Summer Priority Standards Project for Personal Curricula: Economics
Standard
Number
Priority Standard: Scarcity, Choice, Opportunity Costs, and Comparative
Advantage - Using examples, explain how scarcity, choice, opportunity costs affect
decisions that households, businesses, and governments make in the market place and
explain how comparative advantage creates gains from trade.
Evidence
Strategies
 Tests and quizzes are modified to
 Resource Scarcity Game (available
reflect course expectations (CLCE)
online - www.fte.org)
stated in the personal curriculum
 Use menus to pick out examples of
trade-offs and opportunity costs
1.1.1
Essential
Foundational Concepts:
 Trade-offs
 Production possibilities frontier
 Factors of production (land, labor and capital)
 Thinking at the margin
Priority Standard: Entrepreneurship - Identify the risks, returns, and other
characteristics of entrepreneurship that bear on its attractiveness as a career.
Standard
Number
Evidence
Strategies

Tests and quizzes are modified to
reflect course expectations (CLCE)
stated in the personal curriculum


Students will interview a small
business owner
The class will brainstorm a chart/list
displaying each aspect
1.1.2
Familiar
Standard
Number
Priority Standard: Business Structures - Compare and contrast the functions and
constraints facing economic institutions including small and large businesses, labor
unions, banks, and households.
Evidence
 Tests and quizzes are modified to
reflect course expectations (CLCE)
stated in the personal curriculum
1.2.1
Important
Strategies
 Venn Diagram
 Chart displaying each type of
economic institution (sole
proprietorship, partnership,
corporation, non-profit organization,
professional organization,
cooperatives) and their advantages
and disadvantages
 Create comparison chart displaying
monopoly, oligopoly, perfect
competition, and monopolistic
competition
 Play Monopoly with modified rules to
allow for different market structures
(Center for Learning publication)
Priority Standard: Price in the Market - Analyze how prices send signals and
provide incentives to buyers and sellers in a competitive market.
Standard
Number
Evidence
 Tests and quizzes are modified to
reflect course expectations (CLCE)
stated in the personal curriculum
Strategies
 “Market in the Chips” activity
(available online – www.fte.org)
 Use a current event to illustrate
understanding (gas, housing, or
electronics market)
1.2.2
Essential
Standard
Number
Priority Standard: Investment, Productivity, and Growth - Analyze the role
investments in physical (e.g., technology) and human capital (e.g., education) play in
increasing productivity and how these influence the market.
Evidence
Strategies

Tests and quizzes are modified to
reflect course expectations (CLCE)
stated in the personal curriculum



1.2.3
Important
Standard
Number
1.3.1
Essential
Brainstorm examples of physical and
human capital (create list)
Find a current news article that shows
evidence of investment in physical or
human capital
Choose a product and form a
hypothesis about the likely results of a
change in capital
Priority Standard: Law of Supply - Explain the law of supply and analyze the
likely change in supply when there are changes in prices of the productive resources
(e.g., labor, land, capital including technology), or the profit opportunities available to
producers by selling other goods or services, or the number of sellers in a market.
Evidence
Strategies
 Supply & Demand Project (see
 Compile cause and effect
attached)
comparisons relating the price and
quantity of a product to its supply
 Tests and quizzes are modified to
reflect course expectations (CLCE)
 Practice graphs using sample
stated in the personal curriculum
“newspaper” headlines
 Create supply curves from supply
schedules
Foundational Concepts:
 Supply/ Market supply schedule
 Supply curve
 Supply Vs. Quantity supplied
 Ceteris paribus
Standard
Number
Priority Standard: Law of Demand - Explain the law of demand and analyze the
likely change in demand when there are changes in prices of the goods or services,
availability of alternative (substitute or complementary) goods or services, or changes
in the number of buyers in a market created by such things as change in income or
availability of credit.
Evidence
 Supply & Demand Project (see
attached)
 Tests and quizzes are modified to
reflect course expectations (CLCE)
stated in the personal curriculum
1.3.2
Essential
Strategies
 Compile cause and effect
comparisons relating the price and
quantity of a product to its demand
 Practice graphs using sample
“newspaper” headlines
 Create demand curves from demand
schedules
Foundational Concepts:
 Demand/ Market demand schedule
 Demand curve
 Demand Vs. Quantity demanded
 Ceteris paribus
Standard
Number
1.3.3
Important
Priority Standard: Price, Equilibrium, Elasticity, and Incentives - Analyze how
prices change through the interaction of buyers or sellers in a market including the
role of supply, demand, equilibrium, elasticity, and explain how incentives (monetary
and non-monetary) affect choices of households and economic organizations.
Evidence
Strategies
 Supply and Demand Project (see
 “Market in the Chips” activity
attached)
(available online – www.fte.org)
 Tests and quizzes are modified to
 Group Budget activity to illustrate
reflect course expectations (CLCE)
elasticity/ inelasticity of demand for
stated in the personal curriculum
certain goods
 Airplane production activity
(Elasticity of Supply – Capstone
Economics from NCEE)
 Spraying Strawberries Chart
(available online – www.fte.org)
 “Marginal Decision Making” activity
(available online – www.fte.org)
Foundational Concepts:
 Marginal Utility
 Marginal Costs
 Marginal Benefits
Standard
Number
Priority Standard: Public Policy and the Market - Analyze the impact of a change
in public policy (such as an increase in the minimum wage, a new tax policy, or a
change in interest rates) on consumers, producers, workers, savers, and investors.
Evidence
 Tests and quizzes are modified to
reflect course expectations (CLCE)
stated in the personal curriculum
Strategies

1.4.1
Familiar
Standard
Number
Priority Standard: Government and Consumers - Analyze the role of government
in protecting consumers and enforcing contracts (including property rights) and
explain how this role influences the incentives (or disincentives) for people to produce
and exchange goods and services.
Evidence
Strategies

Tests and quizzes are modified to
reflect course expectations (CLCE)
stated in the personal curriculum

1.4.2
Familiar
Standard
Number
Priority Standard: Government Revenue and Services - Analyze the ways in
which local and state governments generate revenue (e.g., income, sales, and property
taxes) and use that revenue for public services (e.g., parks and highways).
Evidence
 Tests and quizzes are modified to
reflect course expectations (CLCE)
stated in the personal curriculum
1.4.3
Important
Strategies
 Find newspaper articles involving
public goods and services
 Identify examples from a list, goods
and services
 Debate or seminar about taxation (Do
all states tax? Why is it more
expensive to live in one city Vs.
another?)
 Guest Speaker (Mayor, etc.)
 Video: “John Stossel Goes to
Washington”
Foundational Concepts:
 Public Vs. Private Goods and Services
Standard
Number
Priority Standard: Functions of Government - Explain the various functions of
government in a market economy including the provision of public goods and
services, the creation of currency, the establishment of property rights, the
enforcement of contracts, correcting for externalities and market failures, in
redistribution of income and wealth, regulation of labor (e.g., minimum wage, child
labor, working conditions), and the promotion of economic growth and security.
Evidence
 Tests and quizzes are modified to
reflect course expectations (CLCE)
stated in the personal curriculum
1.4.4
Essential
Strategies
 “Beans” activity to foster idea of
property rights (www.fte.org)
 Watch the video “Freeloaders” by
John Stossel
 Minimum Wage debate (take a stand)
 Child Labor seminar
Foundational Concepts:
 Tragedy of the Commons / Prisoner’s Dilemma
 Freeloaders/ Free Rider
 Positive Vs. Negative externalities
Standard
Number
Priority Standard: Economic Incentives and Government - Identify and explain
how monetary and non-monetary incentives affect government officials and voters
and explain how government policies affect the behavior of various people including
consumers, savers, investors, workers, and producers.
Evidence
Strategies

Tests and quizzes are modified to
reflect course expectations (CLCE)
stated in the personal curriculum

1.4.5
Familiar
Standard
Number
Priority Standard: Income - Describe how individuals and businesses earn income
by selling productive resources.
Evidence
 Tests and quizzes are modified to
reflect course expectations (CLCE)
stated in the personal curriculum
2.1.1
Familiar
Strategies

Standard
Number
Priority Standard: Circular Flow and the National Economy - Using the concept
of circular flow, analyze the roles of and the relationships between households,
business firms, financial institutions, and government and non-government agencies in
the economy of the United States.
Evidence
Strategies
 Tests and quizzes are modified to
 As a class, students will draw while
reflect course expectations (CLCE)
discussing a circular flow diagram of
stated in the personal curriculum
a market economy
 Using an overhead, students will
compare a circular flow diagram of a
mixed economy with their diagram
2.1.2
Essential
Standard
Number
2.1.3
Familiar
Priority Standard: Financial Institutions and Money Supply - Analyze how
decisions by the Federal Reserve and actions by financial institutions (e.g.,
commercial banks, credit unions) regarding deposits and loans, impact the expansion
and contraction of the money supply.
Evidence
Strategies
 Tests and quizzes are modified to

reflect course expectations (CLCE)
stated in the personal curriculum
Standard
Number
2.1.4
Important
Standard
Number
Priority Standard: Money Supply, Inflation, and Recession - Explain the
relationships between money supply, inflation, and recessions.
Evidence
Strategies
 Tests and quizzes are modified to
 Apply terms to a historical diagram of
reflect course expectations (CLCE)
the US business cycle
stated in the personal curriculum
 Use cause and effect graphic
organizer to relate terms
 Brainstorm examples of inflation (ask
for examples of historical prices for
common goods)
Priority Standard: Gross Domestic Product (GDP) and Economic Growth - Use
GDP data to measure the rate of economic growth in the United States and identify
factors that have contributed to this growth.
Evidence
Strategies

Tests and quizzes are modified to
reflect course expectations (CLCE)
stated in the personal curriculum


Prepare GDP data from select years
and have students graph
Students will compare graphs to a
timeline of US history to help
determine cause and effect
relationships
2.1.5
Important
Standard
Number
2.1.6
Important
Priority Standard: Unemployment - Analyze the characteristics of different types
of unemployment including frictional, structural, and cyclical.
Evidence
Strategies
 Tests and quizzes are modified to
 Create a graphic organizer
reflect course expectations (CLCE)
 Analyze / Relate terms to current
stated in the personal curriculum
economic events
 Visit Bureau of Labor Statistics
website for current data
Standard
Number
2.1.7
Essential
Standard
Number
Priority Standard: Economic Indicators - Using a number of indicators, such as
GDP, per capita GDP, unemployment rates, and Consumer Price index, analyze the
characteristics of business cycles, including the characteristics of peaks, recessions,
and expansions.
Evidence
Strategies
 Tests and quizzes are modified to
 Apply terms to a historical diagram of
reflect course expectations (CLCE)
the US business cycle
stated in the personal curriculum
 Use cause and effect graphic
organizer to relate terms
 Students will interview family
members of a different generation and
compare historical and current prices
of a variety of common goods (ie.
Gas, milk, Coke, house, car, haircut,
jeans, shoes, etc.)
Priority Standard: Relationship Between Expenditures and Revenue (Circular
Flow) - Using the circular model, explain how spending on consumption, investment,
government and net exports determines national income; explain how a decrease in
total expenditures affects the value of a nation's output of final goods and services.
Evidence
Strategies

Tests and quizzes are modified to
reflect course expectations (CLCE)
stated in the personal curriculum

2.1.8
Familiar
Standard
Number
Priority Standard: American Economy in the World - Analyze the changing
relationship between the American economy and the global economy, but not limited
to, the increasing complexity of American economic activity (e.g., outsourcing, offshoring, and suppy-chaining) generated by the expansion of the global economy.
Evidence
Strategies
 Tests and quizzes are modified to
 Bring in an article of a current event
reflect course expectations (CLCE)
involving the above terms
stated in the personal curriculum
 Discuss different types of economic
activity and have students brainstorm/
provide examples (“Where do your
parents’ jobs fit?”)
2.1.9
Essential
Foundational Concepts:
 Primary, Secondary, and Tertiary Economic Activity
Standard
Number
Priority Standard: Federal Government and Macroeconomic Goals - Identify the
three macroeconomic goals of an economic system (stable prices, low unemployment,
and economic growth).
Evidence
 Tests and quizzes are modified to
reflect course expectations (CLCE)
stated in the personal curriculum
2.2.1
Important
Standard
Number
Priority Standard: Macroeconomic Policy Alternatives - Compare and contrast
differing policy recommendations for the role of the Federal government in achieving
the macroeconomic goals of stable prices, low unemployment, and economic growth.
Evidence
 Tests and quizzes are modified to
reflect course expectations (CLCE)
stated in the personal curriculum
2.2.2
Familiar
Strategies
 Ask students to create cartoons
depicting government interventions to
promote these goals
 Ask students to explain how current
articles illustrate government
promoting one of these economic
goals
Strategies

Standard
Number
Priority Standard: Fiscal Policy and its Consequences - Analyze the consequences
- intended and unintended - of using various tax and spending policies to achieve
macroeconomic goals of stable prices, low unemployment, and economic growth.
Evidence
 Tests and quizzes are modified to
reflect course expectations (CLCE)
stated in the personal curriculum
2.2.3
Essential
Standard
Number
Strategies
 Debate or seminar about taxation (Do
all states tax? Why is it more
expensive to live in one city Vs.
another?)
 Guest Speaker (Mayor, etc.)
 Video: “John Stossel Goes to
Washington”
 If an election year, students can
hypothesize consequences of different
aspects of a candidate’s economic
plan
Priority Standard: Federal Reserve and Monetary Policy - Explain the roles and
responsibilities of the Federal Reserve System and compare and contrast the
consequences - intended and unintended - of the different monetary policy actions of
the Federal Reserve Board as a means to achieve macroeconomic goals of stable
prices, low unemployment, and economic growth.
Evidence
Strategies

Tests and quizzes are modified to
reflect course expectations (CLCE)
stated in the personal curriculum


2.2.4
Essential
Standard
Number
2.2.5
Important

Use free resources provided by
Federal Reserve branches (comic
books, videos, flyers, etc.)
Create T-Chart comparing intended
and unintended consequences of a
policy decision
Organize a policy debate (Should the
Feds cut interest rates?) (Students
should research prior to taking a
stance)
Priority Standard: Government Revenue and Services - Analyze the way in which
governments generate revenue on consumption, income and wealth and use that
revenue for public services (e.g., parks and highways) and social welfare (e.g., social
security, Medicaid, Medicare).
Evidence
Strategies
 Tests and quizzes are modified to
 Debate or seminar about taxation (Do
reflect course expectations (CLCE)
all states tax? Why is it more
stated in the personal curriculum
expensive to live in one city Vs.
another?)
 Guest Speaker (Mayor, etc.)
 Video: “John Stossel Goes to
Washington”
 Research the creation of social
welfare reforms (Why was it needed?)
Standard
Number
Priority Standard: Major Economic Systems - Give examples of and analyze the
strengths and weaknesses of major economic systems (command, market and mixed),
including their philosophical and historical foundations (e.g., Marx and the
Communist Manifesto, Adam Smith and the Wealth of Nations).
Evidence
Strategies
 Bead game (available online – www.fte.org)
 Tests and quizzes are modified to
 Comparison chart / graphic organizer of three
reflect course expectations (CLCE)
types of economic systems (match macro
stated in the personal curriculum
economic goals to the systems that best

3.1.1
Essential

support them) (Efficiency, Freedom, Security,
Stability, Equity, Growth, Full Employment)
Graphic organizer / diagram of a mixed
economy (display spectrum of command to
free market)
Venn Diagram comparing Command
Economy and Free Market Economy, placing
the US in the middle area
Foundational Concepts:





Standard
Number
3.1.2
Important
Invisible Hand (Self interest and competition)
Laissez Faire
Specialization
Distinction between Socialism and Communism
Focus on collectives and heavy industry
Priority Standard: Developing Nations - Assess how factors such as availability of
natural resources, investments in human and physical capital, technical assistance,
public attitudes and beliefs, property rights and free trade can affect economic growth
in developing nations.
Evidence
Strategies
 Tests and quizzes are modified to
 Almanac activity (use data to compare
reflect course expectations (CLCE)
economic indicators of different
stated in the personal curriculum
nations to determine level of
development)
 Use the factors stated above to assist
in the explanation of the results of the
almanac activity
Standard
Number
Priority Standard: International Organizations and the World Economy Evaluate the diverse impact of trade policies of the World Trade Organization, World
Bank, or International Monetary Fund on developing economics of Africa, Central
America, or Asia, and the developed economies of the US and Western Europe.
Evidence
Strategies
 Tests and quizzes are modified to

reflect course expectations (CLCE)
stated in the personal curriculum
3.1.3
Familiar
Standard
Number
Priority Standard: GDP and Standard of Living - Using current and historical data
on real per capita GDP for the United States, and at least three other countries (e.g.,
Japan, Somalia, and South Korea) construct a relationship between real GDP and
standard of living.
Evidence
Strategies

Tests and quizzes are modified to
reflect course expectations (CLCE)
stated in the personal curriculum


3.1.4
Essential
Standard
Number
Almanac activity (use data to compare
economic indicators of different
nations to determine level of
development)
Provide additional historical
economic data (teacher researched
and presented) and compare to current
data to analyze the relationship
Priority Standard: Comparing Economic Systems - Using the three basic
economic questions (e.g., What to produce, how to produce, and for whom to
produce), compare and contrast a socialist (command) economy (such as North Korea
or Cuba) with the Capitalist as a mixed, free market system of the United States.
Evidence
Strategies
 Bead game (available online – www.fte.org)
 Tests and quizzes are modified to
 Survival Activity – In groups, give students a
reflect course expectations (CLCE)
scenario in which they need to create a
stated in the personal curriculum
survival plan. Analyze the plans to determine

3.1.5
Essential


how each group answered the three economic
questions (Capstone Economics from NCEE)
Comparison chart / graphic organizer of two
types of economic systems (match macro
economic goals to the systems that best
support them) (Efficiency, Freedom, Security,
Stability, Equity, Growth, Full Employment)
Graphic organizer / diagram of a mixed
economy (display spectrum of command to
free market)
Venn Diagram comparing Command
Economy and Free Market Economy, placing
the US in the middle area
Standard
Number
Priority Standard: Impact of Transitional Economies - Analyze the impact of
transitional economies, such as in China and India, on the global economy in general
and the American economy in particular.
Evidence
 Tests and quizzes are modified to
reflect course expectations (CLCE)
stated in the personal curriculum
Strategies

3.1.6
Familiar
Standard
Number
3.2.1
Essential
Priority Standard: Absolute and Comparative Advantage - Use the concepts of
absolute and comparative advantage to explain why goods and services are produced
in one nation or locale versus another.
Evidence
Strategies
 Tests and quizzes are modified to
 Create a simplistic scenario to
reflect course expectations (CLCE)
illustrate a concept
stated in the personal curriculum
 Have students examine historical
examples (Pilgrims and Native
Americans, or President Fillmore
opening Japanese ports, or Initiated
trade with China) and apply their
understanding of absolute and
comparative advantage. (Written
descriptions, group analysis and
presentation, etc.)
 Create two circle graphs that illustrate
the relative percentage of exports and
imports for the top five countries with
which the US trades. (What products
are most traded?)
Standard
Number
3.2.2
Essential
Standard
Number
Priority Standard: Domestic Activity and World Trade - Assess the impact of
trade policies (i.e. Tariffs, quotas, export subsidies, product standards and other
barriers), monetary policy, exchange rates, and interest rates on domestic activity and
world trade.
Evidence
Strategies
 Tests and quizzes are modified to
 Students will create a two web /
reflect course expectations (CLCE)
graphic organizer showing a types and
stated in the personal curriculum
effects of trade barriers
 In groups, students will create
examples of each of the two types of
trade barriers and present to the class,
while classmates will identify which
type of trade barrier is described in
the presentation
 Students will create a political cartoon
illustrating one of the above concepts
 Students can hold a debate or seminar
about the “need” for trade barriers
(“Buy American!”)
Priority Standard: Exchange Rates and the World Trade - Describe how interest
rates in the US impact the value of the dollar against other currencies (such as the
Euro), and explain how exchange rates affect the value of goods and services of the
US in other markets.
Evidence
Strategies

Tests and quizzes are modified to
reflect course expectations (CLCE)
stated in the personal curriculum

3.2.3
Important


Standard
Number
Priority Standard: Monetary Policy and International Trade - Analyze how the
decisions made by a country's central bank (or the Federal Reserve) impact a nation's
international trade.
Evidence
 Tests and quizzes are modified to
reflect course expectations (CLCE)
stated in the personal curriculum
3.2.4
Familiar
Currency Exchange Activity (Give
students currency from several
nations with exchange rates posted on
the board. Allow students the
opportunity to exchange money.
After several exchanges with
fluctuating rates, have students report
beginning and ending balances and
debrief as a class
Review current exchange rates and
list pros and cons to purchasing goods
at this time. Use computer to
calculate
Obtain current federal prime rate,
organize a policy debate (Should the
Feds cut interest rates?) (Research
prior to debate)
Strategies

Standard
Number
3.2.5
Important
Standard
Number
4.1.1
Important
Priority Standard: The Global Economy and Marketplace - Analyze and describe
how the global economy has changed the interaction of buyers and sellers, such as in
the automobile industry.
Evidence
Strategies
 Tests and quizzes are modified to
 The Magic of the Markets (available
reflect course expectations (CLCE)
online – www.fte.org)
stated in the personal curriculum
 Utilize a current events article to
display an example of changes in a
market
 Relate back to 2.1.9
Priority Standard: Scarcity and Opportunity Costs - Apply concepts of scarcity
and opportunity costs to personal financial decision making.
Evidence
Strategies
 Tests and quizzes are modified to
 Resource Scarcity Game (available
reflect course expectations (CLCE)
online - www.fte.org)
stated in the personal curriculum
 Use menus to pick out examples of
trade-offs and opportunity costs
 Financial Portfolio
 Use free workbooks available through
the National Endowment for Financial
Education (High School Financial
Planning Program)
Standard
Number
4.1.2
Important
Standard
Number
Priority Standard: Marginal Benefit and Cost - Use examples and case studies to
explain and evaluate the impact of marginal benefit and marginal cost of an activity
on choices and decisions.
Evidence
Strategies
 Tests and quizzes are modified to
 Spraying Strawberries Chart
reflect course expectations (CLCE)
(available online – www.fte.org)
stated in the personal curriculum
 “Marginal Decision Making” activity
 Financial Portfolio
(available online – www.fte.org)
 Use free workbooks available through
the National Endowment for Financial
Education (High School Financial
Planning Program)
Priority Standard: Personal Finance Strategy - Develop a personal finance
strategy for earning, spending, saving, and investing resources.
Evidence
Strategies


4.1.3
Essential
Standard
Number
4.1.4
Essential
Tests and quizzes are modified to
reflect course expectations (CLCE)
stated in the personal curriculum
Financial Portfolio


Use free workbooks available through
the National Endowment for Financial
Education (High School Financial
Planning Program)
Use newspapers, internet, or field trip
to create an accurate budget (use
internet loan or financial calculators
to figure loan or savings amounts)
Priority Standard: Key Components of Personal Finance - Evaluate key
components of personal finance including, money management, saving and
investment, spending and credit, income, mortgages, retirement, investing (e.g., 401K,
IRAs) and insurance.
Evidence
Strategies
 Tests and quizzes are modified to
 Use free workbooks available through
reflect course expectations (CLCE)
the National Endowment for Financial
stated in the personal curriculum
Education (High School Financial
Planning Program)
 Financial Portfolio
 “Financial Football” (online game –
www.practicalmoneyskills.com)
Standard
Number
Priority Standard: Personal Decisions - Use decision-making model (e.g., Stating a
problem, listing alternatives, establishing criteria, weighing options, making the
decision, and evaluating the result) to evaluate the different aspects of personal
finance including careers, savings and investing tools, and different forms of income
generation.
Evidence
 Tests and quizzes are modified to
reflect course expectations (CLCE)
stated in the personal curriculum
 Financial Portfolio
4.1.5
Essential
Standard
Number
Priority Standard: Risk Management Plan - Develop a risk management plan that
uses a combination of avoidance, reduction, retention, and transfer (insurance).
Evidence
 Tests and quizzes are modified to
reflect course expectations (CLCE)
stated in the personal curriculum
 Financial Portfolio
4.1.6
Familiar
Strategies
 Use free workbooks available through
the National Endowment for Financial
Education (High School Financial
Planning Program)
 Use materials available from local job
center to show projections and
specific career statistics (beginning
and average salaries, expected
demand, educational requirements,
etc.)
 Have students make a “picture” or
poster of their “future” – MUST be
accurate and realistic
Strategies
 Use free workbooks available through
the National Endowment for Financial
Education (High School Financial
Planning Program)
Common Strategies for Differentiated Instruction
1. Venn Diagrams
2. Graphic Organizers
3. Concept Charts / Webs
4. Visual Diagrams / Graphs
5. Audio tape recordings/ Pod casts
6. Group projects
7. Reading Strategies (Popcorn read, partner read, etc.)
8. Think, Pair, Share
9. KWL Chart, or KWHL Chart (H = how do you know, or how did you do it?)
10. Chapter Outlines
11. Role Play / Skit
12. Compose a song or rhyme
13. Use Mnemonics
14. Color code, Highlight or Shape a Word
15. Write a summary of an idea
16. Create a poster or graphic
17. Write a letter to someone to explain a concept
18. Debates / Seminars
19. Class meetings
20. Tutors/ Buddies / Peer Counselors
Supply and Demand Project
IN GROUPS, YOU WILL DO THE FOLLOWING:
1. Choose a product of your own making and/or one with which you are familiar that will be
affected by the dynamics of a market economy.
2. Make up headlines, which reflect each of the 6 factors that will cause a shift in demand and show
how each will impact on your product. You must draw a separate graph for each factor.
3. Do the same for the 6 factors that cause a shift in supply. You must draw a separate graph for
each factor.
4. Pretend the government sets either a price floor or ceiling for the product and draw a graph to
reflect one of these.
5. Draw a graph to show whether your product is elastic or inelastic and be prepared to explain
why.
EACH GRAPH SHOULD CONTAIN:
1. The name of the product
2. A headline affecting change in demand or supply
3. Graph - - labeled completely ( supply and demand shifts, equilibrium price 1&2, equilibrium
quantity 1& 2)
4. The reason for the shift
DEMAND:
SUPPLY:
Tastes and preferences
Income
Price of related substitutes
Price of related complements
Population
Consumer Expectations
Resources prices (costs of production)
Technology
Taxes
Subsidies
Future Expectations of Prices
Number of Suppliers
PRESENTATION:
1. Each student will be called upon randomly to explain 2 of the 14 graphs.
2. The explanation must follow this format:
a. product/headline
b. What changed, demand or supply, why?
c. What happened to the equilibrium price?
d. What happened to the equilibrium quantity? (Did Q demanded or Q supplied change?)