Georgia Council On Economic Education Helping Teachers Teach

Georgia Council On Economic Education Helping Teachers Teach Economics Mike Raymer- Program Manager

“I hope I die during a workshop because the transition from life to death would be so subtle. ” -anonymous teacher

The Vision Students leaving school prepared for their roles as: • • • Productive Workers Informed Consumers Involved Citizens Prudent Savers Wise Investors Sound lifelong decision makers in a globally interdependent world

The Mission To help teachers teach those students, K-12, in the public and independent schools of Georgia

Economically Are You Smarter ^ th th Than a 4 or 5 Grader? Teaching the Economics in the Georgia Performance Standards

Where in the World?

LABEL SEARCH 1. Find ten items in the room. 2. Write down the name of each item. 3. Look at “made in” tag. 4. Record country where item was made. HANDOUT

You will probably get something like this.

Why a workshop on economics? Remember…this is a United States History course!!

The New GPS Grades K-8 • approved October 2004 • two major changes üfocus on the United States seven of nine years during K-8 übuilds across the grades like a ladder

Spiral vs. Ladder

Content Weight for the GPS CRCT GPS Grade 3 Grade 4 Grade 5 Grade 6 Grade 7 Grade 8 Hist 30% 50% 30% 47% Geog 20% 15% 30% 12% Civic 30% 20% 25% Econ 20% 15% 20% 16%

Why economics in United States History? U. S. schools rely on history to teach about our national identity and knowledge of our past. Are we succeeding?

Why economics in United States History? Think about the context of history… History is the record of political and economic decisions that people have made across time.

Integrate

Enrich

How do we prepare? Focus on economic decision making across the eras of United States history.

Economic Predictions

Who Would Have Predicted in 1980… • the collapse of the Soviet Union (incentive example, price)

Who Would Have Predicted in 1980… • Nelson Mandela as president of South Africa

Who Would Have Predicted in 1980… • a long period of economic stagnation in Japan

Who Would Have Predicted in 1980… • record economic expansion in the 1990 s

Who Would Have Predicted in 2007… Gas prices would be $4. 00 per gallon in 2008?

Consider the following. . . • Economics is a Shadow Curriculum

What do adults frequently identify as the most basic concept in economics?

Economics is More Than Supply and Demand Georgia Council on Economic Education www. gcee. org

What do students frequently identify as the most basic concept in economics?

Economics is More Than Money Georgia Council on Economic Education www. gcee. org

What is the most basic, fundamental concept in economics? Scarcity

Marooned…

30 cans of SPAM Two cases of bottled water Mirror Machete Medical Kit A wedding dress Three-year-old Irish Setter Flare gun with two flares 40 pair of blue jeans 12 ft. Of rope A Swiss Army knife Case of Oreo’s Seasons four and five of “The Office” $5, 000. 00 6’ by 6’ tarp Chainsaw with one tank of fuel Survival guide Book on South Pacific plant life Bible 20 gallon plastic container Matt Ryan jersey

Let’s talk about…. YOU TODAY RIGHT THIS MINUTE

Because of scarcity, people must choose. Student Options Student A B C D • movies 1 st 3 rd 2 nd • skating 3 rd 1 st 3 rd 2 nd 3 rd 1 st • pizza

Because of scarcity, people must choose. Options • third term • Mount Vernon • king George Washington’s Priorities 2 nd 1 st 3 rd

Opportunity Cost The next best alternative given up when a decision is made.

Select one… What is your opportunity cost?

Our essential question… What is economics? economics

Our enduring understanding… Economics is… making decisions about allocating limited resources to get the unlimited number of things we want.

Handouts 1. What is Economics? 2. Economics Thinking Guide 3. Economic Decision Guide

Factors of Production Productive Resources • Natural Resources/Land • Human Resources/Labor • Capital Goods/Tools • Entrepreneurship • risk taker • innovative ideas

Guide to Economic Thinking Pulling the Pieces Together 1. People choose. 2. People’s choices involve costs. 3. People respond to incentives in predictable ways. 4. People create economic systems that influence individual choices and incentives. 5. People gain when they trade voluntarily. 6. People’s choices have consequences that lie in the future.

Economics… Economics Do You Teach this “stuff”?

-GPSVocabulary

Introducing the 4 th and 5 th Grade US Economic History Concepts • trade • • • opportunity cost specialization voluntary exchange productivity incentives

Introducing the 5 th Grade US Economic History Concepts major institutions in the US economy • private business function • bank function • government function interaction of consumers and businesses • competition, markets, prices, income • entrepreneurship

United States Economic History Teaching the Economics Georgia Performance Standards at Grade 4 & 5

Components of U. S. Economic History • Essay for the teacher on the economic history of our nation • Series of seven lesson plans, one for each era of the GPS framework • Glossary of GPS economic terms • Sample CRCT test questions

Introducing the U. S. Economic History Lessons - embedded in eras of history - lesson essential question - introduction/abstract - GPS correlation - economic concepts

Introducing the U. S. Economic History Lessons - knowledge and skills objectives - materials needed - time required - procedure - assessment

Personal Finance • comprehensive program targeted at grades K-2, 3 -5 and 6 -8 • separate workshop • offered through the Stock Market Game workshop

Unit 3: Colonial America Lesson…Why did people choose to settle in different parts of the British colonies? Economic Concepts… incentives, specialization, opportunity cost

Unit 5: The New Nation Lesson…How was the decision to revise the Articles of Confederation based on political and economic factors? Economic Concepts… price incentives, voluntary exchange, trade, specialization

www. gcee. org mraymer@gsu. edu “Georgia Council”

Georgia Council on Economic Education www. gcee. org