Eco Lessons From the Newly Developing U.S.

Laura EwingPresident/CEO

Texas Council on Economic Educationwww.economicstexas.org

www.smartertexas.org Laura@economicstexas.org

713-655-1650

This workshop and the accompanying materials are made available to teachers through the generous support of State Farm and the Council for Economic Education.

COUNCIL FOR ECONOMIC EDUCATION NATIONAL CONFERENCE

October 9-11, 2014 Big Dallas Renaissance Hotel Registration covers

most meals Plan now to attend

and ask for Oct. 10 to be staff development day

TCEE Opportunities

Trainings for Math teachers on PFL in Austin

Financial Fitness for Life Study

Economics Challenge Fall and Spring Online Testing In

Micro, Macro and International Economics

Adam Smith Division 2nd place national champs

Bellaire HS 2010/3rd 2012

David Ricardo Division 3rd place national champs Plano HS 2010/4th place 2012

State competition in Austin

Personal Financial Literacy Challenge

Middle and High School

Fall and spring online challenges will determine state finalist candidates

“State Play-Offs” in Austin with cash awards for two top teams

HS national finals at Fed in St. Louis

Bellaire HS Houston 2nd in nation 2012

10 week Student Session 

• 10 Week Student Session Fall and SpringPrizes for Regional WinnersTeams of 4 to 5 students

• Teaches math, investments, • decision-making

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What Role Does Geography Play In…

•1. how Texans make a living•2. where people settle

What are the factors of production?

•1. Land •2. Labor•3. Capital•4. Entrepreneurship

Play FullEconomics

Laura EwingPresident/CEOTexas Council on Economic Education (TCEE)www.economicstexas.org Laura@economicstexas.org713-655-1650

How can you make math, CT and social

studies hands-on and relevant while

teaching critical thinking skills?

Texas Essential Knowledge and SkillsEconomics and Play Dough EconomicsDescribe how the free

enterprise system works

http://store.yahoo.com/ncee/playful-economics.html

Lesson 12:Market Price II

Market Price: Changes in Supply and Demand

Concepts of the USFree Enterprise

Economic System•How do changes in demand affect market price?

•How does the market price guide what producers or suppliers produce?

Concepts of the Texas/USFree Enterprise

Economic System•Why must costs be subtracted from revenues to determine profits?

•How can certain events cause costs to change, which can affect profits?

Market Price Focus

1. What is meant by demand?2. What are three things you demand

economically?3. How much will you pay for them?4. What determines if you demand/buy

them?

Market Price Competition

1. We will divide into factories with 4 to 6 workers in each factory.

2. Choose a production manager.3. Choose an accountant

Production Rounds

1. There will be 3 rounds of 5 minutes each.2. You will produce any amount, but at least

one of the apple, hammer, shirt and cup/saucer in 2 inch dimensions.

3. Each product must have 2 colors.

Production Rounds

1. Each product must have 2 colors.2. You may only use your hands – no capital.3. You may specialize.4. Produce at least one of each but as many

as possible.

Get Your Play Dough

Production Rounds

1. Each product must have 2 colors.2. You may only use your hands – no capital.3. You may specialize.4. Produce at least one of each but as many

as possible.

Time IS UP!

1. Count the quantity produced of each product.2. Record the quantities on the “Revenues

Worksheet”3. We will do a class total.4. We will draw a demand card.5. We will determine prices and factory earnings.

Supply, Demand and Market Price Chart

Goods Supplied by Class

Resulting Market

Price With NO

Change in Demand

Resulting Market

Price with Decrease

in Demand

Resulting Market

Price with Increase in

Demand

0-8 $10 $8 $13

9-12 $7 $5 $10

13-16 $5 $3 $7

17-20 $3.50 $2 $4

Over 20 $2 $1 $3

Between The Rounds1. Tally your round one results2. Plan your production strategy for

round 2.3. The production manager has the final

authority on what to produce.

Get Your Play Dough

Production Rounds

1. Each product must have 2 colors.2. You may only use your hands – no capital.3. You may specialize.4. Produce at least one of each but as many

as possible.

Time IS UP!

1. Count the quantity produced of each product.2. Record the quantities on the “Revenues

Worksheet.3. We will do a class total.4. We will draw a demand card.5. We will determine prices and factory earnings.

Supply, Demand and Market Price Chart

Goods Supplied by Class

Resulting Market

Price With NO

Change in Demand

Resulting Market

Price with Decrease

in Demand

Resulting Market

Price with Increase in

Demand

0-8 $10 $8 $13

9-12 $7 $5 $10

13-16 $5 $3 $7

17-20 $3.50 $2 $4

Over 20 $2 $1 $3

Process1. What patterns do you see in the Supply,

Demand, and Market Price Chart?2. In a market, what two things are needed

for a price to be determined?3. What caused price to change?

More Process4. How did price influence

your production decisions?

5. How did other groups influence your strategy and plans?

Laura EwingPresident/CEOTexas Council on Economic Education (TCEE)www.economicstexas.org Laura@economicstexas.org713-655-1650