10/29/15 ECON 219 CMR #1 CURRICULUM MATERIALS REVIEW SHEET Circle one: Print material / Video Material / Teacher Developed Curriculum Unit Basic Information: (Title, Author, Publisher, Date Published, Approximate Grade Level) Title: The Olin W. Davis Award for Exemplary Teaching of Economics: Economics in Lisa Fritz’s Classroom Author: Lisa Corbin Fritz Year Published: 1996 Approximate Grade Level: 4th grade General Description The material is a submission for the Olin W. Davis Award for Exemplary Teaching of Economics in 1996. It details how one fourth grade teacher incorporates economics into her classroom routine. There are strategies she uses when teaching economics, a description of her classroom business and classroom mini-economy, examples of handouts, worksheets, and other materials used as part of her economics curriculum, letters of support for her nomination of the award, and student work samples. The strategies for teaching economics include using children’s literature, incorporating economics into language arts instruction, connecting economics and history, using current events, and regularly assessing students’ progress in developing economic skills. Her classroom business is creating and selling notepads. The business includes holding meetings, giving sales presentations, and advertising the products. The profit made is used to improve their classroom, school, or a community service project. The classroom mini-economy includes student-held jobs with income, other income for completing various tasks, a list of expenses including desk rental, insurance, and fines, privileges that can be bought with earned wages, and an evaluation form detailing students’ status in the classroom economy. Each section includes pictures of students engaging in various tasks and examples of worksheet and other materials used. The letters of support are from students and colleagues. The final section is completed student work from economics-based lessons. Specific Economic Concepts Taught There are many economic concepts that can be presented using the activities and strategies in this material. I will be discussing these concepts in relation to the activity that best presents the opportunity to teach the concept. The three activities are economics and literacy, the classroom business, and the classroom mini-economy. There are multiple economic concepts taught during each of these activities, making it difficult to discuss all concepts. Therefore, I will discuss three major concepts from each activity, making for a total of 9 economic concepts discussed. 1. Economics and Literacy Opportunity Cost 10/29/15 ECON 219 CMR #1 o This concept is taught using a piece of children’s literature titled Alexander, Who Used to Be Rich Last Sunday. There is not a description listed in the material for this book, but according to a summary found on Amazon, the book is about a boy named Alexander who receives a dollar in spending money. He wants to save the money to buy something big, but instead spends all of his money on smaller items, like bubble gum, garage sale items, and bets with his brother. The teacher-made material provides a follow-up activity in which students “spend money” on one item and have to identify their opportunity cost. o The book seems to be a valid piece of literature to discuss opportunity cost. When Alexander buys one item, he is giving up the opportunity to save the whole dollar. Each additional purchase comes with an opportunity cost of saving a larger amount of money; the more he spends, the less he can save for the big item. The follow-up activity also seems to provide an accurate lesson on opportunity cost. Though not completely clear from the picture provided, it appears that there is a picture of each student’s purchase on one side of the chart and a picture of each student’s opportunity cost on the other side. If done correctly, it should be a one-to-one correspondence, since the opportunity cost only refers to the next best alternative, not all alternatives or a sum of alternatives. o Because the entire lesson is not presented in the material, I do not know if there were other activities used in conjunction with this literature. If I were to teach this concept using this book, I would incorporate an activity where students identify Alexander’s opportunity costs as he makes decisions throughout the book. I would also challenge students to think about a recent purchase they have made and to determine the opportunity cost of that decision. Decision-Making o This concept is taught using current events and issues that occur in their state. Students were given an assignment to determine whether or not Indiana should raise the speed limits on their roads. The requirements were to come up with at least three pros and cons of raising the limit, and then with their group, make a decision about whether they would or would not recommend raising the speed limit. o This activity provides practice in some of the basics of systematic decisionmaking. There are two alternatives from which students must choose and students are being asked to do an analysis in order to make a final decision. However, there are some parts of the decision-making process that appear to be missing. Students are not asked to specifically define the problem, therefore skipping the first step of the decision-making process. The assignment also only asks students to list pros and cons for one alternative: raising the speed limit. In the decision-tree model, used in class for two-alternative decisions, the pros and cons of each alternative need to be analyzed. Students should also be required to list at least three pros and cons for keeping the speed limit the same. Even though the cons of one alternative may be similar to the pros of the other alternative, students still need to analyze each alternative before making a decision. 10/29/15 ECON 219 CMR #1 o If I were teaching this concept using this activity, I would provide a graphic organizer, such as a version of the decision tree, in order to help students work through all steps in the process. As mentioned above, I would also require students to analyze the pros and cons of keeping the speed limit the same. Also, I probably would not use this particular issue to practice making decisions unless there was relevant news or media coverage about speed limits. For fourth graders who can’t drive cars, speed limits do not seem like a relatable topic to make decisions on. I would want to use an issue that was popular in the media but also relevant to fourth graders, such as school lunches, testing, or physical activity in schools. Entrepreneurship o This concept is taught through an interview activity in which students met with an entrepreneur that they knew in order to ask questions about their life and their experience as an entrepreneur. After the interview, each student wrote a short biography about that entrepreneur; the biographies were compiled into a classroom book entitled Indiana Entrepreneurs. There is also a student work sample from a lesson over ownerships, a component of business and entrepreneurship. The work sample is a picture graph depicting data about how many parents work for each of the types of ownerships (sole proprietorship, partnership, or corporation). o The information sheet students completed during their interviews asks questions such as “Does the entrepreneur offer a good or a service?”, “What is her/his business?”, and “How did s/he come up with the idea for her/his business?”. In order for students to understand these questions, they likely had instruction on goods and services, business, and entrepreneurship. This material does not specify what instruction was given on these topics. The student-completed information sheets shown in the material do demonstrate student understanding of who an entrepreneur is and what they do. Both completed information sheets are over a person who started their own business and is at least a part-owner of that business. o The student work sample of the picture graph also does not come with an explanation in the material. It appears to be the end result of a survey given to the parents of the students in the class. The survey question was about which type of ownership their place of work is. I would assume that students had instruction about each type of ownership before the survey was given and the graph was created. The topic of ownership fits well into entrepreneurship because sole proprietorships and partnerships often are held by the entrepreneurs who started the business. The person or persons who risked their own capital in order to start the business also assume all financial responsibility and debt in sole proprietorships and partnerships. Corporations are a different structure, in which the owners and the company typically have separate identities; corporations have shareholders unlike the other two ownerships. It is unclear from this curriculum material how much instruction students received on these topics and if the topics were part of the same unit. o If I were teaching this subject, I would teach them as part of the same unit and would teach ownerships before doing the entrepreneur interview. I would 10/29/15 ECON 219 CMR #1 expand the interview sheet to include more information about the structure of their business, successes they have had, and setbacks they have experienced. I would want my students to better understand the risk entrepreneurs take when they invest their own capital into starting a business with no guarantees of success. 2. The Classroom Business Productive Resources o The classroom business is selling notepads. In order for this product to be made, productive resources have to be used. The three types of productive resources are human capital, natural resources, and capital resources. All three types of resources are used in the classroom business, giving students the opportunity to identify them in the context of their own business. o The teacher-made notebook does not give details on what lessons are done in the context of the classroom business, but there is a student work sample that demonstrates one student’s understanding of productive resources. The student work sample is about the resources needed to make a pizza. The three categories are correctly identified as land, capital, and labor; the examples given by the student are also correct. Cows, wheat, and pigs are identified as land resources, which are all used to make ingredients for the pizza, like cheese, crust, and pepperoni. Animals can sometimes be capital resources if they are used as plows, but these are not, making land the correct category. The capital resources listed are a pan, spatula, oven, and pizza cutter. While these are not the only capital resources used, all are correctly identified as tools used to make a finished product. The three labor resources identified are the baker, farmer, and butcher. For a pizza with meat, these are correct people to classify as labor, or human capital. Each category is separate on a graphic organizer and there are student-drawn pictures to accompany words. I would use something like this to assess student understanding of productive resources or do one as a class in order to teach the concept. o If I were teaching this concept and had a classroom business, I would be sure to incorporate instruction on each type of productive resource used in the classroom business. I would want students to use a graphic organizer to classify the resources needed and used in the notepad business. Some land resources are the trees and the dye. The capital resources examples are the logging machines, paper-making factories, printers, boxes for shipping, and adhesive holding the paper together into a notepad. The labor resources examples would be the factory workers, the postal service, and the students themselves. Students may not see themselves as human capital and when they learn more about sales and the business, they are increasing their human capital. The business is a good medium for instruction on this topic because students are immersed in it frequently and can make sense of the terms more easily when they are associated with something familiar. Profit & Price o The business also serves as a good medium for teaching about profit. The notebook describes how the class uses the profits made from the notepad sales in order to buy items to improve their classroom, like computers, items to 10/29/15 ECON 219 CMR #1 improve the school, like library books, and items to help others, like books for other schools. o There are no explanations for how this teacher specifically teaches about profit, but the classroom business only continues to operate successfully if it is making a profit. Profit is a primary motivator for businesses. In order to make profit, the business has to determine the price to sell notepads in comparison to the cost of buying the notepads. There are no details about how much each pad costs or sells for, but there is a prime teaching opportunity about price and profit built within this business. Students can be an active part of determining the price to sell the notepads in order to make a profit without deterring customers from buying them. That is what I would do in order to teach profit. The classroom business is a great way of teaching this concept. Consumers and Producers o Another concept built into the classroom business is consumers and producers. Students are an active part of the business by selling the notepads to customers in the community. They are learning about sales, which involves producers getting their products out to consumers and doing so in a way that convinces the consumers to decide to buy them. In this classroom business, the students have to develop a base of consumers to buy their notepads. The students are the producers as they are selling the product to consumers. The business can serve as an example of the relationship between producers and consumers. o If I were teaching this concept, I would use the classroom business as a way to introduce the idea. I would want to then expand on that instruction and determine producers and consumers in many different areas of business. I would want students to see that people can be both producers and consumers, depending on the context. Markets only function if producers make products and if consumers are willing to buy those products. If consumers and producers are not together to trade, markets will not exist. 3. The Classroom Mini-Economy Work and Jobs o The classroom mini-economy functions because each student has a job. Each of those jobs requires students to work. This is a great way to teach students the difference between work and a job. In the classroom mini-economy, one job is a bank teller. The work involved is the description after the job title: “collect all deposits and cash money for students.” There is a difference that can be taught to students. There are 15 different jobs in the classroom as well as opportunities for students to work in other areas of the school, like the cafeteria and other classroom. Each job requires different work which is an accurate reflection of jobs held by adults. Bank tellers do different work than landlords, both in the adult world and in the classroom mini-economy. o I would also teach the concept of work and jobs using student jobs. I like the idea of using a classroom mini-economy to do this. No matter how complex or simple the economy is, different jobs with different work are an integral part of the economy. When students have the opportunity to hold various jobs and do various types of work, they can better understand those basic concepts. If they 10/29/15 ECON 219 CMR #1 have a better understanding of the basic concepts, like work and jobs, then they are better set up to understand concepts like specialization and division of labor. Money/Income and Expenses/Budgets o Another key feature of the classroom mini-economy is money. Students are given wages for completing their jobs and are given bonuses for completing other specified tasks. The wages are given to the students by way of a check. From the job descriptions given in the notebook, it appears that students can cash their checks in for paper money. The money can then be used to pay off debts or expenses and buy special privileges. o There are many lessons in money that can be taught within the classroom economy. No specific lessons are detailed in this material but on the evaluation form, there is a mention of consumer counseling for students who are having trouble working with their money. This counseling can help students understand how to balance their income with their expenses and make a plan for their money. Budgets are another economic concept taught within the classroom mini-economy. It appears that students receive accurate instruction in creating budgets. o If I were teaching this concept, I would also incorporate instruction about money into the establishment of the classroom mini-economy. It is a natural setting to teach about money because students need to use money constantly in the economy. I would teach about the functions of money, budgets, and incomes and expenses. Economic Institutions o The classroom economy has a built-in economic institution in the classroom bank. Students can hold jobs in the bank and are responsible for student deposits and check cashing. This is a simple version of a bank and is a good introduction to one economic institution. Banks hold an important role in the financial system and students need to have an understanding of what they do, who are involved, and how they work. o I would also teach economic institutions in the context of a mini-economy because institutions like banks, credit unions, and brokerage firms, are integral parts of our economy. For fourth grade, I would not do much with credit unions and brokerage firms unless students had a lot of prior knowledge on the topic. Banks are a good choice for an introduction to economic institutions because it’s possible that some students have experience with banks; some may have savings accounts or have talked with their parents about banks. Strengths There are three primary strengths of this teacher-made material. The first is that the activities provided are very interactive for students. The second is that the material has options for incorporating various other subjects and disciplines. The third is that there are many economic standards that can be met by using the activities detailed in this material. 1. Interactive Activities 10/29/15 ECON 219 CMR #1 Each of the activities listed has some type of student interaction and input. The classroom business and classroom mini-economy are the two most interactive activities described in this material. Each of these activities has a role for each student. Students are the driving force behind the classroom business. They are the ones making business plans, selling the notepads, collecting the sales, and using the money to buy other goods. This activity is a long-term project that provides multiple opportunities for students to experience and apply economic concepts they have learned about. There are a lot of concepts, such as those described in the section above, that can be learned about during the process of doing the classroom business. Because students regularly participate in the business, it reinforces the idea that economics is all around us. The same can be said about the classroom mini-economy. This is another longterm project that students are regularly involved in and that presents opportunities for instruction in multiple economic concepts. Students each have a job and every person needs to complete the work associated with that job in order for the economy as a whole to work. The mini-economy is a smaller scale version of an economy students will participate in as adults; using the mini-economy can establish foundational knowledge that will be expanded on as the students receive more education. The application of the concepts on a regular basis and in a way that is relatable for students is a great strength for the activities presented in this material. 2. Cross-disciplinary Activities Because economics is all around us, it only makes sense to connect economics to other subjects that students study throughout the day. This teacher makes these connections to at least three other disciplines: literacy, mathematics, and history. Due to standardized testing requirements, many teachers tend to focus on literacy and mathematics. Incorporating economics into both of these instructional periods is a win all around; the economic content is being taught and the requirements of instruction are being met. Using children’s literature to demonstrate economic concepts is a good strategy because the language used in these books is designed for children. The stories are written with children as the intended audience, so it is easier for students to understand the concepts presented within the story. This teacher also requires written work from students, which is another important skill for life, economics included. There are charts, worksheets, organizers, and spreadsheets that students are required to complete throughout the various activities in the curriculum. All of these activities require writing and reinforce the connection between the two. Mathematics is an obvious connection to economics because of the amount of numbers used in areas of economics. This teacher uses mathematics in economics primarily in the classroom economy. There are multiple jobs, like bank teller, bank auditor, and payroll assistant, that require students to use mathematics in order to complete the required work. Students have to add and subtract accurately otherwise other students will not receive their fair pay; they may receive too much money or too little money. All students have to use mathematics in order to maintain their budgets. Students have to know how much money they have to spend, how much money they will make each week, and how much money they owe in expenses each week. Economics and history are two parts of an effective social studies curriculum and can be taught together. This teacher chose to teach about the history of industry in Indiana and then tied that to the present state of industry in Indiana. This is a good 10/29/15 ECON 219 CMR #1 strategy because it makes a connection between the past and the present. It can be often difficult to see how the past affects the present, so the instruction in both is helpful in making that connection. Students in fourth grade are required to study Indiana history and past economic states are an important piece of that. 3. Standards Met The third strength for this material is that the activities presented cover many of the Indiana economic standards for 4th grade. From the information provided in the material, I have identified six of the ten standards for 4th grade that are addressed by activities in the teacher’s provided curriculum. 4.4.1 Give examples of the kinds of goods and services produced in Indiana in different historical periods. o The lesson on industry in Indiana’s history directly addresses this standard. It explores how industry has grown and developed over the course of Indiana’s history, which involves discussing what goods and services are being produced at what time periods. The classroom business presents opportunities to discuss goods and services in the present time period as well. 4.4.4 Explain that prices change as a result of changes in supply and demand for specific products. o The classroom business directly addresses this standard. Students are experiencing supply and demand and are selling a product in a market. They have determined a price for their product and now need to evaluate whether or not to alter that price. 4.4.6 List the functions of money and compare and contrast things that have been used as money in the past in Indiana, the United States and the world. o The classroom business and mini-economy both can address this standard. There are opportunities in both activities to learn about the functions of money and to examine our present-day money. The activity on industry growth could also present an opportunity to discuss historical money. 4.4.7 Identify entrepreneurs who have influenced Indiana and the local community. o The writing activity about entrepreneurs addresses this standard. Students are interviewing local entrepreneurs in their community and compiling that information into a classroom book. Students are meeting this standard by partaking in the interview process and book creation. 4.4.8 Define profit and describe how profit is an incentive for entrepreneurs. o Profit can be learned through the classroom business. For their business to succeed, they need to make a profit. The students can also learn about profit and the incentive it is for entrepreneurs during their interviews with the local entrepreneurs. One question asks about the idea generation process for their business and making a profit could be a part of that answer. Entrepreneurs start businesses that they believe will make a profit. 4.4.10 Explain how people save, develop a savings plan, and create a budget in order to make a future purchase. o This standard is addressed through the classroom mini-economy. Students budget their money and need to account for expenses they may occur. Students can save their money in order to purchase various privileges; in order to buy some, like lunch with the teacher or the principal, students will 10/29/15 ECON 219 CMR #1 need to save up money from a few weeks. This requires them to plan their savings accordingly. Weaknesses. There are two weaknesses with this material that I would want to be improved. The first is that there is a lack of detail on the actual instructional methods and procedures. The second is that there is a lack of clear methods for assessing the concepts taught through the activities. 1. Lack of Detail While there are many great activities that can be used in an economic curriculum, there are few directions for procedures on teaching these activities. Many of the pages include student work samples, images of students working, handouts used, and sometimes, a brief written description to accompany the images. There are no specific procedures for implementing the materials provided or the activities mentioned. This is particularly confusing for the classroom mini-economy and the classroom business. There are materials provided without much of an explanation of their function. It is difficult to understand how the teacher set up and ran her classroom mini-economy because of this lack of detail. There are sheets for “checks” with no explanation of what the “checks” represent or how students earn them. One sheet shows that “checks” affect the amount of money students receive for the week, but it is not clear how the system actually works. The classroom business also does not much explanation for the planning and implementation of the system. It is not clear why notepads were chosen, the process for deciding the price of the notepads, what instruction students receive in the process of running the business, or the customer base. Assumptions have to be made due to the lack of clarity in this material. The materials shown, like worksheets and images, are useful but would be significantly more useful with some written directions and explanations. 2. Lack of Assessment There is also no clear assessment process for the activities provided in this curriculum. There is only one evaluation sheet and it appears to be a form used only at the end of each quarter to report student progress in multiple areas of instruction. While it is good that parents are informed of their child’s progress and participation in the minieconomy, there also needs to be assessment for the other activities. There are lessons presented about various topics, like growth of industry, entrepreneurs, and decisionmaking, and none of the lessons have specific ways of assessing student knowledge of the topic or progress in the skill. Assessment is particularly important for the long-term projects, like the business and economy, and it is also particularly challenging. Because a lot of knowledge can be presented through these projects, one assessment is likely insufficient. It would be beneficial to know how this teacher regularly monitored student progress and what type of summative assessment(s) she used to determine student’s long term progress.