Transcript Play - Texas Council on Economic Education

Laura Ewing
President/CEO
Texas Council on Economic Education
www.economicstexas.org
www.smartertexas.org
[email protected]
713-655-1650
This workshop and the accompanying materials are made
available to teachers through the generous support
of State Farm and the Council for Economic Education.
COUNCIL FOR ECONOMIC EDUCATION
NATIONAL CONFERENCE
 October 9-11, 2014
 Big Dallas
 Renaissance Hotel
 Registration covers
most meals
 Plan now to attend and
ask for Oct. 10 to be
staff development day
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(12) Economics. The student understands why various
sections of the United States developed different patterns of
economic activity. The student is expected to:
(A) identify economic differences among different regions of
the United States;
(C) explain the reasons for the increase in factories and
urbanization; and
(D) analyze the causes and effects of economic differences
among different regions of the United States at selected times
in U.S. history.
•1.
how Texans make a living
•2. where people settle
•1.
Land
•2. Labor
•3. Capital
•4. Entrepreneurship
What do you know about the
economy of the 13 colonies?
 Write at least three things about the economy of the 13
colonies.
 Share your answers with a partner.
 Listen as three students share their answers with the
class.
Visual 1: Mystery of Colonial
Prosperity
 Read Why Did the Colonists Prosper Between 1585 and
1763 on page 49?
 1. Give three reasons why the colonies should not have
prospered?
 2. What evidence is given of the colonial prosperity?
 Please answer the three questions for reflection on page 49.
 What are 3 examples of entrepreneurial endeavors?
 What sets a free market economy apart from any other?
 What if England had controlled all colonial production?
Is the U.S. part of a global
economy?
 Where are your clothes made?
 Where are electronics made?
 What is the difference between imports and exports?
 What role did imports and exports play in the U.S.
colonies?
 Is the U.S. participation in the global economy a 21st
issue only?
 View Visual 4.2. What are three things you notice?
Visual 4.2: % of Distribution of
Total Colonial Trade (1768 to 1772)
% of Colonial
Imports of G & S
% of Colonial
Exports of G & S
United Kingdom
80%
56%
West Indies
18%
26%
2%
18%
0%
1%
Southern Europe
Africa
Specialization and Trade
 1. What is the definition of specialization?
 2. What is the definition of trade?
 3. How do these two concepts relate to each other?
 4. How do they relate to the term: interdependence?
 5. How do these concepts relate to a global economy?
 6. What role does profit play?
Colonial and English Trade
 View Visual 4.3 as you answer these questions.
 1. What pattern do you see in the value of the goods and services
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

produced by the American colonists?
2. What pattern do you see in the value of the goods and services
produced by England for consumption in the American
colonies?
3. What do these patterns in export and import trade between
the American colonies and England suggest about each
economy’s ability to produce g and s for international
consumers?
4. Colonies: rich natural resources/poor labor
England: opposite situation
What types of g & s would colonies export to England and what
was likely to be imported?
Visual 4.4: The Population of
Colonial America
 List three facts you see about the population of the
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


colonies from 1700 to 1770.
How did the changes in population change the
colonial:
A. Demand for products?
B. Demand for workers?
C. Use the information in the chart to explain the role
these concepts played during that time period:
specialization, trade, production, employment,
income.
Role of property rights
 Use these concepts to explain the free enterprise








system in colonial America:
Property rights
Incentives
Productive
Specialization
trade
Global economy
Investments
profits
Specialization and Trade
 Read the “biographies” in Activity 4.1.
 In small groups discuss the role of specialization and
trade in each situation.
Closure: Activity 4.2
 Read Activity 2 and answer the questions at the end.
 Discuss your answers in small group.
 Listen as several people provide their answers.
What is the difference?
Good:
Service:
Which of the items on the list are goods and which
are services?
Rank order: which do you think most important to
least important.
What do you know about the US
Articles of Confederation and
U.S. Constitution?

Years?


Purpose?

Who wrote?

Why?
Processing Activity on
Articles of Confederation
 How did the Articles reflect the wishes of a people
vying for less centralized power?
 What were issues with the Articles?
 What will happen as a result of the issues?
The U. S. Constitution:
The Rules of the Game
 What is the role of the government in the U.S. market
economy?
 Constitutional Convention
 May to September 1787
 September 17, 1787 is Constitution Day
The U. S. Constitution: The Rules
of the Game
 The new nation was in financial crisis.
 The new states sent 55 leaders to amend the Articles of
Confederation.
 They met from May until September 1787.
 They quickly learned that they needed to make
substantial changes. They wrote a new Constitution
based on Adam Smith’s concepts of economic
freedom.
 What were the new rules of the game?
The Constitution:
Rules for the Economy
 As you participate in the activity, notice the new rules of the game, why
they were established, and the expected outcomes.
 Read Economic Freedom and the Founders
The Particular:
Name and summary of
statement
1.
2.
3.
4.
5.
6.
Location
In US Constitution
Based on the rule,
how would you
decide on the
question?
Rules of the Game and YOU
 What are three ways that the rules of the game affect
you:
 Economically?
 Personally?
Timeline
 Continental Congress is “government” from 1775 to







1781
American Revolution 1775 to 1783
Declaration of Independence July 4, 1776
Treaty of Paris September 3, 1783
Articles of Confederation (1777) Ratified by all 13 in
1781
U. S. Constitution signed September 17, 1787
U.S. Constitution ratified with New Hampshire 1788
First presidential election 1789
U. S. Constitution
 First Continental Congress met September 5, 1774 in
Philadelphia in response to the Coercive Acts
(Intolerable Acts) passed by Parliament which had
punished Boston for the Boston Tea party
 Agreed to petition King George for redress of grievances
 12/13 colonies attended with 56 people (only Georgia, the
convict state not included)
 First CC agreed to meet again next year
 Shot heard ‘round the world in Lexington 1775
Second Continental Congress
 Began meeting in Philadelphia May 1775
 Organized the war effort
 Commissioned writing of Declaration of
Independence
When in the course of human events, it becomes
necessary for one people to dissolve the political bands
which have connected them with another, and to
assume among the powers of the earth, the separate
and equal station to which the Laws of Nature and of
God’s Nature entitled them…should declare the causes
which impel them to the separation.
Declaration of Independence
 We hold these truths to be self-evident, that all men are
created equal, that they are endowed by their Creator with
certain unalienable Rights, that among these are Life,
Liberty and the pursuit of Happiness-that to secure these
rights, Governments are instituted among Men, deriving
their just powers from the consent of the governed, That
whenever any Form of Government because destructive of
these ends, it is the Right of the People to alter or to abolish
it, and to institute new Government…Right to revolt…after
a long train of abuses…
 List of grievances
 John Hancock’s signature
 Written by Thomas Jefferson
Economic Problems During the
Articles of Confederation
 Debt
 Taxation
 Tariff Battles
 Military Weakness
A New Nation in 1781:
One Nation or Thirteen?
 Guidelines for the activity:
 1. Individually read the problem and the predicting





consequences.
2. Succinctly state the problem in one sentence.
3. What do you think the consequences will be?
4. Work in a small group and compare your problem
sentences. As a group restate the problem statement.
5. As a group, restate what you predict the
consequences will be.
6. Share your answers with the class.
Processing Activity on
Articles of Confederation
 How did the Articles reflect the wishes of a people
vying for less centralized power?
 What were issues with the Articles?
 What will happen as a result of the issues?
The U. S. Constitution:
The Rules of the Game
 What is the role of the government in the U.S. market
economy?
 Constitutional Convention
 May to September 1787
 September 17, 1787 is Constitution Day
The U. S. Constitution: The Rules
of the Game
 The new nation was in financial crisis.
 The new states sent 55 leaders to amend the Articles of
Confederation.
 They met from May until September 1787.
 They quickly learned that they needed to make
substantial changes. They wrote a new Constitution
based on Adam Smith’s concepts of economic
freedom.
 What were the new rules of the game?
The Constitution:
Rules for the Economy
 As you participate in the activity, notice the new rules of the game, why
they were established, and the expected outcomes.
 Read Economic Freedom and the Founders
The Particular:
Name and summary of
statement
1.
2.
3.
4.
5.
6.
Location
In US Constitution
Based on the rule,
how would you
decide on the
question?
Rules of the Game and YOU
 What are three ways that the rules of the game affect
you:
 Economically?
 Personally?
President/CEO
Texas Council on Economic Education
(TCEE)
www.economicstexas.org
[email protected]
713-655-1650
President/CEO
Texas Council on Economic Education
(TCEE)
www.economicstexas.org
[email protected]
713-655-1650
President/CEO
Texas Council on Economic Education
(TCEE)
www.economicstexas.org
[email protected]
713-655-1650
President/CEO
Texas Council on Economic Education
(TCEE)
www.economicstexas.org
[email protected]
713-655-1650
President/CEO
Texas Council on Economic Education
(TCEE)
www.economicstexas.org
[email protected]
713-655-1650
Describe how the free
enterprise system works
President/CEO
Texas Council on Economic Education
(TCEE)
www.economicstexas.org
[email protected]
713-655-1650
Market Price: Changes in Supply and Demand
President/CEO
Texas Council on Economic Education
(TCEE)
www.economicstexas.org
[email protected]
713-655-1650
•How do changes in demand affect market price?
•How does the market price guide what producers or
suppliers produce?
•Why must costs be subtracted from revenues to
determine profits?
•How can certain events cause costs to change, which
can affect profits?
What is meant by demand?
2. What are three things you demand
economically?
3. How much will you pay for them?
4. What determines if you demand/buy them?
1.
We will divide into factories with 4 to 6 workers
in each factory.
2. Choose a production manager.
3. Choose an accountant
1.
There will be 3 rounds of 5 minutes each.
2. You will produce any amount, but at least one of
the apple, hammer, shirt and cup/saucer in 2
inch dimensions.
3. Each product must have 2 colors.
1.
1.
2.
3.
4.
Each product must have 2 colors.
You may only use your hands – no capital.
You may specialize.
Produce at least one of each but as many as
possible.
1.
2.
3.
4.
Each product must have 2 colors.
You may only use your hands – no capital.
You may specialize.
Produce at least one of each but as many as
possible.
Count the quantity produced of each product.
2. Record the quantities on the “Revenues Worksheet”
3. We will do a class total.
4. We will draw a demand card.
5. We will determine prices and factory earnings.
1.
Supply, Demand and Market Price Chart
Goods
Supplied by
Class
Resulting
Market Price
With NO
Change in
Demand
Resulting
Market Price
with
Decrease in
Demand
Resulting
Market Price
with Increase
in Demand
0-8
$10
$8
$13
9-12
$7
$5
$10
13-16
$5
$3
$7
17-20
$3.50
$2
$4
Over 20
$2
$1
$3
Tally your round one results
2. Plan your production strategy for round 2.
3. The production manager has the final
authority on what to produce.
1.
1.
2.
3.
4.
Each product must have 2 colors.
You may only use your hands – no capital.
You may specialize.
Produce at least one of each but as many as
possible.
Count the quantity produced of each product.
2. Record the quantities on the “Revenues Worksheet.
3. We will do a class total.
4. We will draw a demand card.
5. We will determine prices and factory earnings.
1.
Supply, Demand and Market Price Chart
Goods
Supplied by
Class
Resulting
Market Price
With NO
Change in
Demand
Resulting
Market Price
with
Decrease in
Demand
Resulting
Market Price
with Increase
in Demand
0-8
$10
$8
$13
9-12
$7
$5
$10
13-16
$5
$3
$7
17-20
$3.50
$2
$4
Over 20
$2
$1
$3
What patterns do you see in the Supply,
Demand, and Market Price Chart?
2. In a market, what two things are needed for a
price to be determined?
3. What caused price to change?
1.
4. How did price influence your
production decisions?
5.
How did other groups
influence your strategy and
plans?
President/CEO
Texas Council on Economic Education
(TCEE)
www.economicstexas.org
[email protected]
713-655-1650
•How do changes in demand and supply affect
•market price?
•How does market price help producers determine what
to produce?
1. What trends do you see ?
2. What are three things you have learned about
how the market or free enterprise system
operates?
3. What concepts and TEKS would this activity
teach?
President/CEO
Texas Council on Economic Education
(TCEE)
www.economicstexas.org
[email protected]
713-655-1650
President/CEO
Texas Council on Economic Education
(TCEE)
www.economicstexas.org
[email protected]
713-655-1650