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Economics and Theme: Price Theory

Economics and Theme: Price Theory. Kathryn gustafson Farmington high school Kathryn.Gustafson@farmington.k12.mi.us http://gusonomics.wiki.farmington.k12.mi.us /. 1.3 Prices, Supply, and Demand

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Economics and Theme: Price Theory

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  1. Economics and Theme: Price Theory Kathryn gustafson Farmington high school Kathryn.Gustafson@farmington.k12.mi.us http://gusonomics.wiki.farmington.k12.mi.us/

  2. 1.3 Prices, Supply, and Demand Compare how supply, demand, price, equilibrium, elasticity, and incentives affect the workings of a market. 1.3.1 Law of Supply – Explain the law of supply and analyze the likely change in supply when there are changes in prices of the productive resources (e.g., labor, land, capital including technology), or the profitopportunities available to producers by selling other goods or services, or the number of sellers in a market. 1.3.2 Law of Demand – Explain the law of demand and analyze the likely change in demand when there are changes in prices of the goods or services, availability of alternative (substitute or complementary) goods or services, or changes in the number of buyers in a market created by such things as change in income or availability of credit. 1.3.3 Price, Equilibrium, Elasticity, and Incentives – Analyze how prices change through the interaction of buyers and sellers in a market including the role of supply, demand, equilibrium, elasticity, and explain how incentives (monetary and non-monetary) affect choices of households and economic organizations. Michigan Content Standards

  3. WHAT WORKS? • Only 22 states require students to take a high school economics course • National Council Economic Education (2011 Survey of States) • “Next to student ability, teacher ability may be the most important variable in the learning equation. Teachers’ knowledge of economics is positively related to students’ learning of economics” • “What Works: A Review of Research on Outcomes and Effective Program Delivery in Precollege Economic Education” • by Dr. Michael Watts, Director of the Center for Economic Education at Purdue University See more at: http://www.councilforeconed.org/news-information/research/#sthash.9MfD6aQu.dpuf

  4. MC3 INITIATIVE • EXCELLENT resources for teachers! • Atlasrubicon • Unit II - Microeconomic Challenges

  5. Theme Based Unit? Given Influence 12 weeks Required 9th grade class Not an “name your theme” expert Willing to learn along with my students Willing to experiment Wanting to make learning more meaningful

  6. Michigan Social Studies Standards General Social Science Knowledge – embedded in economics standards and expectations Social Studies Procedures and Skills – embedded in economics standards and expectations P1 Reading and Communication – read and communicate effectively. P2 Inquiry, Research, and Analysis – critically examine evidence, thoughtfully consider conflicting claims, and carefully weigh facts and hypotheses. P3 Public Discourse and Decision Making – engage in reasoned and informed decision making that should characterize each citizen’s participation in American society.

  7. Common Core Literacy and Writing Standards Key Ideas and Details CCSS.ELA-Literacy.RH.9-10.1 Cite specific textual evidence to support analysis of primary and secondary sources, attending to such features as the date and origin of the information. CCSS.ELA-Literacy.RH.9-10.2 Determine the central ideas or information of a primary or secondary source; provide an accurate summary of how key events or ideas develop over the course of the text. Craft and Structure CCSS.ELA-Literacy.RH.9-10.4 Determine the meaning of words and phrases as they are used in a text, including vocabulary describing political, social, or economic aspects of history/social science. Integration of Knowledge and Ideas CCSS.ELA-Literacy.RH.9-10.7 Integrate quantitative or technical analysis (e.g., charts, research data) with qualitative analysis in print or digital text. CCSS.ELA-Literacy.RH.9-10.8 Assess the extent to which the reasoning and evidence in a text support the author’s claims. CCSS.ELA-Literacy.RH.9-10.9 Compare and contrast treatments of the same topic in several primary and secondary sources. Text Types and Purposes CCSS.ELA-Literacy.WHST.9-10.1 Write arguments focused on discipline-specific content.CCSS.ELA-Literacy.WHST.9-10.1a Introduce precise claim(s), distinguish the claim(s) from alternate or opposing claims, and create an organization that establishes clear relationships among the claim(s), counterclaims, reasons, and evidence.

  8. Theme Based Unit Electricity Fast food Oil and gas Your choice 

  9. Student Journal Describe how your life would change if the price of gasoline increased to $12 a gallon. DETAILS!!! No more extra curricular Car pools Walking and riding bikes (horses) Better health Buy a Chevy Volt Use more ethanol Theft of gasoline Eventually move closer to parents work Change in focus of parents work (automotive)

  10. OPPORTUNITY ! Student writing sample Build relationship with your students Content ideas to incorporate into your unit

  11. What should we investigate? Why do the gas prices go up? Down? What products do we make with petroleum? Where does our energy come from? Should the government set prices for gas? How can we encourage a more efficient use of energy? What is the future of electric cars? Is ethanol a good substitute for gas? Who is OPEC? Oil embargo? Int’l Trade?

  12. Basic Foundation • Websites • US Energy Information Administration • US Dept. of Energy • Articles/Radio/TV • Documentaries • A Crude Awakening

  13. Interview Assignment • Describe how your life changed during the 1970’s oil embargo. • When the price for oil reached an all time record of $120 a barrel last year (about $4.00 a gallon), did it change any of your current actions? If so, describe. If not, explain why. • We will be investigating and analyzing different hypotheses for rising gas prices in class. Why do you think the price of gasoline has increased dramatically over the past few years? Incorporate family knowledge Historical Events Develop a hypothesis

  14. Need for Stamina and Strength- Day 2 Extra Credit Opportunity! Raffle Ticket for chance to win…

  15. Data Number of “Students” Push -ups

  16. Student Demand Data My Classroom Push-ups

  17. GRAPH - Build with YOUR data Demand (D)

  18. DEMAND Content Student trouble spots Consumer perspective Willing and able Shape Inverse relationship Total market demand Change in Quantity Demanded vs. Change in Demand Determinants Comfort with graph Change in QD vs. Change in D Familiarity with determinants

  19. PRACTICE HOMEWORK IS THEME BASED ARTICLES WEBSITES DOCUMENTARY CURRENT DATA * Take existing materials and tweak to your theme

  20. ALTERNATE TRANSPORTATION? – Day 3

  21. Collect Data $ per Hour Quantity of babysitters

  22. SUPPLY – build with YOUR data Price (P) Quantity (Q)

  23. SUPPLY Content Student trouble spots Producer perspective Willing and able Shape Direct relationship Total Market Supply Change in Supply vs. Change in Quantity supplies Determinants Producer perspective Shifting of curve (increase to the right!) Familiarity with determinants

  24. Pratice homework is theme based Articles Websites Documentary Alternative Resources * Take existing materials and tweak to your theme

  25. MARKET SIMULATION fromFTE – day 4 • Adapt to theme • In school field trip • Choose student helpers • Explain rules briefly • Practice Round • DEBRIEF!!!!!!! • Data • Secrets to success • Illegalities In the Chips — A Market in Computer Chips

  26. Price Theory – Day 5 • GRAPH!!! • Equilibrium price and quantity • Surplus • Shortage • Shifting of one curve • Shifting of two curves Student Practice is theme based Make sure to try to answer focus question- Why are the gas prices so high?

  27. Government Intervention – Day 6 • Price Floors • Minimum Wage • Price Ceilings • Illegal Drugs • Organs –seeOrgan Theft - Not Just Urban Legend -- Health & Wellness -- Sott.net Should the government enact legislation to keep gas prices low?

  28. Elasticity – Day 7 Define Graph with TR Equations Short run? Long run?

  29. Senate Hearing Project Should the Government give automakers an emergency loan? Should the Government set price limits on gasoline?

  30. BEST RESOURCE Other theme based unit possibilities? What works when YOU teach demand /supply /price theory?

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