ETE 335 Elementary Social Studies Lesson deBono’s Thinking Hats

ETE 335 Elementary Social Studies Lesson deBono’s Thinking Hats Nichole Meeks Economics/Supply & Demand 3rd Small Business Owners

ETE 335 Elementary Social Studies Lesson deBono’s Thinking Hats Goals: Students will demonstrate an understanding of how supply must be adjusted to meet demand Students will learn the inner workings of operating and maintaining a new business. Objectives: Content/Knowledge: Application Synthesis Analysis Knowledge Evaluation Comprehension Process/Skills: Critical Thinking Analyzing Applying Synthesizing Values/Dispositions: Receiving Responding Valuing Organization Characterization

ETE 335 Elementary Social Studies Lesson deBono’s Thinking Hats Rationale: Students will develop a better understanding of concepts such as supply and demand and producers and consumers by acting out the role of a small business owner. Students will be responsible for making business decisions that will help keep their new business profitable and appealing to consumers. Standards: State – Illinois Common Core or Learning Standards 15.A.2a Explain how economic systems decide what goods and services are produced, how they are produced and who consumes them. 15.B.2a Identify factors that affect how consumers make their choices 15.B.2b Explain the relationship between the quantity of goods/services purchased 15.C.2a Describe the relationship between price and quantity supplied of a good or service National – NCSS Themes People, Places, and Environment

Objective

Students will be acting as if they have just opened a business involving the sale of beverages. They will be responsible for the operation and success of their business, including the use of advertising, consumer feedback, and supply and demand. Prior information they will need before performing this lesson includes: Addition/subtraction Basic currency They will learn: The role of consumers and producers The effect of supply and demand on the economy How quantity can affect price/cost Objective

Intuitive

Students will need some feedback from their potential consumers before they can start purchasing supplies for their business, so they will use the intuition to predict what beverages the other students will like best. They may use their own feelings about particular beverages or they may use hunches to make guesses. They must then create a survey that they will distribute to their future consumers allowing them to rank preference for at least 10 specific drinks. The top 3 choices will eventually be made available for sale. Intuitive

Positive/Strengths

Positive/Strengths Along with the economic educational value of this lesson, it promotes creativity and interpersonal skills. Students will be required to work together in the best interest of their business. The success of their business will boost self esteem and allow students to recognize the benefits of a healthy economy on small businesses. If the business is unsuccessful, students will be able to strategize and work together to solve problems that may be limiting the ability of the business. It will allow students to see how small businesses struggle during downward economic times

Negatives/Weaknesses

The success of this activity depends on interaction from other classrooms that are not necessarily learning the same concepts. If other students don’t participate, the “business owner” students will not get a beneficial or accurate idea of how the business world works. Also, this activity depends on supplies provided by either the students and their families or the teacher. In schools with economic struggles of their own, this may be an issue. Negatives/Weaknesses

Creative

Creative Students will use creativity throughout this activity. Creating and distributing surveys: Students must interest their potential consumers in taking and returning the surveys. Examples may include free samples or a special grand opening for survey takers. Advertising business: Students will need to create posters, advertisements, slogans, displays, booths, etc. that attract consumers to their business and product Purchasing supplies: Students need to be creative in how they choose their suppliers. They may choose to use coupons or buy in bulk to save money overall. Acquiring loyal return consumers: Students will need to ensure that customers will want to return. They need to keep track of which beverages sell the most and bring in the most consumers and revenue. They may offer punch cards for students that buy from them frequently.

Thinking About Thinking

Students will need to keep careful track of their profits and expenses as well as consumer information. They will need to create daily charts or tables that show how much of each beverage sold. This will help them to see trends in days of the week, times of the month or year, and which beverages tend to sell most. They will also need to keep track of how much money they spend on supplies so they can see if they are actually turning enough profit to stay in business. If students are looking for an extra challenge they may decide to calculate how unemployment could affect the business. They could look up their state’s current employment rate and account for losing this same percentage of consumers. This will help them to see if they could stay afloat during a recession or if they would be forced to close their doors.

ETE 335 Elementary Social Studies Lesson deBono’s Thinking Hats Visual Learning, Assessment, and Online Resources: Assessment: 1. Students could be assessed by requiring them to write daily journals detailing the sales for that day. They should include concepts relevant to economics, such as predictions for why sales are up or down and what a real business might use the profit for (additional locations, more advertising, more staff, etc…) Online Resources: 1.