Using video clips to teach economic concepts

With so many schools transitioning to distance learning this fall (Y2020), teachers will be working "overtime" converting their traditional lessons to effective online lessons.  Movie/video clips can be an effective way to teach an economic concept.  How you use these clips will depend on what online platform is used by your school.  

The following clips are YouTube links which can easily be embedded into most online platforms (my district uses Canvas).  I will be adding more clips to this post so stay tuned...

Economic Systems:

Traditional Economy: (Mongolian nomads)

 Command Economy: (from the movie Moscow on the Hudson...stop at 1:07)

In this clip, you see Robin Williams character go to the shoe store.  Examples of command economy in this scene: stand in line, rationing (limited in how many pairs he can have), all the same style (no choices/creativity), will blackmarket the items

Clip of shopping in 1990 USSR (when they fill up the car, you can see long lines...shortages that exist)

1990 USSR gas station...observe the cars (contrast the cars in 1990 USSR to other 1990 cars)

Market Economy: (Moscow on the Hudson scene...when he goes to the grocery store for the first time and realizes there are no "lines" but he can freely purchase items himself)

Supply and Demand:

This clip is from the movie The Hudsucker Proxy.  In the movie, the hula hoop was created to hopefully increase the price of the company's stock.  When the hula hoops hits the market, there is no demand (tastes/preferences)  for the toy.  You see the price drop.  When the young boy makes this new toy look fun, a demand is created, driving up the price of the hula hoop.

I usually have students practice graphing through this clip.  

This clip shows the auction of a rare 1948 Tucker Torpedo (see below for information on car).  Big demand, small supply = over $2 million for car! 

Adam Smith/Invisible Hand:

This is part of John Stossel's Greed show.  This is an excellent scene to help students visualize (and define) Adam Smith's invisible hand.

Market Structures: 

Below, you will find several clips on the Tucker Torpedo.  If you are unfamiliar with Preston Tucker, research him.  The first clip is from the movie, Tucker: A Man and His Dream. 

Using Legos to introduce GDP

How It's Made video - Legos...fascinating video

For years, I have used Play-Doh to introduce GDP - gross domestic product.  Last year, I wanted to try something different.  After much thought, I decided to create a GDP introductory activity where the students create homes using Legos.  My girls love playing with Legos...I mean, who doesn't, right?  And we have a ca-jillion Legos at home!  

For this activity, the students are divided into groups - two builders and one accountant.  When the students get ready to build their homes, the accountant comes to the front of the room and "purchases" different blocks/characters/etc. for their home.  I have price broken down based on color and speciality.  Once the home is built, a final cost is calculated.  When time is called, each group presents their home with the final value, which I write on the board.  After all groups present their homes, I add up the value of all new homes created.  This is the GDP for "Walker-country" in the year _____. (you get the point)

This activity is a fun-filled activity for the students that introduces a very important concept to the American economy.  It is one that I can also easily refer back to if needed (intermediate goods versus final product).

Not only is this activity great for the classroom, with some modifications, I believe you can make it adaptable for distance learning.  If students do not have Legos at home, have them construct a home on paper.  Considering many of us will be doing distance learning this fall, I am sure you can think of a way to modify this activity.

My goal this year is to create more Lego lesson plans so stay tuned...

Lego GDP instruction student handout (during activity)

Student reflection handout (post-activity)

Using art to teach economic concepts

A few years ago, I worked with the Mississippi Council on Economic Education and the Mississippi Museum of Art to create a curriculum that incorporated economic concepts into art.  This was, by far, the biggest challenge I had ever faced.  I worked with the education specialist at the museum to create lessons that would help teachers use art not only in their classrooms but also ways to teach economic concepts through art. To be honest, I had no clue how to even begin developing this curriculum.

With any idea, you need an inspiration.  For me, that inspiration came in the form of a National Geographic magazine I came across at Goodwill (below).  The article in the magazine discussed Jamestown's economy.  Perfect!  

I have been fascinated with Jamestown ever since the family and I visited in 2015 (below).

So now that I had a starting point, I began to visit Jamestown's website to identify various artifacts that I could use to introduce the types of questions one should ask while reflecting on art (this is where the museum's education specialist helped me).  From this, I created the following lesson that consists of two components - analysis of Jamestown artifacts (making inferences) and the study of Jamestown economy.  Each lesson can be completed separately if time is an issue. By the way, most of the artifacts chosen somewhat represent a way of living (economy).

When you download the lesson, you will see the student handout is divided into four sections - see, wonder, think, prediction. This type of worksheet can be used with any study of art.  The class will complete each section together so we all finish together.  Once everyone has completed the worksheet for their assigned artifact, I get each group to discuss what they observed and what they predict the object is (I project the artifact so everyone can see it).  After the prediction, I tell them what the artifact actually is (many will predict incorrectly).  Part 2 of the lesson comes next - the study of Jamestown economy, using reading handouts that incorporate the characteristics of the free enterprise system.  If time is an issue, you can take this information and create a PowerPoint.

Jamestown lesson plan

Jamestown PowerPoint converted to PDF (can project to direct lesson)

If you would like more ideas on how to incorporate art into your Economics classroom, visit my page Art and Economics.

To purchase the magazine through Amazon, click here.

Using Movies to Enhance Student Instruction

Should movies be used to enhance a classroom lesson?  Well, it depends.  Movies can be a great way to build on content and give students a visual/depiction of a particular topic.  However, movies can also be abused by teachers who use them to "waste or fill in time."  In social studies, there are many movies that can be used to enhance a lesson. Before showing a movie, however, there are a few details that you should consider...

First, movie permission forms...

It is important to consult with your administration on your school's movie policy.  Even if the movie is PG-13, it is in your best interest to receive parental permission.  Yes...I know my seniors forge their parents' signatures all the time.  Yes...I know many parents do not read the form and just sign.  BUT...having a signed form at least provides some protection for me as a teacher (let the parent discipline child for forgery).  So, what you should put on the movie form.  I suggest that you include the following (if possible):

• movie title and rating (or a link)
• description
• objectives/learning goal of movie
• what students will be doing
• assessment

Here are a few samples of forms I have used in the past (click here). 

Second, the activities students complete while watching the movie are important...

With each movie, I try to create a set of questions that pertain to the learning goals.  I have learned that it is best not to get too detailed in your questions, especially the younger students.  For example, if you use questions such as "What did she say when..." then you will have many complaints and disruptions when students do not catch what she said.  It is best if you give students leeway in what they write down to support a specific concept.  For example, I have used the movie Cast Away as a culminating activity for my first unit. The students have to identify the various factors of productions seen in the movie. This requires work on the students' part and provides a way for me to assess their knowledge and application of the factors of production.

Third, after watching a movie, students should take what they documented and apply...

Movies should not be watched without any discussion or project incorporated at the end.  How will students demonstrate understanding?  This is a great way to review students on concepts before a major assessment.  For example, when I show In the Heart of the Sea, students document facts throughout the movie then take those facts to create a product (iMovie, PowerPoint, iBook, etc.).  They may choose CAPITAL (factor of production) to present.  In the project, the students define the concept and detail five examples of "capital" used in the movie.

This is not a very difficult project but it is one way that students apply what they learned from the movie.  They do present these projects in class, thereby reviewing many of the concepts prior to major assessment.

Conclusion...

Movies are an excellent way to teach a concept or historical event to students.  We all know, however, that time is precious!  If you are going to show a movie, make sure it is applicable to what you are teaching and beneficial for the students.  Many times, it may be more effective and useful to use snippets of movies embedded into a PowerPoint rather than the entire movie itself.  Also, review copyright permission for movies. Here is a link concerning copyright permission for movie use (only can be used for face to face teaching...not distance learning nor in large group settings).

How to use the BE WASHINGTON simulation in Economics

In 2018, I had the privilege to attend the Mount Vernon Teacher Institute.  It was one of the best (if not the best) institute I have ever attended!  If you ever have a chance to apply, please do!  The resources, relationships, and memories will be with you for a very long time!

At the time of the institute, I was teaching Government/AP Government along with Economics.  Although I no longer teach Government, I have taken what I learned and applied to my Economics and World History classes.  So how can you use the BE WASHINGTON simulation in your Economics classes.

SCARCITY... it is the basis of all Economics!  Because of scarcity, individuals have to make choices in how to allocate these scare resources.  Economics assumes individuals are rational human beings (insert BIG eye roll), where individuals weigh the pros (benefits) and cons (costs) of each decision.  To help teach this concept, I use the Be Washington simulation through Mount Vernon.  Although this is geared more towards U.S. History classes, I have adapted it for my Economics students.  Here is an overview.  Please watch before proceeding.

This is a great simulation to teach students how to think through choices.  For each option, students will have to choose various advisors to consult before making a final decision.  Mount Vernon's website has lesson plans for each option, including the worksheets (sample) students will need.  One detail I did add to the worksheet is making students tell me which choice they chose and WHY.  In the reason (the "WHY"), they must include statements from the people they consulted.

A culminating activity you can do is create a cost/benefit (pro/con) chart as a class.  Draw a t-chart on the board.  Write the question at the top (for example, should the U.S. support the French in the revolution?).  For the t-chart, list pros on one side and cons on the other.  Ask students which advisors wanted the U.S. to support he French.  List them under the pros/benefit side.  All the ones who believed the U.S. should not support the French should be listed in the costs/con side.  For each person, have the students give a statement that the advisor stated that supports why the U.S. should or should not help the French. This activity will not only serve as a visual to the students as to how to think through decisions but also show them how complicated domestic and foreign matters can be to a president.

Economics is all about choices which is why it is called the science of choice.  The best gift that can be given to students is teaching them how to think through decisions, considering the costs and benefits of each choice they make.  Not only will this apply when analyzing history but as they think through current events and all future decisions they will make.  

Nothing makes economic concepts more relevant than applying to real world situations.   

Side note: I use the Genet Affair simulation for World History students.   

Mount Vernon Educational Resources

Got Econ?

Economics...the dismal science.  Or so they say. After nearly fifteen years of teaching Economics, I have grown to love not only the subject but also the creativity that goes into relating this important topic to my students.  Usually when I tell people I teach Economics, a sour face is made that may or may not include an eye roll.  

I have been blessed to be a part of the Mississippi Council on Economic Education, one of the top economics/personal finance education programs in the United States! For the past ten years, I have gotten the pleasure of meeting and training hundreds of teachers across the state.  If you don't believe in the incredible work this organization has done, just take a look at the following map and see how many teachers have been certified in teaching economics, personal finance, and entrepreneurship (this does not include thousands who have been trained in various material and curriculums).

MCEE is part of the Council on Economic Education, the national organization.   I can't even begin to tell you the vast amount of resources (K-12) you can find on CEE's page.  

Economics...the dismal science?  Not any more.  This blog intends to share the plethora of ways you can incorporate economics (and personal finance) into any course and at any grade level.  It can be done!  Follow this blog for updates on educational resources, lessons, and strategies!