Yumonomics The Economics of Yummy Childrens Literature Presented

Yum-onomics: The Economics of Yummy Children’s Literature Presented by: Deborah Kozdras dkozdras@usf. edu Website: http: //yumonomics. com

Why Economics? http: //vimeo. com/6268631? ab Three Little Pigs book Free at project Gutenberg http: //www. gutenberg. org/files/18155 -h/18155 -h. htm

3 Little Pigs + 6 Big Principles = Economic Thinking http: //www. kidseconposters. com/i mages/6 core. swf

Thinking Like an Economist http: //www. econedlink. org/interactives/index. php? iid=13 7&type=educator

1: People Choose We always want more than we can get and productive resources (human, natural, capital) are always limited. Therefore, because of this major economic problem of scarcity, we usually choose the alternative that provides the most benefits with the least cost. • The little pigs wanted productive resources. They chose different natural resources. Human resources were scarce. • Two pigs chose the alternative that provided benefits with the least cost to their free time. • What were the benefits of spending more time and effort? What were the costs of spending less?

2: All Choices Involve Costs The opportunity cost is the next best alternative you give up when you make a choice. When we choose one thing, we refuse something else at the same time. • The opportunity cost was the next best alternative the pigs gave up when they made their choices. • What alternatives did they choose? • What was the opportunity cost for the straw and stick pigs?

3: People Respond to Incentives are actions, awards, or rewards that determine the choices people make. Incentives can be positive or negative. When incentives change, people change their behaviors. Incentives can be economic, social, or moral. • The brick pig’s incentive was that he wanted to use the best resources and spend time to make the strongest house. • What were the other alternatives he could have chosen? • Think about the social, moral, or economic incentives the pigs had. http: //www. econedlink. org/interactives/inde x. php? iid=119&type=educator

4: Economic Systems Influence Individual Choices and Incentives. People cooperate and govern their actions through both written and unwritten rules that determine methods of allocating scarce resources. These rules determine what is produced, how it is produced, and for whom it is produced. As the rules change, so do individual choices, incentives, and behavior. • What were the unwritten rules of allocating scarce resources in the story? • What economic system do we generally use in the United States when we trade with other countries? Go to page 3. • When the bank rules change, how might the choices, incentives, and behavior change for pigs?

5: Voluntary Trade Creates Wealth People specialize in the production of certain goods and services because they expect to gain from it. People trade what they produce with other people when they think they can gain something from the exchange. This is self interest. Some benefits of voluntary trade include higher standards of living and broader choices of goods and services. • List the different specializations of production of goods and services. • How could the other two pigs benefit from voluntary trade? • If the little pig decided to specialize in building brick houses, how could he gain?

6: The Consequences of Choices Lie in the Future. • Economists believe that the cost and benefits of decision making appear in the future, since it is only the future that we can influence. Sometimes our choices can lead to unintended consequences. • What are the costs and benefits of the pigs’ decisions? • What were the unintended consequences for the pigs? • What are some possible consequences?

Three Little Pigs Econ-cepts: Pg 92. Natural resources, human resources, capital resources, scarcity, trade-offs • Brick, Wood, or Siding activity (p. 94) • Three Little Pigs book Free at project Gutenberg http: //www. gutenberg. org/files/ 18155/18155 -h. htm Write letter to pigs/BBW (p. 95) Use Read. Write. Think letter generator http: //www. readwritethink. org/classro om-resources/studentinteractives/letter-generator 30005. html

Lemonade War Econ-cepts: beginning of every chapter… http: //www. lemonadewar. com/ Lesson: Kid’s Econ Posters http: //www. kidseconposters. com/keb/Title%20 List% 20 Poster%20 Set%20 B/Supply%20 and%20 Deman d/Lemonade%20 for%20 Sale. htm Play the lemonade stand game http: //www. lemonadestandgame. c om/ Watch http: //www. youtube. com/watch? v= MUcp. CB 7 Wls 8

Hare & Tortoise http: //etc. usf. edu/lit 2 go/contents/100/0143. html

Money, currency, trade

I, Pencil & Productive Resources "I, Pencil: My Family Tree as told to Leonard E. Read" I am a lead pencil—the ordinary wooden pencil familiar to all boys and girls and adults who can read and write… Simple? Yet, not a single person on the face of this earth knows how to make me. This sounds fantastic, doesn't it? Especially when it is realized that there about one and one-half billion of my kind produced in the U. S. A. each year. Pick me up and look me over. What do you see? Not much meets the eye—there's some wood, lacquer, the printed labeling, graphite lead, a bit of metal, and an eraser. My family tree begins with what in fact is a tree, a cedar of straight grain that grows in Northern California and Oregon… The logs are shipped to a mill in San Leandro, California… http: //www. commonsenseeconomics. com/ under Really Cool Stuff, click Fun Readings to find. pdf and audio of I, Pencil

Merchant of Venice • Merchant of Venice William Shakespeare • Entrepreneurship and Profits • The Renaissance was a time of economic development. Fortunes could be made or lost through shipments from distant ports… • http: //etc. usf. edu/lit 2 go/titl e/m/merchant. html Antonio was a merchant and ship owner who tried to diversify his risks. He knew that he regularly risked losing everything he owned through the loss of a large shipment. However he also finds out that love and friendship carry risks and rewards; these could be harder to bear than loss of income… (A quay in Venice, Antonio, Salerio, and Solanio approach, talking together)

Wuthering Heights • Wuthering Heights Emily Brontë • Self Interest and Economic Systems • We must be for ourselves in the long run. “Love” ends when circumstances cause each one to feel that one’s interest is not the chief consideration in the other’s thoughts. • http: //etc. usf. edu/lit 2 go/titl e/w/wh. html Catherine had seasons of gloom and silence, now and then; they were respected with sympathizing silence by her husband, who ascribed them to an alteration in her constitution, produced by her perilous illness, as she was never subject to depression of spirits before. The return of sunshine was welcomed by answering sunshine from him. I believe I may assert that they were really in possession of deep and growing happiness.

Text Consumer to Text Producer

Little Red Hen Econ-cepts: Capital Resources, Human Resources, Natural Resources, Entrepreneurship • Have you ever worked hard on a project and no one would help? You have something in common with LRH! • Econedlink lesson http: //www. econedlink. org/lessons /index. php? lid=389&type=educato r • Econedlink flash story http: //www. econedlink. org/interacti ves/Econ. Ed. Link-interactive-toolplayer. php? filename=Little_Red_H en. swf&lid=389 • Compare and contrast Little Red Hen (Makes a Pizza) with the original from Project Gutenberg http: //www. gutenberg. org/ebook s/18735 • Rebus story of Little Red Hen http: //www. enchantedlearning. c om/stories/fairytale/littleredhen/s tory/ • Florida DOE lesson planincludes stick puppets. www. fldoe. org/earlylearning/pdf/ The. Little. Red. Hen. Lesson. Plan. p df

Digital Responses • Using the concepts, students can create their own digital story with images and text

Little Red Hen Use Read. Write. Think Printing Press to create advertisements for bread or workers Use the Read. Write. Think circle plot diagram to trace the circular flow of resources

Little Red Hen Use Read. Write. Think Book Cover Creator to create book covers that elaborate on the economics concepts in book. Use Read. Write. Think comic creator to “talk” about econ-cepts

Click Clack Moo: Cows That Type People make choices because of scarce resources: What was scarce? What choices did the cows make? The famer? What were the consequences of the farmer’s decision? How did the cows respond to the incentive of blankets? The literacy rate in Farmer Brown's barn goes up considerably once his cows find an old typewriter and begin typing. To the harassed farmer's dismay, his communicative cows quickly become contentious: Dear Farmer Brown, The barn is very cold at night. We'd like some electric blankets. Sincerely, The Cows When he refuses to comply with their demands, the cows take action. Farmer Brown finds another note on the barn door: "Sorry. We're closed. No milk today. " Soon the striking cows and Farmer Brown are forced to reach a compromise, with the help of an impartial party--the duck. But this poor, beleaguered farmer's "atypical" troubles are not over yet! • http: //www. kidseconposters. com/keb/Title%20 List%2 0 Poster%20 Set%20 A/Economic%20 Wants/Click%20 Clack%20 Moo%20 Cows. htm • http: //pbskids. org/lions/cornerstones/click/story/hyper text/

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