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Economics in Action

Learning about economics is fun as students learn about regional and global economy and then design and create a game based on economic concepts.

Lesson Plan

Supplies Needed

Gather all the supplies needed to bring your craft ideas to life! From paints and markers to glue and scissors, our crafts section has everything to spark creativity and make every project truly special.

  • Cardboard
  • Heavy Paper
  • Paper

Steps

  • Step 1

    Review some basic concepts of economics with the class. Have students research and define some terms as they relate to economics, such as labor, capital, resources, scarcity, etc. Ask them to also research the state or region's resources and industries.

  • Step 2

    Have students break into small groups to design an economics-based game. Give them some questions to ponder, for example, "What factors influence the cost of producing a product?" and "What happens when the price of labor, supplies, and transportation go up more than anticipated?" Have them research examples of how manufacturers either reduce their costs or increase the price of what they sell based on the current conditions that affect their producing and distributing products.

  • Step 3

    Now have student groups design and create a game based on one or more economic concepts such as leveraging local natural resources, training qualified employees, supply chain of essential components or ingredients, and how supply/demand or inflation/recession impact pricing. The game board can be made on recycled cardboard that they illustrate with images and a path related to their game's theme. They might make challenge question cards from heavy paper or create dice from Model Magic to move the game forward. They might use Model Magic to create symbols of the state's resources. They could use paper to replicate currency and deal with pricing issues. Let their creativity and imagination guide them.

  • Step 4

    Have each team play a practice round of their own game so they can test out the rules and objectives and make changes as needed. When they're satisfied with the end result, have them swap and play other teams' games as they enjoy economics in action.

Standards

SS: Production, Distribution, and Consumption: Explore economic decision-making by comparing one’s own economic experiences with those of others.

SS: Production, Distribution, and Consumption: Consider consequences of individual decisions on groups, communities, the nation, and beyond.

Adaptations

Have students investigate water stress, which can be divided into physical scarcity (a shortage of water due to ecological conditions) or economic scarcity (due to inadequate water infrastructure). What areas of the world are currently experiencing water stress? What is being done to alleviate the problem? What are some of the methods that address this issue (e.g. wastewater recycling, green infrastructure, smarter agriculture, etc.)?

Have students read "Bee Fearless: Dream Like a Kid" by Mikaila Ulmer. Have them learn about this remarkable girl who, at age four, started selling lemonade in front of her house. A true entrepreneur, she founded "Me & the Bees Lemonade" when she was nine, and she donates a portion of the profits to charities concerned with saving bees.

Have students explore price elasticity. They can pick a favorite product, such as one brand of pretzels, compare current pricing of that brand against competition. Ask questions such as, "How might sales be affected if the price increased by $1 per bag for one brand but not others?" Have them consider the economic issues involved in profitability. Why could raising a product's price reduce sales enough to weaken the economic model?