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Infusing Economic Thinking Into Everyday Learning

StreetSchool Network™2010 Annual Conference

July 27, 2010

Jennifer Cornell804-741-2806jcornell@powellcenter.org

Laurel Christensen720-425-1642laurelc@streetschoolnetwork.org

www.infusionomics.com

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What is Infusionomics™?

Enables K-12 teachers to understand and seamlessly integrate economics into their classroom. A pedagogical approach to merging

economics into existing curriculum. A virtual training program. A website of tools and resources. A learning community.

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What are the goals of Infusionomics™?

Students understand the fundamentals of economics.

Students anticipate consequences. Student analyze potential solutions. Students make informed, sound

decisions. Students take responsibility for

their actions.

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How does Infusionomics™ work?

• Virtual Training: De-Mystifying Economics & Keystone Economic Principles

• Monthly Themes•Subject-specific “Concept Matching”

• Curriculum-wide “Concept Matching”• Financial Literacy• Student Economy

• Economis • Classroom Management

• Integrated Economic & Financial Literacy •Youth Entrepreneurship

• Entrenuity

Introductory YearEconomic Literacy

Training & Initial Practice

Implementation YearFull Infusion of

Economic Literacy &Financial Literacy

Experiential YearEconomic Literacy,Financial Literacy &

Entrepreneurship

Year 1 Infusionomics

Two Options: Infuse Economic principles on a quarterly

basis using themes and Keystone Economic Principles™

Or… Infuse Economic principles on a monthly

basis using just the Keystone Economic Principles™

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Four Overall Economic Themes

These four overall themes can be implemented one per quarter.

Choice

Cost

Resources

Incentives

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Choice We all make choices. KEP 1 All choices have consequences. KEP 3 Big transferable concepts:

Scarcity Wants / Needs Goods / Services Consequences Resources Abundance Conflict Cooperation

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Costs TANSTAAFL™ (There Ain’t No Such Thing

As A Free Lunch.) KEP 2 Complimentary Concept:

Economic Thinking is Marginal Thinking. KEP 4 Big Transferable Concepts:

Opportunity cost Trade-off Cost/benefit Interactions Utility Justice Loyalty

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(Use of) Resources

Do what you do best, trade for the rest. KEP

6 Complimentary Concepts:

Quantity and quality of resources impact living standards. KEP 8

Economic systems influence choices KEP 4

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(Use of) Resources (cont.) Big Transferable Concepts:

Specialization Interdependence Production Consumption Resources (Natural, Human, Capital, Entrepreneurship) Environments Ecology Communities Interactions Philanthropy Harmony Honesty Love Fairness

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Incentives (Motivation)

Incentives produce predictable responses KEP 5

Complimentary Concepts: Prices are determined by market forces

of supply and demand…and are constantly changing KEP 9

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Incentives (Motivation) Big Transferable Concepts:

Incentive / disincentive Reward / penalty Balance (equilibrium) Supply / Demand Trade Influence Obedience Gratitude Change Greed Grace

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Keystone Economic Principles™

1. We all make choices.

2. There Ain’t No Such Thing As A Free Lunch. (TANSTAAFLTM)

3. All choices have consequences.

4. Economic systems influence choices.

5. Incentives produce predictable results.

www.powellcenter.org/Keystone.asp

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Keystone Economic Principles™

6. Do what you do best and trade for the rest.

7. Economic thinking is marginal thinking.

8. Quantity and quality of resources impact living standards.

9. Prices are determined by the market forces of supply and demand…and are constantly changing.

www.powellcenter.org/Keystone.asp

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Why Infusionomics™?

Students participate in the economy every day. Applying economic concepts to multiple core academic

areas results in: Increased understanding and reinforcement of economic

principles. Increased relevance of subject matter. Improved performance in academics.

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How does Infusionomics™ work?

“Concept Matching”

Timing & KeystoneEconomic Principle

Related Economic Concepts (ex.)

Course/Subject Area

Unit Integration Points

Essential Questions/Goals

Assessment

September/ OctoberChoice & Consequences

ScarcityWants, NeedsCosts, BenefitsConsequences…

TBDCosts

Opportunity CostPrice …

TBDResources

Capital, HumanNatural, EntrepConsumersProducers …

Infusionomics Flow Chart Step 1: Prior to the Quarter/Month

- Train all teachers on the Keystone Economic Principles for the next Quarter – use the video and/or www.infusionomics.com - Determine where concepts will be introduced and integrated based on course curriculum - Complete Concept Matching Grid

Step 2: Beginning of the Quarter/Month - Introduce the theme, keystone(s) and corresponding concepts to students at the classroom level or with the entire school (you can utilize Powell Lessons or Virtual Economics lessons for this)

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Infusionomics Flow Chart – cont. Step 3: During the Quarter/Month

- Integrate themes, KEP(s) and corresponding concepts into curriculum and instruction, according to the concept matching grid, throughout the quarter/month in all classes - Relate themes, KEP(s) and corresponding concepts in ways that promote authentic learning - Assessment is ongoing and varied (all or portions of the KEP assessments on line can be utilized)

Step 4: End of Each Quarter/Month - Train all teachers on the Keystone Economic Principles for the next Quarter/month - Determine where concepts will be introduced and integrated based on course curriculum - Complete Concept Matching Grid - Teachers complete evaluation forms

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Virtual Training

De-Mystifying Economics Features Dr. Gerry Swanson,

Professor of Economics, Eller College of Management, University of Arizona

http://www.infusionomics.com/demystifying%20economics.htm

Keystone Economic Principles Features Mrs. Donna Broughton,

NFIB Middle School Teacher of the Year