Playful Economics

PlayfulEconomics

Laura Ewing President/CEO Texas Council on Economic Education (TCEE) www.economicstexas.org Laura@economicstexas.org 713-655-1650

TCEE STATE CONFERENCE • Hotel Contessa, Riverwalk in San Antonio • June 16-17, 2014 Elementary • June 17-18 Secondary • Audience: K to 8 Math PFL Teachers K to 12 Economics Strand Social Studies Secondary CTE Economics Teachers • $160 covers registration, 4 meals and reception

National CEE Conference • October 10-12, 2014 • Dallas Texas • National and Texas Based Presentations • Cost approximately $150 and includes several meals

Texas Essential Knowledge and SkillsEconomics and Play Dough Economics Describe how the free enterprise system works

Lesson 12:Market Price II Market Price: Changes in Supply and Demand

Concepts of the USFree EnterpriseEconomic System How do changes in demand affect market price? How does the market price guide what producers or suppliers produce?

Concepts of the Texas/USFree EnterpriseEconomic System Why must costs be subtracted from revenues to determine profits? How can certain events cause costs to change, which can affect profits?

Market Price Focus What is meant by demand? What are three things you demand economically? How much will you pay for them? What determines if you demand/buy them?

Market Price Competition We will divide into factories with 4 to 6 workers in each factory. Choose a production manager. Choose an accountant

Production Rounds There will be 3 rounds of 5 minutes each. You will produce any amount, but at least one of the apple, hammer, shirt and cup/saucer in 2 inch dimensions. Each product must have 2 colors.

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

Get Your Play Dough

Time IS UP! Count the quantity produced of each product. Record the quantities on the “Revenues Worksheet” We will do a class total. We will draw a demand card. We will determine prices and factory earnings.

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

Get Your Play Dough

Time IS UP! Count the quantity produced of each product. Record the quantities on the “Revenues Worksheet. We will do a class total. We will draw a demand card. We will determine prices and factory earnings.

Process What patterns do you see in the Supply, Demand, and Market Price Chart? In a market, what two things are needed for a price to be determined? What caused price to change?

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

Process What trends do you see ? What are three things you have learned about how the market or free enterprise system operates? What concepts and TEKS would this activity teach?

Playful Economics