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Social Studies Staff Development Austin ISD Austin, TX February 12, 2010
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Social Studies Staff DevelopmentAustin ISDAustin, TX
February 12, 2010
Laura EwingPresident/CEO
Texas Council on Economic Educationwww.economicstexas.org
Interesting hands-on lessons that develop critical thinking skills for students in Economics, Social Studies, Math, and Career/Technical Education classes.
• Economics• Personal Financial
Literacy• Investor Education• Student Activities• www.economicstexas.org
• Team Fees are covered by Fidelity Investments
• 10 week live simulation• Virtual $100,000• Trade stocks, bonds and mutual funds• Grades 4 – 12
• Stock Market Game• Economic Challenge • Virtual Economics• All Events are listed at
www.economicstexas.org
• FREE through 2/28/10• 79 publications, 1200
lessons• 28 publications• 500 economic terms
March 29-April 2Online competition
April 13 State Finals CapitolApril 26 National Finals Online
David Ricardo DivisionNational Semi-finals Online
Adam Smith DivisionNational Finals NYC
Adam Smith Division
San Antonio
Third or fourth week in June
Identify the historic origins ofthe economic systems of Capitalism and communism
•Self-interest•Competition
•Government Regulation•Markets
•Market Economy
Focus: Think, Pair, Share1.What types of products do you like to buy?2.What attracts you to those products?
What role do price and quality play in a market
economy?
1. Wealth of Nations, 1776
2. Invisible Hand3. Self-interest
1. As you read the article, look for Smith’s major points.
2. Read Adam Smith and the Concept of Individual Self-Interest
3. Discuss the article, particularly the role of self-interest.
Group 1: ProducersInnkeepers
•The King’s Arms Inn•The Bells and Motley Inn•The Three Feathers Inn
•Read Activity 2•Look for what you would like to produce
Group 2: Investors
Three groups of investors
•Read Activity 3•Look for your investment
1. Decision Time: Confidential2. Plan a marketing presentationInnkeepers Choose one menu item. Write
the name of your inn, the menu item, and the price you
will charge.
Investors Choose only one business opportunity. Record the name of your company and the product in
which you will invest.
1. Group A PresentsWhat is your menu item? Write the menu on the board.What is the price?Present an ad or reasons for group
B to dine in your inn.2.Each member of Group B will vote with
3.Ballot A using a secret ballot.3.Group A: tally your profits (number sold x income) -cost of production=profits.
1. Present your best sales pitch as to why people should buy your product.
2. Group A members will each receive ballot B.
3. Tally results4. Would you have made much
money based on how many people were willing to buy?
Will you reconsider your menu/investment?
Why or why not?
Answer the questions on Activity 5.
Discuss your answers.
Objective: Analyze the effects of incentives present in the Soviet communist economic system upon the performance of the Soviet economy prior to market reforms.
ConceptsEconomic System
Command EconomyMarket Economy
Incentives
Think, pair, share:
What are incentives that encourage you to work, do your homework and school work?
What are the goals of communism? How do you respond to this statement of goals?Each person in a society should receive an equal share of the output of goods and services that an economy produces…Each person should work, not for his or her personal gain, but for the good of the whole society.”
What & how much to produce
How to produce
(method of production
)
How to distribute
Market
Command
Read the three articles individually, then pair and share. 1.How are economic decisions made?2.What role do incentives play?3.What are your thoughts?
U. S. Market Economy
USSR Command Economy
Advantages
Disadvantages
Will you use these lessons in your classroom?
If so, how will you use them?
What was helpful about them?
Laura EwingPresident/CEO
Texas Council on Economic Educationwww.economicstexas.org
