Canton Center for Economic Education

1. Canton Center for Economic Education presents CHOICES AND CHANGESMay 7th, 2010

2. Canton Center for Economic Education @ http://www.canton.edu/centereconed • 2009-2010 • 2008-2009 • 2007-2008 • 2006-2007 • 2005-2006

3. Choices & Changes Agenda • Exchanging goods and services • You in the Economy • Using Human Capital • Economic Choices • Choices Based on Preferences • Making Choices • Impact on others • Choices make a Difference • Choices have Consequences • What Influences Choices • Bearing Others Choices • Making Good Choices

4. OBJECTIVES • Illustrate how scarcity problem forces choices • Explain rational choices making • Critique consumer and producers roles • Support human capital enhancements • Evaluate opportunity cost, benefit/cost analysis, consequences, and influences of choices

5. Students Journal • Start journal “Decisions I Make” • Assign Journal Pages • Students to complete Journal Pages after each lesson • Promotes child-parent relationship

6. I: Exchanging goods and services Students will: • Recognize that all economies exchange goods and services • Understand that all parties benefit in voluntary exchange • Identify ways in which they participate in the economy

7. Student Journal 1-1 Things Bought and Sold Help Bought and Sold List barter services: Hairdressing Pedicure/Manicure Tanning Piecing List barter item/goods: • Phone • IPod • Car • Books

8. I: Exchanging goods and services • Trading should satisfies both parties • Ask each student to bring one barter item for exchange • Discuss barter: ancient, time consuming, divisibility, money, win-win, self-interest

9. II: You in the Economy Students will: • Recognize that consumers (in exchange) are part of the economy • Prepare Consumer Report by engaging as objective (fair) consumer researchers • Perform benefit cost-analysis • Economic Life Activity

10. II: You in the Economy Student Researchers As consumer researchers evaluate 3 different rolls of paper towels: Test for the best using the following criteria: • Absorbency • Strength • Tear

11. Result

12. Student Journal 2-1 • Write the definition of “The economy”: The way society organizes to satisfy human wants • Describe economy in your own words • Draw a picture of an exchange • What is the most common way to get money in the economy: Work

13. II: You in the Economy Choice is a Decision or Selection Students complete Activity 1: A Day in My Economic Life Label “C” for Consumer Activity Label “HC” for Activity to Develop Human Capital

14. Activity 1A Day in My Economic Life

15. Activity 2Making Good Choices • During this one-day period, what is your best choice and why? • What was your worst choice and why? • Do you think you made good choices about spending money during this day. • Do you think you made good choices about the way you developed your human capital? • How might you improve?

16. III: Using Human Capital Students will: • Recognize workers and consumers as part of the economy • Value human capital • Discover how to develop human capital

17. III: Using Human Capital Workers produce while consumers buy goods and services Economic value is a measure of worth of a good, service, or resource • Open with Student Journal (SJ) 3-1 • Use SJ 3-2 to take Inventory of Human Capital • Show ability with SJ 3-3

18. Student Journal 3-1 • Name a good or service? • Name a good you often buy for $5? • Name two services you have used in the past? • What is the first good/service you will buy when you leave home? • Describe 3 consumer choices?

19. Student Journal 3-2

20. Students Journal 3-2

21. Student Journal 3-3Skill Inventory

22. IV: Economic Choices Students will • Recognize the need to make economic choices • Relate scarcity and economic choices • Explain opportunity cost • Identify the benefits and cost in choice-making

23. Activity 3 Mario’s Lucky Day Mario is 14 years old with $75 • Saving for a $200 digital camera • $60 new clothing • $75 season ticket for his favorite basket ball team

24. Student Journal 5-1 Never Enough

25. IV: Economic Choices • Does Mario have a scarcity problem? • What are his alternatives? • If you were in Mario’ position, which alternative would you choose ? Why? • What would your second choice or highest-valued alternative (opportunity cost) be? Why?

26. Student Journal 5-2My Story about Scarcity • What is wanted, explain the scarcity situation? What do they cost? How much is available? • How did you decide the alternatives and how did the situation turn out. • Identify the choice and opportunity cost?

27. IV: Economic Choices Choice Situation Stimulation “What ‘s in the Box?” • Contestants select one of two boxes. Each box holds a prize. • Decide whether to keep the prize in the first box or give it up and choose another • List the benefits of each prize

28. Student Journal 6-1

29. V: Choices Based on Preferences Students will: • Recognize that choices are based on preferences • Understand that individual use preferences in choice-making • Recognize and accept differences in preferences

30. V: Choices Based on Preferences

31. VI: Making Choices • Identify and examine six common ways of choice-making • Recognize the cost and benefits of the different ways • Use one of the six methods to make a choice (select a preference)

32. Student Journal 8-1 Six Common Methods

33. Activity IVChoice Cards

34. VII: Impact on Others Students will: • Recognize that choices made affect others • Illustrate the ways choices affect (influence, change) others

35. Activity 5Flow Chart of Marsha’s Story

36. Student Journal 9-1Timothy’s Science Project

37. Student Journal 9-1Chain of Events • The 3rd student repeats the 1st and 2nd events and adds to the chain of events for the 4th student. • The 4th students reports the entire chain of events with a final event ( a happy ending).

38. Student Journal 9-2Flow Chart of Events

39. VIII: Choices Make a Difference Students will: • Discover the effect choices have on adult lives. • Learn from the choice and experiences of adult.

40. VIII: Choices Make a Difference Students prepare for interviews with adults by working in pairs. • Begin with self-introduction • Ask for the name of the interviewee • Ask questions, actively listen, and record answers • Say thank you

41. Student Journal 10-1Interview Questions and Answers • Is your work related to goods or service? • Why did you choose the job? • What alternatives did you have? • What knowledge and skills does your job require? • What are the benefits and costs?

42. Student Journal 10-2learning from Interviews • The person I interviewed produces____________________ • The person possesses the following skills_______________________ • The person developed these skills by ___________________________ • The cost and benefit of this career is _________________________

43. IX: Choices and Consequences Students will: • Connect choices and consequences • Recognize that alternative choices can have different consequences • Identify specific consequences of choices • Distinguish long- from short term consequences of action

44. Activity 7Paired Writing Recording Form Report your partner’s response to the situation that you described and the possible consequences. _________________________________________________________________________________________________________________

45. Student Journal 11-1What are Consequences • You have $15, you want to see a movie for $7, your sister ask for $10 and you want a new $15 CD. • Do you keep the money, go to the movies, lend your sister, or buy a CD • What did you decide and what are the consequences?

46. Student Journal 12-1Consequences of Not Graduating High School

47. Student Journal 12-2Letter to Younger Students

48. X: What Influences Choices Students will: • Recognize that incentives and disincentives influence choices • Get how other people’s opinion influences choices • Identify the ways that media influences choices

49. Student Journal 13-1Influences on Our Choices

50. Student Journal 13-2Paired Interview Questions • What influences to buy/or not buy to clothing? • What influences you not to be friends with people? • What influences you to do your homework? • What influences you not to go to school? • What influences you to each at certain fast-food restaurant? Check your list for the greatest influencers?