jrpo econ class presentation 2011 chicago

8/7/2019 JRPO Econ class presentation 2011 Chicago

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You Want Me ToTeach an

Economics Coursein Middle School?


2/18

The 7th Grade EconomicsCourse at the University

School of Milwaukee.


3/18

B ringing About Change

1980s A math teacher with an interest in economics and personal financewas hired in the Middle School

Teacher was allowed the freedom to add a stock unit and a banking unit tothe 6 th grade math curriculum

Applied for grant to help enhance a lower level math class. Class was a hit!Field trips, visits from business leaders, and operating a T-shirt business.

In the mid-1990s, this teacher became the Head of the Middle School.

Returned to find all the economics gone.The decision was made to address the lack of emphasis on economiceducation in the Middle School at the University School of Milwaukee.


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The USM Middle SchoolSocial Studies Curriculum

1980s-1999

5 th

GradeMACOS The Study

of Man6 th

GradeAncient History

7 thGrade

World Geographyand Economics(1997)

8 thGrade

U.S. History

2 000- Present

5 th

Grade

World Cultures and

Geography

6 thGrade

Ancient History

7 thGrade

Fall Semester Fall Semester B asicEconomics and Personal

FinanceSpring Semester Spring Semester U.S. History and Geography

8 th

Grade

U.S. History and

Government


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I ntroduction to B asic

Economics and PersonalFinance

Welcome to

USMs 3rd

Annual ToyTrade Show


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7 th Grade Economics Curriculum

Unit 1 - I ntroduction to B asic Economic Terms

L essons:Oikonomos What is Economics?There is no such thing as a free lunch!What are Goods and S ervices and how do produce them?The Four Economic QuestionsWhy do people trade?

B asic Concepts covered : Definition of Economics, Microeconomics,

Macroeconomics, Opportunity Cost, S carcity, Cost/ B enefit analysis,Goods, S ervices, Factors of Production, Four Economic Questions,Trade


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Unit 2 Economic Systems

L essons:What is an economics system (Feudal M&Ms!)?The Maasai a Traditional Economic S ystem

Dont worry, the government will take care of you ACommand Economic S ystemThe Paper Airplane Challenge! A look at the Free Market

systemThe Tragedy of the CommonsAdam S mith vs . Karl Marx

B asic Concepts covered : Definition of Economic S ystem, Feudalism,the Traditional, Command, and Free Market systems, the S ixCharacteristics of the Free Market system, Private Property rights,


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7 th Grade Economics CurriculumUnit 3 The World of I nvesting

L essons:The S tock Market True/False ChallengeU ncle Morts Money Why you DONT keep your life savings in a mattress!Compound Interest, your new B FFWhen is it a good time to begin investing?Why do people invest in stock markets?Why do corporations issue stock?Okay, so what is a stock?How do you read a stock quote?What are commodities? S electing stocks How do I know what companies to choose?The World of Mutual FundsWhy do I suddenly have more shares? S tock S plits!The U ps and Downs of S elling S hort

B asic Concepts covered: simple interest, compound interest, stocks, bonds,mutual funds, short selling, stock splits, speculating, etc


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Unit 4 Supply and Demand

L essons:

Calling All B abysitters! Why prices go up and down .

What is Demand?What is S upply?

B asic Concepts covered: demand, law of demand, elastic demand, inelasticdemand, supply, law of supply, factors that change the level of demand, factorsthat change the level of supply, production costs, fixed costs, variable costs


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Unit 5 Money and B anking

L essons:

B asic Concepts covered:


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Major Projects and Simulations

Z apitalism

Gazillionaire

The Wisconsin S tock Market S imulation

The Kiva Project

Toy Entrepreneur!


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Gazillionaire

www.lavamind.com


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Arkansas Minnesota

Iowa Missouri

Illinois Nebraska

Indiana SMS Ohio SMS

Kansas Wisconsin SMS

Kentucky West Virginia

Michigan

Stock Market Simulations


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A Wealth of Resources

National Council for Economic Education Illinois Council for Economics Education

EconEd L ink Indiana Council for Economics Education

Foundation for Teaching Economics Kansas Council for Economics Education

The Federal Reserve B anks Kentucky Council for Economics Education

Teaching Economics Michigan Council for Economics Education

Teaching K-12 Economics Minnesota Council for Economics Education

The Global Economics Game Ohio Council for Economics Education

Nebraska Council for Economics Education

Arkansas Council for Economics Education Wisconsin Council for Economics Education

Iowa Council for Economics Education West Virginia Council for Economics Education


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Community Resources

Youd be surprised by the number of people willing to help you teachsomething about economics from their

own experiences. They come from allover!

They can be found in the Publicand Private sectors yes, evenparents!


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Field Trips

Chicago(2003 and 2004)

The Federal Reserve Bank of the U.S. at Chicago

The Chicago Mercantile Exchange

The Chicago Board Options Exchange


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Concluding Thoughts

If we hold our economic beliefs and ourunderstanding of basic economic concepts to be soimportant why isnt there a more organized

curriculum for economics found in our schools likethere is for, say, history?

Doesnt it make sense to find time for at least ashort, semester long course dedicated just toeconomics education in our middle level schools?


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ReferencesB ach, D . (2005) . You can build a fortune by sweating the small stuff . Y ahoo Finance.

Retrieved October 24, 2005, fromhttp://finance .yahoo .com/columnist/article/millionaire/1287

Greenspan, A . (2005) . The importance of f inancial education today . Social Education,69, 64-65 .

L opus, J . S. , Morton, J . S. , & Willis, A . M. (2003) . Activity-based economics . Social Education, 67, 85-89 .

Markow, D . , B agnaschi, K . (2005) . What American Teens & Adults Know About Economics. NCEE: Harris Interactive, Inc .

Morton, J . S. (2005) . The interdependence of economic and personal finance education . Social Education, 69 , 66-69 .

National Council on Economic Education (2005) . Survey of the states Economics and personal finance education in our nations schools in 2004 A report card.New York: Author .

Rader, W . D. (1996) . Toward a philosophy of economics education . The Social Studies,87 (1), 4-6 .

S chug, M . C . , L opus, J . S. , Morton, J . S. , Reinke, R . , Wentworth, D . R . , & Western R . D. (2003) . Is economics your worst nightmare? Social Education, 67, 73-78 .

S uiter, M, & and Meszaros, B. T. (2005) . Teaching about saving and investing in theelementary and middle school grades . Social Education, 69, 92-95 .

Valentine, G . P . (1994) . Economics for grades K-9 . The Social Studies, 85 (5), 218-221 .

Vargha, L . D. (2004) . B uyer beware! Economics activities for middle school students . The Social Studies, 95 (1), 27-32 .

Walstad, W . B. (2001) . Economic education in U.S. high schools . The Journal of Economic Perspectives, 15 (3), 195-210 .

jrpo econ class presentation 2011 chicago

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