Laura Ewing President/CEO Texas Council on Economic Education

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 2010/3 rd 2012 David Ricardo Division 3 rd place national champs Plano HS 2010/4 th 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 2 nd 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

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1. how Texans make a living 2. where people settle

1. Land 2. Labor 3. Capital 4. Entrepreneurship

President/CEO Texas Counci l on Economic Education (TCEE)

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?

1. 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. Each product must have 2 colors. 2. You may only use your hands – no capital. 3. You may specialize. 4. Produce at least one of each but as many as possible.

1. Each product must have 2 colors. 2. You may only use your hands – no capital. 3. You may specialize. 4. Produce at least one of each but as many as possible.

1. 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.

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$8$ $7$5$ $5$3$ $3.50$2$4 Over 20$2$1$3

1. Tally your round one results 2. Plan your production strategy for round The production manager has the final authority on what to produce.

1. Each product must have 2 colors. 2. You may only use your hands – no capital. 3. You may specialize. 4. Produce at least one of each but as many as possible.

1. 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.

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$8$ $7$5$ $5$3$ $3.50$2$4 Over 20$2$1$3

1. 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?

4.How did price influence your production decisions? 5. How did other groups influence your strategy and plans?

President/CEO Texas Counci l on Economic Education (TCEE)