knowledge of how the concepts can work in concert with another in international economic policies. They will find internet resources that are relevant to the material as well as research specific U.S trade relations and the various imports and exports of countries to propose a trade network that would best benefit the United States. This information must all be posted on the Glogster in an easily identifiable way.

4. Resources needed:*Computer lab or classroom set of laptops*Internet Access: www.glogster.comwww.census.gov/foreign-trade/top/dst/2009/12/balance.htmlwww.census.gov/foreign-trade/top/index.html#2010

5. Complete explanation of the project that students will doThis project will be a group project. The students will create a Glogster – an interactive web poster that allows them to link pictures, websites, and information into one site that they can create. They will work in groups of 4 and they will all be responsible for the finished product. Each group’s task is to create a Glogster that illustrates the interconnectivity of the terms. They will have to illustrate:-The definition of opportunity cost, comparative advantage, specialization and scarcity.

-How opportunity cost fuels the concept of comparative advantage-How scarcity can be reduced or eliminated by the effect use of comparative advantage, specialization -Specific examples of how U.S. trade relations illustrate this topic.-What is the opportunity cost of this trade? Is there any trade-offs?-What choice does the U.S have in trading partners? Are there substitutes? They will have to choose trading partners for the United States based on their comparative advantage to produce that product and our scarcity of that product. For this, they will have to analyze the imports and exports of various countries. They will be able to use the census websites that we have used in class, and

any other useful sites they may find, to research the types of products the U.S imports and what countries have a comparative advantage in that production. They must answer all of the aforementioned bulleted questions – my suggestion is to put the questions into their Glogster and link them to the information that way so that it is clearly illustrated that they answered the question.

6. Handouts for students to use: **At the end** Each student will also receive a copy of the rubric prior to the project.

7. Rubric:Teacher Name: Ms. Kohne

Student Name:     ________________________________________ 8.CATEGORY 4 3 2 1

Navigation Links for navigation are clearly labeled, consistently placed, allow the reader to easily move from a page to related pages (forward and back), and take the reader where s/he expects to go. A user does not become lost.

Links for navigation are clearly labeled, allow the reader to easily move from a page to related pages (forward and back), and internal links take the reader where s/he expects to go. A user rarely becomes lost.

Links for navigation take the reader where s/he expects to go, but some needed links seem to be missing. A user sometimes gets lost.

Some links do not take the reader to the sites described. A user typically feels lost.

Content Accuracy

All information provided by the student on the Web site is accurate and all the requirements of the assignment have been met.

Almost all the information provided by the student on the Web site is accurate and all requirements of the assignment have been met.

Almost all of the information provided by the student on the Web site is accurate and almost all of the requirements have been met.

There are several inaccuracies in the content provided by the students OR many of the requirements were not met.

Links (content) All links point to high quality, up-to-date, credible sites.

Almost all links point to high quality, up-to-date, credible sites.

Most links point to high quality, up-to-date, credible sites.

Less than 3/4 of the links point to high quality, up-to-date, credible sites.

Spelling and Grammar

There are no errors in spelling, punctuation or grammar in the

There are 1-3 errors in spelling, punctuation or grammar in the

There are 4-5 errors in spelling, punctuation or grammar in the

There are more than 5 errors in spelling, punctuation or grammar in the

final draft of the Web site.

final draft of the Web site.

final draft of the Web site.

final draft of the Web site.

Layout The Web site has an exceptionally attractive and usable layout. It is easy to locate all important elements. White space, graphic elements and/or alignment are used effectively to organize material.

The Web pages have an attractive and usable layout. It is easy to locate all important elements.

The Web pages have a usable layout, but may appear busy or boring. It is easy to locate most of the important elements.

The Web pages are cluttered looking or confusing. It is often difficult to locate important elements.

Learning of Material

The student has an exceptional understanding of the material included in the site and where to find additional information. Can easily answer questions about the content and procedures used to make the web site.

The student has a good understanding of the material included in the site. Can easily answer questions about the content and procedures used to make the web site.

The student has a fair understanding of the material included in the site. Can easily answer most questions about the content and procedures used to make the web site.

Student did not appear to learn much from this project. Cannot answer most questions about the content and the procedures used to make the web site.

Work Ethic Student always uses classroom project time well. Conversations are primarily focused on the project and things needed to get the work done and are held in a manner that typically does not disrupt others.

Student usually uses classroom project time well. Most conversations are focused on the project and things needed to get the work done and are held in a manner that typically does not disrupt others.

Student usually uses classroom project time well, but occasionally distracts others from their work.

Student does not use classroom project time well OR typically is disruptive to the work of others.

Interest The author has made an exceptional attempt to make the content of

The author has tried to make the content of this Web site interesting to the

The author has put lots of information in the Web site but there is little

The author has provided only the minimum amount of information and

this Web site interesting to the people for whom it is intended.

people for whom it is intended.

evidence that the person tried to present the information in an interesting way.

has not transformed the information to make it more interesting to the audience (e.g., has only provided a list of links to the content of others).

Cooperative Work

Partners show respect for one another's ideas, divide the work fairly, and show a commitment to quality work and support for each other.

Partners show respect for one another's ideas and divide the work fairly. There is commitment by some members toward quality work and support of one another.

Partners show respect for one another's ideas and divide the work fairly. There is little evidence of a commitment toward quality work in the group.

Partners argue or are disrespectful of other's ideas and input. Criticism is not constructive nor is support offered. The work is mostly done by one or two people.

Key Concepts Covered

Accurately addresses all of the questions and concepts outlined in the project form.

Addresses most of the questions and concepts outlined in the project form with reasonable accuracy

Addresses some but not most of the questions and concepts outlined in the project form and/or there are frequent inaccuracies

Fails to address multiple questions and concepts outlined in the project form and/or there are rampant inaccuracies

Name:________________________________

ECONOMICS WEB: TIES BETWEEN TRADE CONNECTIONS

What: A group project, creating an online Glogster illustrating the interconnectivity of the terms and concepts we have studies in this unit

Who: A group of four – you may choose your groups.

Where: In class, online, in the computer lab.

Why: In order to understand the importance of this unit you must understand not only all of the pieces, or the individual terms and concepts, but you must understand the whole – how these concepts relate to one another to affect economic policies. By creating a Glogster you are making your own study guide for the unit, an interactive tool you’ve created that will always be available at your fingertips.

What will we have to Include on the Glogster? You must… Define of opportunity cost, comparative advantage, and, specialization and scarcity. Demonstrate how opportunity cost fuels the concept of comparative advantage (use images, text,

and links) Illustrate how scarcity can be reduced or eliminated by the effect use of comparative advantage,

specialization (use images, text, and links). Cite specific examples of how U.S. trade relations can be used to exemplify these concepts** What is the opportunity cost of this trade? Is there any trade-offs? What choice does the U.S have in trading partners? Are there substitutes?

**You will have to choose trading partners for the United States based on their comparative advantage to produce that product and our scarcity of that product. You may choose any products you like to demonstrate these relationships, as long as the choices you make are accurate. For this, you will have to analyze the imports and exports of various countries. You will be able to use the census websites that we have used in class, and any other useful sites you may find, to research the types of products the U.S imports and what countries have a comparative advantage in that production. You should have at least five different products with five different trade networks.

You will be responsible for answering all of the bulleted items listed above. My suggestion is to put the questions into your Glogster in some way and link them to the information so that it is clearly illustrated that you have addressed all of the questions. GOOD LUCK

Brandi KohneI. Topics

a. Scarcityi. Definition: fundamental economic problem of having seemingly unlimited human

needs and wants, in a world of limited resources. It states that society has insufficient productive resources to fulfill all human wants and needs; shortage.

ii. Determining how scarcity influences trading and trade networksb. Opportunity Cost

i. Definition: cost in terms of foregoing alternativesii. How opportunity cost relates to them: option of going to college vs. not

iii. Choosing a type of savings account: which type of account (based on interest type) best suits them? Realizing the opportunity cost of choosing either account, making an informed decision based on assessing opportunity cost.

iv. Opportunity cost with substitute goods1. Perfect and Imperfect substitutes – opportunity cost and trade-offs

associated with eachc. Imports and Exports

i. Defining imports/exportsii. Why we need imports/exports – overview of specialization and explanation of why

countries simply cannot produce all of their own goods; more cost effect (discover through cost-benefit analysis) and beneficial for all countries if there is a degree of international trade.

d. Specializationi. Definition: the act of specializing; making something suitable for a special purpose

ii. How specialization is integral to the concept of comparative advantage (you specialize in products for which you have a comparative advantage because that offers you the most profit (output) for the least amount of effort (input).

II. Concepts

a. Analysis of global imports/exports to determine comparative advantagei. Determining what a country should produce based on their comparative advantage

ii. Predicting trade patterns based on scarcity needs and comparative advantage of various potential trading partners

b. Specialization and comparative advantage as a solution to Scarcityi. Predicting the best trade networks to combat scarcity and promote specialization in

order to develop a comparative advantagec. Trade-offs associated with opportunity cost on an international level

i. What choices are there? – Analyzing different countries involved, what countries could we trade with

ii. Benefit of trade – recognizing the cost-benefit analysis of international trade.

III. Vocabulary1. Opportunity Cost: cost in terms of foregoing alternatives 2. Benefit: quantifiable in terms of money, such as revenue, net cash flow, and net income, etc. 2. Cost/Benefit Analysis: method of reaching economic decisions by comparing the costs of doing something with its benefits 3. Costs: the total spent for goods or services including money and time and labor 4. Comparative Advantage: the advantage a nation has by being able to produce products or services more efficiently and at lower cost than a competitor nation. 5. Interest: the price paid for using someone else’s money. People who deposit funds with a financial institution such as a bank are lending money to the bank. Those people receive interest. 6. Interest Rate: the price paid for using someone else’s money, stated as a percentage. 7. Simple Interest: earned and paid out to the depositor. 8. Compound Interest: the interest earned by leaving interest earned on deposit to earn additional interest. 9. Compounding: the practice of leaving interest earned on deposit so that it too earns interest. 10. Exchange: 11. Exports: the commercial activity of selling and shipping goods to a foreign country12. Imports: commodities (goods or services) bought from a foreign country 13. Trade: the commercial exchange (buying and selling on domestic or international markets) of goods and services 14. Gains from Trade: The net benefits that countries experience as a result of lowering import tariffs and otherwise liberalizing trade 14. Trade off: Giving up or accepting one advantage, or disadvantage, to gain another that has more value to the decision maker. For example, accepting the higher cost (a disadvantage) of a project because there will be more functionality (an advantage) in the delivered product. 15. Scarcity: fundamental economic problem of having seemingly unlimited human needs and wants, in a world of limited resources. It states that society has insufficient productive resources to fulfill all human wants and needs; shortage. 16. Price: the amount of money needed to purchase something 17. Profit: net income: the excess of revenues over outlays in a given period of time (including depreciation and other non-cash expenses) 18. Supply: an amount of something available for use 19. Demand: the ability and desire to purchase goods and services 20. Specialization: the act of specializing; making something suitable for a special purpose 21. Decision Making: the cognitive process of reaching a decision 22. Goods: a physical (tangible) product, capable of being delivered to a purchaser and involves the transfer of ownership from seller to customer 23. Consumer: broad label for any individuals or households that use goods and services generated within the economy

24. Producer: someone who manufactures something 25. Profit: he excess of revenues over outlays in a given period of time (including depreciation and other non-cash expenses); gain money, materially.

Summary Glog