Are You SmarterAre You SmarterThan a Fifth Grader?Than a Fifth Grader?Teaching the Elementary Economics Teaching the Elementary Economics Georgia Performance StandardsGeorgia Performance Standards

Georgia Council On Economic Education

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Economically

^

What is economicseconomics?

Our essential question…

Economics is…Economics is…making decisions about making decisions about

allocating limited resources allocating limited resources to get the unlimited number to get the unlimited number

of things we want.of things we want.

Our enduring understanding…

How to Really Be a Millionaire

The Millionaire Game

1. Most millionaires are college graduates. TRUE

2. A majority of millionaires work fewer that 40 hours a week. FALSE

3. More than half of all millionaires never received money from a trust fund or estate. TRUE

4. More millionaires drive Fords than Cadillacs. TRUE

The Millionaire Game

5. Most millionaires work in glamorous jobs such as sports, entertainment, or high tech. FALSE

6. Many poor people become millionaires by winning the lottery. FALSE

7. College graduates earn about 65% more than high school graduates. TRUE

The Millionaire Game

8. If you want to be a millionaire, avoid the risk of the stock market. FALSE

9. At age 18, you decide not to smoke and save $1.50 a day. You invest this $1.50 a day at 8% interest until you are age 67. At age 67, your savings are worth almost $300,000. TRUE

10. Single people are more often millionaires than married people. FALSE

Why a workshop on Why a workshop on economics?economics?

Remember, this is a

United States HistoryUnited States Historycourse!!

The New GPSThe New GPSGrades K-5Grades K-5

• approved October 2004• two major changes

focus on the United States all six yearsbuilds across the grades like a ladder

KindergartenKindergartenSymbols of AmericaSymbols of America

• Where We Live• Observing Labor Day• Observing Columbus Day• Observing Veterans Day• Observing Thanksgiving Day• Observing Martin Luther Day, Jr. Day• Observing Presidents Day• Celebrating Our Nation• Personal Finance

Grade OneGrade OneAmerican HeroesAmerican Heroes

• Our Earth, Our Home• Benjamin Franklin• Thomas Jefferson • Lewis & Clark; Sacagawea• Harriet Tubman• Theodore Roosevelt• George Washington Carver• American Folktales• Personal Finance

Grade TwoGrade TwoGeorgia, My StateGeorgia, My State

• Before There Was a Georgia

• Georgia’s Beginnings– James Oglethorpe– Tomochichi– Mary Musgrove

• Native Georgians– Creeks– Cherokee– Sequoyah

• Civil Rights– Martin Luther King,

Jr.– Jackie Robinson

• Human Rights– Jimmy Carter

• Personal Finance

Grade ThreeGrade ThreeOur Democratic HeritageOur Democratic Heritage

• Roots of Our Democracy

• Our Economy• Paul Revere• Frederick Douglass• Susan B. Anthony• Mary McLeod

Bethune

• Franklin Roosevelt• Eleanor Roosevelt• Thurgood Marshall• Lyndon B. Johnson• Cesar Chavez

Grade FourGrade FourU. S. History: Beginnings to 1860U. S. History: Beginnings to 1860

• Native American Cultures

• European Exploration in North America

• Colonial America

• The American Revolution

• The New Nation

• Westward Expansion

• Personal Finance

Grade Five Grade Five U. S. History Since 1860U. S. History Since 1860

• The Civil War• Reconstruction• Turn of the Century America• World War I• The Great Depression• World War II• The Cold War• America Since 1975• Personal Finance

The New GPSThe New GPSGrades K-5Grades K-5

• rollout training completed

• implementation began Fall 2008

• new CRCT Spring 2009

The New CRCTThe New CRCT• history• geography• civics/government• economics (including personal finance)

• core skills• map and globe • information processing

Content Weight for the GPS Content Weight for the GPS CRCTCRCT

GPS

Grades K-2

Grade 3

Grade 4

Grade 5

History -- 30% 50% 50%

Geography -- 20% 15% 15%

Civics -- 30% 20% 20%

Economics -- 20% 15% 15%

QCC Economics

-- 10% 10% 10%

Why economics in Why economics in United States History?United States History?

U.S. schools rely on history to teach about our national identity and knowledge of our past.

Are we succeeding?

Why economics in Why economics in United States History?United States History?

Think about the context of history…

History is the record of

political and economic decisionsdecisions that people have made across time.

How do we prepare?How do we prepare?

Focus on economic decision Focus on economic decision making across the eras of making across the eras of

United States history.United States history.

United StatesUnited StatesEconomic HistoryEconomic HistoryTeaching the Economics Teaching the Economics Georgia Performance StandardsGeorgia Performance Standardsat Grades 4 and 5at Grades 4 and 5

Georgia Council On Economic Education

w w w . g c e e . o r g

Components of Components of US Economic HistoryUS Economic History

• Essay for the teacher on the economic history of our nation

• Series of seven lesson plans, one for each era of the new GPS framework

• Glossary of GPS economic terms

• Sample CRCT test questions for each unit

Introducing the Introducing the US Economic HistoryUS Economic History Lessons Lessons

embedded in eras of history lesson essential question introduction/abstract GPS correlation economic concepts lesson knowledge and skills objectives list of materials needed time required procedure assessment

Personal FinancePersonal Finance

• comprehensive program targeted at grades K-2, 3-5

• separate workshop

• offered through the Stock Market Game

What is What is economicseconomics

??

What do adults frequently identify as the most basic

concept in economics?

Economics is Economics is More Than More Than Supply and Supply and

DemandDemand..

What do students frequently identify as the most basic

concept in economics?

Economics is Economics is More Than More Than

Money.Money.

ScarcityScarcity

What is the most basic, fundamental concept in

economics?

Factors of ProductionFactors of Production

Productive ResourcesProductive Resources• Natural Resources/Land

• Human Resources/Labor

• Capital Goods/Tools

• Entrepreneurship• innovative ideas

• risk taker

Who Would Have Who Would Have Predicted in 1980…Predicted in 1980…

• the collapse of the

Soviet Union

Who Would Have Who Would Have Predicted in 1980…Predicted in 1980…

• Nelson Mandela

as president of

South Africa

Who Would Have Who Would Have Predicted in 1980…Predicted in 1980…

• economic stagnation in Japan

Who Would Have Who Would Have Predicted in 1980…Predicted in 1980…

• Record US economic

expansion in the 1990s

•Recent economic debacle

Who Would Have Who Would Have Predicted that in 2007?Predicted that in 2007?

Gas prices would be $4.00 per gallon in 2008?

The Guide to Economic ThinkingThe Guide to Economic ThinkingPulling the Pieces TogetherPulling the Pieces Together

1. People choose.

2. People’s choices involve costs.

3. People respond to incentives in predictable ways.

4. People create economic systems that influence individual choices and incentives.

5. People gain when they trade voluntarily.

6. People’s choices have consequences that lie in the future.

The Classroom Solution...The Classroom Solution...teaching essentialessential economic

concepts in the context of United States history.

EconomicsEconomics…Do YouYou Teach this

“stuff”?

HOWwe teach is as important

to student learningas focusing on

WHAT we teach.

What makes a difference?• Factual Information - 35% Retention

– lecture

– textbook

– flashcards

• Conceptual Schemes - 50% Retention– webbing

– graphic organizers

• Motor Activities - 70% Retention– draw and label graphs

– role play, simulations

– build models

• Thinking Skills - 80% Retention– data and document analysis– problem solving

• Attitudinal Development - 100% Retention– discussion of controversial topics

– debates