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Play Dough Economics

Play Dough Economics. Texas Social Studies Supervisors’ Association March 2010. Laura Ewing. President/CEO Texas Counci l on Economic Education (TCEE) www.economicstexas.org Laura@economicstexas.org 713-655-1650.

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Play Dough Economics

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  1. Play DoughEconomics Texas Social Studies Supervisors’ Association March 2010

  2. Laura Ewing President/CEO Texas Council on Economic Education (TCEE) www.economicstexas.org Laura@economicstexas.org 713-655-1650

  3. How can you make math, CT and social studies fun while teaching critical thinking skills?

  4. Professional Development Economics Personal Financial Literacy Investor Education Student Activities www.economicstexas.org

  5. Upcoming FREE TCEE Events Stock Market Game each fall and spring Virtual Economics All Events are listed at www.economicstexas.org

  6. Stock Market Game Team Fees vary 10 week live simulation Virtual $100,000 Trade stocks, bonds and mutual funds Grades 4 – 12 InvestWrite Competition

  7. Stock Market Game Houston/Dallas: Merrill Lynch Valley: Newspapers El Paso: FirstLight Austin area: Fidelity Investments San Antonio: Cabrero

  8. Virtual Economics 4 FREE beginning this summer 79 publications, 1200 lessons 28 publications 500 economic terms

  9. Professional Development Economics Personal Financial Literacy Investor Education Student Activities www.economicstexas.org

  10. June 14-15, 2010 Conference: Personal Financial Literacy And Investments Through Stock Market Game. Registration: $99 Early Bird

  11. Summer 2010 TCEE & Fed Conferences

  12. Texas Essential Knowledge and SkillsEconomics and Play Dough Economics Describe how the free enterprise system works

  13. Lesson 12:Market Price II Market Price: Changes in Supply and Demand

  14. Concepts of the USFree EnterpriseEconomic System How do changes in demand affect market price? How does the market price guide what producers or suppliers produce?

  15. Concepts of the Texas/USFree EnterpriseEconomic System Why must costs be subtracted from revenues to determine profits? How can certain events cause costs to change, which can affect profits?

  16. Market Price Focus What is meant by demand? What are three things you demand economically? How much will you pay for them? What determines if you demand/buy them?

  17. Market Price Competition We will divide into factories with 4 to 6 workers in each factory. Choose a production manager. Choose an accountant

  18. Production Rounds There will be 3 rounds of 5 minutes each. You will produce any amount, but at least one of the apple, hammer, shirt and cup/saucer in 2 inch dimensions. Each product must have 2 colors.

  19. Production Rounds Each product must have 2 colors. You may only use your hands – no capital. You may specialize. Produce at least one of each but as many as possible.

  20. Get Your Play Dough

  21. Production Rounds Each product must have 2 colors. You may only use your hands – no capital. You may specialize. Produce at least one of each but as many as possible.

  22. Time IS UP! Count the quantity produced of each product. Record the quantities on the “Revenues Worksheet” We will do a class total. We will draw a demand card. We will determine prices and factory earnings.

  23. Between The Rounds Tally your round one results Plan your production strategy for round 2. The production manager has the final authority on what to produce.

  24. Get Your Play Dough

  25. Production Rounds Each product must have 2 colors. You may only use your hands – no capital. You may specialize. Produce at least one of each but as many as possible.

  26. Time IS UP! Count the quantity produced of each product. Record the quantities on the “Revenues Worksheet. We will do a class total. We will draw a demand card. We will determine prices and factory earnings.

  27. Process What patterns do you see in the Supply, Demand, and Market Price Chart? In a market, what two things are needed for a price to be determined? What caused price to change?

  28. More Process How did price influence your production decisions? 5. How did other groups influence your strategy and plans?

  29. Concepts of the Texas/USFree EnterpriseEconomicSystem How do changes in demand and supply affect market price? How does market price help producers determine what to produce?

  30. Process What trends do you see ? What are three things you have learned about how the market or free enterprise system operates? What concepts and TEKS would this activity teach?

  31. Laura Ewing President Texas Council on Economic Education www.economicstexas.org laura@economicstexas.org 713-655-1650

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