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Virtual Economics

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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 10- How The Industrial Revolution Raised Living Standards
World History: Focus on Economics
The teacher conducts a brief simulation that illustrates how specialization and division of labor and improvements in capital goods increase productivity. The teacher displays a visual that shows other sources of increases in productivity. Students work in groups to find examples of different ways of increasing productivity in a reading about Josiah Wedgwood and the Industrial Revolution and how ...
Grade(s): 9-12
Concepts: Productivity, Unit Costs, Specialization and Division of Labor, Capital Goods, Technology, Transportation Costs, Standard of Living

Lesson 8 - Productivity
Economics in Action: 14 Greatest Hits for Teaching High School Economics
Working in small groups, the students participate in a production simulation to determine the effects of specialization on labor productivity, the division of labor, and investment in human capital and capital goods.
Grade(s): 9-12
Concepts: Investment in capital goods, Investment in human capital, Productivity, Specialization and division of labor

Theme 2: Lesson 4 - Job Application Process
Financial Fitness for Life: Bringing Home the Gold - Grades 9-12 - Teacher Guide
Getting a job is fundamental to achieving economic success. Most people begin their work lives working for others. While obtaining a job can be a challenge, there are widely accepted practices in business and government that make the process less difficult. This lesson provides an overview of steps for finding job openings, writing a letter of application, preparing a resume, completing an appl...
Grade(s): 9-12
Concepts: Labor, Labor market

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 2: Lesson 6 - Changing Productivity
Choices and Changes: In Life, School, and Work - Grades 9-10 - Teacher's Resource Manual
In a production simulation, students experience several ways of producing something; they also measure productivity.
Grade(s): 9-12
Concepts: Division of labor, Human capital, Production, Productivity, Specialization,

Unit 3: Lesson 12 - Planning to Choose
Choices and Changes: In Life, School, and Work - Grades 9-10 - Teacher's Resource Manual
Through a case study and Internet search, students explore changes in the job market. They also explore changes in the job market. They also explore the nature of entrepreneurship.
Grade(s): 9-12
Concepts: Derived demand, Entrepreneurship, Labor intensive, Technology,

Lesson 9: The Distribution of Income and Investments in Human Capital
Focus: Institutions and Markets
This lesson introduces students to some key facts about the distribution of income in the United States, and provides some information and tools for analyzing changes in the distribution of income over the last three decades. Students' intuition about who earns more or less, and why, is the basis for several activities; but in some cases their intuition will likely be challenged.
Grade(s): 9-12
Concepts: Investment in human capital, Factor income, Functional distribution of income, Personal distribution of income,

Lesson 8: The effects of entrepreneurial innovation on the economy
Master Curriculum Guide: Economics and Entrepreneurship
Successful entrepreneurial opportunities affect other entrepreneurial ventures. In fact, some entrepreneurial opportunities are the result of the action of other entrepreneurs. No entrepreneur operates in a vacuum.
Grade(s): 9-12
Concepts: Economic Interdependence, Mobility of Resources, Innovation, Factors of Production,

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: Have you ever had to make up your mind? (scarcity)
Master Curriculum Guide: Economics and Entrepreneurship
Scarcity is the central economic problem. It exists because of our limited ability to produce goods and services to satisfy our unlimited wants. We can make as many goods and services as we want because there is a finite amount of resources we have to use.
Grade(s): 9-12
Concepts: Scarcity, Factors of Production, Production Possibilities Curve, Opportunity Cost/Trade-offs,

Lesson 6: Markets in the circular flow of the economy
Master Curriculum Guide: Economics and Entrepreneurship
In the United States, all firms exist within the context of our economic system, which economists represent with a circular flow model. In this mode, businesses sell goods and services to households in the product market. The money that firms earn in the product market is used to purchase factors of production from households in the factor market.
Grade(s): 9-12
Concepts: Markets, Circular Flow Model, Product Market, Factor Market,

Unit 7: Lesson 20 - Toward a Sustainable Future?
Economics and the Environment
Students make choices concerning their own standard of living. The choice activity shows why there tends to be a positive relationship between economic development and environment quality.
Grade(s): 9-12
Concepts: Sustainable Development, Economic Development, Capital, Technology, Technological Advance, Standard of Living,

Lesson 7: What is an entrepreneurial innovation?
Master Curriculum Guide: Economics and Entrepreneurship
Entrepreneurs use innovation as a tool to effect change and to develop better products, services, and processes that are wanted by others. Innovation is a driving force for change and is given birth by inventors. It is the entrepreneur who brings the innovation to "life" and uses it to make a valuable contribution to change, development, and progress in the economy.
Grade(s): 9-12
Concepts: Entrepreneur, Factors of Production, Innovation, Invention, Entrepreneurial Ideas, Entrepreneurial Opportunities,

Lesson 2: Scarcity: Everyone's Problem Is the Entrepreneur's Opportunity
Entrepreneurship in the U.S. Economy: Teacher Resource Manual
In this lesson, students will define and give examples of scarcity; distinguish between goods and services; define and give examples of productive resources; describe a situation that demonstrates how scarcity can create business opportunities for resourceful, innovative individuals; determine opportunities that a given scarcity problem presents for an entrepreneur; evaluate entrepreneurial opport...
Grade(s): 9-12
Concepts: Goods, Services, Productive resources, Resources, Land, Labor, Capital, Scarcity, Resourcefulness

Lesson 1: Markets and the Market System
Focus: Institutions and Markets
This lesson introduces students to the primary economic institution in a market economy, markets. As described in the introductory essay to this volume, markets are an institution that emerges spontaneously from the interaction of self-interested buyers and sellers, establishing prices for goods and services that provide key incentives and signals. The first activity in this lesson stresses the ...
Grade(s): 9-12
Concepts: Product markets, Factor markets, Allocative efficiency, Circular flow model, Shortage, Surplus, Market prices, Law of demand, Law of supply,

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

Lesson 5: Making Things Entrepreneurs Sell
Entrepreneurship in the U.S. Economy: Teacher Resource Manual
In this lesson, students will define and give examples of four functional activities of business; define and give examples of the four factors of production; demonstrate how the four factors of production can be combined to produce goods and services; analyze the actions of a hypothetical entrepreneur to determine the mistake make and how it can be corrected; relate problems described in readings ...
Grade(s): 9-12
Concepts: Functional activities of business ( marketing finance production management), Natural resources, Factors of production (land labor capital entrepreneurship)

Microeconomics Unit 4: Lesson 5 - Analyzing Factor-Market Concepts
Advanced Placement Economics: Teacher Resource Manual
This lesson helps the students to apply their knowledge of factor markets to conventional and unconventional situations. Activity 51 can be assigned as homework or completed in groups. It is good practice for the complex application questions that are emphasized on the AP test.
Grade(s): 9-12
Concepts: Factor market concepts,

Lesson 1: What Is an Entrepreneur?
Entrepreneurship in the U.S. Economy: Teacher Resource Manual
In this lesson, students will define entrepreneurship; describe entrepreneurial attributes demonstrated by successful entrepreneurs; and, compare personal attributes with attributes generally common to successful entrepreneurs.
Grade(s): 9-12
Concepts: Entrepreneur, Entrepreneurship, Innovative, Maximize, Business firms, Human capital, Labor, Profit

ONLINE LESSONS:

online The Economics of the Family Farm
Learn about the status of farming as a career, investigate the management of a family farm, and examine one recent farm crisis in this lesson. You'll need the Adobe Acrobat Reader to view some of the materials for this article.
Grade(s): 9-12
Concepts: Capital Resources,Demand,Factors of Production,Human Resources,Natural Resources,Supply

online Why does Brett Favre make $8.5 million per year?
What determines a person's salary? Why do professional athletes make so much money? People who work as firefighters, police officers or teachers are clearly more important to our society, yet they make much less money than jocks. What explains this?
Grade(s): 9-12
Concepts: Demand,Division of Labor,Human Resources,Income,Supply,Distribution of Income,Human Capital,Labor,Labor Market,Resources

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 The Economics of Professional Sports: Underpaid Millionaires?
Over the last century, professional baseball has grown to become one of the most popular forms of American entertainment. Indeed, the sport's nickname - "America's Pastime" - has become embedded in the nation's lexicon. More than 60 million fans attended major league baseball games in 1997. However, America's love affair with baseball is not without controversy. The players' strike in 19...
Grade(s): 9-12
Concepts: Competition,Factors of Production,Markets

online Baseball Economics 201
As many baseball fans can tell you, the New York Yankees usually have a great season record, make the playoffs and make a run towards to the World Championship each year. The Yankees' success--as well as the success of other big market, high revenue teams--has led many to question whether smaller market teams can compete in Major League Baseball (MLB). In fact, in 2009, the Yankees had revenu...
Grade(s): 6-8, 9-12
Concepts: Factors of Production,Incentive,Marginal Resource Product,Profit Maximization

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 Henry Ford and the Model T: A Case Study in Productivity (Part 2)
When Henry Ford announced he was going to produce an automobile that would be affordable to the masses, he probably did not realize what a great impact his achievement would have on life in the United States. and, eventually, the world. Ford’s use of mass production strategies to manufacture the Model T revolutionized industrial manufacturing and initiated a new era in personal transportatio...
Grade(s): 6-8, 9-12
Concepts: Factors of Production,Human Resources,Incentive,Production,Productive Resources,Entrepreneur,Human Capital,Labor,Productivity,Resources,Innovation

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 Baseball Economics 101
As any baseball fan can tell you, the New York Yankees have won three of the last four World Series championships. The Yankees' recent success--as well as the success of other big market, high revenue teams--has led many to question whether smaller market teams can compete in Major League Baseball (MLB). In fact, in 1999, the Yankees had revenues of $176 million, the most of any team in sp...
Grade(s): 6-8, 9-12
Concepts: Factors of Production,Incentive,Marginal Resource Product,Profit Maximization

online Henry Ford and the Model T: A Case Study in Productivity (Part 1)
When Henry Ford announced he was going to produce an automobile that would be affordable to the masses, he probably did not realize what a great impact his achievement would have on life in the United States and, eventually, the world. Ford’s use of mass production strategies to manufacture the Model T revolutionized industrial manufacturing and initiated a new era in personal transportation...
Grade(s): 6-8, 9-12
Concepts: Division of Labor,Factors of Production,Production,Productive Resources,Specialization,Entrepreneur,Labor,Productivity,Resources,Innovation

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