Hi Economics! Glad to be with you today on this rainy and windy Wednesday. Be sure to check the blog and Canvas for any missing or late assignments!
Learning Target:
- I can self-direct my learning
- I can demonstrate an understanding of the basic principles of economics.
- I can identify examples of production, consumption, externalities, and factors of production using a text.
- RAP: To open class, we reviewed the the WHS scholarship decision-making scenario from previous class. We discussed the definitions of efficiency and utility, and then reviewed the results of WHS scholarship. Afterward students reflected on how making decisions based on efficiency and utility may lead to inequality.
- Main Stage: Next, we switched gears to discuss the next set of basic principles of economics: production, consumption, factors of production, and externalities. First students added to their Cornell notes about the basic principles of economics. Then to deepen our understanding of these ideas, I asked students to consider a mystery: How is a loaf of bread, climate change, and the Arab Spring connected? Students completed a short mixer-style mystery and tried to predict exactly how these three ideas are connected.
- Closing: To end class, I asked students to apply their understanding of production, consumption, factors of production, and externalities by reading an article by Christian Parenti "Reading a world through a loaf of bread" and completing this worksheet in pairs. The worksheet is due Friday, April 14th.