jrpo econ class presentation 2011 chicago
TRANSCRIPT
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You Want Me ToTeach an
Economics Coursein Middle School?
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The 7th Grade EconomicsCourse at the University
School of Milwaukee.
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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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7 th Grade Economics Curriculum
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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7 th Grade Economics Curriculum
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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7 th Grade Economics Curriculum
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 .