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Play Dough Economics Texas Social Studies Supervisors’ Association March 2010

Play Dough Economics

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Play Dough Economics. Texas Social Studies Supervisors’ Association March 2010. Laura Ewing. President/CEO Texas Counci l on Economic Education (TCEE) www.economicstexas.org [email protected] 713-655-1650. - PowerPoint PPT Presentation

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Page 1: Play Dough Economics

Play DoughEconomicsTexas Social Studies

Supervisors’ Association

March 2010

Page 2: Play Dough Economics

Laura EwingPresident/CEOTexas Council on Economic Education (TCEE)www.economicstexas.org [email protected]

Page 3: Play Dough Economics

How can you make math, CT and social

studies fun while teaching critical thinking skills?

Page 4: Play Dough Economics

Professional Development• Economics• Personal Financial Literacy• Investor Education• Student Activities• www.economicstexas.org

Page 5: Play Dough Economics

Upcoming FREE TCEE Events

• Stock Market Game each fall and spring• Virtual Economics• All Events are listed at

www.economicstexas.org

Page 6: Play Dough Economics

Stock Market Game• Team Fees vary• 10 week live simulation• Virtual $100,000• Trade stocks, bonds and mutual funds• Grades 4 – 12• InvestWrite Competition

Page 7: Play Dough Economics

Stock Market Game• Houston/Dallas: Merrill Lynch• Valley: Newspapers• El Paso: FirstLight• Austin area: Fidelity Investments• San Antonio: Cabrero

Page 8: Play Dough Economics

Virtual Economics 4• FREE beginning this

summer• 79 publications, 1200

lessons• 28 publications• 500 economic terms

Page 9: Play Dough Economics

Professional Development• Economics• Personal Financial Literacy• Investor Education• Student Activities• www.economicstexas.org

Page 10: Play Dough Economics

June 14-15, 2010Conference:Personal Financial LiteracyAnd Investments ThroughStock Market Game.Registration: $99 Early Bird

Page 12: Play Dough Economics

Texas Essential Knowledge and SkillsEconomics and Play Dough EconomicsDescribe how the free

enterprise system works

Page 13: Play Dough Economics
Page 14: Play Dough Economics

Lesson 12:Market Price II

Market Price: Changes in Supply and Demand

Page 15: Play Dough Economics

Concepts of the USFree Enterprise

Economic System•How do changes in demand affect market price?

•How does the market price guide what producers or suppliers produce?

Page 16: Play Dough Economics

Concepts of the Texas/USFree Enterprise

Economic System•Why must costs be subtracted from revenues to determine profits?

•How can certain events cause costs to change, which can affect profits?

Page 17: Play Dough Economics

Market Price Focus

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?

Page 18: Play Dough Economics

Market Price Competition

1. We will divide into factories with 4 to 6 workers in each factory.

2. Choose a production manager.3. Choose an accountant

Page 19: Play Dough Economics

Production Rounds

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.

Page 20: Play Dough Economics

Production Rounds

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.

Page 21: Play Dough Economics

Get Your Play Dough

Page 22: Play Dough Economics

Production Rounds

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.

Page 23: Play Dough Economics

Time IS UP!

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.

Page 24: Play Dough Economics

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 $13

9-12 $7 $5 $10

13-16 $5 $3 $7

17-20 $3.50 $2 $4

Over 20 $2 $1 $3

Page 25: Play Dough Economics

Between The Rounds1. Tally your round one results2. Plan your production strategy for

round 2.3. The production manager has the final

authority on what to produce.

Page 26: Play Dough Economics

Get Your Play Dough

Page 27: Play Dough Economics

Production Rounds

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.

Page 28: Play Dough Economics

Time IS UP!

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.

Page 29: Play Dough Economics

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 $13

9-12 $7 $5 $10

13-16 $5 $3 $7

17-20 $3.50 $2 $4

Over 20 $2 $1 $3

Page 30: Play Dough Economics

Process1. 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?

Page 31: Play Dough Economics

More Process4. How did price influence

your production decisions?

5. How did other groups influence your strategy and plans?

Page 32: Play Dough Economics

Concepts of the Texas/USFree EnterpriseEconomic System

•How do changes in demand and supply affect •market price?

•How does market price help producers determine what to produce?

Page 33: Play Dough Economics

Process1. What trends do you see ?2. What are three things you have learned

about how the market or free enterprise system operates?

3. What concepts and TEKS would this activity teach?

Page 34: Play Dough Economics

Laura Ewing

PresidentTexas Council on Economic Educationwww.economicstexas.org [email protected]

Page 35: Play Dough Economics