Play Full Economics

Play FullEconomics

http://store.yahoo.com/ncee/playful-economics.html

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

mailto:[email protected]


How can you make math, CT and social

studies hands-on and relevant while

teaching critical thinking skills?













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

enterprise system works




Lesson 12:Market Price II

Market Price: Changes in Supply and Demand




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?

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?

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?

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

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.

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.

Get Your Play Dough

Production Rounds


as possible.

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.

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

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.

Get Your Play Dough

Production Rounds


as possible.

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.

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

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?

More Process4. How did price influence

your production decisions?

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




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?

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?







Documents

Play Full Economics