Yum-onomics: Using Literature to Teach Economics

1. Yum-onomicsUsing Literature to Teach EconomicsPresented by: Deborah Kozdras: USF Stavros Center dkozdras@usf.edu Website: http://yumonomics.com

2. Who Are We? Workshops for educators K-12 Resources for educators K-12

3. Importance of Economics Why? • Economics is part of Social Studies K-8 and a subject area in high school. • Civics and Economics – Middle School • Financial Literacy – Mathematics • Entrepreneurial Creative Thinking The Economics Way of Thinking is a logical decision-making process for everyday life!

4. Why Economics? http://vimeo.com/6268631?ab http://vimeo.com/6268631?ab

5. 3 Pigs + 6 Principles Econ-cepts:. Natural/human/capital resources, scarcity, trade-offs • People Choose: What was scarce? What did the pigs decide to do? • All Choices Involve Costs: What were the costs of building a brick vs a straw or stick home • People Respond to Incentives in Predictable Ways: Wolf went down chimney as expected…What was his incentive? • Economic Systems Influence Choices and Incentives: In a sequel, how could the choices and incentives change? • Voluntary Trade Creates Wealth: What special skills do the pigs have? How could they participate in voluntary trade/specialization? • The Consequences of Choices Lie in the Future: What were the consequences of the pigs’ decisions to skimp on building? • Three Little Pigs book Free at project Gutenberghttp://www.gutenberg.org/files/18155/18155-h/18155-h.htm

6. Read-Aloud Questions Based on the 6 Core Economic Principles http://www.kidseconposters.com People Choose: What does the character want? What is scarce? We have to make a decision; what are the alternatives? All Choices Involve Costs: The opportunity cost is the next best alternative you give up when you make a choice. What was the opportunity cost of the decision? People Respond to Incentives: What are the possible incentives (actions, awards, or rewards)? How do the incentives determine choices? Do the incentives change? What is the result of the change in incentives? Economic Systems Influence Choices and Incentives: What is the economic system? What is produced? How is it produced? For whom is it produced? Voluntary Trade Creates Wealth: How do people gain from specialization? Is there any trade or money exchange in the story? Is this missing? What are the benefits of trade? The Consequences of Choices Lie in the Future: What were the costs and benefits of the decision made? What were the unintended consequences?

7. How to Eat Fried Worms Econ-cepts: Choice, Decision-making, Incentive, Opportunity Cost, Benefit, Costs • People Choose: Why did Billy decide to eat fried worms? What was his scarce resource? What did he decide to do? • All Choices Involve Costs: What were the costs for Billy to eat the fried worms? What if he decided not to eat the worms? His opportunity cost would be the next best alternative, not eating the worms. • People Respond to Incentives: What was Billy’s incentive for eating fried worms. Were his incentives positive or negative? What were the benefits for Billy eating the worms? Think about that shiny new bicycle! • The Consequences of Choices Lie in the Future: What were the consequences of Billy’s decision to eat the worms? Were there any unintended consequences?

8. Children’s Literature as a Virtual Field Trip for Economic Vocabulary • Blachowicz, C.L.Z., & Obrochta, C. (2005). Vocabulary visits: Virtual field trips for content vocabulary development. The Reading Teacher, 59(3), 262–268. • Field trips give students the opportunity to experience a concept and vocabulary in an exciting and engaging way. • Read-alouds are one way to introduce new concepts and vocabulary to students. • Discussions following read-alouds allow students to use new vocabulary and to further investigate new concepts introduced through the read-aloud. • First Write and Final Write as an assessment tool to compare the amount of vocabulary and concepts learned during a unit of study.

9. Use the Story with Econ-cepts and Vocabulary Identified in Standards • Examine book for standards and vocabulary/concepts. • First Read-Aloud: create a context for the story. • Second Read Aloud/Think-Aloud: focus on econ-cepts • Before Reading: First Write-students write/draw about econ-cepts. • Before Reading: Introduce economics concepts: CDE (Concepts/Definitions/Examples). • During Reading: Learn-alouds should cue some key spaces where economic concepts are illuminated. • During Reading: Students should be active thinkers and learners. Use thumbs-up for times when they identify concepts. • After Reading: Review econ-cepts CDE as a group. • After Reading: Second Write-students write/draw about econ-cepts. • Follow-up: Students work with a partner to create a digital photo-story illuminating the econ-cepts.

10. Fancy Economic Words: • Fancy Nancy Uses Fancy Words within her books • Examine the book • Check the standards/concepts/vocabulary for grade level • Where can you introduce Fancy Economic Words?

11. First Read • Read-aloud • Immerse students in the story context

12. Second Read: Before Reading First Write about concepts/vocabulary ReadWriteThink.org Stapleless Book http://www.readwritethink.org/files/resources/interactives/stapleless/

14. Second Read: Before Reading Introduce Concepts: Complete C-D-E Buyer Seller Trade Money Currency Scarcity

15. Second Read: During Reading Read Aloud/Think Aloud When Nancy was a buyer on a shopping spree what did she want to want to buy? A buyer is a fancy word for a person who buys something. What did she need to be a buyer? She needs currency, which is a fancy word for money. Who was the seller or retailer? A retailer is a fancy word for someone who sells goods. After Nancy bought her sister’s present, she had a scarcity of what? Scarcity is a fancy word for not being able to have everything we want. Because money was scarce, Nancy decided to become an entrepreneur and opened her own fashion boutique. Entrepreneur is a fancy word for someone who starts a business. Thumbs up for fancy economic words

16. Second Read: After Reading CDE • Review concept – definition – example page • Students add more fancy economic words Second Write • Students do a quickdraw/quickwrite of concepts • Compare this to before reading

17. Second Read: After Reading I am an entrepreneur. That’s a fancy way of saying I started my own business! • Digital storytelling: Get images from official website http://www.fancynancyworld.com/ • Color Fancy Nancyhttp://www.harpercollinschildrens.com/harperchildrensimages/game/fancynancycoloring.swf and use PowerPoint’s speech bubbles.

18. Lunch Money Econ-cepts: Entrepreneur, competition, capital resources, advertising, specialization, saving/investing, price, insurance, profit, human capital • If I had a million dollars… Become a virtual entrepreneur! • Play Hot Shot Business http://disney.go.com/hotshot/hsb2/index.html

19. Little Red Hen Econ-cepts: Capital Resources, Human Resources, Natural Resources, Entrepreneurship • Have you ever worked hard on a project and no one would help? You have something in common with LRH! • Econedlink lesson http://www.econedlink.org/lessons/index.php?lid=389&type=educator • Compare and contrast Little Red Hen (Makes a Pizza) with the original from Project Gutenberg http://www.gutenberg.org/ebooks/18735

20. Lawn Boy • Entrepreneurship • Grade 4–7—Learning the workings of the free-market economy has never been more fun than in this tall tale of entrepreneurship set in Eden Prairie, MN. When the narrator's grandmother gives him an old rider mower for his 12th birthday, his life changes!

21. Strawberry Girl • 4th grade essential question: “How did Florida’s economy grow and change?” • What is the economic importance of the strawberry for Florida? • Compare and contrast the strawberry farm in the book with today. • Create an advertisement for Florida strawberries using the ReadWriteThink printing press http://www.readwritethink.org/classroom-resources/student-interactives/readwritethink-printing-press-30036.html

22. Pancakes, Pancakes Econ-cepts: specialization, division of labor, interdependence, market, productive resources (natural, human, capital) Boy wants pancakes. Mom says before she can make the pancakes, he has to gather the ingredients. Use ReadWriteThink Timeline http://www.readwritethink.org/classroom-resources/student-interactives/timeline-30007.html to describe the timeline of resources from wheat to flour.

23. I, Pencil "I, Pencil: My Family Tree as told to Leonard E. Read" I am a lead pencil—the ordinary wooden pencil familiar to all boys and girls and adults who can read and write… Simple? Yet, not a single person on the face of this earth knows how to make me. This sounds fantastic, doesn't it? Especially when it is realized that there are about one and one-half billion of my kind produced in the U.S.A. each year. Pick me up and look me over. What do you see? Not much meets the eye—there's some wood, lacquer, the printed labeling, graphite lead, a bit of metal, and an eraser. My family tree begins with what in fact is a tree, a cedar of straight grain that grows in Northern California and Oregon… The logs are shipped to a mill in San Leandro, California… http://www.commonsenseeconomics.com/ under Really Cool Stuff, click Fun Readings to find .pdf and audio of I, Pencil

24. Merchant of Venice • Merchant of VeniceWilliam Shakespeare • Entrepreneurship and Profits • The Renaissance was a time of economic development. Fortunes could be made or lost through shipments from distant ports… • http://etc.usf.edu/lit2go/title/m/merchant.html Antonio was a merchant and ship owner who tried to diversify his risks. He knew that he regularly risked losing everything he owned through the loss of a large shipment. However he also finds out that love and friendship carry risks and rewards; these could be harder to bear than loss of income… (A quay in Venice, Antonio, Salerio, and Solanio approach, talking together)

25. Wuthering Heights • Wuthering HeightsEmily Brontë • Self Interest and Economic Systems • We must be for ourselves in the long run. “Love” ends when circumstances cause each one to feel that one’s interest is not the chief consideration in the other’s thoughts. • http://etc.usf.edu/lit2go/title/w/wh.html Catherine had seasons of gloom and silence, now and then; they were respected with sympathizing silence by her husband, who ascribed them to an alteration in her constitution, produced by her perilous illness, as she was never subject to depression of spirits before. The return of sunshine was welcomed by answering sunshine from him. I believe I may assert that they were really in possession of deep and growing happiness.

26. The Doorbell Rang Read story: give examples of scarcity in the story and life. • Two children are about to eat a dozen cookies. Each time they are about to eat, the doorbell rings and the cookies have to be redistributed.

27. Beetles Lightly Toasted • Economic Words: productive resources, boycott, role of government, conservation, scarcity, price productivity • What good was produced on Andy’s farm? Milk. Trace the production of milk: from cow to your home. • Use The ReadWriteThink printing press to create an advertisement for toasted beetles

28. To Market, To Market Econ-cepts: goods, services, consumers, producers, raw materials, market, productive resources (natural, human, capital) • Create a book activity about how different products (i.e. milk) go from “resource to market”

29. If You Give a Mouse a Cookie You give the mouse a cookie. Is the cookie a good or a service? The mouse sweeps the floor. Is he providing a good or a service?

30. Bad Kitty Kitty becomes bad when her stinky food is replaced with healthy food. Food = goods… What services does she provide? http://www.nickbruel.com/

31. Lemonade for Sale Econ-cepts: beginning of every chapter… http://www.lemonadewar.com/ Lesson: Kid’s Econ Posters http://www.kidseconposters.com/keb/Title%20List%20Poster%20Set%20B/Supply%20and%20Demand/Lemonade%20for%20Sale.htm Play the lemonade stand game http://www.lemonadestandgame.com/ Watch http://www.youtube.com/watch?v=MUcpCB7Wls8

32. Island of the Blue Dolphins Econ-cepts: natural resources, human resources, capital resources, specialization, scarcity, trade, division of labor, conservation Natural Resources and Scarcity. After you list the natural resources on the island, find images & create digital book.

33. The Tortilla Factory Econ-cepts: productive resources, natural resources, capital resources, human resources, human capital, investment, interdependence. Use the ReadWriteThink circle plot diagram http://www.readwritethink.org/classroom-resources/student-interactives/circle-plot-diagram-30026.html to trace the circular flow of resources

34. For More Info… http://yumonomics.com

35. Other Websites • http://www.bizkids.com • http://www.federalreserveeducation.org • http://commonsenseeconomics.com • http://stosselintheclassroom.org • http://www.councilforeconed.org • http://www.genirevolution.org