Stephanie

Rudnicki ED478 Problem Based Learning Economics Unit The Basic Economic Questions 8th Grade To be used with Civics Today: Citizenship, Economics & You 1. Students will be able to identify and explain the main economic problem: scarcity. 2. Students will be able to define needs and wants and compare the two. 3. Students will summarize opportunity cost and identify its components. 4. Students will evaluate economics through cost benefit analysis. 5. Students will describe their role in the economy. 6. D.8.2 Identify and explain basic economic concepts: supply, demand, production, exchange, and consumption; labor, wages, and capital; inflation and deflation; market economy and command economy; public and private goods and services 7. D.8.8 Explain how and why people who start new businesses take risks to provide goods and services, considering profits as an incentive 8. D.8.11 Describe how personal decisions can have a global impact on issues such as trade agreements, recycling, and conserving the environment Rationale: After creating a primarily knowledge/comprehension level foundation of economic terms and characteristics, students will use inquiry based learning to solve an economic problem through cost benefit analysis. This activity will call on students to use what they already know about economics to comprehend and apply cost benefit analysis. Guiding questions and information posed in the form of letters from the garden club will guide students inquiry process. Informal meetings with the teacher will assure that students are not getting too far off track in their thought processes. An explanation on graphing within their book will allow students to visually display what they have analyzed. Their learning will be presented to their peers and faculty from the garden club. Finally, students will individually evaluate the decisions they have made. Day Lesson Objectives Assessment 1 Introduction Students will describe Students will write their Students will how individuals make own definition of a choice

demonstrate their knowledge of economics in the form of discussion and individual KWLs. Students will then discuss how individuals make choices within economy. Opportunity Cost Students will participate in a mini lecture/discussion on what opportunity cost is. They will then work in groups to identify opportunity costs within given situations. Measures of Cost As a class, students will read about fixed costs, variable costs, total costs, and marginal costs. They will then complete a worksheet.

choices and how /where/why they occur they occur within the economy.

and provide examples of how/why/where individuals make choices within the economy.

Revenue & Benefit Students will participate in a discussion on the two types of revenue and benefit. They will come up with examples and pair share with neighbors. 5, Cost Benefit Analysis 6, 7 Through Problem Based Learning Students participate in a Problem Based

Students will be able to define and summarize opportunity cost. Students will be able to identify opportunity cost within a given situation. Students will be able to judge if opportunity cost is worth the product or service. Students will define fixed costs, variable costs, total costs, and marginal costs. They will summarize what each cost does. They will then compare these to opportunity cost. Students will identify examples of total revenue, marginal revenue, and marginal benefit.

In groups, students will identify the opportunity cost of given situations. Individually in writing, students will judge if the opportunity cost is ultimately worth it in his or her situation.

Students will complete a worksheet that asks them to define different forms of cost and summarize what those forms do. They will then compare them to opportunity cost. Students will identify and write examples of total revenue, marginal revenue, and marginal benefit that they will then share with other classmates.

Students will apply cost benefit analysis to determine what to produce, how much to produce, and who to produce for.

Students will apply cost benefit analysis to evaluate the best means of production. Students will individually prepare a business statement that

Learning activity in which they learn about cost benefit analysis as they decide the basics of a student run business. Presentations of Businesses Students will present and explain their business decisions Students in the Economy Students will ways in which they participate in the economy and why it is important. The teacher will provide them with well-defined categories in which they will create examples.

evaluates their groups work and explains why or why not it will be successful. Students will apply cost benefit analysis to determine what to produce, how much to produce, and who to produce for. Students will define the ways in which they participate in the economy and identify ways that they participate. They will evaluate the importance of each category. Students will apply cost benefit analysis to evaluate the best means of production. Students will define reasons for participating in the economy. They will identify examples of the participation. Finally, they will rank the categories in order of importance and explain their evaluations.

Economics (8th Grade) Lesson Plan: Cost Benefit Analysis Through Problem Based Learning Objective: Students will apply (application) cost benefit analysis and compare possible business choices (analysis) to evaluate (evaluation) the best means of production. Students will individually prepare a business statement that evaluates (evaluation) their groups business decision and explains why or why not it will be successful. Goal: D.8.8 Explain how and why people who start new businesses take risks to provide goods and services, considering profits as an incentive Time Needed: 3 class periods (45-60 minutes each class) Materials Needed: Text books GRASPS criteria sheet Informational handouts Poster paper Writing utensils Graphing paper Introduction - 5 minutes Briefly explain to students the progress that they have made in the unit and what they have learned about. Because they have now become so knowledgeable on the subject, the schools gardening club is seeking their advice in creating a business plan. Students will be spending the next three creating profitable plans that they will then present to the gardening club. Steps for Instruction - 35 minutes 1. Hand students their GRASPS criteria sheet. As a class, read through the sheet and answer any questions that students may have. 2. Move students into pre-determined, teacher selected groups. Groups will be comprised of four students each. This group size will ensure that students are capable of managing the work without becoming so large that progress is slowed in reaching agreements. The even number ensures that one student will not be left out of the conversation. Finally, these groups should contain an evenly distributed amount of novice, intermediate, and master students; in this way, students can learn from each others strengths. 3. On each of the three days, provide students with a different letter from the gardening club. The first letter will focus on determining what the garden club should grow out given choices. The second letter will focus on how much the garden club should grow given the size of the school garden. The third letter will ask students to determine whom the garden club should market to. Each letter will contain possible options and their details. In addition, the letters will ask students to display their findings visually in a graph like that found within page 413 of their text book. 4. Read these letters with the class and answer any clarifying questions the students may have on information within the letters. 5. Monitor groups to make sure they making timely progress and cooperating.

6. Meet at least once with each class to check their progress and discuss their thoughts and ideas. 7. Record informal assessment within an observation checklist. 8. On the final day, ask students to create their final, individual, evaluation of the business plan and why they believe it will be successful or not. Strategies for Students Students will be processing information verbally, visually, and in writing, appealing to different learning styles. Students will also be grouped with a variety of achievement levels to receive the most benefit from working with peers. Closure - 5 minutes Briefly have students discuss their thoughts and findings on the business plan project. What did they like or dislike? Do they believe they have created a successful business plan? What did they find most challenging? Finally, remind them that they will present the following day to the gardening club and that their posters and plan should be ready for display the following day. Assessment Students will be formally assessed in two different areas. First, they will be assessed as a group on their cost benefit analysis and comparison of the various choices that were provided by the garden club. Next, they will be assessed on their individual evaluation of the business plan and evidence as to why or why not it will be successful. Finally, students will be informally assessed on participation during the problem based learning activities.

The Garden Club Needs Your Help!

Goal: Your task is to create a business plan that will maximize profits for the schools garden club. Role: You are serving on a committee of apprentice economists. Audience: You are creating a business plan that will assist the schools garden club. They have a lot of experience in gardening and can provide you facts and figures from previous years, but are inexperienced in economics. Situation: The garden club has been listening to your teacher brag about how well informed her class has become in matters of economics. They have asked your teacher for help in making the club more profitable. The club can provide you with information from previous years to assist you, but are relying on you to create a successful plan. Performance: You will analyze the garden clubs material to determine what they should grow, how much they should grow, and who they should sell to. Keep in mind that your ultimate goal is to maximize profits. Once you have compared your options, record your plan on a poster. Be sure to include graphs that visually demonstrate what you have found. Standards: Your postcard should meet the following criteria: 1. Include relevant graphs for what should be grown, how much should be grown, and whom it should be sold to. 2. You should have at least one graph for each category of choice. 3. Your selections should be based on the information you have analyzed, and you should explain why you have selected your choices. 4. In explaining why you have selected the best possible choice, it is necessary for you to highlight and compare the other options that you have found.