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Virtual Economics


Lesson 15 - What Can Yesterday's Choices Tell Us about Tomorrow?
United States History: Focus on Economics
Students work in small groups to write brief speeches. Panelists present those speeches and then respond to questions from a student audience.
Grade(s): 9-12
Concepts: Incentives, Choice, Benefits and costs, Risk

Lesson 12 - Building Wealth over the Long Term
Learning, Earning and Investing: High School
The students are introduced to the case of Charlayne, a woman who becomes, accidentally, a millionaire. Charlayne's success, the students learn, was unexpected, but not a miracle. It can be explained by three widely understood rules for building wealth over the long term: saving early, buying and holding, and diversifying. The lesson uses Charlayne's decisions to illustrate each of these rules. It...
Grade(s): 6-8, 9-12
Concepts: Compound interest, Diversification, Forms of saving and investing, Reward, Risk

Unit 4: Lesson 3 - Regulations of Business
United States History: Eyes on the Economy - Through the 20th Century
Students are presented with an economic mystery. They read and discuss handouts concerning farmers' demands for government regulation of railroads and how the ensuing regulation created incentives which caused the Interstate Commerce Commission to become a "captured" agency. They apply their analysis to the deregulation of airlines and trucking in the late 1970s.
Grade(s): 9-12
Concepts: Regulation, Price, Incentive, Natural monopoly, Captured agency,

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 15 - How Private Efforts Can Improve Environmental Quality
Economics and the Environment: Ecodetectives
The students examine case studies showing how various uses of private property affect environmental quality. They analyze these cases in order to identify conditions under which private property ownership and the profit motive create incentives for environmental protection.
Grade(s): 6-8
Concepts: Benefits, Costs, Incentives, Private property, Profits, Voluntary exchange

Unit 3: Lesson 7 - Can I Produce Something People Want?
Choices and Changes: In Life, School, and Work - Grades 5-6 - Teacher's Resource Manual
Students use common objects to produce goods they think people will use to satisfy wants. They read a biography of inventor George Washington Carver, learning how Carver helped tenant farmers in the South improve the soil and how he invented many products that could be produced using peanuts.
Grade(s): 5.6
Concepts: Derived demand, Goobers, Goods and services, Human capital, Invention, Inventor, Natural resources, Physical capital, Productive resources, Sharecropper, Tenant farmer, Wants,

Unit 4: Lesson 18 - The Labor Market: My Human Capital Pays Off
Choices and Changes: In Life, School, and Work - Grades 2-4 - Teacher's Resource Manual
Students will envision themselves as future workers, business owners or managers, professionals, or entrepreneurs.
Grade(s): K-2, 3-5
Concepts: Labor market,

Lesson 14: Orange Juice Jubilee
Master Curriculum Guides in Economics: Teaching Strategies - 3-4
The simulation is a two-lesson unit designed to serve as a culminating activity for the review of economic concepts taught in the pervious thirteen lessons.
Grade(s): 3-5
Concepts: Division of labor, Decision making, Productive resources, Human capital, Interdependence, Market economy, Supply, Demand, Price, Collateral, Interest, Entrepreneurship,

Unit 4: Lesson 23 - Make a Profit: Do the Math
Capstone: Exemplary Lessons for High School Economics - Teacher's Guide
Working as consultant teams, students use basic math to compute fixed costs, total costs, marginal costs, total revenues, marginal revenues, and profits (or losses) for a business. They determine the profit-maximizing quantity of output for the business, and analyze their results in terms of marginal revenues and marginal costs.
Grade(s): 9-12
Concepts: Incentive, Marginal analysis, Marginal cost, Marginal revenue, Profit, Total cost, Total revenue

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 4: Lesson 3 - Entrepreneurship Case Study: Eliza Lucas Pinckney
United States History: Eyes on the Economy - Through the Civil War
This lesson features class discussion of an entrepreneurial case study.
Grade(s): 9-12
Concepts: Incentives, Entrepreneurship, Efficiency,

Unit 4: Lesson 2 - The Economic Effects of 19th Century Monopoly
United States History: Eyes on the Economy - Through the 20th Century
Students examine a series of visuals and discuss handouts on the economic impact of the "Robber Barons" in the 1890s and today.
Grade(s): 9-12
Concepts: Wealth, Monopoly, Competition, Incentives,

Unit 4: Lesson 16 - Entrepreneurs and the Interdependence of Buyers and Sellers
Choices and Changes: In Life, School, and Work - Grades 2-4 - Teacher's Resource Manual
People often think of themselves as consumers, but not as producers. In this lesson, students will meet business owners, managers, and entrepreneurs so that they can identify with them and perhaps aspire to start their own business someday. Students should recognize that business owners depend on consumers to help them earn a living. Students should come away from this lesson realizing that "We...
Grade(s): K-2, 3-5
Concepts: Alternative, Choice, Consequence, Consumer, Entrepreneur, Human capital, Innovation, Interdependence, Invention, Interview, Opportunity cost, Physical capital, Production, Work,

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

Lesson 10 - Why Would White Baseball Club Owners Sign Black Baseball Players?
United States History: Focus on Economics
Students participate in a class discussion about racial barriers in professional baseball. In small groups, students examine the incentives that influence the decisions of baseball club owners and African-American players.
Grade(s): 9-12
Concepts: Monopoly, Monopsony, Competition, Incentives

Unit 7: Lesson 1 - Saving and Investing in Razorback
United States History: Eyes on the Economy - Through the Civil War
In this saving and investment simulation small groups of students decide how they would invest $3,000, given a list of 10 possibilities. They learn how much they earned on their investments, taking into account not only the rate of returns on the savings but also the financial consequences of investments that were not made.
Grade(s): 9-12
Concepts: Incentives, Profit, Savings, Investment,

Chapter 3: Lesson 14 - Why Don't All Students Study Hard at School?
The Great Economic Mysteries Book: A Guide to Teaching Economic Reasoning, Grades 9-12
Students describe an economic mystery and discuss various explanations. They use an Activity sheet with a list of clues to help them arrive at a solution for the mystery.
Grade(s): 9-12
Concepts: Decision Making/Cost-Benefit Analysis, Human Capital, Incentives

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,

Unit 3: Lesson 13 - My Human Capital: A Job Application
Choices and Changes: In Life, School, and Work - Grades 9-10 - Teacher's Resource Manual
Following a study of two realistic dilemmas, students complete a resume and assess their own qualifications for actual jobs.
Grade(s): 9-12
Concepts: Benefit, Cost, Disincentive, Human capital, Incentive,

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,


online The Entepreneur in you?
Throughout this lesson students take note of the role of risk and incentives as factors found in all entrepreneurial pursuits. They will analyze, compare and evaluate personal characteristics of entrepreneurs. They will also develop a greater self-understanding as they determine if they have the traits found in successful entrepreneurs. Finally, students set goals, which will help them to ...
Grade(s): 9-12
Concepts: Entrepreneurship,Incentive,Risk

online Pop Goes the Housing Bubble
In this lesson, students will learn about a speculative bubble within the context of the U.S. real estate market.
Grade(s): 9-12
Concepts: Credit,Decision Making,Incentive,Investment,Risk,Debt,Borrow,Asset,Collateral,Lender,Real Estate

online Three Types of Business Organizations
In this lesson, students research the three basic types of business organization: sole proprietorships, partnerships, and corporations. Considering the advantages and disadvantages of each, they function as consultants offering advice on which form of business is best suited for different business scenarios. The case studies all feature real- life entrepreneurs who started businesses produ...
Grade(s): 9-12
Concepts: Business,Entrepreneurship,Entrepreneur,Legal Forms of Business,Risk

online Business Ownership: The Franchise Option
Students explore an alternative to starting a business from scratch – investing in a franchise. They begin by considering the pros and cons of a franchise and whether this form of business is an option that would fit their personality and needs. Students then research and analyze franchise opportunities, ultimately selecting one that they think they might be able to successfully op...
Grade(s): 9-12
Concepts: Business,Choice,Decision Making,Entrepreneurship,Benefit,Costs,Legal Forms of Business,Risk

online I Can Be an Entrepreneur
Learners are given advice on how they can earn extra money by becoming an entrepreneur. After investigating several web pages that offer examples of what other people their age have done to earn money, students identify three money-making ideas for themselves such as: considering what they would enjoy doing, what they do well, what people are willing to buy, the need to set a price that will be pr...
Grade(s): 3-5, 6-8
Concepts: Accounting Profit,Advertising,Business,Entrepreneurship,Goods,Price,Production,Costs,Entrepreneur,Profit,Risk,Services,Accounting Loss

online Open for Business!
This engaging lesson gives students the opportunity to identify risks and rewards of entrepreneurship and distinguish between entrepreneurs who start a business to produce a good or provide a service.
Grade(s): K-2, 3-5
Concepts: Business,Capital Resources,Consumers,Goods,Human Resources,Natural Resources,Opportunity Cost,Productive Resources,Benefit,Entrepreneur,Risk,Services,Goal

online Spotlighting Entrepreneurs: The Sweet Success of Milton Hershey
Looking for a lesson that ties Common Core Standards in Reading Informational Text with Economics? This lesson spotlights the life of Milton S. Hershey and allows students to learn about the risks and rewards of entrepreneurship through a biographical sketch of one who experienced many bitter disappointments and sweet successes.
Grade(s): 3-5
Concepts: Business,Entrepreneurship,Benefit,Costs,Entrepreneur,Profit,Risk,Capital

online Spotlighting Entrepreneurs: A Technology "iCon"
What better way to address Common Core standards in Reading Informational Text than by meeting a gentleman that changed the world of technology!
Grade(s): 3-5
Concepts: Business,Economic Growth,Entrepreneurship,Benefit,Costs,Entrepreneur,Profit,Risk

online What Happened to Railroads?
Between the Civil War and World War II, railroads were one of the nation's most important businesses and an integral part of people’s lives. In this lesson, students assume the role of detectives investigating why the rail companies experienced a crisis in the 1960s and what helped the freight transport portion of the business return to profitability later in the same century. Students analy...
Grade(s): 9-12
Concepts: Competition,Cost/Benefit Analysis,Demand,Incentive,Maintaining Competition,Natural Monopoly,Non-price Determinants,Role of Government,Supply,Benefit,Costs,Determinants of Demand,Determinants of Supply,Profit,Regulation,Monopolies

online All In Business
This is the third in a series of lessons on entrepreneurship. "Entreduction" and "Improving on the Original" help students understand what innovations are, and what it takes to get an idea off the ground. This lesson will take students through the process of calculating risks associated with starting a new business -- the decisions and choices they'd have to make and how to...
Grade(s): 6-8
Concepts: Choice,Decision Making,Entrepreneurship,Incentive

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