project 1 - photo hounds
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Project 1 - Photo Hounds. Driving Questions: What could celebrities do to keep the paparazzi at bay?. Project 1 – Photo Hounds. - PowerPoint PPT PresentationTRANSCRIPT
Project 1 - Photo Hounds
Project 1 - Photo Hounds
Driving Questions: What could celebrities do to keep the paparazzi
at bay?
Project 1 Photo Hounds
Students will explore the world of celebrities and the paparazzi in
order to develop an understanding of key economic concepts
including supply and demand, the functions of prices, incentives,
and the role of culture in the production, distribution, and
consumption of goods and services. In teams, students will record
infomercial videos that creatively address these key concepts as
well as explain what they theorize celebrities could do to solve
the problem of the pesky paparazzi.
Project 1 Photo Hounds
Group ContractEach team will develop a group contract.Sample
provided 25 pointsInclude:How group will operateHow to handle
conflictConsequences for team members that dont
participate
Project 1 Photo Hounds
What could celebrities do to keep the paparazzi at bay?How do the
paparazzi work?Why do the paparazzi hound celebrities?Do
celebrities need the paparazzi?What incentives are at work here for
celebrities? For paparazzi?How does the U.S. culture impact
paparazzis actions?Why do the prices paid for celebrity photos
fluctuate?How do the principles of supply and demand apply to the
paparazzi situation?What could celebrities do to change the
situation if they wanted to?Why would your solution work?
Project 1 Photo Hounds
Team 1:
Team 2:
Team 3:
Project 1 Photo Hounds
Infomercial Video:200 points (with persuasive letter)Each team
conducts research and develops a 5-minute infomercial video
creatively depicting their teams answer to the driving question. To
ensure that students master the economic concepts related to this
project, students must also address the supporting questions
through their video.
In addition to being evaluated, fellow students also screen and
vote on each teams video. The class selects the best idea for
keeping the paparazzi at bay. After selecting the best team idea,
each team chooses a celebrity to whom to send the winning video.
Each team writes a persuasive letter to their celebrity, explaining
the winning idea as well as the assignment, and then sends the
letter and video to the celebrity.
Project 1 Photo Hounds
Individually Written Report:50 pointsAfter completing the group
portion of the project, each student writes a one-page report in
which they apply the concepts of incentives and prices to
businesses going green. What incentives influence a businesss
decision to go green? How are prices influenced by a businesss
decision to go green?
Project 1 Photo Hounds
Project length 2 weeksJan 20 Introduction/Group contractsJan 21
Contracts due, Role of Culture notes, Country of Interest
ActivityJan 22 Begin Photo Hounds researchHow to keep paparazzi
awayLink economics for paparazzi and celebrityBrainstorm ideas for
video
Project 1 Photo Hounds
Jan 25 Incentives Notes, Work on Photo Hounds Research/generate
ideasJan 26 Videoing the infomercial HW Read Soft Drink ArticleJan
27 Supply and Demand Notes, Soft Drink Article, Photo Hounds work
on infomercialJan 28 Prices Notes, CD survey activityJan 29 CD
Survey due, Finalize Infomercial Video, Begin individual written
report (MLA Format)
Project 1 Photo Hounds
Feb 1 Class pick celebrity to mail infomercial video, find address,
prepare envelop, view each teams infomercial video, cont. to work
on individual written reportsFeb 2 Individual written reports due,
class chooses which infomercial, write letter as a class, mail
& wait for a response!
Incentives Notes
Self-interest personal advantage or interest.Financial incentives a
monetary reward for a specific behavior, designed to encourage that
behavior.Non-financial incentives a reward that does not include
money.Perverse incentives an incentive that has an unintended and
undesirable effect, that is against the interest of the incentive
makers.
Incentives Notes
Explain why incentives matter (e.g., long-term growth, prevention
of market failure, etc.).Businesses often use economic incentives
to encourage people to come and do business with them. Offering
incentives is one way to get customers to choose to come and spend
money at a business.Government agencies also use economic
incentives, but they usually do it to encourage certain behaviors
in people. Offering incentives is one way the government tries to
get people to behave responsibly.
Incentives Notes
Describe ways to classify incentives.Economic Incentives are
offered to influence our behavior.Positive economic incentives
reward people financially for making certain choices and behaving
in a certain way. They reward you with money or some sort of
financial gain such as a better price, a free item, or an upgraded
item. Coupons, sales, freebies, discounts, and rewards can be
positive economic incentives. They are called positive because they
are associated with things many people would like to get.Negative
economic incentives punish people financially for making certain
choices and behaving in a certain way. These incentives cost you
money. Fines, fees, and tickets can be negative economic
incentives. They are called negative because they are things you
don't want to get.
Incentives Notes
Identify examples of financial and non-financial
incentives.Monetary (financial) price and taxesHigher prices
provide incentives for consumers to buy less and producers to sell
more. Taxes create incentives to reduce taxed
activities.Nonmonetary (non-financial) government laws and social
customsGovernment laws, rules, and regulations create incentives
through the threat of punishment. Social customs and religious
doctrines provide similar incentives of a more psychological or
spiritual nature.
Incentives Notes
Describe the impact of social choice on individual
incentives.Traffic LawsKidney donations
http://www.econlib.org/library/Columns/y2006/Robertsincentives.html
Incentives Notes
Identify examples of perverse incentives.Example - 19th century
paleontologists traveling to China used to pay peasants for each
fragment of dinosaur bone (dinosaur fossils) that they produced.
They later discovered that peasants dug up the bones and then
smashed them into multiple pieces to maximize their
payments.Worksheet and Tic Tac
Toehttp://www.econedlink.org/lessons/index.php?lesson=EM390
Supply and Demand
Demand desire for certain good or service supported by the capacity
to purchase it.Law of demand observation that, as a general rule,
the demand for a product varies inversely with its pricelower
prices stimulate demand and higher prices dampen it.Supply total
amount of a product (good or service) available for purchase at any
specified price. It is determined by: (1) Price: producers will try
to obtain the highest possible price whereas the buyers will try to
pay the lowest possible priceboth settling at the equilibrium price
where supply equals demand. (2) Cost of inputs: lower the input
price the higher the profit at a price level and more product will
be offered at that price. (3) Price of other goods: lower prices of
competing goods will reduce the price and the supplier may switch
to switch to more profitable products thus reducing the
supply.
Supply and Demand
Law of supply if demand is held constant, an increase in supply
leads to a decreased price, while a decrease in supply leads to an
increased price.Law of supply and demand economic proposition that,
in any free market, the relationship between supply and demand
determines price and the quantity produced. A change in either will
lead to changes in price and/or amount produced in order to achieve
equilibrium in the market.Buyer's market a market that has more
sellers than buyers; low prices result from this excess of supply
over demand; also called soft market; opposite of seller's
market.Seller's market a market that has more buyers than sellers;
high prices result from this excess of demand over
supply.
Supply and Demand
Elasticity degree to which supply or demand for a product or
service will change as a result of a change in price.Elastic demand
responsiveness of buyers to changes in price, defined as the
percentage change in the quantity demanded divided by the
percentage change in price.Inelastic demand desire for a product or
service that does not vary with increases or decreases in price.
Products that are daily necessities, and for which there are few
alternatives, tend to exhibit inelastic demand.
Supply and Demand
List the conditions required for demand to exist.Willingness and
abilityRange of prices and quantitiesGiven time period
Supply and Demand
Describe how the law of supply and demand affects
businesses.Consumers will buy more of an item at a lower price and
less at higher price (demand)Businesses will offer more for sale at
higher prices than at lower prices (supply)
Demand curve
Supply curve
Supply and Demand
Identify factors that affect elasticity.Availability of
Substitutes: The ease of substitution between goods, both in
consumption and production, has a big effect on elasticity. Time
Period of Analysis: The longer the time period of analysis, the
more responsive quantities are to price changes, for both price
elasticity of demand and price elasticity of supply. Proportion of
Budget: The price elasticity of demand depends on the proportion of
the budget that buyers devote to a good.
Supply and Demand
Explain the importance of understanding elasticity.Whenever supply
or demand for a product fluctuates, the elasticity of the two
curves affect the size of the price change.We can predict how
prices are likely to change if we know the elasticity of the
curve.
Supply and Demand
Describe factors that affect demand.Buyers' Income: The amount of
income that buyers have available to spend affects the ability to
purchase a good. Buyers' Preferences: The satisfaction derived from
a good affects the willingness to purchase a good. If buyers like a
good more, then they buy more of a good. Prices of Other Goods: The
demand for one good is interrelated with the purchase of other
goods, and the prices of those goods. Buyers' Expectations: Buyers
decide how much to purchase based on a comparison of current and
expected future prices. Number of Buyers: The total number of
buyers participating in a market affects how much of a good is
demanded.
Supply and Demand
Describe factors that affect supply.Resource Prices: The prices
paid for the use of resources in the production process affects
production cost and the ability to sell a good. Technology: The
information and techniques known about the production process has a
direct impact on the ability to sell a good. Prices of Other Goods:
The supply of one good is interrelated with the production of other
goods, and the prices of those goods. Sellers' Expectations:
Sellers decide how much to sell based on a comparison of current
and expected future prices. Number of Sellers: The total number of
sellers participating in a market affects how much of a good is
supplied.
Supply and Demand Curve