Infusing Economic Thinking Into Everyday Learning

1. Infusing Economic Thinking Into Everyday Learning Jennifer Cornell 804-741-2806 jcornell@powellcenter.org Laurel Christensen 720-425-1642 laurelc@streetschoolnetwork.org StreetSchool Network™ 2010 Annual Conference July 27, 2010 www.infusionomics.com

2. What is Infusionomics™? • Enables K-12 teachers to understand and seamlessly integrate economics into their classroom. • A pedagogical approach to merging economics into existing curriculum. • A virtual training program. • A website of tools and resources. • A learning community.

3. What are the goals of Infusionomics™? • Students understand the fundamentals of economics. • Students anticipate consequences. • Student analyze potential solutions. • Students make informed, sound decisions. • Students take responsibility for their actions.

4. How does Infusionomics™ work? Introductory Year Economic Literacy Training & Initial Practice Implementation Year Full Infusion of Economic Literacy & Financial Literacy Experiential Year Economic Literacy, Financial Literacy & Entrepreneurship • Virtual Training: • De-Mystifying Economics & • Keystone Economic Principles • Monthly Themes • Subject-specific • “Concept Matching” • Curriculum-wide • “Concept Matching” • Financial Literacy • Student Economy • Economis • Classroom Management • Integrated Economic • & Financial Literacy • Youth • Entrepreneurship • Entrenuity

5. Year 1 Infusionomics • Two Options: • Infuse Economic principles on a quarterly basis using themes and Keystone Economic Principles™ Or… • Infuse Economic principles on a monthly basis using just the Keystone Economic Principles™

6. Four Overall Economic Themes These four overall themes can be implemented one per quarter. • Choice • Cost • Resources • Incentives

7. Choice • We all make choices. KEP 1 • All choices have consequences. KEP 3 • Big transferable concepts: • Scarcity • Wants / Needs • Goods / Services • Consequences • Resources • Abundance • Conflict • Cooperation

8. Costs • TANSTAAFL™ (There Ain’t No Such Thing As A Free Lunch.) KEP 2 • Complimentary Concept: • Economic Thinking is Marginal Thinking. KEP 4 • Big Transferable Concepts: • Opportunity cost • Trade-off • Cost/benefit • Interactions • Utility • Justice • Loyalty

9. (Use of) Resources • Do what you do best, trade for the rest. KEP 6 • Complimentary Concepts: • Quantity and quality of resources impact living standards. KEP 8 • Economic systems influence choices KEP 4

10. (Use of) Resources (cont.) • Big Transferable Concepts: • Specialization • Interdependence • Production • Consumption • Resources (Natural, Human, Capital, Entrepreneurship) • Environments • Ecology • Communities • Interactions • Philanthropy • Harmony • Honesty • Love • Fairness

11. Incentives (Motivation) • Incentives produce predictable responses KEP 5 • Complimentary Concepts: • Prices are determined by market forces of supply and demand…and are constantly changing KEP 9

12. Incentives (Motivation) • Big Transferable Concepts: • Incentive / disincentive • Reward / penalty • Balance (equilibrium) • Supply / Demand • Trade • Influence • Obedience • Gratitude • Change • Greed • Grace

13. Keystone Economic Principles™ We all make choices. There Ain’t No Such Thing As AFree Lunch. (TANSTAAFLTM) All choices have consequences. Economic systems influence choices. Incentives produce predictable results. www.powellcenter.org/Keystone.asp

14. Keystone Economic Principles™ Do what you do best and trade for the rest. Economic thinking is marginal thinking. Quantity and quality of resources impact living standards. Prices are determined by the market forces of supply and demand…and are constantly changing. www.powellcenter.org/Keystone.asp

15. Why Infusionomics™? • Students participate in the economy every day. • Applying economic concepts to multiple core academic areas results in: • Increased understanding and reinforcement of economic principles. • Increased relevance of subject matter. • Improved performance in academics.

16. How does Infusionomics™ work? “Concept Matching”

17. Infusionomics Flow Chart • Step 1: Prior to the Quarter/Month - Train all teachers on the Keystone Economic Principles for the next Quarter – use the video and/or www.infusionomics.com - Determine where concepts will be introduced and integrated based on course curriculum - Complete Concept Matching Grid • Step 2: Beginning of the Quarter/Month - Introduce the theme, keystone(s) and corresponding concepts to students at the classroom level or with the entire school (you can utilize Powell Lessons or Virtual Economics lessons for this)

18. Infusionomics Flow Chart – cont. • Step 3: During the Quarter/Month - Integrate themes, KEP(s) and corresponding concepts into curriculum and instruction, according to the concept matching grid, throughout the quarter/month in all classes - Relate themes, KEP(s) and corresponding concepts in ways that promote authentic learning - Assessment is ongoing and varied (all or portions of the KEP assessments on line can be utilized) • Step 4: End of Each Quarter/Month - Train all teachers on the Keystone Economic Principles for the next Quarter/month - Determine where concepts will be introduced and integrated based on course curriculum - Complete Concept Matching Grid - Teachers complete evaluation forms

19. Virtual Training • De-Mystifying Economics • Features Dr. Gerry Swanson, Professor of Economics, Eller College of Management, University of Arizona • http://www.infusionomics.com/demystifying%20economics.htm • Keystone Economic Principles • Features Mrs. Donna Broughton, NFIB Middle School Teacher of the Year