Course Profile Making
Economic Choices, Grade 11, Workplace Preparation, Public
Unit 1: Introduction to Basic Economic Concepts
Time: 19 hours
Activity 1 | Activity 2
| Activity 3 | Activity 4
| Activity 5
This
unit introduces students to the key economic concepts that will be developed
throughout the rest of the course. The unit also introduces students to the
culminating activity ‘My Personal Career and Financial Plan’ portfolio. Through
a series of hands-on activities, students should begin to understand the
concept of scarcity, opportunity cost, and the choices that people must make in
everyday life. As a result of the economic reality that one’s time and
financial resources are limited, students begin to understand that when you use
a resource such as time to do one thing that same time cannot be used to do
some other activity.
Students
learn about the resources that they as individuals and societies on the whole
possess. The resources or ‘factors of production’ of a nation are defined and
students see how a society must use these factors of production to answer the
basic questions that every economic system must answer. Students are introduced
to the various economic stakeholders in Canada and they identify the roles that
they play in the Canadian economic system. The interaction between consumers
and producers is recognized as students describe how demand and supply together
determine the equilibrium selling price and the quantity sold in a market.
Economic concepts and models are applied when analysing the causes and
consequences of a change in economic factors (e.g., change in price on consumer
behaviour or a change in the demand for labour as a result of technological
innovation).
In the
culminating activity, each student relates the effect of changes that have
occurred in the last few years to their future economic goals as a worker,
consumer, and economic stakeholder. Students incorporate the concept of
opportunity cost, economic choices, and the impact of change in economic
factors into their portfolio. Students begin to develop their critical thinking
skills as they track and begin to predict the effect of change using a number
of economic indicators.
Strand(s): Economic Decision
Making, Economic Stakeholders, Self-Interest and Interdependence, Assessing
Economic Change
|
Activity |
Time |
Expectations |
Assessment |
Task |
|
1: What
Else Could I be Doing? Choices I Must Make |
3 hours |
DMV.01,
ESV.01, ESV.02, DM1.01, DM1.02, ES2.01 |
Knowledge/ |
Class
discussion Newspaper
activities Personal
goals plan |
|
2:
Discovering Economic Systems: Paper Triangle Manufacturing Companies |
4 hours |
DMV.01,
ESV.01, SIV.01, EIV.01, DM1.03, ES1.01, SI1.01, EI1.01 |
Knowledge/ |
Cooperative
group activity Complete
reflections |
|
3: From
Class Auction to Equilibrium Price |
4 hours |
DMV.02,
ESV.02, SIV.01, DM2.01, ES2.01, SI1.01, SI1.02, SI1.03 |
Knowledge/ |
Inquiry Class-based
activity Demand
and supply graphing |
|
4: Analysing Demand and Supply from the
Inside Out |
4 hours |
ECV.01, ECV.02, EC1.01, EC1.02, EC1.03,
EC2.03 |
Thinking/Inquiry |
Students determine factors that cause change
of demand and supply Article analysis report |
|
5:
Culminating Activity: Predicting the Effect of Change and Its Impact on
Economic Stakeholders |
4 hours |
DMV.02,
ESV.01 ESV.02, ECV.03, DM2.01, DM2.02, DM2.03, ES1.01, ES2.01, EC3.03 |
Knowledge/ |
Culminating
activity: Case study organizer Group
oral report Personal
prediction report |
Time: 3 hours
In this
activity, students are introduced to a number of basic economic concepts and
are given the opportunity to apply these concepts to their current experience.
Beginning with the questions: Why are you in class? What other choices might
you have made? Students are introduced to the idea that every choice is an
“economic choice” with a cost attached. Whether it is staying in school, going
to work, planning for the future or paying the bills, all actions imply that
choices have been made, and other opportunities given up. Students use
newspapers or the Internet to identify the choices that are available in areas
such as job(s), accommodation, transportation, and major consumer purchases and
begin to identify their personal goals and the distinction between what they
want and what they need in these areas. Identification of these personal goals
helps introduce students to the culminating activity for the course. In the
culminating activity, students will present a compilation of their personal
goals and the economic factors that impact on these goals through the learning
that is demonstrated throughout the course and the culminating activities of
each unit. This activity provides formative assessment opportunities for the
critical-thinking and inquiry skills that students will develop throughout the
course.
Strand(s): Economic Decision Making, Economic Stakeholders
Overall
Expectations
DMV.01 -
identify the economic choices that individuals, organizations, and societies
must make because resources are scarce;
ESV.01 -
describe the economic roles that an individual plays;
ESV.02 -
identify the factors that influence consumer demand and the skills used by
consumers to maximize their satisfaction in the marketplace.
Specific
Expectations
DM1.01 -
demonstrate an ability to distinguish between an economics choice and other
types of choices;
DM1.02 -
describe economic choices they have made and will have to make as consumers and
contributors and the trade-offs involved in those choices;
ES2.01 -
demonstrate an ability to differentiate between consumer wants and needs and
consumer demand.
Students
should have had experience working cooperatively in groups and be prepared to
apply the knowledge and skills introduced in the Grade 10 Careers Studies
course.
·
Prepare
and duplicate worksheets for think/pair/share and newspaper search.
·
Provide
recent copies of newspapers to student groups.
·
Become
familiar with the culminating activity and associated rubrics for the unit and
course
(see Appendices 1.1.1 and 1.1.2) and duplicate rubrics for students.
·
Be
familiar with the knowledge and skills that are introduced in the Grade 10
Careers Studies course.
1. The teacher introduces students to the
definition of economics, introducing the discipline as a social science, which
means that economists have special techniques, methods, and concerns that
impact on people’s everyday lives and assume that people tend to act as
rational consumers.
2. Students think/pair/share a series of
questions associated with choice, scarcity, and opportunity cost such as: What
else you could be doing if you weren’t in class at this moment? Why can’t you
sleep in, play a video game, etc. and be in class at the same time? Why have you
chosen to be in class? Students record their responses on a work sheet as
follows:
Sample Responses
|
Opportunities |
Resource Required |
Choice |
Costs of Choice |
Benefits of Choice |
|
- Sleep
in - Play
video games |
Time Time
and money |
Being
in Economics class |
- Feel
tired - Miss
out on fun |
- Get a
credit - Not
being hassled by parent |
3. The teacher leads class discussion where
students explore economic concepts of opportunity cost, and economic choice.
This occurs as a result of the scarcity of one’s personal resources and the
need to give up one activity (e.g., sleeping in) in order to do something else
(e.g., attending Economics class) with that resource (e.g., the student’s time
and energy).
4. Students brainstorm the issue of resources
that are available to a nation or city such as land (natural resources), labour
(human resources), capital (tools and technology), and innovation/
entrepreneurship, and the choices that must be made by the society since no nation
has an endless supply of these. The teacher directs students to focus on the
issue of the opportunity costs involved in using non-renewable resources.
5. The teacher divides the students into groups
of four and distributes sections of a current newspaper to each group. Each
group of students is to consider each of the following items: accommodation,
job ads, electronics ads, clothing ads, grocery store ads, etc. Each group
considers the following questions for each category: What do I want? What do I need?
What can I afford now? What will I be able to afford within five years? What do
I have to do in order to afford these items?
6. When debriefing this activity, teacher
introduces the economic concepts of wants vs. needs, consumer demand (that
which people are willing and able to purchase), the roles that individuals play
in the economy (consumers, producers, employees), and the distinction between
economic choices and other types of choices.
7. Students prepare a preliminary plan based on
this activity in which they identify their individual goals in the categories
of job(s), accommodation, transportation, major consumer purchases, and any
other items that might be applicable to their personal and financial goals.
8. Students create an Economics Glossary and
prepare a list of key economic definitions introduced in this activity. The
teacher informs students that the Economics Glossary will be an ongoing
activity.
9. The teacher introduces the course culminating
activity and components of My Personal Career and Financial Plan Portfolio (see
Appendices 1.1.1and 1.1.2).
|
Strategy #, Task/Product |
Purpose |
Assessment |
Tool |
|
7. preliminary goal plan |
Formative |
Knowledge/Understanding, |
Checklist |
·
Prepare
a written copy of brainstorm notes for students.
·
Allow
for extended time to complete think/pair/share activity.
·
Provide
a model/organizer for students to prepare their preliminary plan as described
in Strategy 7.
·
Prepare
a list of key economic definitions for students to complete for their Economics
Glossary.
·
Arrange
for students to do further research on the Internet.
Print
Feather,
Frank. Canada’s Best Careers Guide 2000.
Toronto: Warwick Publishing, 1999.
ISBN 1894020421
Kotash,
Myrna. The Next Canada: In Search of our
Future Nation. Toronto: McClelland and Stewart, 2000. ISBN 0771045611
Rabbior,
Gary. Money and Youth. Toronto:
Canadian Foundation for Economic Education, 1997.
Non-print
Lifestyle: Surviving in the Real
World Series.
Videocassette, Human Relations Media, 1991.
Economix: Needs and Wants – Volume 1. Videocassette. Daniel Frenette and
Andre Lauzon. Dir. Jim Delaurier. Prod. National Film Board of Canada, 1996.
(Catalogue Number 117C 9196 034)
National
Council on Economic Education. The Mint.
Northwestern Mutual Life Insurance Company, 1999. 31 January 2001. –
http://themint.org/index.html
Paper Triangle Manufacturing Companies
Time: 4 hours
In this
hands-on activity, students are introduced to the key economic questions that
every society must answer: What to produce? How to produce? And for whom?
Students are divided into groups that are to work cooperatively as a team.
Groups are provided with team-based instructions on the production of paper
triangles. Students apply the knowledge gained from this activity to identify
and compare the characteristics of different economic systems. Students work as
contributors by using economic resources to produce products and earn rewards
in the form of ingots. Students recognize, through this activity, how
self-interest motivates both consumers and producers in a market, thus creating
interdependence. The teacher draws on the experience of the activity to have
students identify the characteristics of Canada’s mixed economic system and how
this system compares to the command and market economic systems. Students
produce a report on their learning from this activity by completing an activity
debriefing form which is to be included in their My Personal Career and
Financial Plan portfolio. By participating and completing this activity,
students earn ingots that will be used in a class auction in Activity 3.
Strand(s): Economic Decision Making, Economic Stakeholders,
Self-interest and Interdependence, Economic Institutions
Overall
Expectations
DMV.01 -
identify the economic choices that individuals, organizations, and societies
must make because resources are scarce;
ESV.01 -
describe the economic roles that an individual plays;
SIV.01 -
explain how self-interest motivates both consumers and producers in a market,
and creates interdependence;
EIV.01 -
identify the distinguishing characteristics of Canada’s economic system.
Specific
Expectations
DM1.03 -
demonstrate an ability to distinguish between the economic resources that go
into an economy and the products that result;
ES1.01 -
identify those who compose the stakeholder groups of “consumer” and
“contributor”;
SI1.01 -
describe how consumers and producers each determine what is in their own best
interest;
EI1.01 -
compare the characteristics of a mixed economy with those of a market economy
and a command economy.
Students
should be familiar with economic concepts introduced in Activity 1 (e.g.,
scarcity, economic choice, opportunity cost) and have experience working
cooperatively in team-based groups.
·
Prepare
and duplicate group instruction sheets and activity debriefing forms.
·
Instructions
for Production Team A and Buyer 1 are precise and describe characteristics of a
Command Economic System (see Appendix 1.2.1).
·
Instructions
for Production Team B and Buyer 2 describe a quota that must be met before the
team and buyer can enter a freer market and describe characteristics of a Mixed
Economic System
(see Appendix 1.2.1).
·
Instructions
for Production Team C and Buyer 3 are less prescriptive regarding the
production of paper triangles and describe characteristics of a Market Economic
System (see Appendix 1.2.1).
·
Provide
letter-size scrap paper or newsprint for the assignment and make students aware
that conservation is a concern since they must purchase this raw material from
the teacher for ingots.
·
Provide
scissors, staplers, rulers, and pencils that are similar and in working order.
Ensure that production teams only use the capital goods that you provide to
them. One stapler is made available for 50 ingots, one pair of scissors for 25
ingots, a ruler for ten ingots, a pencil for five ingots, and a supply of
paper, (one ingot per letter size sheet).
·
Prepare
ingots of various denominations (e.g., 50, 25, 10, 5, 1) or arrange to use some
other form of currency, such as play money. Each production team should receive
100 ingots at the start of the activity with which to obtain resources from the
teacher. Buyer 2 receives 100 ‘buyer ingots’ and Buyer 3 receives 300 ‘buyer
ingots’. Buyer ingots should be identified differently from other ingots and
will not be accepted as currency in the class auction.
·
Provide
an observation checklist for the group work assessment by self/peer/teacher.
·
Prepare
a form for recording ingots earned by students.
1. The teacher reviews the resources that are
available to every nation and introduces the concept that societies establish
economic systems to answer three basic economic questions about these
resources: What to produce? How to produce? and For whom?
2. The teacher explains that students are about
to begin a simulation activity in which they will be producing or acquiring a
product that will earn them ingots that will be used to bid on consumer goods
in a class auction to be held in the future. The teacher then divides the class
into four teams. Three production teams A, B, C, consist of six to eight
students and one buying team consists of three students: Buyer 1, 2, 3.
3. Each production team is provided with 100
ingots that they will use to acquire economic goods or obtain their quota of
paper triangles. Each member of the buying team is provided with a unique
instruction sheet that they read independently (see Appendix 1.2.1). Production
teams are provided with an instruction sheet (see Appendix 1.2.1) that directs
them to choose one member to obtain specific materials. One stapler for 50
ingots, one pair of scissors for 25 ingots, a ruler for ten ingots, a pencil
for five ingots, and a supply of paper, one ingot per 8 ˝" x 11"
sheet are provided by the teacher who provides additional production
instructions as required.
4. Each buyer conferences with the production
group and the teacher signals when production should begin by blowing a whistle
or ringing a bell.
5. The teacher determines when groups have had
enough time and signals the end of production using the whistle or bell. At the
end of this round, students calculate how many ingots they have earned through
the activity.
6. The teacher may choose to have students go
through the activity again by having students change roles so they can
experience different systems of production or buying. Students fill in the
activity debriefing form (see Appendix 1.2.2). The activity debriefing form is
an opportunity for students to demonstrate and communicate their learning of
some basic economic concepts and the teacher should provide a number of prompts
as required, (e.g., What factors of production were required before you began
this task? What factors helped or hindered your group in producing or obtaining
paper triangles? Did your team become more efficient at producing the triangles
as time went on? What would you do differently next time? How realistic was
this activity in presenting how and why things are produced in Canada?
Explain.).
7. Students are asked to describe, the results
of their group’s experience based on the preceding prompts and from their
responses on the activity debriefing form (see Appendix 1.2.3).
8. The teacher introduces the economic terms,
market, mixed, and command economic systems and has students identify how their
paper triangle manufacturing experience fits into one of these three systems.
The class discussion should also have students identify the distinction between
the economic resources used in the activity (e.g., scissors, staplers, rulers,
and paper) and the products (e.g., paper triangles) that were produced. The
importance of productivity and labour are discussed.
9. The teacher writes the titles, Government
Control/Regulation and Free Market on the board or overhead and asks students
to think/pair/share Canadian examples of each. By applying their experience
from the Paper Triangle Manufacturing Activity, students should identify that
Canada is an example of a mixed economic system. Differences between this
system and a pure command and market economy are then highlighted.
10. Students complete their activity debriefing
form that they will include in their My Personal Career and Financial portfolio
and add new terms to their Economics Glossary (see Appendix 1.2.3).
11. Students are reminded that in the next
activity, they will be able to use the ingots they have earned to bid for goods
and services that will be available in the class auction (see Activity 3). The
teacher may wish to invite students to bring small items to sell at this
auction in order to earn extra ingots. If so, students should be advised that
they should set a minimum asking price, which is called the reserve bid, below
which they would not wish to sell their item.
|
Strategy #, Task/Product |
Purpose |
Assessment |
Tool |
|
3-6. Cooperative groups form Paper Triangle Manufacturing companies |
Formative |
Application |
Observation
checklist |
|
7. Group oral reports on activity |
Formative |
Knowledge/ |
Rubric
(see Appendix 1.2.3) |
|
10. Activity debriefing form |
Formative |
Application |
Rubric
(see Appendix 1.2.3) |
·
Adjust
the number of groups or group size based on class size.
·
Have
students repeat the activity more than once to allow experience in different
group situations.
·
Provide
more time for groups to consult and conduct the activity.
·
Ensure
that all students have had the opportunity to earn ingots from this or a
supplementary assignment completed individually, as they are essential for the
next activity.
Non-print
Basic Economic Principles, Module 1
Where Do I Fit In Series. Videocassette. Province of British Columbia. D.C. Heath Canada Ltd.,
1992.
Economix: Production – Volume
Two. Videocassette.
Daniel Frenette and Andre Lauzon. Dir. Jim Delaurier. Prod. National Film Board
of Canada, 1996. (Catalogue Number 117C 9196 035)
Canadian
Foundation for Economic Education. – http://www.cfee.org
Time: 4 hours
In this
activity, students are introduced to the market through a class auction.
Students use ingots that they earned as profit in the preceding activity to bid
on a number of items that are provided either by the students or by the teacher
for the auction. Students are given the opportunity to demonstrate their
economic knowledge to make informed decisions and to apply economic concepts
such as competition to identify and describe the economic choices that they
have made as consumers. Students apply first-hand knowledge gained through the
auction and in small groups; describe how consumers and producers each
determine what is in their best interest; and represent this information
visually through the construction of demand and supply curves. The completion
of this phase of the activity gives students the opportunity to describe how
consumers and producers together determine the equilibrium price. Students
reflect on their experience in the class auction to identify and describe how
demand and supply impacts on the economic choices they must make and the
strategies they might use to maximize their satisfaction in respect to one of
their goals. Through this reflection, which is to be included in the My
Personal Career and Financial Plan portfolio, students are developing skills
that will be applied in the culminating activity of this unit.
Strand(s): Economic Decision Making, Economic Stakeholders,
Self-Interest and Interdependence
Overall
Expectations
DMV.02 -
demonstrate an ability to use economic knowledge and methods of inquiry to make
informed decisions;
ESV.02 -
identify the factors that influence consumer demand and the skills used by
consumers to maximize their satisfaction in the marketplace;
SIV.01 -
explain how self-interest motivates both consumers and producers in a market,
and creates interdependence.
Specific
Expectations
DM2.01 -
apply economics concepts to identify and describe economic choices that
consumers face;
ES2.01 -
demonstrate an ability to differentiate between consumer wants and needs and
consumer demand;
SI1.01 -
describe how consumers and producers each determine what is in their own best
interest;
SI1.02 -
describe how consumers and producers together determine the equilibrium selling
price and the quantity sold in the market;
SI1.03 -
explain the importance of competition and profit in a market.
Students
have completed the Paper Triangle Manufacturing Companies Activity and have
earned ingots that will be used in this activity. Students have been introduced
to the concepts of economic choice and how consumers and producers each
determine what is in their own best interest. Students should have some prior
knowledge of graphing from the application of mathematics concepts.
·
Ensure
that all students have had the opportunity to accumulate some ingots from some
variation of the previous activity.
·
Arrange
for a number of small items to be available for the class auction either by
inviting students to bring in small items or by donations made through the
school or department budget.
·
Prepare
and duplicate activity work sheets and forms as specified in the Strategies.
·
Provide
letter-size graph paper or arrange for students to obtain appropriate graph
paper.
1. The teacher leads a class discussion of how
an auction works in terms of minimum asking price or the reserve bid and bids
for items. In the process, students speculate on the kind of items that might
be available in an auction and what motivates people to take part in these
activities. A short excerpt from a film such as Economix: Needs and Wants – Volume
One might be shown to introduce students to how an auction works.
2. Items for auction are displayed on a table or
desk. Each item has an identifying tag to indicate what the minimum asking
price will be. The minimum prices should be expressed as ingots or the currency
that was earned in the previous activity. There should be a number of small
items (e.g., pens, pads of paper, erasers, etc.) with a minimum asking price of
10 ingots. There should be fewer medium items (e.g., bottles of juice or
granola bars) with a minimum asking price of 50 ingots. A couple of items such
as a school T-shirt, or movie pass might have a minimum asking price of 75
ingots. One large item (e.g., a pizza lunch for six students) should have a
minimum asking price of 200 ingots or more ingots than any one student earned
in the previous activity.
3. Students
are given an opportunity to look at the items and the prices and are then given
some time to sit and record their thinking. At this point, the teacher might
also suggest that students might want to conference with others and pool their
ingots since the pizza lunch should be priced beyond the number of ingots
controlled by any one student. Students should identify which items they are
interested in bidding for and how much they might be willing to pay for each
item on a form such as the sample below. Once the auction begins, students fill
in the next two columns.
Sample Answer
|
Item |
My Planned Bid |
My Actual Bid |
Price Item Sold For |
|
Pen 1 |
10 ingots |
10 ingots |
15 ingots |
|
Pen 2 |
10 ingots |
10 ingots |
10 ingots |
|
Bottle of juice |
50 ingots |
60 ingots |
75 ingots |
4. As the auction is about to begin, the teacher
or auctioneer reminds students of the basic rules of an auction. The bidder must
have the necessary number of ingots to make a bid. To bid, you simply hold up
your hand until the auctioneer acknowledges you and then you call out your bid,
and the ingots must be surrendered immediately after the item has been
designated as sold by the auctioneer.
5. If certain items do not receive the minimum
bid in the first round, they are set aside. After all items have been auctioned
off, the auctioneer returns to the set aside items and offers them for a lower
starting bid. The goal is to have all items sold in the auction since the
ingots cease to have a value at the end of the auction.
6. Students write a brief report on their goals,
strategies and success in the preceding auction. Reports can be built around
the questions, What item/s did you bid on and why? What item/s did you not bid
on and why? What was your goal in the auction? Were you successful? Why or why
not?
7. The teacher debriefs the activity and records
as many reasons as possible as to what determined the price of the items. What
had a high demand? What sold for the most ingots? What did not sell until the
second round? What factors influenced potential buyers?
8. Re-enact the auction for a low priced item to
determine approximately how many hands went up as the price increased for that
item. Students should understand that each increasing bid resulted in fewer
hands being raised. Therefore, students are prompted to create a chart that
might look like this:
|
Price of Item |
Number of hands raised |
|
5 |
30 |
|
10 |
25 |
|
15 |
20 |
|
20 |
15 |
|
25 |
10 |
|
30 |
5 |
9. Each student is given a blank piece of
letter-size graph paper. Students are instructed to draw a vertical axis on the
left of the page and label it Price and a horizontal axis from the bottom left-hand
corner of the vertical line and label it Quantity. Each line should be 18 cm.
long. The point where the two axes meet is labelled with a ‘0’. Place the
numbers 5, 10, 15, 20, 25, and 30 on each axis such that each number is spaced
3 cm. apart (every 3rd line if using cm. square paper).
10. Students are then asked to place a small dot
for each co-ordinate (e.g., P 5, Q 30) on their graph paper. Once all
co-ordinates are identified with dots, students draw a straight line from point
to point.
11. The teacher leads a class discussion on what
motivated students to bid for certain items in the auction at a low price but
not to bid when the price increased. The result of this discussion is an
explanation that what their graph represents is a classic demand curve where,
as the price for an item increases, the quantity of the item that is demanded
by people decreases. Students have created a demand schedule and have
represented it visually with a demand curve, which they label with a ‘D’.
12. Students
work through the process again from the point of view of someone who was
supplying the item. The teacher provides prompts for this activity by asking,
How would a producer react if the price for an item went up? Would the producer
want to produce more or fewer items? Why?
13. Students use the same price figures only they
now project what quantity would be supplied at each price. A supply schedule
results and students place points for each coordinate on the same graph as
their demand curve. The resulting supply curve is labelled with an ‘S’.
14. The teacher debriefs the activity and asks
students what it means when the Demand and Supply curves cross. The economic
concept of equilibrium price is discussed.
15. Students update their Economics Glossary with
the new terms introduced in this activity.
16. Students refer to the brief report that they
wrote in Strategy 6 and add to it their reflections on the personal demand data
that they recorded for the item that they obtained or did not obtain through
the class auction. They may illustrate their demand with a graph or elaborate
on the strategy that was used to maximize their satisfaction in the
marketplace. They may reflect on one of their personal goals and describe the
strategy that they plan on using to achieve this goal. This report is placed in
the students’ My Personal Career and Financial Plan portfolio.
|
Strategy #, Task/Product |
Purpose |
Assessment |
Tool |
|
3. Auction report form |
Formative |
Thinking/Inquiry |
Informal
Observation |
|
6. Debriefing report |
Formative |
Thinking/Inquiry |
Informal
Observation |
|
13. Demand and Supply graphs |
Formative |
Thinking/Inquiry |
Marking
scheme |
|
15. Auction reflections report |
Summative |
Knowledge/ |
Rubric |
·
Students
who are challenged in the area of translating co-ordinates onto a graph can
work with peer helpers or Special Education teacher as per suggestions in the
student’s IEP.
·
If
food items are auctioned, teacher should ensure that potential food allergies
are addressed.
·
Model
the step-by-step instructions in creating a demand curve and a supply curve on
the blackboard or with an overhead projector.
·
Allow
for extended time for students to work on reflections and demand and supply
data manipulation.
·
Provide
supplementary instruction and data for students to recognize the nature of
demand and supply schedules and graphs.
·
Provide
a model/organizer for the debriefing report Strategy 6 and the reflections
report Strategy 16.
·
Provide
a list of the key economics terms that must be included in the Economics
Glossary.
Economix: The Market – Volume One. Videocassette. Daniel Frenette and
Andre Lauzon. Dir. Jim Delaurier. Prod. National Film Board of Canada, 1996.
(Catalogue Number 117C 9196 034)
Economix: Consumption – Volume
Two. Videocassette.
Daniel Frenette and Andre Lauzon. Dir. Jim Delaurier. Prod. National Film Board
of Canada, 1996. (Catalogue Number 117C 9196 035)
Sosin,
Kim. Explorations in Economic Demand.
University of Nebraska at Omaha Centre for Economic Education. No Date. 6
December 2000. – http://ecedweb.unomaha.edu/Dem_Sup/demand.htm
Time: 4 hours
In this
activity, students are introduced to factors, other than a change in price,
that can cause a change in supply and demand. Students first consider what
would happen to their demand for doughnuts, if a change occurred in their
expectations, fashion/fad, and a change in price of a substitute, technology,
income, complementary products, and demographics. Student groups work to
analyse the situation from the perspective of a producer/supplier of doughnuts.
Students are then given the opportunity to research and think critically about
a current issue that demonstrates how some change other than price might cause
demand or supply to change for some good or service. Students are provided with
an opportunity to forecast the effects of this change and make predictions
about the long-term effect of the situation in terms of equilibrium price,
future demand, or supply. This skill becomes the foundation of the culminating
activity in this unit.
Strand(s): Assessing Economic Change
Overall
Expectations
ECV.01 -
describe the causes and consequences of change in consumer and resource
markets;
ECV.02 -
explain how changes in prices, incomes, and the cost of living affect
consumers.
Specific
Expectations
EC1.01 -
describe what happens to equilibrium price and quantity purchased when demand
or supply changes in a market;
EC1.02 -
use market analysis methods to forecast how a market change will affect the
demand or supply, the price, and the quantity sold of a product or service;
EC1.03 -
produce an analysis of how individual stakeholders are affected by a specific
economic change;
EC2.03 -
identify the factors that affect an individual’s purchasing power and standard
of living.
It is
expected that the students will be familiar with the nature of demand, supply,
and price determination. The student is expected to have some understanding of
market price; that markets are the interaction of buyers and sellers, and the
factors that affect demand and supply.
·
Prepare
and duplicate the doughnut demand form.
·
Prepare
and duplicate a group worksheet on factors that effect the production of doughnuts.
·
Provide
newspapers or Internet access to students to facilitate finding appropriate
articles for analysis.
1. The teacher reviews the demand and supply
graphs that the students produced in Activity 3. Additional practice on
graphing demand and supply curves could also be presented. The teacher should
also review the effect of a price change on demand and supply.
2. The teacher presents a scenario where she/he
is prepared to sell doughnuts for $.50 each. Students write down how many
doughnuts they would be willing and able to buy at this price. Students then
are handed out a form on which they indicate their demand for doughnuts under
various circumstances:
|
Circumstance |
My Demand before |
My new Demand |
|
It’s 2 hours before lunch and you skipped
breakfast this morning |
|
|
|
A news
report suggests a direct link between doughnuts and cancer |
|
|
|
The
doughnuts have been in the box for the past 24 hours |
|
|
|
Muffins
sell for $2.00 each today but were $.75 each yesterday |
|
|
|
You
must get refreshments for 5 people for an after school meeting |
|
|
|
You
always drink milk with your doughnut and it costs $1.00/glass |
|
|
|
You’ve
heard that in your next class the teacher will sell doughnuts for $.40 each |
|
|
|
Your
spending money just increased from $10. to $20. per week |
|
|
3. The teacher leads discussion of the impact
that the circumstances had on consumer demand without a change in price
occurring. The examples in the chart above reflect a number of such changes.
These include: a change in time/season, a change in fashion/fad, a change in
quality, a change in the price of a substitute, a change in population/family
size/demographics, the effect of the price of a complementary product, a change
in their expectations, a change in income.
4. Students are divided into small groups and
instructed to consider the impact that each of the circumstances would have on
the supplier of the doughnuts and ultimately what impact each situation would
have on the equilibrium price. Students are also to consider what factors might
cause a producer/supplier to change the number of doughnuts they might be
willing to sell at a particular price and the impact that these changes might
have on consumers. The teacher should produce a worksheet that provides prompts
for the groups to consider as factors that go into the production of doughnuts,
such as labour, raw materials, technology, and loans obtained for the business.
The teacher instructs the students to use graphs to demonstrate their thinking.
Students should record the group’s conclusions about the effect on supply and
price of each new circumstance on the doughnut demand form.
5. The teacher debriefs the activity by having
student groups report on their conclusions. A list should be compiled of the
factors other than price change that could cause demand and supply to change
and how these changes might affect price.
6. Students
research a newspaper or Internet article that describes a situation where some
factor other than a price change might cause demand or supply to change for
some good or service. Articles could include topics such as a new fad, fashion
or musical group, the impact of a weather change on crops, a work stoppage by a
group of employees, etc. Students should place the article on a sheet of paper
and analyse the content based on the following directional questions. Briefly
summarize what the article is about (not more than half a page). Will consumers
or producers be impacted first by this situation? What impact will the
situation described in the article have on the quantity demanded or supplied?
Who, other than those first impacted by the situation, will be affected? What
do you think will be the long-term effect of the situation in terms of
equilibrium price, future demand, or supply? (see Appendix 1.4.1)
|
Strategy #, Task/Product |
Purpose |
Assessment |
Tool |
|
2. Fill out doughnut demand form |
Formative |
Thinking/Inquiry |
Informal
Observation |
|
4/5. Group doughnut supply analysis and report |
Formative |
Communication |
Informal
Observation |
|
6. Article analysis report |
Summative |
Thinking/Inquiry |
Rubric
(see Appendix 1.4.1) |
·
Change
the item focussed on from doughnuts to better match the tastes of students.
·
Present
the factors that influence the production of doughnuts to students Strategy 4/5
by playing the role of an advisory consultant and having students practise
active listening skills, with students’ response expected.
·
Students
could complete the supply analysis on an individual basis and instead of
presenting the information orally to the class, they could provide a written
summary.
·
Provide
a copy of debriefing notes to students.
·
Use
an example of a current news topic or event to motivate and pique student
interest.
·
Students
could be provided with an article for analysis and report on it orally.
Non-print
Sosin,
Kim. Explorations in Economic Demand.
University of Nebraska at Omaha Centre for Economic Education. 6 December 2000.
– http://ecedweb.unomaha.edu/Dem_Sup/demand.htm
National
Council on Economic Education. EconEdLink.
Marco Polo consortium. 1 February 2001.
– http://www.econedlink.org.
Its Impact on Economic
Stakeholders
Time: 4 hours
In this culminating activity,
students apply key economic concepts, such as scarcity, opportunity cost,
factors that influence consumer demand, and factors other than a price change
that cause changes in Demand or Supply, that have been introduced throughout
this unit. Students work in groups to analyse case studies pertaining to
changes that have occurred in numerous sectors of the economy. Groups present
their findings to the class. Students conduct some independent research or a
guided Internet search and communicate their learning by predicting changes
that might occur in the future to impact the preliminary plan that they
identified as their career and financial goals in Activity 1. The Economic
Change Organizer and the report on the students’ personal predictions become
the foundation for the completion of ‘My Personal Career and Financial Plan’
portfolio.
Strand(s): Economic Decision Making, Economic Stakeholders,
Self-Interest and Interdependence, Assessing Economic Change
Overall
Expectations
DMV.02 -
demonstrate an ability to use economic knowledge and methods of inquiry to make
informed decisions;
ESV.01 -
describe the economic roles that an individual plays;
ESV.02 -
identify the factors that influence consumer demand and the skills used by
consumers to maximize their satisfaction in the marketplace;
ECV.03 -
identify trends in labour markets and use this information to develop an
employment plan.
Specific
Expectations
DM2.01 -
apply economics concepts to identify and describe economic choices that
consumers face;
DM2.02 -
apply economic concepts and models to analyse the causes or forecast the
effects of a change DM2.03 - apply a cost-benefit inquiry to define a problem
and to identify and evaluate choices from the point of view of different
stakeholders;
ES1.01 -
identify those who compose the stakeholder groups of “consumer” and
“contributor”;
ES2.01 -
demonstrate an ability to differentiate between consumer wants and needs and
consumer demand;
EC3.03 -
identify employment markets in which demand is strong and which match their
interests and abilities.
Students
have completed a preliminary plan of individual goals and have received
formative feedback on their grasp of the economic concepts introduced in this
unit (e.g., economic choice and the role of economic systems, price
determination through the interaction of Demand and Supply, and the factors
that cause changes in Demand and Supply). Students should apply the use of
writing skills acquired in English courses (e.g., clarity, conventions,
convincing argument).
·
Search
the Internet for case studies on five distinct categories of economic change.
Edit
(if necessary), duplicate and provide a different case study to each group.
·
Reserve
Library/Resource Centre or computer lab for students to do independent research
or guided Internet search.
·
Duplicate
the economic change organizer (see Appendix 1.5.1).
·
Adapt
the rubric used in Activity 4 (see Appendix 1.4.1) for Assessment/Evaluation of
group reports.
1. The teacher reviews key Economics concepts
that have been discussed in the unit.
2. The teacher divides students into five
groups. Each group is instructed to investigate a case study on one of the
categories identified below. Each case should focus on some change that has
occurred over the past few years. Case categories might include: a) the change
in price of some essential good or service (e.g., the price of food public
transit); b) change in demand for some type of labour (e.g., through layoffs,
or a new business starting up); c) change in taxation (e.g., either an increase
or decrease); d) change in the supply of a raw material (e.g., oil, natural gas
or some other fossil fuel); e) change in some significant economic indicator
(e.g., the size of the Canadian national debt).
3. In groups, students read and discuss their
individual cases and complete the Economic Change organizer (see Appendix
1.5.1.).
4. Groups report to the class on their case, its
impact on the various stakeholders in the Canadian economy and their prediction
of what the future will be for their particular case (see Appendix 1.5.1 and
Appendix 1.4.1).
5. Students refer to their preliminary plan of
individual goals from Activity 1. Students should do some independent research
or conduct a guided Internet search for information that applies to their
specific goals and prepare a one-page report on predictions they would make
regarding their preliminary goals. The report should include an analysis of the
future prospects for their career choice (e.g., what will be the future supply
and demand for the labour they intend to provide), the cost of their consumer
goal, etc. The group organizer and the report on their personal predictions
should be included in their ‘My Personal Career and Financial Plan’ portfolio
(see Appendix 1.1.1).
|
Strategy #, Task/Product |
Purpose |
Assessment |
Tool |
|
3. Group case study organizer |
Formative |
Knowledge/ |
Informal
Observation |
|
4. Case study group report |
Summative |
Communication |
Rubric |
|
5. Personal prediction report |
Summative |
Thinking/Inquiry |
Self-Evaluation
Rubric |
·
Paired
reading of case studies, where student is paired with a classmate to develop an
understanding of the case study as a ‘meaning making’ process.
·
Students
could complete the case studies on an individual basis and instead of
presenting the information orally to the class; they could provide a written
summary.
·
Students
can write the report with the assistance of the Special Education teacher or
peer helper as specified in the student’s IEP.
·
ESL/ELD
students can be asked to make notes on the oral reports and the teacher could
assess their notes for accuracy and understanding.
Print
Foot,
David K. Boom, Bust, and Echo 2000. Toronto:
McFarlane, Walter and Ross, 1998.
ISBN 1551990296
Heather,
Ken. Understanding Economics: A Case
Study Approach. Toronto: Prentice-Hall Canada, 2001. ISBN 0136501699
Kunz,
Jean L. and Grant Schellenberg. Youth at
Work in Canada: a Research Report. Ottawa: Canadian Council on Social
Development, 1998. ISBN 088810474X
Non-print
Statistics
Canada educational resources – http://collections.ic.gc.ca/e/eduresources.asp
There’s Something about Money. Canadian Bankers Association. 31
January 2001. –
http://www.yourmoney.cba.ca/index.htm.
Student’s
Name: ________________________ Unit:
____________
|
Criteria |
Level 1 |
Level 2 |
Level 3 |
Level 4 |
|
Knowledge/ Understands
Economic Concepts Addressed in this Unit |
-
demonstrates a limited understanding of economic concepts addressed in this
unit |
-
demonstrates a moderate understanding of economic concepts addressed in this
unit |
-
demonstrates a good understanding of economic concepts addressed in this unit |
-
demonstrates a thorough understanding of economic concepts addressed in this
unit |
|
Thinking/ Evidence
of Research Related to Personal Economic Goals |
- has
done limited research on material/articles related to personal economic goals |
- has
done a moderate amount of research on material/articles related to personal
economic goals |
- has
done considerable research on material/articles related to personal economic
goals |
- has
thoroughly researched material/articles related to personal economic goals |
|
Communication Expression
of Economic Concepts With Accuracy and Effectiveness |
- has
expressed economic concepts with a limited degree of accuracy and
effectiveness |
- has
expressed economic concepts with a moderate degree of accuracy and
effectiveness |
- has
expressed economic concepts with a considerable degree of accuracy and
effectiveness |
- has
expressed economic concepts with a high degree on accuracy and effectiveness |
|
Application Application
of Economic Concepts to Individual Career and Financial Goals |
- has
applied economic concepts to individual career and financial goals with a limited
degree of accuracy and effectiveness |
- has
applied economic concepts to individual career and financial goals with some
accuracy and effectiveness |
- has
applied economic concepts to individual career and financial goals with
considerable accuracy and effectiveness |
- has
applied economic concepts to individual career and financial goals with a
high degree of effectiveness |
Note: A student whose achievement is below level 1
(50%) has not met the expectations for this assignment or activity.
|
Criteria |
Level 1 |
Level 2 |
Level 3 |
Level 4 |
|
Knowledge/ Coherence |
-
portfolio topic is clear but demonstrates limited unity |
-
portfolio focuses on the topic and demonstrates some unity |
-
portfolio is unified and links are made |
-
demonstrates solid development of the topic and logical structure |
|
Relevant
Material |
- items
have limited connection to topics |
- items
are sometimes on topic |
- items
are all on topic |
- items
are on topic, specific, and well chosen |
|
Questions |
-answers
limited number of questions |
-
answers some questions |
-
answers almost all questions |
-
answers all questions thoroughly |
|
Thinking/Inquiry Clarity
and persuasion |
-
thinking has limited clarity |
-
thinking is occasionally clear |
-
thinking is clear and presents an argument |
-
thinking is clear and persuasive |
|
Organizing
and research |
-
skills are evident to a limited extent |
-
applies some of the skills of inquiry |
-
applies most of the skills involved |
-
applies all or almost all of the skills involved |
|
Communication Presentation
Skills |
-
demonstrates limited audibility and clarity; eye contact is limited |
-
demonstrates some audibility and clarity; eye contact not maintained |
- has
considerable audibility and clarity; eye contact is maintained |
- is
audible and clear; enunciation is excellent; eye contact is effective and
maintained |
|
Spelling,
Grammar, Punctuation |
- has a
few major errors and omissions |
- has
several minor errors or omissions |
- has a
few minor errors or omissions |
- has
no major errors or omissions |
|
Visual Presentation
(eye appeal, format, spacing, margins) |
-
visual presentation has a limited effectiveness |
-
visual presentation is moderately effective |
-
visual presentations is quite effective |
-
visual presentation is very appropriate and effective |
|
Sentence
Variety (structure, type, length) |
-
demonstrates limited use of sentence types |
- has
used a variety of sentences |
- has
used wide variety of sentences |
- has
used a wide variety of sentences effectively |
|
Application Makes conclusions or generalizations |
- makes a few conclusions and generalizations |
- makes some conclusions and generalizations |
- makes a considerable number of conclusions
and generalizations |
- makes personal, practical, appropriate
conclusions |
|
Exploration of issue, clarification of
personal concerns |
- demonstrates limited understanding of the
topic/issue |
- states facts with some understanding |
- shows considerable understanding and
personal concern |
- shows thorough understanding and commitment |
Note: A student whose achievement is below level 1
(50%) has not met the expectations for this assignment or activity.
Buyer
1: You are instructed to obtain 20 paper triangles from Production Team A for
which you will receive 100 ingots from the state/teacher. You are to ensure
that each triangle is created from a 10 cm x 10 cm square piece of paper, folded
from corner-to-corner, with one staple where the two loose corners meet.
Buyer
2: You are instructed to obtain 15 paper triangles from Production Team B for
which you will receive 75 ingots from the state/teacher. You are to ensure that
each of these 15 triangles is created from a 10 cm x 10 cm square piece of
paper, folded from corner to corner and has one staple where the two loose
corners meet. Once you have successfully obtained this order, you will receive
three ingots for every other triangle of lesser quality that you obtain. The
additional triangles can be obtained from Production Team B or Production Team
C. You must negotiate a price per ingot with these teams and pay them with the
100 ingots that the state has loaned you for this purpose. Any unused ingots
must be repaid to the state.
Buyer
3: You are instructed to obtain as many paper triangles as possible. The
triangles should be created from a square piece of paper, approximately 10 cm x
10 cm but precision is not important. You can obtain these triangles from
either Production Team B or Production Team C. You will receive four ingots
from the state/teacher for each triangle that you obtain. You must negotiate
the price you pay for each triangle with the production teams and pay for them
with the 300 ingots that the state has loaned you for this purpose. Any unused
ingots must be repaid to the state.
Production
Team A: Select one member of your team to obtain the following materials. One
stapler for 50 ingots, one pair of scissors for 25 ingots, a ruler for ten
ingots, a pencil for five ingots, and a supply of paper, one ingot per 8
˝" x 11" sheet) from the teacher. Your team is to produce 20 paper
triangles of precise dimensions. Each triangle must be created from a square
piece of paper, precisely 10 cm x 10 cm, folded once from corner to corner with
one staple holding the triangle together where the two loose corners meet. The
state will pay each member of your team 100 ingots if your quota is met. You
may only deal with Buyer 1 in this transaction. You are able to obtain more
staplers, scissors, etc. for an additional price of 50 ingots per stapler and
25 ingots per pair of scissors, etc.
Production
Team B: Select one member of your team to obtain the following materials. One
stapler for 50 ingots, one pair of scissors for 25 ingots, a ruler for ten
ingots, a pencil for five ingots, and a supply of paper, one ingot per 8
˝" x 11" sheet) from the teacher. You are to produce 15 paper
triangles of precise dimensions. Each triangle must be created from a square
piece of paper, precisely 10 cm x 10 cm, folded once from corner to corner with
one staple holding the triangle together where the two loose corners meet. The
state will pay 75 ingots to each team member of your team for meeting this quota.
Once this order is filled for Buyer 2, you are free to produce extra triangles
of less precise dimensions and sell them to either Buyer 2 or Buyer 3 for
whatever price you can negotiate. Each buyer ingot = 1 ingot per person. You
are able to obtain more staplers, scissors, etc. for an additional price of 50
ingots per stapler and 25 ingots per pair of scissors, etc.
Production
Team C: Select one member of your team to obtain the following materials. One
stapler for 50 ingots, one pair of scissors for 25 ingots, a ruler for ten
ingots, a pencil for five ingots, and a supply of paper, one ingot per 8
˝" x 11" sheet) from the state/teacher. You are to produce as many
paper triangles as possible. Each triangle should be created from a relatively
square piece of paper approximately 10 cm x 10 cm but efficient production is
the key. You can sell your paper triangles to either Buyer 2 or Buyer 3 for
whatever price you can negotiate. You are able to obtain more staplers,
scissors, etc. for an additional price of 50 ingots per stapler and 25 ingots
per pair of scissors, etc. Each buyer ingot = 1 ingot per person.
1. Describe how successful you or your group was
at obtaining or producing paper triangles. Consider how many you obtained or
produced. Did you have an interest in obtaining or producing more? Why or why
not?
2. What motivated you to obtain or produce the
number of paper triangles that you produced?
3. Describe how your group decided on the
following questions.
What to produce?
How to produce?
For whom?
4. Describe what helped or hindered you in the
acquisition or production of paper triangles.
After the
class discussion, answer the following questions.
5. How was your group’s experience in paper
triangle manufacturing different from that experienced by other groups?
6. Are you satisfied with the results of the
decisions made by your group or would you have preferred to be a member of a
different production team? Explain your answer.
7. If you were an employer, would you be more
interested in the quantity produced or the quality of the goods produced?
Explain your answer.
8. As a result of this activity, I have earned
_________ ingots.
Student’s
Name: ___________________________ Unit:
______
Oral
Presentation
|
Criteria |
Level 1 |
Level 2 |
Level 3 |
Level 4 |
|
Knowledge/ Evidence
of Understanding of the key elements of the Activity (e.g., identify economic
choices) |
-
demonstrates a limited understanding of the key elements of the activity |
-
demonstrates some understanding of the key elements of the activity |
-
demonstrates considerable understanding of the key elements of the activity |
-
demonstrates thorough understanding of the key elements of the activity |
|
Knowledge/ Evidence
of Understanding of the motivators for producers and consumers in a market |
-
demonstrates limited understanding of what motivated producers and consumers
in the market |
-
demonstrates some understanding of what motivated producers and consumers in
the market |
-
demonstrates considerable understanding of what motivated producers and
consumers in the market |
-
demonstrates thorough understanding of what motivated producers and consumers
in the market |
Note: A student whose achievement is below level 1
(50%) has not met the expectations for this assignment or activity.
Activity
Debriefing Rubric
|
Criteria |
Level 1 |
Level 2 |
Level 3 |
Level 4 |
|
Thinking/Inquiry Evidence
of analysis and synthesis of economic concepts (e.g., ability to compare
economic systems) |
-
compares the characteristics of different economic systems with limited
clarity and effectiveness |
-
compares the characteristics of different economic systems with some clarity
and effectiveness |
-
compares the characteristics of different economic systems with considerable
clarity and effectiveness |
-
compares the characteristics of different economic systems with a high degree
of clarity and effectiveness |
|
Application Makes
connections between personal experience and economic concepts |
- makes
connections between the activity and the role of economic systems with
limited effectiveness |
- makes
connections between the activity and the role of economic systems with some effectiveness |
- makes
connections between the activity and the role of economic systems with
considerable effectiveness |
- makes
connections between the activity and the role of economic systems with a high
degree of effectiveness |
Note: A student whose achievement is below level 1
(50%) has not met the expectations for this assignment or activity.
|
Criteria |
Level 1 |
Level 2 |
Level 3 |
Level 4 |
|
Knowledge/ Communication Article
or case selected |
-
article or case has limited relevance to the topic |
-
article or case has some relevance to the topic |
-
article or case has considerable relevance to the topic |
-
article or case is highly relevant to the topic |
|
Thinking/ Identifies
what the impact will be on the relevant economic stakeholder |
-
identifies impact of the case on the relevant stakeholders with limited
accuracy |
-
identifies impact of the case on the relevant stakeholders with some accuracy |
-
identifies impact of the case on the relevant stakeholders with considerable
accuracy |
-
accurately identifies impact of the case on the relevant stakeholders |
|
Communication Major
points of the article or case is articulated |
-
content and analysis of the article or case are articulated with limited
clarity |
-
content and analysis of the article or case are articulated with some clarity |
-
content and analysis of the article or case are articulated with considerable
clarity |
-
content and analysis of the article or case are clearly articulated |
Note: A student whose achievement is below level 1
(50%) has not met the expectations for this assignment or activity.
As a
group, complete the inquiry questions as they apply to your case and complete
the organizer.
1. Summarize your article and identify the
important economic change that has occurred and analyse the factors that caused
the change.
2. Which economic stakeholder first felt the
impact of this change?
3. What are your predictions about the future impact of the change on the following economic stakeholders?
|
Economic Stakeholder: Identify specifically who makes up each group |
Immediate Reaction and Economic Cost: Did the change have a positive or negative
impact on the group? |
Future Impact if the Trend Continues: Do you think the trend will continue? What
will each group have to do? |
|
Consumers |
|
|
|
Producers |
|
|
|
Labour |
|
|
|
Investors |
|
|
|
Government |
|
|
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