Lesson+Plans+-+Econ+Ed+Link

=**Absolute / Comparative Advantage**=

[|Specialization and the Decathlon] - August, 2011
====This lesson uses results from the 2008 Summer Olympic Games to explain that athletes specialize in sports and events for which they are most skilled for the same reasons that individuals and nations specialize in the production of goods and services for which they have an absolute or a comparative advantage.====

Key Economic Concepts: Absolute Advantage, Comparative Advantage, Opportunity Cost, Productivity, Specialization

 * CPI/Inflation **

===[|Focus on Economic Data: Consumer Price Index and Inflation], March 2012 === ====This lesson focuses on the Consumer Price Index (CPI) and rate of inflation reported April 13, 2012, by the U.S. Bureau of Labor Statistics (BLS) for the month of March, 2012. Students read the BLS report, analyze the meaning of the CPI data, determine the change in consumer prices, and explore the impact of the change in the price level on themselves, their families, consumers, and producers. ====

Grade Level: 9-12
====Key Economic Concepts: Consumer Price Index (CPI), Inflation, Macroeconomic Indicators, Price Stability ====

[|"Avatar, King of the Box Office?"] - October 2011
====On January 26, 2010, the film Avatar officially topped Titanic as the top-grossing film of all-time at the box office. However, the following day, Forbes.com published an article entitled Is Avatar Really King of the Box Office? The article explains how using calculations such as the Consumer Price Index (CPI), one can show how the film Gone With the Wind has grossed more when the value of the box office receipts are adjusted for inflation.====

[|How Much Does it Cost Now?]
====Students will use the FRED database to download the Consumer Price Index (CPI) and calculate the equivalent price of a product from an earlier time to the relative price today. Students will discuss the limits of using a weighted index and changes in the quality of products when calculating the relative prices of goods from two time periods.====

Key Economic Concepts: Consumer Price Index (CPI), Deflation, Inflation

 * EMPLOYMENT / UNEMPLOYMENT **

===[|Focus on Economic Data: U.S. Employment and the Unemployment Rate], April, 2012 === ====This lesson examines the U.S. Department of Labor, Bureau of Labor Statistics, announcement of employment data and the unemployment rate for the month of April, 2012, reported May 4, 2012. This lesson introduces the basic concepts of the BLS employment and unemployment data. The meaning and importance of the data are discussed. Assessment exercises are included for reinforcing knowledge of the concepts. ====

Grade Level: 9-12
====Key Economic Concepts: Business Cycles, Labor Force, Labor Market, Macroeconomic Indicators, Unemployment ==== 

[|Understanding a Balance Sheet], January 24, 2012
====A balance sheet shows the assets, liabilities, and net worth for a business on a given day. This business document is one of the major documents used in evaluating a business. Students will learn the components of a balance sheet by working through many problems to strengthen their understanding. ====

[|Calculating Simple Interest], October 21, 2011
====How do banks calculate the amount of interest paid on a loan? In this lesson, students will view a Livescribe Pencast to learn how to find the dollar amount in interest that is due at maturity. This lesson uses different time periods such as days, months, and years in the calculation as well as varying interest rates.====

Key Economic Concepts: Annual Percentage Rate (APR), Compound Interest, Debt, Financial Planning, Interest
=**FISCAL POLICY**=

===[|Understanding the Debt Ceiling Debate and the Budget Control Act of 2011] - March 2012 === ====This lesson provides an introduction and an overview of the Budget Control Act of 2011. Students will be given information about the legislation and presented with different proposals for dealing with the long-term deficit problem of the United States. ====

Grade Level: 9-12
====Key Economic Concepts: Budget Deficit, Federal Budget, Government Expenditures, Government Spending, Public-Choice Analysis ====

**GDP**

===[|Focus on Economic Data: U.S. Real GDP Growth, Q1 2012] (April 27, 2012) ===

====<span style="background-color: rgba(255,255,255,0.917969); color: #222222; font-family: arial,sans-serif;">This lesson focuses on the April 27, 2012, first (advance) estimate of U.S. real gross domestic product (real GDP) growth for the first quarter (Q1) of 2012, as reported by the U.S. Bureau of Economic Analysis (BEA). The current data and historical data are explained. The meaning of GDP and potential impacts of changes of GDP are explored. The lesson will also raise questions about the impact of the current level of growth on the U.S. economy and individuals. ====

<span style="background-color: rgba(255,255,255,0.917969); color: #222222; font-family: arial,sans-serif;">Grade Level: 9-12
====<span style="background-color: rgba(255,255,255,0.917969); color: #222222; font-family: arial,sans-serif;">Key Economic Concepts: Business Cycles, Economic Growth, Gross Domestic Product (GDP), Macroeconomic Indicators, Real Gross Domestic Product (GDP) ====

=Interest Rate=

[|"A Penny Saved"] January, 2011
====<span style="background-color: rgba(255,255,255,0.917969); color: #222222; font-family: arial,sans-serif;">Students will read the comic book, "A Penny Saved" published by the New York Federal Reserve Bank. Students will make the information relevant through projects, graphic organizers, teacher instruction, and problems. ====

<span style="background-color: rgba(255,255,255,0.917969); color: #222222; font-family: arial,sans-serif;">Grade Level: 9-12
====<span style="background-color: rgba(255,255,255,0.917969); color: #222222; font-family: arial,sans-serif;">Key Economic Concepts: Compound Interest, Interest Rate, Required Reserves, Rule of 72, Saving ====

[|"You've Won the Lottery! Now What?"] November, 2011
====Friday the 13th was your lucky day. You won the lottery! The lottery officials have given you a choice. You can either receive the $10 million now in one lump sum, or you can receive $1 million a year for the next 20 years. Now what do you do?====

Key Economic Concepts: Interest Rate
=MISCELLANEOUS=

[|"Jokes, Quotations, and Cartoons in Economics", July 30, 2011]
====Students will apply their knowledge of economics to the analysis and interpretation of jokes, quotations, and cartoons in economics. Students will watch a Paul Solman video of an interview of Yoram Bauman, the Stand up Economist. Students will use Daryl Cagel's cartoon website, JokEc on the Web, and news media to find economics humor and interpret.====

Key Economic Concepts: Budget Deficit, Business, Central Banking System, Credit, Gross Domestic Product (GDP)
===<span style="background-color: rgba(255,255,255,0.917969); color: #222222; font-family: arial,sans-serif;">[|Green Eggs and ...Economics?] - January 20, 2011 === ====<span style="background-color: rgba(255,255,255,0.917969); color: #222222; font-family: arial,sans-serif;">Economic concepts are often found in places students have never considered, like children’s literature. In this lesson, students will explore the various economic concepts addressed in five of Dr. Seuss' most popular books: The Cat in the Hat; Green Eggs and Ham; The Lorax; Oh, the Places You’ll Go! and Horton Hears a Who! This lesson assumes the students already have some knowledge of basic microeconomic concepts. Therefore, it would be best utilized as a review or unit summary to reinforce the concepts you have already covered. ====

<span style="background-color: rgba(255,255,255,0.917969); color: #222222; font-family: arial,sans-serif;">Grade Level: 9-12
====<span style="background-color: rgba(255,255,255,0.917969); color: #222222; font-family: arial,sans-serif;">Key Economic Concepts: Complements, Externalities, Market Failures, Opportunity Cost, Property Rights ====

===<span style="background-color: rgba(255,255,255,0.917969); color: #222222; font-family: arial,sans-serif;">[|The Economics of Pro Sports: Why are the Cowboys and Yankees so Valuable?] January 27, 2012 === ====<span style="background-color: rgba(255,255,255,0.917969); color: #222222; font-family: arial,sans-serif;">This lesson investigates the value of sports franchises in the various professional sports leagues. Students will investigate the revenues and costs of pro sports teams and determine which teams are the most valuable. Lastly, students will understand the specific rules of the game that leagues employ that influence franchise values. ====

<span style="background-color: rgba(255,255,255,0.917969); color: #222222; font-family: arial,sans-serif;">Key Economic Concepts: Costs, Debt, Incentive, Profit, Revenue
=MONETARY POLICY=

===<span style="background-color: rgba(255,255,255,0.917969); color: #222222; font-family: arial,sans-serif;">[|Focus on Economic Data: The Federal Reserve and Monetary Policy], April 25, 2012 ===

====<span style="background-color: rgba(255,255,255,0.917969); color: #222222; font-family: arial,sans-serif;">This lesson focuses on the April 25, 2012, press release by the Federal Reserve System's Federal Open Market Committee (FOMC) on the current Federal Reserve monetary policy actions and goals, and specifically, the federal funds rate target. This lesson is intended to guide students and teachers through an analysis of the actions the Federal Reserve is taking and can take in influencing prices, employment, and economic growth. Through this lesson, students will better understand the dynamics of the U.S. economy, current economic conditions and monetary policies. ====

<span style="background-color: rgba(255,255,255,0.917969); color: #222222; font-family: arial,sans-serif;">Grade Level: 9-12
====<span style="background-color: rgba(255,255,255,0.917969); color: #222222; font-family: arial,sans-serif;">Key Economic Concepts: Central Banking System, Federal Reserve, Macroeconomic Indicators, Monetary Policy, Money Supply ====

=OPPORTUNITY COST=

[|"Opportunity Cost"] January 4, 2012
====<span style="background-color: rgba(255,255,255,0.917969); color: #222222; font-family: arial,sans-serif;">Consumers are faced with tough choices because so many innovative and exciting products and services are available. Therefore, engraining a decision-making process that includes considering of opportunity cost is necessary to shape future consumer behavior. ====

[|"Production Possibilities Curve"], December 16, 2011
====Students will apply the concepts of scarcity, choice, and opportunity costs using a production possibilities curve. Students will interpret points inside and outside the curve. As an extension, students will see the relationship between a country's aggregate production function and its production possibilities curve.====

Key Economic Concepts: Choice, Opportunity Cost, Scarcity, Trade-off
**SUPPLY/DEMAND**

===<span style="background-color: rgba(255,255,255,0.917969); color: #222222; font-family: arial,sans-serif;">[|Chevy Volt...It’s Electric!] December 2011 ===

<span style="background-color: rgba(255,255,255,0.917969); color: #222222; font-family: arial,sans-serif;">This lesson was written to be used within a Special Education classroom.
====<span style="background-color: rgba(255,255,255,0.917969); color: #222222; font-family: arial,sans-serif;">The costs and benefits of owning an electric or hybrid car will be evaluated in this lesson. By reading and researching the history of the production of electric cars, the lesson allows students to understand how this market has developed. Specifically, the evaluation will focus on the Chevy Volt and its attempt to compete in a constantly evolving market of automobiles. Through this lesson, students will attempt to decide whether the Volt can be competitive in price and range, as well as what incentives need to be provided to make it a more appealing purchase to consumers. There have also been several changes made to the aerodynamics of the prototype of the Volt to the first model released to consumers in order to make the battery more efficient. Finally, students will look at the supply and demand, and production of the Chevy Volt. ====

Supply/Demand workshop from Florida Council on Economic Education
=**TRADE**=

[|Balance of Payments]
International trade allows countries to buy and sell both domestic and foreign goods, as well as services and financial assets. A country's transactions are summarized in a set of accounts called the "Balance of Payments (BOP)." Students will learn how to record transactions in the BOP accounts, and why the sum of the current account and capital account must equal zero.

Grade Level: 9-12 Key Economic Concepts: Balance of Payments, Exports, Imports

[|The Trading Game]
In this lesson students will learn about the gains from trade. Students will participate in a trading game that will demonstrate that trade can make everyone better off.

Grade Level: 6-8, 9-12 Key Economic Concepts: Exchange, Exports, Gains from Trade, Imports, Trade

**UTILITY**

[|Utility]
<span style="border-collapse: collapse; font-family: arial,sans-serif; line-height: normal;">Can happiness be measured? Students will learn how utility relates to economic decision making and the law of diminishing marginal utility.

<span style="border-collapse: collapse; font-family: arial,sans-serif; line-height: normal;">Grade Level: 9-12 <span style="border-collapse: collapse; font-family: arial,sans-serif; line-height: normal;"> Key Economic Concepts: Cost/Benefit Analysis, Decision Making, Law of Demand, Marginal Analysis, Wants