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Canton Center for Economic Education presents CHOICES AND CHANGES May 7 th, 2010.

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Presentation on theme: "Canton Center for Economic Education presents CHOICES AND CHANGES May 7 th, 2010."— Presentation transcript:

1 Canton Center for Economic Education presents CHOICES AND CHANGES May 7 th, 2010

2 Canton Center for Economic

3 Choices & Changes Agenda I.Exchanging goods and services II.You in the Economy III.Using Human Capital IV.Economic Choices V.Choices Based on Preferences VI.Making Choices VII.Impact on others VIII.Choices make a Difference IX.Choices have Consequences X.What Influences Choices XI.Bearing Others Choices XII.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 List barter item/goods: 1.Phone 2.IPod 3.Car 4.Books Help Bought and Sold List barter services: 1.Hairdressing 2.Pedicure/Manicure 3.Tanning 4.Piecing

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: 1.Absorbency 2.Strength 3.Tear

11 Result BrandAbsorbencyStrengthTear Afairpoorgood B Cfair good

12 Student Journal Write the definition of The economy: The way society organizes to satisfy human wants 2.Describe economy in your own words 3.Draw a picture of an exchange 4.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 1 A Day in My Economic Life TimeEconomic ChoiceKind: C or HC 6:00 AMBreakfast(C) Consumer 8:00 AMMath or Reading(HC) Human Capital 12:00 PMLunch(C) Consumer 2:00 PMSoccer Practice(HC) Human Capital 4:00 PM 6:00 PM 8:00 PM 10:00 PM

15 Activity 2 Making Good Choices 1.During this one-day period, what is your best choice and why? 2.What was your worst choice and why? 3.Do you think you made good choices about spending money during this day. 4.Do you think you made good choices about the way you developed your human capital? 5.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 Name a good or service? 2.Name a good you often buy for $5? 3.Name two services you have used in the past? 4.What is the first good/service you will buy when you leave home? 5.Describe 3 consumer choices?

19 Student Journal States in the US (Place- name knowledge) 2. Words More Than 9 Letters Long (Vocabulary knowledge) 3. Multiplication Problems I can Solve (Math skills) 4. Popular Music Stars and Groups (Popular culture knowledge)

20 Students Journal 3-2 Other topics about which I know a lot are:

21 Student Journal 3-3 Skill Inventory SkillsCan DoWant to Improve Want to Learn Not Interested Using Toolsv Calculating Numbers Gathering Information Classifying Information Attention to Details Using a Computer Team Player Drawing

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 Marios 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 AlternativesPriceAdditional Cost/Sacrifice

25 IV: Economic Choices 1.Does Mario have a scarcity problem? 2.What are his alternatives? 3.If you were in Mario position, which alternative would you choose ? Why? 4.What would your second choice or highest-valued alternative (opportunity cost) be? Why?

26 Student Journal 5-2 My Story about Scarcity 1.What is wanted, explain the scarcity situation? What do they cost? How much is available? 2.How did you decide the alternatives and how did the situation turn out. 3.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 Whats in the Box Box One Benefits ____________________________________________________ ____________________________________________________ Box Two Benefits ____________________________________________________ ____________________________________________________

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 Situation One: Would you buy an inexpensive sweatshirt and go to the movies with friends. Or buy a good quality sweater. Choice and Reason:_____________________________________ Opportunity Cost:______________________________________ Situation Two: Would you spend 15 minutes hanging out with your friends and miss the school bus to take a later one. Or leave school at regular time. Choice and Reason:______________________________________ Opportunity Cost:_______________________________________ Situation Three: Would you get help tonight from a math whiz in class. Or go to your best friends house to watch one of your favorite videos. Choice and Reason:______________________________________ Opportunity Cost:_______________________________________

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 Let Chance Determine Outcome Example:_________________ Cost: Benefit: Follow an Impulse Example:_________________ Cost Benefit Let Someone Else Decide Example:_________________ Cost Benefit Obtain Facts and Think It Over Example:_________________ Cost Benefit Rely on Habit Example: _________________ Cost Benefit Do Nothing Example:_________________ Cost Benefit

33 Activity IV Choice Cards Situation: I have a book report due tomorrow. Choice? A.Do the book report. B.Go to a movie tonight. Situation: I just won $300 Choice? A.Buy a digital camera. B.Save money for a trip out of town. Situation: What should I do after school today? Choice? A.Talk to friend on the phone. B.Visit a friend. Situation: Im tardy. What should I do if the principal stops me? Choice? A.Make up a false story? B.Apologize and explain. Situation: I want to hear my favorite music group Choice? A.Go to their concert. B.Buy their CD. Situation: I am hungry for pizza. What should I do. Choice? A.Buy a pizza at a restaurant. B.Heat a frozen pizza..

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

35 Activity 5 Flow Chart of Marshas Story

36 Student Journal 9-1 Timothys Science Project

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

38 Student Journal 9-2 Flow 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 10-1 Interview Questions and Answers 1.Is your work related to goods or service? 2.Why did you choose the job? 3.What alternatives did you have? 4.What knowledge and skills does your job require? 5.What are the benefits and costs?

42 Student Journal 10-2 learning from Interviews 1.The person I interviewed produces____________________ 2.The person possesses the following skills_______________________ 3.The person developed these skills by ___________________________ 4.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 7 Paired Writing Recording Form Report your partners response to the situation that you described and the possible consequences. _____________________________ ____________________________ ____________________________ ____________________________

45 Student Journal 11-1 What 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 12-1 Consequences of Not Graduating High School Short Term (1 year)Long Term (5 to 10 years) Positive Free Time No Rules Sleep in Start Family Early Start Work Early Negative No Jobs No Sports/Exercise Miss Out on High School Friends Limited Job Options Lower Social Status Lower Self-Esteem

47 Student Journal 12-2 Letter to Younger Students 20 years Old, 20 _ _ Dear Student, Because I graduated from high school, I now_________________________________________________ ____________________________________________________ ____________________________________________________ Sincerely, 20 years Old, 20 _ _ Dear Student, Because I did not graduate from high school, I now_________________________________________________ ____________________________________________________ ____________________________________________________ Sincerely,

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

49 Student Journal 13-1 Influences on Our Choices ConsequenceI or DIncentive or Disincentive To go to study hall because of poor gradesDStudy hall Free movie for good gradesI Tip for carrying groceries in the snow F for not completing assignment Allowance to stay in school

50 Student Journal 13-2 Paired Interview Questions 1.What influences to buy/or not buy to clothing? 2.What influences you not to be friends with people? 3.What influences you to do your homework? 4.What influences you not to go to school? 5.What influences you to each at certain fast- food restaurant? Check your list for the greatest influencers?

51 X: What Influences Choices Incentives and disincentives are offered by institutions that have power in our lives such as: 1.Families 2.Schools 3.Businesses 4. The Law 5. Church

52 XI: Bearing Others Choices Students will: 1.Evaluate how choices made by others affect them. 2.Show instances when they have been affected by the choices of others.

53 Juan Faces A Dilemma

54 Student Journal 14-1 Choices Made by Others Affect Me 1.Describe the dilemma or problem. 2.Explain how the choices made by other people contributed. 3.Identify two alternatives that you have in solving the problem 4.Tell how you solved the problem.

55 XII: Making Good Choices Students will: 1.Present a group projects on rewards of graduating high school. 2.Apply learning from Choices and Changes to present and future endeavors.

56 XII: Making Good Choices Ask groups to present advertisement or commercials of the benefits of graduating from high school. Use audio- or videotaping capabilities to create the ads. Or publish the ads in newspapers, magazines or create a brochure.

57 Student Journal Focus on choices that you are making now? Consumer choices, developing and using your human capital, using time, and selecting friends. 2.Do you make wise choices most of the time? How could you improve choices? 3.Describe your choices and how you make choices at this point in your life.

58 Thank you! Marcellina Hamilton 34 Cornel Drive, SUNY Canton

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