[close window]
Virtual Economics

PRINT LESSONS:

Unit 3: Lesson 17 - Creating and Using a Budget
Capstone: Exemplary Lessons for High School Economics - Teacher's Guide
This lesson focuses on using budgeting to maximize consumer satisfaction. It describes a flexible view of budgets, linking them to markets and market information, and demonstrates how and why budgets should be reviewed and modified often.
Grade(s): 9-12
Concepts: Budget, Choice, Diminishing marginal utility, Income, Marginal analysis, Price, Substitute, Utility

Lesson 4 - Why Renter's Insurance?
Virtual Economics: Insurance Lessons
This lesson focuses on a question that many of your students will face in college and/or in their first job as they live in apartments: Should they buy renter's insurance? Many students do not know what renter's insurance covers or even that it is available.
Grade(s): 9-12
Concepts: Cash-value coverage, Deductible, Depreciation, Landlord, Liability, Renter's insurance, Replacement-cost coverage, Tenant,

Section 1: Income and Choices
Your Credit Counts Challenge: Trainer's Guide
Participants will understand the importance of spending less than they receive. Participants will understand how competition based on productivity determines the wages and salaries that people receive. Participants will analyze a list of expenditures and make recommendations on how to begin a budget.
Grade(s): 9-12
Concepts: Income, Gift money, Work skills (human capital), workers (producers),

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

Section 2: Financial Institutions
Your Credit Counts Challenge: Trainer's Guide
Participants identify the advantages and disadvantages of using financial services from alternative financial institutions and services from mainstream banks. Participants identify the services provided by mainstream financial institutions including banks, credit unions, brokerage firms, and so forth. Participants identify insurance (including homeowner's, renter's, health, and auto insurance) ...
Grade(s): 9-12
Concepts: Economic wants, Goods, Services, Entrepreneurs, Productive resources (natural capital and human resources), Work skills (human capital), Income

Lesson 4 - Uncle Sam's Checkbook
Old MacDonald to Uncle Sam: Lesson Plans from Writers around the World
Students learn about the components of federal income taxes and expenditures. They also create and analyze political cartoons relevant to federal taxes and expenditures.
Grade(s): 6-8, 9-12
Concepts: Income, Tax, Federal tax revenue, Payroll tax, Federal expenditures, Personal income tax,

Lesson 9: Learn More, Earn More
Focus: High School Economics
Human capital refers to the knowledge, skills, and experience that people bring to the workplace. With education and training, people increase their human capital and improve their productivity, which usually allows them to increase their income.
Grade(s): 9-12
Concepts: Human capital, Income, Standard of living,

Lesson 10: Rich Man, Poor Man...
Focus: High School Economics
The issue of income distribution has been controversial throughout history. Decisions about the distribution of income are made by individuals and firms making exchanges in the markets for productive resources (inputs), and also through the political process. Public policies, such as taxation and transfer payments, are often targeted at particular income groups to redistribute income. Some of t...
Grade(s): 9-12
Concepts: Income, Transfer payments, Personal distribution of income, Functional distribution of income, Proprietors' income, Corporate profits,

Lesson 9: The Circular Flow Between Consumers and Entrepreneurs
Entrepreneurship in the U.S. Economy: Teacher Resource Manual
In this lesson, students will identify components of the circular-flow diagram; trace the flows of goods and services, factors of production, and money through the circular flow; explain how households and businesses are both buyers and sellers in our market system; relate events in the circular flow to actions of entrepreneurs.
Grade(s): 9-12
Concepts: Income, Circular flow, Circular-flow diagram, Households, Product market, Factor market

Theme 2: Lesson 7 - Uncle Sam Takes a Bite
Financial Fitness for Life: Bringing Home the Gold - Grades 9-12 - Teacher Guide
Young people are sometimes surprised to learn that they pay they earn is not the same as the pay they take home. This lesson introduces students to the concepts of gross and net pay. It teaches them how to compute simple deductions, using tax tables, and to determine the take-home pay for two employees.
Grade(s): 9-12
Concepts: Income, Income tax, Taxes

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 6: Lesson 3 - Lowell Workers and Producers Respond to Incentives
United States History: Eyes on the Economy - Through the Civil War
This lesson includes class discussion of a handout on the Boston Manufacturing Company and the examination of primary source materials taken from the contemporary writings of female workers in textile mills.
Grade(s): 9-12
Concepts: Division of labor, Productivity, Income, Increased supply, Competition,

Lesson 6 - Financial Planning: Budgeting Your Financial Resources
Personal Decision Making: Focus on Economics
Students participate in a motivational activity in which they evaluate the costs and benefits of impulse buying and its effect on living on a limited income. After they analyze a sample budget, students develop their own budget that might be appropriate upon leaving school.
Grade(s): 9-12
Concepts: Scarcity, Opportunity cost, Income, Purchasing power, Fixed expenses, Variable expenses, Impulse buying,

Theme 5: Lesson 20 - Managing Your Money
Financial Fitness for Life: Bringing Home the Gold - Grades 9-12 - Teacher Guide
This lesson introduces some of the basics of money management. By means of a radio call-in show script, students learn about setting up a family budget and distinguishing between income and net worth. To practice making budgeting decisions, the students make spending recommendations for a young family.
Grade(s): 9-12
Concepts: Budget, Income

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 3: Lesson 9 - There Is No Free Lunch in Investing
Financial Fitness for Life: Bringing Home the Gold - Grades 9-12 - Teacher Guide
Risk is inherent in all investments. In investing, there are risks you cannot control. However, other risks can be controlled. The key is to develop a risk-reward ratio with which you are comfortable. The higher the risk, the greater the potential reward. This is why there is no free lunch in investing. In this lesson, students learn about five types of risk and then compare the risks and re...
Grade(s): 9-12
Concepts: Money management, Real vs. Nominal, Risk, Investing, Savers, Saving, Investment

Unit 7: Lesson 2 - Where Did All the Income Go?
United States History: Eyes on the Economy - Through the 20th Century
Students discuss an economic mystery and study the definition of money. Class discussion follows a role play activity, and students identify the consequences of additional saving on income when no other changes take place in the economy.
Grade(s): 9-12
Concepts: Income, Saving, Interdependence, Aggregate demand, Aggregate supply,

Unit 3: Lesson 19 - Earning an Income
Capstone: Exemplary Lessons for High School Economics - Teacher's Guide
Students examine the concept of income. They identify factors that generate in come, including entrepreneurial traits and changing conditions in labor markets. In learning how income is generated, students plan and make choices to enhance their own income-generating capacity.
Grade(s): 9-12
Concepts: Capital, Entrepreneurship, Human capital, Income, Labor, Land, Profit

Unit 3: Lesson 18 - Credit Management
Capstone: Exemplary Lessons for High School Economics - Teacher's Guide
This lesson is designed to help students make good consumer-credit decisions. Although using credit is beneficial at times, it often carries higher costs than many people realize. This lesson discusses the costs of credit in a manner that helps students calculate those costs and integrate them in short- and long-term decisions.
Grade(s): 9-12
Concepts: Choice, Debt, Economic wants, Income, Interest, Secured debt, Unsecured debt

Microeconomics Unit 2: Lesson 1 - The Law of Demand
Advanced Placement Economics: Teacher Resource Manual
In this lesson, the students learn about the law of demand. They first learn that a demand curve is downward sloping and then analyze why it is downward sloping. Finally, they find out which factors other than the price of a product can shift the demand curve for that product. Diagrams are essential for analyzing changes in demand and changes in quantity demanded, but manipulating diagrams is not ...
Grade(s): 9-12
Concepts: Change in demand, Change in quantity demanded, Determinants of demand, Income, Substitution effect, Consumer surplus, Diminishing marginal utility,

ONLINE LESSONS:

online The Economics of Income: The Rich Nations Mystery
Why are some countries very wealthy and others so poor? In this lesson you will learn about the factors that contribute to a nation's standard of living.
Grade(s): 9-12
Concepts: Capital Resources,Entrepreneurship,Income,Natural Resources

online Would You Demand It?
How many students would demand a cell phone that costs $3,995? That was the price of the first cell phone available to the public, the DynaTAC8000X, in 1983. By 2011, the average price of a smartphone was $135, and more people were buying cell phones. In this lesson, students will learn about demand and its determinants by examining the Internet subscription, food, and car industries.
Grade(s): 9-12
Concepts: Demand,Income,Price,Quantity Demanded,Determinants of Demand,Law of Demand

online Opportunity Cost
Consumers are faced with tough choices because so many innovative and exciting products and services are available. Therefore, engraining a decision-making process that includes considering of opportunity cost is necessary to shape future consumer behavior.
Grade(s): 9-12
Concepts: Budget,Choice,Consumers,Decision Making,Interest Rate,Investing,Opportunity Cost,Saving,Benefit,Costs,Interest,Money,Wants,Savings,Save,Savers

online Are the Best Things in Life Free?
Students use economic reasoning to analyze the costs and consequences of marital choice. "The best things in life are free." This idea is widely expressed as a maxim by people who know nothing of its origin. They know it's true through intuition and common sense. In this lesson students analyze choices that married couples make in order to understand that, contrary to expectations, these choices d...
Grade(s): 9-12
Concepts: Housing,Incentive

online 'Be All You Can Be'...For Minimum Wage?
Perhaps you have seen the catchy TV ads for the various branches of the United States military. You know, the ones that tell you to "be all you can be...in the Army!." In the last decade, these advertisements have become necessary because compulsory military service (otherwise known as "the draft") no longer exists in the United States. Compulsory service, long required during ...
Grade(s): 9-12
Concepts: Human Resources,Income,Opportunity Cost,Trade-off,Labor Market

online Invest in Yourself
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 a giv...
Grade(s): 9-12
Concepts: Income,Opportunity Cost,Human Capital,Investment

online What is a Stock?
The students work in small groups that represent households. Each household answers questions about stocks and stock markets. 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 Stock Knowledge Company. They also receive dividends based on their shares. Those w...
Grade(s): 9-12
Concepts: Income,Saving,Capital Gain,Dividend,Mutual Fund,Stock

online National Budget Simulation
Students serve as an Economic Advisor to the President, who must increase military spending out of political necessity, but needs to reduce spending in other programs to limit the deficit. Conflicting goals create a need for compromise and tradeoffs to create a national budget, while trying to remain under deficit limits.
Grade(s): 9-12
Concepts: Budget,Government Expenditures,Trade-off

online Mobile Phones Matter
Most high school students are comfortable using mobile phones. Many high school students use smartphones, such as iPhones, which are becoming part of our culture. It is also becoming more cost effective to use the broad range of smartphone services to cut down on other costs such as watches, games, and other accessory items. According to Maximilian Schmeiser of the Federal Reserve, the Center for ...
Grade(s): 9-12
Concepts: Banking,Budget,Choice,Cost/Benefit Analysis,Decision Making,Opportunity Cost,Trade-off,Benefit,Insurance

online Q T Pi Fashions - Learning About Credit Card Use
Credit cards are convenient, user friendly, and at times dangerous. In this lesson students learn the joys and dangers of using credit as they help Credit, the main character in this activity, solve her credit problems.
Grade(s): 6-8, 9-12
Concepts: Choice,Consumer Economics,Consumers,Credit,Decision Making,Incentive,Interest Rate,Money Management

top ^