1. Federal Reserve Bank of Atlanta
DOE Social Studies EOCT Workshop
Sherilyn Narker
Economic and Financial Education Specialist

2. Increasing scores on the Economics EOCT
Teach the Principles of Economics
(Economic Way of Thinking)
Teach economics vocabulary
Teach the standards interactively whenever possible
(Simulations, problem-based learning, role plays, etc.)
Use assessments diagnostically and strategically
(Pre- and Post-Testing, Quick Quiz, Exit Cards, etc.)

3. Teaching the Principles of Economics
Example: Gregory Mankiw’s Ten Principles of Economics
PRINCIPLE #1: People Face Trade Offs
PRINCIPLE #2: The Cost of Something Is What You Give Up to Get It
PRINCIPLE #3: Rational People Think at the Margin
PRINCIPLE #4: People Respond to Incentives
PRINCIPLE #5: Trade Can Make Everyone Better Off
PRINCIPLE #6: Markets Are Usually a Good Way to Organize Economic Activity
*PRINCIPLE #7: Government Can Sometimes Improve Market Outcomes
*PRINCIPLE #8: A Country's Standard of Living Depends on its Ability to Produce Goods and Services
*PRINCIPLE #9: Prices Rise When the Government Prints Too Much Money PRINCIPLE #10: Society Face a Short-Run Tradeoff Between Inflation and Unemployment

4. Ideas for Teaching the Macro Principles of Economics
PRINCIPLE #7: Government Can Sometimes Improve Market Outcomes
Fed Lesson: Government Spending and Taxes
Key Ideas:
Why does the government provide some goods and services even in a primarily market driven economy?
What market outcomes is the government trying to improve with specific transfer programs?

5. Ideas for Teaching the Macro Principles of Economics
PRINCIPLE #8: A Country's Standard of Living Depends on its Ability to Produce Goods and Services
(Sub principle: An individual’s standard of living depends on the individual’s productivity within an economy.)
Fed Resource: Gini in a Bottle – Fed essay and student questions
Other Resource: Material World: A Global Family Portrait
Key Ideas:
What determines one’s income within a society?
What leads to income inequality?
What is the relationship between GDP and the standard of living in a country?

6. Western Samoa GDP 1994 - $0.1849 Billion

7. Bhutan GDP $0.271 Billion

8. Mali GDP $ Billion

9. Mexico GDP $ Billion

10. Japanese GDP in 1994 – $4,689.075 Billion

11. United States GDP 1994 – $6,946.975 Billion

12. Ideas for Teaching the Macro Principles of Economics
PRINCIPLE #9: Prices Rise When the Government Prints Too Much Money (Sub principle: Rising domestic prices lower domestic and international purchasing power of a currency.)
Fed Resource: The Fed Explained…Inflation
Other Resource: Quiz – Socrative.com; Foreign Exchange Simulation
Other Related Fed Lesson: The Free Silver Movement and Inflation
Key Ideas:
What is and is not inflation?
How can monetary policy help inflation?
How are exchange rates determined?
What happens to value of a currency when the country’s central bank uses expansionary/loose monetary policy?

13. The Fed Explained…Inflation

14. Using Socrative to Assess Student Understanding

15. Foreign Exchange Simulation with Monetary Policy
Round
Number of Auctioned “Bucks”
Price in Riyal
Change from Previous Buck Auctioned
Reason for Change
Round 1
Buck #1
Buck #2
Buck #3
Round 2
Round 3

16. Describe what you observed in round #1.
Follow-up Questions
Describe what you observed in round #1.
2. Who was the “supplier” of U.S. Dollars?
3. Who was the “consumer” of U.S. Dollars?
4. Why do we need a foreign exchange market?
5. Who facilitates the foreign exchange market?
6. Describe what you observed in rounds #2 and #3.

17. Vocabulary Building Activities
Describe how the Federal Reserve (Central Bank) uses monetary policy to promote price stability.
Explain why government provides public goods and services and redistributes income
From Mazano Laboratories

18. Vocabulary Building Activities
Vocab Snatch Game

19. Federal Reserve Education
Fed Tools for Economics
Econlowdown
Spider Chart
Economic Outlook
Jobs Calculator
Federal Reserve Education

20. Economics Courses Offered
Opportunity Cost
Comparative Advantage
Supply and Demand
Fiscal Policy
GDP and Pizza
Great Inflation
Inflation
Monetary Policy
Currency Crusaders of Justice
The Story of Unemployment

21. Aligned Sample Items from Econlowdown
Gross Domestic Product
In measuring Gross Domestic Product, market value refers to:
a. the number of goods and services sold during a year.
b. the prices of goods produced but not services provided.
c. the price at which a good or service sells in the market place.
d. the value of sales at all shopping malls, grocery stores and retail outlets throughout the country.
Which of the following is a final good produced by a bakery?
a. cake
b. flour
c. sugar
d. eggs
Monetary Policy
If inflation were high and rising, the Federal Open Market Committee (FOMC) would likely respond by doing which of the following?
a. Increasing the federal funds target rate and selling government securities
b. Increasing the federal funds target rate and buying government securities
c. Decreasing the federal funds target rate and selling government securities
d. Decreasing the federal funds target rate and buying government securities
Supply and Demand
If producers expect the price of a good to decrease in the future, what will happen to the current equilibrium price and quantity of that good?
a. The equilibrium price and quantity will both decrease.
b. The equilibrium price and quantity will both increase.
c. The equilibrium price will increase and equilibrium quantity will decrease.
d. The equilibrium price will decrease and equilibrium quantity will increase.
Currency and Exchange Rates
Which of the following events could cause a currency to depreciate?
a. A country's interest rate falls relative to the interest rates in other countries.
b. A country's interest rate increases relative to the interest rates in other countries.
c. A country's interest rate increases at the same pace of interest rates in other countries.
d. None of the above, because interest rates have no affect on exchange rates.

22. Personal Finance Courses Offered
Cards, Cars, and Currency
Credit Cred
It’s Your Paycheck
Opportunity Cost
Paying and Receiving Interest
Soar to Savings
Time Value of Money
Predicting the Future

23. Aligned Sample Items from Econlowdown
Interest and Credit Cards
What happens if you pay more than the minimum balance on your credit card each month?
a. The total amount of interest paid will decrease, and the amount of time required to pay off the balance will decrease.
b. The total amount of interest paid will decrease, and the amount of time required to pay off the balance will increase.
c. The total amount of interest paid will increase, and the amount of time required to pay off the balance will increase.
d. The total amount of interest paid will increase, and the amount of time required to pay off the balance will remain unchanged.
Risk vs. Reward
The risk-reward relationship says:
a. Risky behavior deserves an award.
b. Investors who choose less risky investments are rewarded by earning higher interest rates.
c. There is an indirect relationship between risk of loss of principal and expected rate of return.
d. There is a direct relationship between risk of loss of principal and expected rate of return.
e. Investors who choose risky investments always make more money than investors who choose less risky investments.
Credit Worthiness
Your credit score is determined through the following five factors:
a. Age, gender, race, income, and high school GPA
b. Age, level of education, income, length of time with current employer, and ZIP code
c. Payment history, debt amounts, length of credit history, new credit, and credit mix
d. Payment history, income, debt-to-income ratio, years at current address, and criminal record
Investment in Human Capital
Human capital includes which of the following?
a. The knowledge that people possess.
b. The talent that people possess.
c. The skills that people possess.
d. a, b and c are all correct.

24. Visually appealing SMART Boards, Print Guides, and Mobile Apps!
Topics Addressed
Budgeting
Net Worth
Banking
Stocks
Bonds
Credit Worthiness
Debt Management
Entrepreneurship
Risk vs. Return
Visually appealing SMART Boards, Print Guides, and Mobile Apps!

25. Katrina’s Classroom Topics
Investing in Education and Human Capital
Budgeting/Delayed Gratification
Emergency Savings
Debt Management & Credit
Financial Recordkeeping & Document Storage
Insurance/Risk Management
Goal Setting

27. Call today to find your financial future.

29. Model Lesson: Teen Unemployment – What’s the Real Story?

30. Fed Personal Finance Programs for High School
Program Title
URL
Building Wealth
Econlowdown
Katrina’s Classroom
Personal Finance 101 Chats
It’s Your Paycheck!