Laura Ewing
President/CEO
Texas Council on Economic Education
www.economicstexas.org
www.smartertexas.org
Laura@economicstexas.org
713-655-1650
This workshop and the accompanying materials are made
available to teachers through the generous support
of State Farm and the Council for Economic Education.
COUNCIL FOR ECONOMIC EDUCATION
NATIONAL CONFERENCE
 October 9-11, 2014
 Big Dallas
 Renaissance Hotel
 Registration covers
most meals
 Plan now to attend and
ask for Oct. 10 to be
staff development day
TCEE Opportunities
 Trainings for Math teachers on PFL in Austin
 Financial Fitness for Life Study
Economics Challenge
 Fall and Spring Online Testing
In Micro, Macro and
International Economics
 Adam Smith Division
2nd place national champs
Bellaire HS 2010/3rd 2012
 David Ricardo Division 3rd
place national champs Plano
HS 2010/4th place 2012
 State competition in Austin
Personal Financial
Literacy Challenge
 Middle and High School
 Fall and spring online
challenges will
determine state finalist
candidates
 “State Play-Offs” in
Austin with cash awards
for two top teams
 HS national finals at Fed
in St. Louis
 Bellaire HS Houston 2nd
in nation 2012
10 week Student Session
• 10 Week Student Session Fall and Spring
Prizes for Regional Winners
Teams of 4 to 5 students
• Teaches math, investments,
• decision-making
How Do You Get These Materials?
www.economicstexas.org
Select either
Browse Economics
Concepts
Or
Browse Economics
Lessons
Select Grade Band
Selected
lesson
To Receive VE4.0, Please Complete
and Turn In1. A Registration form with the date, location and title of the workshop
written in at the top of the form.
2. 2 evaluation forms with the date, location and title of the workshop written
in at the top of the form. The evaluation begins with…
Your state council on economic education or local center for economic education director has indicated you as someone
who has recently attended a training on the use of one of our materials. As such, we would like to know about your
experience with both our training and our product. Please take the time to fill out the following survey.
1.
Overall, how effective will this publication be in helping you plan instruction?
(1 = Useless, 3 = Somewhat Effective, 5 = Very Effective)
1
2
3
4
5
•1.
how Texans make a living
•2. where people settle
•1.
Land
•2. Labor
•3. Capital
•4. Entrepreneurship
President/CEO
Texas Council on Economic Education
(TCEE)
www.economicstexas.org
Laura@economicstexas.org
713-655-1650
Describe how the free
enterprise system works
Market Price: Changes in Supply and Demand
•How do changes in demand affect market price?
•How does the market price guide what producers or
suppliers produce?
•Why must costs be subtracted from revenues to
determine profits?
•How can certain events cause costs to change, which
can affect profits?
What is meant by demand?
2. What are three things you demand
economically?
3. How much will you pay for them?
4. What determines if you demand/buy them?
1.
We will divide into factories with 4 to 6 workers
in each factory.
2. Choose a production manager.
3. Choose an accountant
1.
There will be 3 rounds of 5 minutes each.
2. You will produce any amount, but at least one of
the apple, hammer, shirt and cup/saucer in 2
inch dimensions.
3. Each product must have 2 colors.
1.
1.
2.
3.
4.
Each product must have 2 colors.
You may only use your hands – no capital.
You may specialize.
Produce at least one of each but as many as
possible.
1.
2.
3.
4.
Each product must have 2 colors.
You may only use your hands – no capital.
You may specialize.
Produce at least one of each but as many as
possible.
Count the quantity produced of each product.
2. Record the quantities on the “Revenues Worksheet”
3. We will do a class total.
4. We will draw a demand card.
5. We will determine prices and factory earnings.
1.
Supply, Demand and Market Price Chart
Goods
Supplied by
Class
Resulting
Market Price
With NO
Change in
Demand
Resulting
Market Price
with
Decrease in
Demand
Resulting
Market Price
with Increase
in Demand
0-8
$10
$8
$13
9-12
$7
$5
$10
13-16
$5
$3
$7
17-20
$3.50
$2
$4
Over 20
$2
$1
$3
Tally your round one results
2. Plan your production strategy for round 2.
3. The production manager has the final
authority on what to produce.
1.
1.
2.
3.
4.
Each product must have 2 colors.
You may only use your hands – no capital.
You may specialize.
Produce at least one of each but as many as
possible.
Count the quantity produced of each product.
2. Record the quantities on the “Revenues Worksheet.
3. We will do a class total.
4. We will draw a demand card.
5. We will determine prices and factory earnings.
1.
Supply, Demand and Market Price Chart
Goods
Supplied by
Class
Resulting
Market Price
With NO
Change in
Demand
Resulting
Market Price
with
Decrease in
Demand
Resulting
Market Price
with Increase
in Demand
0-8
$10
$8
$13
9-12
$7
$5
$10
13-16
$5
$3
$7
17-20
$3.50
$2
$4
Over 20
$2
$1
$3
What patterns do you see in the Supply,
Demand, and Market Price Chart?
2. In a market, what two things are needed for a
price to be determined?
3. What caused price to change?
1.
4. How did price influence your
production decisions?
5.
How did other groups
influence your strategy and
plans?
President/CEO
Texas Council on Economic Education
(TCEE)
www.economicstexas.org
Laura@economicstexas.org
713-655-1650