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Virtual Economics

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Unit 2: Lesson 6 - What Results When People Can Produce More?
Choices and Changes: In Life, School, and Work - Grades 5-6 - Teacher's Resource Manual
Students become components of their circular flow model, representing the producer and consumer sectors, while making exchanges in resource and product markets. Productive resources, goods and services, consumer spending, and income move around the flow model. As more resources are added to the flow, more goods and services are produced, more income is earned, and consumers purchase more goods a...
Grade(s): 5.6
Concepts: Circular flow model, Consumer, Consumer/household sector, Goods and services, Human capital, Income, Producer, Producer/business sector, Product market, Resource, Resource market, Revenue,

Lesson 3 - Invest in Yourself
Learning, Earning and Investing: High School
To explore the concept that people invest in themselves through education, the students work in two groups and participate in a mathematics game. Both groups are assigned mathematics problems to solve. One group is told about a special technique for solving the problems. The other group is not. The game helps the students recognize that improved human capital allows people to produce more in the s...
Grade(s): 6-8, 9-12
Concepts: Human capital, Income, Investment in human capital, Opportunity cost

Unit 3: Lesson 9 - What Results When People Use Improved Physical Capital Resources?
Choices and Changes: In Life, School, and Work - Grades 5-6 - Teacher's Resource Manual
Students learn that using technologies increase production during a business simulation.
Grade(s): 5.6
Concepts: Entrepreneurship, Human capital, Industrial Revolution, Invention, Physical capital, Production, Technology

Unit 1: Lesson 1 - What If I Do Not Have the Skills and Knowledge I Need to Produce?
Choices and Changes: In Life, School, and Work - Grades 5-6 - Teacher's Resource Manual
Teams of students use their limited knowledge to accomplish a challenging task. Most of the student teams will not be successful until they acquire the necessary knowledge. The students read one of two selected books in which the main character faces problems as a result of having limited skills and knowledge.
Grade(s): 5.6
Concepts: Abuelo, Barter, Benefits, Costs, Dodecagon, Human capital, Natural resources, Physical capital, Polygon, Produce, Production, Resources, Work ethic,

Unit 5: Lesson 13 - Why Should I Set Goals and Plan to Achieve My Goals?
Choices and Changes: In Life, School, and Work - Grades 5-6 - Teacher's Resource Manual
Students create lists of their personal goals and prioritize the goals on their lists. They identify the goals that will require development of their human capital. They identify ways in which they will be interdependent with others as they achieve their goals.
Grade(s): 5.6
Concepts: Goal, Human capital, Interdependence, Priority

Unit 1: Lesson 2 - How Can I Improve My Human Capital?
Choices and Changes: In Life, School, and Work - Grades 5-6 - Teacher's Resource Manual
Students read about the experiences of Prince Henry the Navigator of Portugal 600 years ago. He organized a way to improve human capital, enabling him to accomplish his goals and enabling others to seek greater economic opportunities.
Grade(s): 5.6
Concepts: Human capital, Navigation, Physical capital, Specialist, Technology,

Unit 5: Lesson 14 - How Can I Overcome Obstacles to Achieve My Goals?
Choices and Changes: In Life, School, and Work - Grades 5-6 - Teacher's Resource Manual
Students play The Road to Success game. While playing the game, they identify obstacles and ways to overcome obstacles to achieve a goal. They identify the incentives they respond to when they make choices and the opportunity cost of their choices.
Grade(s): 5.6
Concepts: Character trait, Cost, Creativity, Curiosity, Goal, Incentives, Motivation, Obstacle, Persistence, Problem solving,

Lesson 2 - Investors and Investments
Learning, Earning and Investing: High School
In this lesson the students explore different types of investments, some of which are unconventional, in order to grasp the basic idea that investment involves trading off present benefits for future satisfaction. The students also apply the criteria of risk, return and liquidity to define more precisely the meaning of investing.
Grade(s): 6-8, 9-12
Concepts: Investing, Investment, Liquidity, Return, Risk

Lesson 3 - Productivity in the Fertile Crescent
Old MacDonald to Uncle Sam: Lesson Plans from Writers around the World
In this lesson, students participate in three rounds of a simulation in which they are merchants who must keep written records on their trades. In Round 1 they do not have some required skills or knowledge and are unable to produce written records. They must rely on scribes. In Round 2 the merchants use new information about Babylonia numerals and the Phoenician alphabet and receive training in...
Grade(s): 6-8, 9-12
Concepts: Labor productivity, Human capital, Technological change, Capital goods,

Lesson 3 - Economics and Population Demographics
Middle School World Geography: Focus on Economics
In this lesson, the students use data and graphs to analyze and compare the populations and standards of living for different countries. The students begin by building a population pyramid of the children in their families over three generations. They then analyze population pyramids to describe the demographic structure of different countries' populations and to analyze the implications of these ...
Grade(s): 6-8
Concepts: Economics, Gross domestic product, Gross domestic product per capita, Standard of living, Labor productivity, Human capital, Intermediate goods

Lesson 5: Mystery Almanac
The Wide World of Trade
Working in groups, students participate in an activity to identify countries from around the world. Based on what they learn about these countries, students complete an Information Resources Chart. The goal is to have students recognize what information supplied about the countries can tell them about the countries' resource endowments and standards of living.
Grade(s): 6-8
Concepts: Productive resources, Economic system, Natural resources, Human resources, Capital goods, Human capital, Investment in human capital, Gross domestic product, Per capita gross domestic product,

Lesson 8 - Ideas That Changed the World
Middle School World Geography: Focus on Economics
In this lesson, the students learn about productivity and its connection to the standard of living. They learn about inventions that changed the world. The students make predictions about recent inventions and the impact of these inventions on productivity, standard of living and quality of life.
Grade(s): 6-8
Concepts: Technological change, Productivity, Capital goods (resources), Human capital, Standard of living

Lesson 1 - Why Save?
Learning, Earning and Investing: High School
Following an introduction that defines saving, the students discuss the idea of "paying yourself first" and the reasons why people save. After reporting on their small-group discussions, the students simulate the accumulation of simple interest and compound interest. The lesson concludes with students calculating both simple interest and, using the Rule of 72, the amount of time it takes savings t...
Grade(s): 6-8, 9-12
Concepts: Compound interest, Consumption, Income, Rule of 72, Saving, Simple interest

Theme 5: Lesson 16 - Choosing and Using a Checking Account
Financial Fitness for Life: Shaping Up Your Financial Future - Grades 6-8 - Teacher Guide
Checking accounts offer a menu of features along with a menu of costs. In this lesson, the students learn the fundamentals of maintaining a checking account by examining electronic banking methods, check writing, and entries in a check register. The students examine the features and costs of a checking account to prepare them for the time when they acquire checking accounts of their own.
Grade(s): 6-8
Concepts: Credit union, Savings and loan, Checking account, ATM card, Debit card, Checkbook register, Savings

Unit 1: Lesson 3 - What Results When People Improve Their Human Capital?
Choices and Changes: In Life, School, and Work - Grades 5-6 - Teacher's Resource Manual
Students read 1998 U.S. labor-market data, compare education and income levels, then graph and analyze the data.
Grade(s): 5.6
Concepts: Entrepreneurs, Human capital, Income, Natural resources, Physical capital, Producer,

Lesson 4 - What Is a Stock?
Learning, Earning and Investing: High School
The students work in small groups that represent households. Each household answers mathematics and economics questions. For each correct answer, a household earns shares of stock. At the end of the game, the groups that answered all questions correctly receive a certificate good for 150 shares of stock in The Economics and Mathematics Knowledge Company. They also receive dividends based on their ...
Grade(s): 6-8, 9-12
Concepts: Dividend, Income, Saving, Stocks, Stockholders

Unit 2: Lesson 5 - How Can I Improve My Ability to Produce What People Want?
Choices and Changes: In Life, School, and Work - Grades 5-6 - Teacher's Resource Manual
Students read about the life and career decisions of Philip Simmons, a blacksmith and artist from Charleston, South Carolina. They analyze the skills and knowledge Mr. Simmons used to make different products throughout his career.
Grade(s): 5.6
Concepts: Blacksmith, Consumer, Demand, Goods and services, Human capital, Incentives, Income, Producer, Productive resources, Wrought iron,

Lesson 9 - Deserted Island
Mathematics & Economics: Connections for Life - 6-8
This lesson is designed to introduce students to the idea that not all skills are valued equally in the marketplace. The students will explore these differences using their mathematics skills to create box and whisker plots. They will generate their own data on the value of skills by using a bidding activity. The students are given a budget and instructed to purchase the skills needed to survive o...
Grade(s): 6-8
Concepts: Budget, Labor market, Labor

Lesson 23 - Investing Involves Decision Making
Learning, Earning and Investing: High School
This lesson provides an overall review and an opportunity for students to apply many of the concepts stressed in earlier lessons. The students examine different sorts of risk that come with investments. They are introduced to a fivestep decision-making model. After practicing with it, they apply the model in a simulation activity in which they act as financial advisors, offering financial advice i...
Grade(s): 6-8, 9-12
Concepts: Bonds, Capital gain, Certificate of deposit, Dividend, Diversification, Liquidity, Money market account, Mutual funds, Principal, Rate of return, Risk, Savings account, Stocks

Chapter 3: Lesson 16 - The Big Piggy Bank Mystery
The Great Economic Mysteries Book: A Guide to Teaching Economic Reasoning, Grades 4-8
Students describe an economic mystery and discuss various explanations of it. They use economic principles and true/false clues in reasoning out a solution to the mystery.
Grade(s): 3-5, 6-8
Concepts: Profit, Saving and Investing

ONLINE LESSONS:

online A Fair Wage
Income for most people is determined by the market value of the productive resources they sell. What workers earn depends, primarily, on the market value of what they produce and how productive they are.
Grade(s): 6-8, 9-12
Concepts: Accounting Profit,Human Resources,Human Capital,Investment,Labor,Labor Market,Wage,Prices of Inputs,Accounting Loss

online WIDGET PRODUCTION: Producing More, Using Less
In the first part of the lesson students take a quiz to review the major concepts taught in Lesson 7, "Widget Production," from Master Curriculum Guide in Economics: Teaching Strategies 5-6. Students then search the web for examples of the many ways in which productivity has been increased over the years. Finally, they identify a situation where an increase in productivity could ...
Grade(s): 3-5, 6-8
Concepts: Division of Labor,Specialization,Investment,Productivity

online Transportation: They Say We Had a Revolution (Part 1)
Advancements in transportation have played a key role in the growth of our nation. U.S.government policies have also had a considerable impact on the development of transport as we know it today. In this series of three lessons,the students examine transportation and its impact on our nation (and vice versa) since the United States declared its independence in 1776. Lesson 1 focuses on improvement...
Grade(s): 6-8, 9-12
Concepts: Economic Growth,Incentive,Inventors,Markets,Non-price Determinants,Price,Role of Government,Specialization,Supply,Technological Changes,Costs,Determinants of Supply,Gains from Trade,Investment,Standard of Living,Transaction Costs,Innovation

online Saving and Investing Blitz
The Saving and Investment Blitz engages the student in a series of timed questions that will test their understanding of saving and investment as well as their ability to perform calculations related to the time value of money.
Grade(s): 6-8, 9-12
Concepts: Saving, Investing, Interest rate

online Transportation: They Say We Had a Revolution (Part 2)
Advancements in transportation have played a key role in the growth of our nation. U.S.government policies have also had a considerable impact on the development of transport as we know it today. In this series of three lessons, the students examine the advancements in automobiles, roads, airlines and airports.
Grade(s): 6-8, 9-12
Concepts: Exports,Gross Domestic Product (GDP),Incentive,Inventors,Markets,Price,Specialization,Technological Changes,Benefit,Costs,Imports,Investment,Profit,Innovation

online Martin Luther King Jr. Day
January 18, 2016 is Martin Luther King Day. Students can explore the history behind this day and this charismatic man by following the links below. By completing the lesson which follows, students will learn that Civil Rights legislation (developed thanks, in part, to MLK) actually occurred after the beginnings of the development of the black middle class and did not precede it.
Grade(s): 6-8, 9-12
Concepts: Human Capital,Investment

online Setting Goals
This lesson uses a Better Money Habits video to reinforce student understanding of setting short-term, medium-term, and long-term goals.
Grade(s): 6-8
Concepts: Budget,Saving,Long-Term Goal,Medium-Term Goal,Short-Term Goal

online Work, Earnings and Economics: Using 'Lyddie' by Katherine Paterson
To get started, the students will read Lyddie, a novel by Katherine Paterson. The novel is set mainly in Lowell, Massachusetts, in the 1840s. In Lowell the main character, 13-year-old Lyddie Worthen, works six days a week, from dawn until dusk, running weaving looms in a murky dust-and lintfilled factory, trying to save enough money to reunite her family. In reading and discussing this fine nov...
Grade(s): 6-8
Concepts: Budget,Choice,Decision Making,Economic Freedom,Economic Growth,Economic Wants,Human Resources,Incentive,Money Management,Opportunity Cost,Role of Government,Scarcity,Technological Changes,Borrower,Interest,Labor,Labor Union,Market Economy,Money,Resources,Special Interest Group,Standard of Living,Wants,Wage,Regulation,Savings,Savers

online Building a Better Budget
This lesson uses the Better Money Habits video How to Set a Budget and Stick to It to reinforce the concepts of budgeting introduced in Lesson 7: Managing Cash in Financial Fitness for Life, Grades 6-8.
Grade(s): 6-8
Concepts: Budget,Planned Spending,Savings,Unplanned Spending,Fixed Expenses,Goal

online A Penny Saved is a Penny at 4.7% Earned
There are lots of ways to receive income, and lots of ways to spend it. In this EconomicsMinute you will develop two budgets, or plans, to help you decide how to allocate your income. Assuming you do not love making dollar bill rings.
Grade(s): 6-8
Concepts: Banking,Budget,Choice,Decision Making,Income,Interest Rate,Opportunity Cost,Trade-off,Savings

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