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Three New Economic Teaching Methods Dr. Kathleen Young Or

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Presentation on theme: "Three New Economic Teaching Methods Dr. Kathleen Young Or"— Presentation transcript:

1 Three New Economic Teaching Methods Dr. Kathleen Young Or

2 Background Vice President, Learning & Development Consultant/Strategist Adjunct Faculty at Webster University Recipient of the Missouri and Kansas Association of Private and Career Colleges Instructor of the Year award for MBA from Fontbonne College; BS in Economics from Washington University, Doctorate in Management from Colorado Technical University.

3 Today Three New Economic Teaching Methods A Game Twist on a classic New Technology

4 The GDP/International Trade Game

5 The GDP Game Illustrating GDP/International Trade in the Classroom: How Current World Events Can Facilitate Ten Rounds of Active Learning The purpose of the International Trade game is to have a hands-on classroom exercise that allows students to connect the concepts they have learned in a real-world scenario format (and have fun!). Pre-work required: Prior to the trading game class session, it is helpful if each student is assigned a paper to write about a specific country. Each student should complete a country profile (CIA World fact book is a good reference).

6 Pre work Example: Country Profile Student Name:_________________________________________________ Assigned Country: Mexico GDP (purchasing power parity): $1.845 trillion (2013 est.) Agriculture Products: corn, wheat, soybeans, rice, beans, cotton, coffee, fruit, tomatoes; beef, poultry, dairy products; wood products Industries: food and beverages, tobacco, chemicals, iron and steel, petroleum, mining, textiles, clothing, motor vehicles, consumer durables, tourism Exports: $370.9 billion (2013 est.) Exports Commodities: manufactured goods, oil and oil products, silver, fruits, vegetables, coffee, cotton Imports: $370.7 billion (2013 est.) Imports Commodities: metalworking machines, steel mill products, agricultural machinery, electrical equipment, car parts for assembly, repair parts for motor vehicles, aircraft, and aircraft parts

7 Learning Objectives Students will be able to understand the definition and components of Gross National Product (GDP). Students will be able to understand the importance of exports and imports. Students will understand scarcity and opportunity costs. Students will understand the importance of international trade in our society. Students will understand the effect geopolitical and other events can have on economies. Students will understand the concept of comparative advantage. Students begin to understand the concept of sustainability.

8 Trading Game Card Template

9 The Ten Trading Sessions Trading Session/Event DescriptionSupporting Reference for Debrief 1. Open TradeFree tradeWebsites/articles providing GDP by country 2. Commodity ShockOilArticles about oil 3. Natural DisasterHurricaneArticles about tsunami, earth quake or hurricane 4. Political UnrestGovernment OverthrownFrance, Russia/Ukraine articles 5. CybercrimeFinancial accounts stolenCybercrime/ global internet crime articles 6. Country Debt/BankruptcyCountry defaults on debtGreece 7. Country Economic SanctionsImposed economic sanctionsArticles on economic sanctions against Russia 8. Global RecessionGlobal recession/slowdownArticles re China’s economic outlook 9. Sustainability & InnovationWildcard play (new innovation) Articles re futuristic predictions for technology 10. Student pick ?? 5 minute trading sessions Support each trading Session with real-life and relevant articles to foster discussion Have Fun!

10 Considerations Students may need some type of incentive to actually trade. For example, why would a student care if they owned sugar for 3 points or cement for 3 points? Give students some strategies in advance to consider: For example: Countries can increase their point values based on the number of cards they have producing the same good. For example, owning two oil cards doubles their point value, owning three oil cards triples the value, and so forth. Then students would have an incentive to trade and would see gains from specialization/comparative advantages; OR Countries may want to diversify their mix of GDP; OR Countries may want to change their mix of GDP and now specialize in something new. Many of the 10 trading events are examples that in the real world would affect different countries differently, the game overall has them affecting all countries equally in most cases. (use this during your Debrief session to reinforce how events can affect countries differently – for example – not all countries come to the aid of those in need) Noise, congestion, participation, and room set-up logistics.

11 Trading Game Class Debrief Suggested Debrief Questions How was the trading session like the article of reference for this session? How did it feel to be the weakest country? How did it feel to be the strongest country? Did any country feel that they wanted to change their GDP mix but couldn’t? How do countries determine their GDP output? How can you tie in the trading experience today to the country you are researching for your papers? Where do comparative advantages come in to play in international trade? Did anyone feel they had a comparative advantage in the trading sessions and why? What is the role of the International Monetary Fund ? How did you feel when you had to contribute to a disaster relief fund to help another country out? How do you think countries make decisions about what goods to produce? What goods to export? What goods to import? How did you feel when the trading involved innovation? What do you think about sustainability and the future of our planet? Should countries be concerned about this? What issues are there when a good is scarce or there isn’t enough for everyone? Did you have to give up any good to purchase a good you wanted? What opportunity costs do countries have to consider when they export/import?

12 Four Game Versions 1234 The instructor selects two to three specific trading rounds he/she wants to focus on for the course. The game is played continuously thru the trading sessions. The game is played continuously thru all 10 trading sessions. The game is played so that there is the debrief after each specific trading session The game is played weekly, so each trading session is conducted over the course of a semester ( e.g. weekly play). 1-2 hours2-2.5 hours4-5 hours10-11 weeks High school AP Econ and/or Jr. College, For-Profit College, Traditional College.

13 Twist on a Classic (Class debate)

14 Class Debate Pre-work: Write a short abstract from a current U.S. economic-related article. 1.Share articles in class. Vote on the article/topic to debate. 2.Example: Student Loan Forgiveness 3.Divide class in to two teams. Provide time for research and preparation.

15 Basics Each team will be responsible for making 3 strong points supporting their argument (a focused approach). It must tie directly into the economic impact. Each team is responsible for thinking thru what the other team will come up with for their opposing view and having rebuttals ready. ( two-sides to every argument).

16 Debate Day Identify two judges (one from each team to prevent any bias). Go over the Judge’s document & responsibilities. Go over the rules of the debate.

17 Debate Day Team 1 Makes First Point Team 2 Makes Rebuttal Team 1 Makes 2 nd Point Team 2 Makes Rebuttal Team 1 makes Final Point Team 2 Makes Rebuttal Team 2 makes First Point Team 1 Makes Rebuttal Team 2 Makes 2 nd Point Team 1 Makes Rebuttal Team 2 makes Final Point Team 1 makes rebuttal Rules of the Debate: 1)Each team has 3 minutes to make their point or rebuttal. 2)Only one person can speak at a time. 3)The same person cannot make all of the points for the team. 4)Students can use notecards. 5)All points need to be based on fact (not personal opinion) and tie in to the economic impact.

18 Judging Criteria

19 New Technology

20 Free APs Picle (Free) Picle is like Instagram if it could talk. You can take a picture and then record up to 10 seconds of ambient audio to create a ‘picle.’ Combine those picles into a story and the result is something like instant nostalgia. Picle Videolicious (Free) This is primarily a storytelling app. Film yourself talking (or just use the mic) while tapping on the video clips you're referencing. After adding music or filters, the end result is a voiceover narrative. Videolicious iMajiCam (Free) iMagicam is a fun way to alter your video in real-time. You can layer warping effects, filters, or color styles to re-imagine the world around you. iMajiCam Vimeo (Free) You can shoot, edit, and upload your videos right to Vimeo. It’s also easy to add transitions, effects, and music to your creation. Vimeo Simpleprints by Storytreen, Inc. (Free) Simply the best way to create a photo book from your iPhone. Use your photos to make something in just a few minutes. Fast, Simple and Easy to use. How can I change my assignments to offer students the opportunity to create projects/assignments using these new tools? Issues to consider include: Grading – does everyone have the same phone and tools to complete the assignment? If not, use videos for participation points in classrooms in a group setting.

21 Examples! Two video examples were demonstrated at the conference providing perspective on using Videos and strategies for setting up use of Videos in the classroom. These included: 1) Video example of students that did not follow directions and created a short 50 second video in which they did not appear and did not cover the required tasks. 2) Video example of team that created a 3 minute video newscast and followed the directions. Best Practices: 1) making sure to set clear expectations when using Videos in the classroom. 2) Tell students what NOT to do in addition to what to do. (e.g., do not overlay rap music on the video). 3) Utilize a participation points system to reward teams that follow directions and create a usable video that demonstrates understanding of the concepts.

22 Is there an Easier Way? 1.Go to your Iphone 2.Click on the camera icon 3.Change it to video 4.Create a short video. 5.You can then the video clip.

23 In Practice – Examples/Considerations Have students create a 2 minute video clip session after each learning module in the classroom is completed. Have students create a 3 minute video clip exam review on selected topics. ( for example – outline the mid-term exam review and assigns groups to create a video to teach back the important concepts of each topic). Create mini video books to reinforce learning objectives. Create instructor videos of topics in the news that tie in to concepts taught in the classroom and push out to students via or post to their class page via Blackboard, World Classroom, etc. Considerations: Not everyone has a cellphone (students can work in groups). Go over a list of what NOT to record.

24 Real World Economic Indicator Paper (1 pager & share with class) Field Research paper (interview 3 people, ties into US Econ cycle) Abstract, followed by Debate ( US topic) Island Game (small groups, decisions regarding government intervention) International Paper Assignment& Country Profile prework GDP & International Trading Game International Paper Presentations In class fun: Video clips Role playing Speed Econ

25 Let’s Try It Out! Create a 2 minute video clip on what you’ve learned today. Share it with someone near you. it to someone (attach it to your text or just as you would a regular picture or document)

26 Summary Three New Economic Teaching Methods International Trade/GDP Game Twist on a classic (debate) New Technology If you would like a copy of the International Game including Templates; a copy of the Debate templates or any additional information – please me at: or


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