Property Rights and US History:
Jamestown
Introduction
Jamestown was one of the earliest
settlements in Britain’s North American
colonies.
The colony failed not once, but twice, in
1607 and later in 1609.
The majority of the colonists who died in
each attempt succumbed to starvation.
Survivors of the failed missions document
the fact that there was plenty of food
available.
Economic Forces in American History
Jamestown Witnesses
George Percy chronicled these events at
the time, most of the settlers who died
succumbed to famine.[1] Percy also
describes the countryside as being full of
different kinds of food. There were
"turkey nests and many Egges,"
"Strawberries, Mulberries, Raspberries and
Fruits unknown" and "great store of Deere
both Red and Fallow."
[1] Tom Bethell, The Noblest Triumph, p.
33
Economic Forces in American History
Jamestown Witnesses
One eyewitness, after describing an act of
cannibalism among the "poorer sorte"
went on to lay blame on the colonists
themselves:
It were too vile to say, and scarce to be
beleeved, what we endured: but the
occasion was our own, for want of
providence, industrie and government,
and not the barenness and defect of the
Countrie, as is generally supposed."[1]
[1] Ibid p. 34
Economic Forces in American History
Focus Question
The story of Jamestown raises a
perplexing question: how could so
many have starved to death in a land
full of food? Winters in Virginia can
be cold, but certainly no colder than
many parts of Great Britain. Could
hunting and fishing in the New World
have been so different from what
they'd experienced in England?
Were the Indian tribes that fierce?
Economic Forces in American History
Jamestown - 1610
Congratulations - you’ve made it to the
New World!
First, you are an indentured servant. That
means that you've agreed to work for
seven years to pay the Virginia Company
for your passage over here. It sounds like
a long time, but compared to what you
faced in England this is a major step up.
The terms of your indenture make it very
clear that whatever you create - crops,
handiwork, even your ideas - belongs to
the Virginia Company for the next seven
years.
Economic Forces in American History
Jamestown - 1610
Second, there are some company managers
who came over on the boat with you. Their
job is to see that you work hard enough to
make the investment in your passage worth
while for the company. They will tell you
what work to do and when to do it.
Third, you already can see that this new land
is abundant with game and fish. The soil is
very fertile and even the Indians (about
whom you've been a little worried) aren't so
numerous as you feared.
Finally, the work you do is very important for
the Virginia company. They expect you to do
your very best for the period of your
indenture.
Economic Forces in American History
Roles
Colonists
– Your job is to do
the work given to
you by the
managers.
– The Company owns
whatever you
create and can
reward you in any
way it sees fit.
Economic Forces in American History
Managers (3 – 5)
– Your job is to see
that colonists have
what they need to
do the work.
– You must also
check the quality of
the work.
– Finally, you reward
the colonists
according to the
company policy
Work Instructions
Your supervisors will be
bringing around your
worksheets for each round of
the simulation. They will give
you a sheet of paper
containing 15 boxes and your
work will be to draw the
following figure in each box.
Draw as many as you want to
in the time provided.
Economic Forces in American History
Production Results
Round 1
Round 2
Round 3
Economic Forces in American History
New Production Rules
From now on, everything that a worker produces
is his or hers. He or she can sell the work to the
Virginia Company for an agreed upon rate.
1. The rate will be one piece of candy for every
completed box.
2. The colonist may decide not to sell the
Virginia Company if he or she chooses.
3. Colonists who produce no work will get no
candy.
4. Company managers will collect the work and
record how much candy each colonist has earned.
5. Your teacher and / or the managers will
distribute candy at the end of each round.
Economic Forces in American History
Production Results
Round 4
Round 5
Round 6
Economic Forces in American History
Debriefing Part 1
Why didn't the colonists work very hard in
the early rounds?
Were the colonists lazy? Were they
stupid?
What about the company managers - why
weren't they able to motivate the colonists
to work in the early rounds?
What does that tell you about people,
about human nature?
Economic Forces in American History
Debriefing Part II
What changed in the later rounds of the
game?
For the colonists, which part of the game
did you like better? Why?
For the company managers, which part of
the game did you like better? Why?
If you had to design your own colony,
would you allow colonists to own their own
land? Why or why not?
Economic Forces in American History
Key Concepts
Property Rights
– The rules that
govern who owns
what under what
circumstances.
– The right to use,
exclude others from
using and transfer
property as the
owner sees fit.
Economic Forces in American History
Incentives
– Rules or situations
to which people
respond in
predictable ways.
– Positive incentives
allow individuals to
maximize their
profits while
minimizing losses.
Economic Forces in American History
Indentured Servitude
Simulation
Economic Forces in American History
Introduction
Indentured Servitude was the means for
providing the British colonies with labor.
Ship captains and labor brokers would
create contracts with emigrants, then sell
those contracts in the new world to land
owners who needed workers.
This simulation recreates that labor
market.
Economic Forces in American History
At the beginning of the 18th Century,
the typical indentured servant:
Was a 20 year-old male of English
heritage
Could not read or write
Was unskilled
Lived in Pennsylvania
Served an indenture of 4 years, 8 months
Why 4 years 8 months? Who set
the length? And how?
Economic Forces in American History
Roles
Emigrants
– Emigrant roles
come on yellow
cards.
– Emigrants try to
make a deal for the
SHORTEST
indenture period
they can get.
– Emigrants get
points for short
contracts
Economic Forces in American History
Captains, Agents
– Captain or Agent
roles come on blue
cards.
– Captains or
Agentstry to make
a deal for the
longest indenture
they can get.
– Captains or Agents
can earn profits
with longer deals.
Rules
Emigrants
– Only 1 deal per
round
– No fibbing about
your worker
classification
number
– DO NOT TELL the
captains your
maximum time of
indenture
Economic Forces in American History
Captains / Agents
– Only 1 deal per
round
– No fibbing about
where your ship is
going
– DO NOT TELL the
emigrants how
much you can get
for their contracts
– Captains/Agents
must report deals
Round 1
You will have approximately three
minutes to make a deal in this
round.
You may begin when your teacher
says “Go.”
Economic Forces in American History
Round 2
You will have approximately three
minutes to make a deal in this
round.
You may begin when your teacher
says “Go.”
Economic Forces in American History
Round 3
You will have approximately three
minutes to make a deal in this
round.
You may begin when your teacher
says “Go.”
Economic Forces in American History
Debriefing Questions
What was being sold in this market?
Who were the buyers? Sellers?
How would this market function if no one
obeyed contracts?
What did you notice about the general
characteristics of the indenture market as
we played more rounds?
How was 4yrs 8months established as the
term of indenture?
Why is there a range of indenture contract
lenghts?
Who made money?
Economic Forces in American History
Predict…
Length of indenture as cost of passage to
colonies declined…
Length of indenture as economic
conditions for laborers improved in
England and Europe…
Market for indentured servants as
population grew…
Market for indentured servants in South…
Economic Forces in American History
Key Concepts
Market Clearing Price
Supply & Demand
Labor Markets
Economic Forces in American History
Economic Forces in American History
Property Rights in US
History: The Oklahoma
Land Rush
Economic Forces in American History
What would it be like if
we could own things just
by claiming the on a
first-come-first-served
basis?
Economic Forces in American History
Historical Background
The Land Rush of 1893 was the third in a
series of land races created by the actions
of the US Federal Government. These
began in 1885, and continued in 1889.
The Land Rush of 1893 was different,
however, in one important way. Prior to
the Federal Government opening the
"Cherokee Strip" to settlement, the
Cherokee Indians had leased the land to
the members of the Cherokee Strip Live
Stock Association.
Economic Forces in American History
More Historical Background
In 1888 the federal government stopped
recognizing leases between the Cherokees
and the ranchers. The next year Congress
authorized purchasing the land for $1.25
an acre.[1]
[1]
Anderson & Hill, The Not So Wild Wild West, p. 172.
Congress then authorized the land rush of
1893, in which thousands of people came
from all over the country to claim “free”
land.
Economic Forces in American History
Oklahoma – 1893
Congratulations! You've made it to the Cherokee Strip
Land Rush here in Oklahoma Territory, 1893. That
means that you traveled across the country just to get
here and in a few minutes you’ll have a chance to get
the “free land” that the government is “giving away.”
Your family has brought all your resources – money,
horses, tools, everything of value that you own. They’re
loaded up in your wagon, ready to go the minute the
cannon booms. For our purposes today those resources
will be poker chips – take good care of them throughout
the game.
Succeeding in today's simulation is simple: just be the
first family to get the deed on one of the remaining lots
of land (the desks in the front of the room) and get as
many of your chips there as possible. Candy prizes go
to the families that successfully claim land.
Economic Forces in American History
Roles
Migrant Families
– Groups of four or
five students
– Objective: to get
land by being the
first to pick up the
sticky note/deed on
a desk.
– To keep as many of
your chips as
possible.
Economic Forces in American History
Marshalls
– 3 or 4 students for
a class of 35
– Objective: to make
sure the rules for
carrying chips are
followed.
– Reward – candy for
a job well done.
Rules
No one may cross the starting line until the command:
“On your marks! Get Set! Go!”
All family members must carry chips.
Chips can only be carried on the backs of hands or on the
tops of forearms.
Chips must be visible to the marshals and the teacher at
all times.
Chips that fall off are lost. Fallen chips may not be picked
up.
Families must travel together - all four people in close
proximity to each other.
To claim a desk a family must get to the plot first,
retrieve the sticky note, and stand around the plot before
any other family has claimed it.
After claiming the deed, a family must place on the “plot”
of land the chips they successfully carried with them.
(The teacher or a marshal will come by to count them.)
Families who jump the gun (“Sooners”) will be removed
from the game by the marshals and their chips will be
confiscated.
Economic Forces in American History
On your marks…
Economic Forces in American History
Debriefing Questions 1
1. Prior to the race, who owned the
land?
2. Once the race began, who owned it?
3. After the race who owned the land?
4. How many families got land?
5. Why did so few families get land?
6. For those families who got land, how
many chips were you able to get
there with you?
Economic Forces in American History
Debriefing Questions 2
7. Why did so few chips get to the
desks?
8. So for families that didn't get land,
how many chips do you have left?
9. Was the land really free after all?
10. Is there another, less wasteful way
the government could have
privatized the land? What are some
of the costs and benefits of doing
this differently?
Economic Forces in American History
Focus Questions
Why did so many people have to lose
so much to get “free” land being
given away by the government?
Is there a better way for
governments to allocate scarce
resources such as land?
Economic Forces in American History
Debrief
The Oklahoma Land Rush is central to any
history of the American West
It is most often seen in a romantic light,
with landless immigrants from all over the
globe gaining property in the US
From an economic point of view, however,
this episode in American history shows us
how wasteful we can be when we create
the wrong incentives for people to follow.
Economic Forces in American History
Debrief
Once there is a “race” for resources
people will lose track of even the
things they need to survive.
Markets allow for orderly and
efficient transfer of property – this is
one of their strongest points!
Economic Forces in American History
Key Concepts
Property Rights
– Individual vs
Governmental
– Orderly transfer of
property rights
Incentives
– Rewards and
punishments to
which people
respond predictably
Economic Forces in American History
Efficiency
– Orderly transfer of
property rights
Institutions
– Not buildings but
customs, ways in
which an economy
functions
Economic Forces in American History
Transaction Costs and
Currency: “1808 Road Trip”
Economic Forces in American History
Background
Colonial & Revolutionary Periods:
– No common currency (commodities,
Indian Wampum, foreign coins, variety
of paper monies…)
1792: US adopts dollar as “official”
currency… but dollars not issued by a
standard source.
Economic Forces in American History
Background
1791: B.U.S. established
1794: US Mint established
States CAN’T issue paper currency
but they CAN create corporations by
special franchise…
1793 - 1811: A large number of
banks established by special
franchise.
Economic Forces in American History
Background
1811, 86 of 88 banks are private,
state-chartered banks empowered to
issue their own currency…
Economic Forces in American History
1808 Road Trip
You are a lawyer / planter /
businessman living in Richmond,
Virginia in 1808. News of an
excellent business opportunity has
come your way. To take advantage
of the opportunity, you must journey
to Boston to meet with a group of
investors.
Economic Forces in American History
1808 Road Trip
Carrying letters of credit from your
banker and the little cash you've
been able to accumulate, you leave
home with a servant and two horses.
To break up the long journey, you
plan to stop for business and to visit
relatives or renew old acquaintances
in Baltimore, Philadelphia, and New
York City on your way to and from
Boston.
Economic Forces in American History
1808 Road Trip
In each city, you must secure one
night's lodging at an Inn. Prices are
posted outside the inn and typically
include care and food for your horses
and servant in the stable.
In Boston, you must stay for 2 days
to complete your business
discussions.
Economic Forces in American History
1808 Road Trip
You are to return home by reversing
the route you traveled to Boston—
staying one night each in New York
City, Philadelphia, and Baltimore.
If you successfully complete the
journey before the end of the game,
you will receive a prize.
Economic Forces in American History
Rules
You must visit the cities in proper
geographical order.
(No matter what kind of money is in
your purse, you start & end in Virginia.)
Except in Boston, you may purchase only
one night's lodging at a time.
Each time you successfully purchase a
night's lodging, you must submit your
lodging certificate to me. I will then mark
your trip log for the city that matches your
lodging certificate, and you can then
continue on your way.
Economic Forces in American History
Rules
Each round of the game will last only 3-5
minutes. Start each successive round at
the inn where you finished the previous
round.
Don't ask me how many rounds are in the
game; I won't tell you.
To earn the prize, you must complete the
journey to Boston and back to your
Virginia home before the game ends.
Economic Forces in American History
Economic Forces in American History
Round 2
Economic Forces in American History
Round 3
Economic Forces in American History
Debrief
Were there advantages to the customers of
using Bank of the United States notes?
Were there advantages to the innkeepers of
accepting dollars? Why would they accept
dollars but not any of the other state
currencies?
Transaction costs are the costs involved in
making an exchange or transaction. What
were some of the transaction costs you
encountered in this activity?
Economic Forces in American History
Debrief
Are transaction costs included in the price
of a night's lodging?
Who bears the burden of the transaction
costs – the traveler (buyer) or the
innkeeper (seller)?
Who reaps the benefits of the transaction
costs - the buyer or the seller?
Are transaction costs desirable or should
we try to reduce them?
Economic Forces in American History
Debrief
Does having a common currency eliminate
transaction costs?
What is the impact of a common currency on
transaction costs? On trade?
What functions were served by the Bank of
the United States, under the Constitution,
adopting a single currency?
Was this a benefit or a burden to the states
and their citizens?
Why might some states have been reluctant
to make this change to a common currency?
Economic Forces in American History
Economic Forces in American History
Fractional Reserve Banking
Economic Forces in American History
Where does money come
from?
Economic Forces in American History
Your role…
Bankers & Borrowers
Economic Forces in American History
Rules
First, borrowers can borrow only one time per
round of the game.
Second, no cash changes hands in this game.
Borrowers get Loan Certificates rather than
money.
Third, successful borrowers must deposit their
loan certificates into a bank other than the one
which lent them the funds.
Economic Forces in American History
Economic Forces in American History
Round 1
Economic Forces in American History
Round 1 Debrief
How many borrowers were able to
get funding in round 1?
For those who were turned down,
why did the bank say no?
How many bankers met their goal of
lending 80% of their assets?
When those dollars were lent, where
did they go?
Economic Forces in American History
Round 1 Debrief
Each bank started with $10,000 Bankers do you have more than that
now? How come?
What is all that extra money doing in
the economy?
Economic Forces in American History
Round 2
Successful Round 1 borrowers must
deposit their funds in any bank other
than the one where they borrowed.
Bankers: Record deposits on the Bank
Balance sheet, calculate how much you
have in new deposits.
Remember, you can only lend 80% of the
new deposits.
Begin Round 2!
Economic Forces in American History
Economic Forces in American History
Round 2 Debrief
Did all borrowers make deposits into
another bank?
Borrowers how did you decide which bank
to deposit in? How do people decide in real
life?
Did all bankers receive some new deposits?
What do you think this symbolizes in the
actual economy?
Bankers, do you know how to figure out
how much you have to lend in round 3?
Borrowers, are you ready?
Economic Forces in American History
Round 3
Borrowers: Deposit money
Bankers: Recalculate deposits.
Remember, you can lend 80% of
your deposits.
Ready, set, go!
Economic Forces in American History
Round 3 Debrief
How many borrowers were able to get funding
in round 3?
For those who were turned down, why did the
bank say no?
How many bankers met their goal of lending
80% of their assets?
When those dollars were lent, where did they
go?
Each bank started with $10,000 - Bankers do
you have more than that now? How come?
What is all that extra money doing in the
economy?
Economic Forces in American History
Economic Forces in American History
Economic Forces in American History
Debrief
In this activity the incentive for banks to make
loans was bonus points/candy. What incentive
do banks have for making loans in the real
world? What incentive do people have for
keeping their money in the bank?
We started with a money supply of only $50,000.
We finished with a whole lot more than that.
Where did the extra money come from?
What would the borrowers do with all the money
they borrowed? Would their activity be helpful or
harmful for an economy? How can you tell?
Economic Forces in American History
Debrief
In our simulation all of the loans were "good"
loans because the borrowers all paid them back.
What would happen in an economy where people
stopped paying back their loans? What would
banks be forced to do?
Our reserve requirement in this simulation was
20%. What would happen to the simulation if it
were changed to 30%? How about if it were
changed to only 10%?
Most economics textbooks say that banks
"create" money. After our simulation do you
agree? Why or why not?
Economic Forces in American History
Economic Forces in American History
A Question of Trust
Role:
Oil Company Executive, 1875
As oil company executives, you will
be making production decisions. The
goal, of course, is to maximize
profits for the company.
Economic Forces in American History
Rules & Procedures 1
The class will divide into six equally
sized groups.
Each group will be come an oil
company and must:
– Come up with a company name
– Appoint a company treasurer
Each company/group will make
decisions about how much oil to
produce in each round of the game.
Economic Forces in American History
Rules and Procedures 2
Production decisions will be written
on Production Decision Cards.
Profit and loss will be computed
using the Demand Forecast.
– Profit and loss will reflect the production
of ALL 6 Companies combined.
The most profitable company will
receive a prize at the end of the
game.
Economic Forces in American History
Demand Forecast
Price
Projected Demand
$125
1 – 6 Barrels
$100
7 – 13 Barrels
$75
14 – 19 Barrels
$50
20 – 26 Barrels
$30
27 – 32 Barrels
$25
33 – 40 Barrels
$20
41 – 50 Barrels
Economic Forces in American History
Debriefing 1
What strategies are being used to succeed
in this simulation?
What strategies didn’t work? Why?
How did the profit motive act as an
incentive? What behaviors did this
encourage?
How does the creation of a cartel affect
consumers? (product availabilty? Price?)
What happens in markets where collusion
between producers is allowed?
Economic Forces in American History
Starting Over
An Industry Discussion…
Next Social/Business Dinner…
Economic Forces in American History
Telegram
To Oil Company Executives:
– As you know, cut throat competition has been
ruinous to us all.
– If present trends continue, some of you will be
forced out of the market completely.
– We are asking that you:
• Give your production decision cards to us in
exchange for a certificate of trust.
• Allow us to make all decisions regarding the
production and sale of the output of all your firms.
Economic Forces in American History
Telegram
In return we will:
– Guarantee to end the destructive practices that
threaten all our livelihoods.
– Increase the efficiency of production and sale
of oil.
– Thereby stabilizing the price, output and
profitability of our industry, and
– Guarantee to you an equal share of the profits
Please discuss our offer among yourselves
and let us know your decision as soon as
possible.
“The Family”
Economic Forces in American History
Debriefing 2
Why were the gentlemens agreements
unsuccessful in our simulation?
How did the trust form of organization
solve problems for the businesses?
Once the trust was established, whose
interests were no longer protected?
Many people have seen trusts as a failure
of capitalism. In what way can they be
seen as evidence of Adam Smith’s
“invisible hand” of competition?
Economic Forces in American History
Key Concepts
The Law of Supply
Cartels and Collusion
Industrial Capitalism in the US
Competition in markets
Economic Forces in American History
Introduction
America’s Industrial Revolution gave rise
to many of life’s conveniences:
automobiles, factory jobs, refrigeration
and the oil industry.
Competition in the oil business was a
constant problem for small producers, but
one of the biggest producers found a way
to solve the problem of competition.
This simulation shows how difficult “cutthroat” competition can be and how one
family in American history tried to
overcome it.
Economic Forces in American History
Historical Background
The Industrial Revolution is a crucial
chapter in any American history class. It’s
normally taught as the narrative of
improved production techniques, poor
labor conditions, heroic reformers and
villainous “robber barons”.
This simulation is designed to have
students experience the problem of
competition between producers, and what
happens when they try to solve that
problem.
Economic Forces in American History
Economic Forces in American History
The Great Depression:
A Family’s Choices
Economic Forces in American History
Introduction
The Great Depression is a topic that
is often taught in a macro sense:
spiraling deflation leading to
unemployment leading to
government action, etc.
This simulation is designed to give
students a micro sense of the
depression as they struggle to
balance family budgets.
Economic Forces in American History
Historical Background
The Great Depression of the 1930s was
part of a larger global financial crisis.
Most Americans didn’t understand what
caused the Depression, but all Americans
had to deal with its effects in their daily
lives.
With unemployment at more than 25%
and currency values rising, and banks no
longer secure every family had to cut
costs and increase revenues.
Economic Forces in American History
Economic Forces in American History
Roles
This simulation is based on six
families, each with five members.
Each family has a budget and a set
of roles.
In each role a family member brings
news to the family that means the
budget will have to be revised.
Economic Forces in American History
Activity Directions
1. Review your family’s current income and
expenditures.
2. Select a role card from those distributed to
your family discussion group.
3. Beginning with the youngest family member,
proceed, in round robin fashion, to report to the
family the situations described on the role cards.
4. Discuss as a family the changes you will make
to deal with the situations described in the role
cards.
5. When you’ve reached consensus, enter the
decisions on the family budget handout. Be
prepared to present your changes and explain
them to the class.
Economic Forces in American History
Discussion
Did your quality of life change?
Which changes were greater… changes in
income or changes in expenditure?
Over which did you feel you had more
control (income or expenditure)? Why?
If your families are representative, what
has happened to overall level of income in
Butcherville? Expenditure?
Economic Forces in American History
Ripple Effect
Review your family background and
budget sheets to find the names of
specific people and businesses that are
directly impacted by the income and
expenditure decisions your family made
in response to the changes described in
your role cards.
Create a ripple diagram showing the
effects of YOUR family’s budget on others
in your town.
Economic Forces in American History
Ripple Effect
Place your family in the center of the diagram (as if
you were a stone thrown into the water).
On the 1st wave of ripples, write the names of
people directly impacted by your choices.
Next to each name
indicate how they
were affected, using
I for “income” or E
for “expenditure”
and  for increase,
or  for decrease.
On successive
waves, indicate
others affected.
Discussion
How did one families decision to reduce
consumption affect others in Butcherville?
Suggest a generalization that describes
the relationship between income and
expenditure among the members of an
economy.
Suppose that families in Butcherville
choose to use their savings rather than
reduce consumption. Does that mean that
no one’s income will be affected?
Economic Forces in American History
In hard economic times, people
try to protect themselves from
additional hardship by cutting
back on consumption.
Why
would such prudent measures
for individuals make people
worse off overall during the
Great Depression?
Economic Forces in American History
Economic Forces in American History
Discussion
What happens when one family
economizes to adapt to hard times?
What happens when every family
economizes to adapt to hard times?
What does this activity suggest
about our current financial crisis?
What should people do? Why?
Economic Forces in American History
Key Concepts
Paradox of Thrift
Scarcity
Budgets
Opportunity Cost
Choice
Circular Flow of
income &
expenditure
Economic Forces in American History
Economic Forces in American History
The Opportunity Cost of
Staying Home
Economic Forces in American History
Key Concepts
Opportunity Cost
Changing Roles of Women in 20th
Century US
Marginal Profit
Labor Markets
Economic Forces in American History
Introduction
The roles of women in the America’s
economic history is fascinating but almost
never taught to high school students.
For many reasons women started to join
the official labor force in ever increasing
numbers as the 20th century went on.
From the economic point of view their
opportunity costs changed.
This simulation is designed to portray that
opportunity cost calculation.
Economic Forces in American History
Focus Question
When you choose to do something,
to pursue a goal, what is the real
cost?
Economic Forces in American History
Roles
Spouses
– A, B and C
– Each spouse creates a
certain number of
satisfaction points
– Satisfaction points have
a market value:
• $1 = 1 sp
– Goal for spouses is to
maximize their
Satisfaction points by
either taking a job or
choosing not to.
Economic Forces in American History
Employers
– Each employer needs to
hire workers for each
round of the game.
– Employers know how
much profit each
additional worker will
give them at the
prevailing wage.
– Employers bargain with
spouses individually
each round
– Goal: maximize profits
Satisfaction Points
Satisfaction points ≠ Wealth
Level of satisfaction affected by
things such as:
– Family size
– Numbers & ages of children
– Working spouse’s job qualities and
income
– Family values
– Personalities
Economic Forces in American History
Satisfaction Points
Could Satisfaction points be provided for
the family in another way?
– Hiring a sitter or house cleaner
– Accepting that house won’t be as clean
– Store-purchased bread instead of homemade.
Not all substitutes are perfect substitutes.
Some may provide more satisfaction…
some less.
Doing without IS a substitute (even if not
very satisfactory)
Economic Forces in American History
Satisfaction Points
In this activity, household spouses
can earn satisfaction points in 2
ways:
– Stay home and perform household
tasks (cleaning, meal prep, child care,
gardening, volunteer work, etc.)
– Purchase “satisfaction points” with
money earned by working
$1 = 1 Satisfaction Point
Economic Forces in American History
GOAL: Have more satisfaction
points than you started with.
Number of satisfaction points on
your role card DOES NOT affect your
ability to be successful…
Extra points represent a variety of
different “improvements” in your
families’ lives. (better food, nicer
clothes, saving for college, enjoying
work, happiness from staying
home…)
Economic Forces in American History
GOAL: Have more satisfaction
points than you started with.
Extra Satisfaction points earned can
be used to shop in the classroom
store.
Ex: Start with 20 pts each round.
Need MORE than 60 pts after 3
rounds to shop in store. More pts =
more stuff!
Economic Forces in American History
Round 1
Economic Forces in American History
Results
Round
Spouses w/
jobs
1
2
3
Economic Forces in American History
Spouse w/out
jobs
Debriefing 1
After this round, how many spouses took
jobs?
What was your opportunity cost of
working?
For those who didn’t take jobs, why not?
What was the opportunity cost of
staying home?
For employers, why didn’t you hire more
people?
Are we ready for the next round?
Economic Forces in American History
Round 2
Economic Forces in American History
Results
Round
Spouses w/
jobs
1
2
3
Economic Forces in American History
Spouse w/out
jobs
Debriefing 2
Anyone choose to work who
stayed home in round 1? Why?
How did the opportunity cost
of staying home change from
round 1 to round 2?
Are we ready for the next round?
Economic Forces in American History
Round 3
New Role Cards….
Economic Forces in American History
Results
Round
Spouses w/
jobs
1
2
3
Economic Forces in American History
Spouse w/out
jobs
Debriefing 3
Spouses – what had to change in order
for you to take a job in the three
rounds of the game? Why?
Employers what had to change in order
for you to hire more workers in each
round?
Do women’s choices become easier or
harder as their alternatives increase?
What eras of US history are portrayed
in each round of the game?
Economic Forces in American History