Presentation Transcript

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? http://www.npr.org/blogs/pictureshow/2010/08/10/129113632/picturingpossessions
6. Western Samoa GDP 1994 - $0.1849 Billion
7. Bhutan GDP 1994 - $0.271 Billion
8. Mali GDP 1994 - $1.8528 Billion
9. Mexico GDP 1994 - $420.7756 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 http://www.frbatlanta.org/news/multimedia/12fedExplained_inflation.cfm
14. Using Socrative to Assess Student Understanding
15. Foreign Exchange Simulation with Monetary Policy
16. 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 MazanoLaboratories
18. Vocabulary Building Activities Vocab Snatch Game
19. 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
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
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
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
26. Call today to find your financial future. 800-555-5555
27. Model Lesson: Teen Unemployment – What’s the Real Story?
28. Fed Personal Finance Programs for High School