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Economic System

Page history last edited by Tom Armstrong 2 years, 8 months ago

The Economic System 

How can a business be influenced by economic and political forces.

Start a business

Articles on the topics

Go back to scope of what we covered with our learning targets.

State and local laws

Economics principles like supply demand- demographics

 

 

Big Question:  What is the free market of a capitalistic economy? 

 

Unit Objective

 

- Demonstrate what role you play in the American economic system.

- Learn/apply entrepreneurship in a free market.

 

Activity 1

Background on 4 economic systems

Economic_Systems_FAQ (1).pdf article on 4 economic systems

                                     Complete the Four Economic Systems Chart

 

Role play (Hersey Kisses)

divide in 4 groups

each one is to list out important aspects of that economic system, familiarity and differences 

Off that list role play a business situation showing what that economic system would function.

Wrap up, benefits of free market?

Exit: pick which one of the four you would want to work with. Divide up if necessary

 

Activity 2

Roles of citizen and government in economic system JUST DO FREE MARKET

Want to show how Capitalism and free market or socialism and command economy activity

matching or relating

 

What is capitalism?

 

P M I  Chart                       Capitalism

Big question: What are the pros and cons of a capitalistic economy?

 

Directions:

1. Review your Four Economic Systems chart on the three economic systems from Activity 1.

 

2. Class will complete the PMI (plus/minus/interesting) chart on Socialism (read link/complete the PMI chart).

                         Socialism paragraph                 PMI Socialism Chart

 

3.  complete the PMI Chart on Capitalism: 

                         Capitalism paragraph              PMI Capitalism Chart

 

3. Count off by 5. Discuss your viewpoints and findings in small groups about what you learned. 

4. Share two ideas per group with the class.

5. On the Economic Markets blackboard; Use a post it note and write down one characteristic for an economic system that you can identify.

6. Write a final reflection on nicenet.org about capitalism: What conclusion can you draw on the pros and cons (advantages or disadvantages) of a capitalistic economy?  Include Pros, cons, and what other ideas in the group persuaded your final thoughts?

 

 

Activity 3

King of Capitalism? Give names, Struggles/failures and successes. 2 sided on what worked and did not work in their lives.

https://www.youtube.com/watch?v=urXNeKya9Wc 6:02 15 year old millionaire

Mark Zuckerberg, Oprah Winfrey, Giuliana Benetton, Warren Buffet, Doris Fisher, Meg Whitman, David Duffield, Elon Musk, Sophia Amoruso, Lindsay Phillips, Donald Trump, Bill Gates, Steve Jobs, Rosalia Mera, J.K. Rowling.

entrepreneurs-

http://www.forbes.com/forbes-400/ 400 richest people in the world

Conclusion on chart : What are the characteristics each of these people have that are similar. Role models, influences, aha moment,

 

Shark Tank                             Unit Activity                Mr. Armstrong 

- show global, digital, and civic citizenship using entrepreneurship.

- show influences on businesses from a citizenship and government point of view.

 

Objective: Use 21st century skills of citizenship (entrepreneurship) to sell a product or service.

 

Introduce Shark tank

http://sbinformation.about.com/b/2009/08/24/business-lessons-from-the-shark-tank.htm About shark tank

http://www.hulu.com/#!watch/486335 Entrepreneurs present history, philosophy, marketing, capital, and problems with their business.

http://www.justelementary.com/shark-tank-business-lessons-season-finale/ City Kitty idea on Shark Tank

http://www.youtube.com/watch?v=NbKB16tuZ_8 City Kitty episode 42;30

http://www.youngentrepreneur.com/blog/7-lessons-every-young-entrepreneur-can-learn-from-sharktank/ 

Introduce the sharks....

http://abc.go.com/shows/shark-tank/cast Shark Tank Bios. Who would you pitch your marketing towards?

 

http://paddleface.weebly.com/ Example of a student project

 

Model one from a shark tank episode. We do one and they do one.

1. Writing Company profile- Gina's business. http://balanceonbuffalo.com/home 

2. Design product or outline an idea

3. Raise Capital

What is capital? http://www.entrepreneur.com/howto/raisemoney/ How to raise it

4. What is Marketing?

http://www.investopedia.com/articles/financial-theory/11/small-business-marketing-techniques.asp 7 types of marketing for small businesses.

http://www.youtube.com/watch?v=qWlhzTI0ooo 4:34 What is marketing?

http://www.youtube.com/watch?v=v_k4coBmCzg 3:55 Video Example of start up marketing. What product could be marketed from the video?

http://www.youtube.com/watch?v=VErg8ZgdOB8 4:36 Coolest marketing ideas ever.

Entrepreneurs don't stand still, always changing.

5. Problems- What issues, with all of the above steps, and other issues will your company face?

 

Shark Tank                             Summative Unit Activity                Mr. Armstrong

Objective: Use 21st century skills of citizenship (entrepreneurship) to sell a product or service.

 

Economics theme- Starting a business      Be a small company and just starting up.        

http://sbinformation.about.com/b/2009/08/24/business-lessons-from-the-shark-tank.htm About shark tank

http://www.hulu.com/#!watch/486335 Entrepreneurs present history, philosophy, marketing, capital, and problems with their business.

http://www.justelementary.com/shark-tank-business-lessons-season-finale/ City Kitty idea on Shark Tank

http://www.youngentrepreneur.com/blog/7-lessons-every-young-entrepreneur-can-learn-from-sharktank/ 

 

-You will see how our economic system works with limited resources and capital.

 

-You will explain the steps of production to satisfy the wants of the consumer.

 

-You will come up with a plan to market your product to the masses to maximize your profit.

 

-You will present this business plan to the class.

 

Below are the five steps to completing the project. You can do them as a group or designate them to individual members but they are all an important part of the plan.  I want the group to turn in a single copy. I included some pages from the textbook (Civics, Government and Economics in Action) to help you but there are other pages that will help you as well as outside resources.

 

You will deal in CLOTHES PINS sales or services.

 

I want you to use as many key vocabulary words as possible. Terms used in economics in the correct way. Use the activities we did in this unit to apply to the assignment.

Use a website, publisher program, or more creative method or just a word document to complete all five steps.

 

Step one: Write a company profile that explains the business philosophy, size of company, history, location, transportation of goods, sales goals, expansion ideas, distribution ideas  etc. P. 350-357, P. 382-386. Think about government laws or regulations and what branch it will affect. How do you intend to use civic, global, or digital ideas on citizenship of the 21st century?

Link on templates for profiles:   http://ezinearticles.com/?Company-Profile-Template---Selling-Your-Company-With-the-Right-Words&id=4597528

 

Step two: Design Product with a sketch and description of the use, function and practicality of the product. Include the resources or material that will be needed for the making of the product.  Discuss the makeup or organization of your company. P. 358-361 Think about government laws or regulations and what branch it will affect. How do you intend to use civic, global, or digital ideas on citizenship of the 21st century?

What resources does your company need? http://www.ehow.com/info_7751148_resources-carry-out-operating-expenses.html

 

Step three: Raise capital for the start of your business.  Include a letter that you will send to the bank, shareholders, angel investors, or whatever idea you have for raising money. Try to be realistic in raising capital. P. 363-369,

P. 376-381, P 382-386 Think about government laws or regulations and what branch it will affect. How do you intend to use civic, global, or digital ideas on citizenship of the 21st century?

Which shark would you go with and how much would you give up.

How to raise capital? http://www.inc.com/guides/finance/20797.html

 

Step four: Marketing to your target consumer, how will you distribute your product, will you use mass or sole marketing, retail, wholesale, online sales, trade shows, or factory direct. Where will you sell your product, how will you advertise. What slogan, catch phrase, logo, etc. will you use. You need to find sources that describes marketing and its goals and apply them to your business.  How do you intend to use civic, global, or digital ideas on citizenship of the 21st century to reach consumers?

Think of which shark you would market with and why.

How to market a product: http://www.ehow.com/info_7756860_marketing-tips-new-product.html

Distribution of your product: http://www.indiahowto.com/distribution-system.html

 

Step five: Problems that could be critical issues to the success of your company and distribution of your product. P. 388-395. Think current events, stock market prices, changing technology, economic cylces, labor costs, business expenses, expansion, franchising, resources costs, foreign and domestic competition, demographics, etc. Think about government laws or regulations and what branch it will affect. How will civic, global, or digital ideas help or hurt your business?

 

Objectives

Understand how the price of a stock rises and falls and the success or failure of a company is influenced with the strength of a companies business plan.

Show how a free market economy influences decisions by citizens to take risks in business, meet demands with adequate supplies, or prepare to change with lack of demand to meet consumer needs.

Hypothesize how playing the stock market can be a financial success for investors and demonstrate those capitalistic principles with the stock market and in business.

 

Rubric   

 

Parts of your Business plan             down 3              down 2                     down 1                   1-6 points max

 Profile 

1

 effort  lacks depth, use of some terms, and has little information   some depth, some use of terms, and information adequate Good depth, use of civic citizenship, and informative.  

 Design 

1

 effort  more detail needed  and creativity is lacking  some detail and good creativity. good detail and creativity with global ideas

 Capital 

1

 need capital    limited possibilities    a few possibilities  wide range of possibilities to raise capital globally and digitally.

 Marketing

6

 need to market product and mention distribution.  limited priorities and little on distribution  a few priorities and some examples of distribution.   Shows global and digital ideas and an understanding of distribution.  

 Problems 

3

    at least one listed   listed a couple  listed a few problems 

 listed many problems

 

 Overall Presentation 

12

Did not present   lacked organization around 21st century citizenship   some organization around 21st century citizenship  organized around 21st century citizenship

 

 

     

      Stock Market Activity       Summative Unit assessment        

 

-You will understand how the price of a stock rises and falls with principles of capitalism.

-You will see how people buy stock shares as one way to participate in the economy .

 

Big Question:  What influences the stock market making prices go up and down in value?

 

Guiding question: How important is financial knowledge? Read below and revaluate your answer.

http://online.wsj.com/article/SB10000872396390444812704577605232303164416.html about investor knowledge in the u.s. and how much we don't know.

 

Goal of activity:     Buy Stock- Shares in corporations; Companies sell stock to raise money to invest in new technology, grow bigger, and expand their worth. Owners of stock sometimes earn income from dividends ; They make profit when they sell their stock for a higher price than they paid for it. Student who has the most gain in their price from buy in to buy out plus dividend at the end of the activity wins. Compete for the riches.

 

Put the following in writing in your portfolio. Your portfolio can be an on line spread sheet, regular spread sheet, or a word document. Just keep track of the stock and its price plus answer the questions.

Stock Market Activity.doc

Stock_20Market_20Activity_20Outline[1].docx This outline is to help with your journal for stock market activity.

Directions 

http://www.marketwatch.com/   Good online site to check stocks, have a portfolio and compete against others.

http://www.msnbc.msn.com/id/46739626/ns/business-stocks_and_economy/ check stocks here also.

1. Research a company that you are familiar with, you buy their product, or you know of other people who really love and have to have their product. Check their growth potential, dividends, news about their future, and overall performance. Decide whether you want to invest in this company or research another that will grow quicker.

2. Buy that common stock from the New York, American, or Nasdaq stock exchanges.

Take the stock price and multiply it by 100 shares and you have the original total for your stock purchase.              Stock price x 100 = total paid for stock       

                                       ex. U.S. Steel 86.42 per share x 100 = $8,642.00

Buy 500 shares worth of stock, 100 shares of five different companies. The company shares can be any price but You need to be familiar with them and you want them to rise in value.

3. Follow the price of your stock or stocks from your buy in date of JANUARY 10th to January 21st when I want you to sell it for the price on that day.

4. Journal the day-to-day price of the stock and whether its price is up or down.

5. Report any news that the company releases or that is reported about the company.

6. Analyze how did your individual stock do overall compared to the rest of the stock market?

7. Compare on how did your individual stock do compared to other companies of similar commodities, indexes, or product lines?

8. Use hindsight on what if you had another shot at doing the same activity and buying new stocks what would you do different?

 

Stock Market 

Rubric                                                     

                                              1                                    2                                 3                                4

-You will understand how the price of a stock rises and falls with the strength of a companies business plan.

-No understanding how the price of a stock rises and falls with the strength of a companies business plan.

 

Little understanding how the price of a stock rises and falls with the strength of a companies business plan.

Understand some reasons how the price of a stock rises and falls with the strength of a companies business plan.

Understand many reasons why the price of a stock rises and falls with the strength of a company.

-You will see how people buy shares of a company to infuse capital into the growth of a company and hopefully make money in the process.  Identify at least on reason people buy shares of a company to infuse capital into the growth of a company and hopefully make money in the process.  Identify a few reasons people buy shares of a company to infuse capital into the growth of a company and hopefully make money in the process.   Identify some reasons people buy shares of a company to infuse capital into the growth of a company and hopefully make money in the process.   Identify many reasons why people buy shares of a company and hopefully make money in the process.  
- you will see how company values are connected to current events going on around the world. Analyze at least one factor how company values are connected to current events going on around the world.  Analyze a couple factors how company values are connected to current events going on around the world.  Analyze some factors how company values are connected to current events going on around the world.  Analyze many factors how company values are connected to current events going on around the world. 
- you will see how basic economic principles are used in our capitalistic economy.  Discuss at least one example how basic economic principles are used in our capitalistic economy.  Discuss a couple of examples  how basic economic principles are used in our capitalistic economy.   Discuss a few examples of how basic economic principles are used in our capitalistic economy.   Discuss many examples of how basic economic principles are used in our capitalistic economy.  

 

 

Overall Presentation               4     3     2     1

 

 

Activity 4       Granny D Goes to Washington        

Follows the march of a granny to restore representative government in 2006.

Step 1

http://grannyddoc.com/ Link to introduce Doris Haddock, "AKA Granny D"       Discuss

Step 2

Question: Who does our government represent in Washington D.C. with the laws they pass, the citizens or the corporations? Why?        Discuss

Step 3

What is the citizens United court ruling in 2010?       Review below

"The Supreme Court may have changed the landscape of campaign spending today: in issuing its decision on Citizens United v. Federal Election Commission, it announced that corporations and unions can now spend money directly in support of candidates. 

http://www.lwvmn.org/document.doc?id=46 Link showing the Court ruling.

http://www.alec.org/about-alec/history/ ALEC victory. History of ALEC.

Step 4

Watch the 30 min video on Granny D going to Washington.

Step 5

Question: What would Granny D think of the Citizens United v. Federal Election Commission ruling?

Step 6

Write a paragraph and discuss with the class about Granny D and her belief in representative government versus the citizens United ruling and its impact on representative government.

 

 

 

 

 

4. Discuss what you learned about our economic system and the role it has in our lives?

link 1: http://winteryknight.wordpress.com/2012/11/13/walter-williams-explains-why-capitalism-is-moral-in-5-minutes/ 2 videos on capitalism in two 5 minute segments.

 

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