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Canton Center for Economic Education. presents CHOICES AND CHANGES May 7 th , 2010. Canton Center for Economic Education. @ http://www.canton.edu/centereconed 2009-2010 2008-2009 2007-2008 2006-2007 2005-2006. Choices & Changes Agenda. Exchanging goods and services You in the Economy
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Canton Center for Economic Education presents CHOICES AND CHANGESMay 7th, 2010
Canton Center for Economic Education @ http://www.canton.edu/centereconed • 2009-2010 • 2008-2009 • 2007-2008 • 2006-2007 • 2005-2006
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
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
Students Journal • Start journal “Decisions I Make” • Assign Journal Pages • Students to complete Journal Pages after each lesson • Promotes child-parent relationship
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
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
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
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
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
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
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
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?
III: Using Human Capital Students will: • Recognize workers and consumers as part of the economy • Value human capital • Discover how to develop human capital
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
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?
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
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
Student Journal 5-1 Never Enough
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?
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?
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
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
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)
Student Journal 8-1 Six Common Methods
VII: Impact on Others Students will: • Recognize that choices made affect others • Illustrate the ways choices affect (influence, change) others
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).
VIII: Choices Make a Difference Students will: • Discover the effect choices have on adult lives. • Learn from the choice and experiences of adult.
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
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?
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 _________________________
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
Activity 7Paired Writing Recording Form Report your partner’s response to the situation that you described and the possible consequences. _________________________________________________________________________________________________________________
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?
Student Journal 12-1Consequences of Not Graduating High School
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
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?