texas social studies supervisors’ association march 2010
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Play DoughEconomicsTexas Social Studies
Supervisors’ Association
March 2010
Laura EwingPresident/CEOTexas Council on Economic Education (TCEE)
www.economicstexas.org [email protected]
How can you make math, CT and social
studies fun while teaching critical thinking skills?
Professional Development• Economics• Personal Financial Literacy• Investor Education• Student Activities• www.economicstexas.org
Upcoming FREE TCEE Events
• Stock Market Game each fall and spring• Virtual Economics• All Events are listed at
www.economicstexas.org
Stock Market Game• Team Fees vary• 10 week live simulation• Virtual $100,000• Trade stocks, bonds and mutual funds• Grades 4 – 12• InvestWrite Competition
Stock Market Game• Houston/Dallas: Merrill Lynch• Valley: Newspapers• El Paso: FirstLight• Austin area: Fidelity Investments• San Antonio: Cabrero
Virtual Economics 4• FREE beginning this
summer• 79 publications, 1200
lessons• 28 publications• 500 economic terms
Professional Development• Economics• Personal Financial Literacy• Investor Education• Student Activities• www.economicstexas.org
June 14-15, 2010Conference:Personal Financial LiteracyAnd Investments ThroughStock Market Game.Registration: $99 Early Bird
Summer 2010 TCEE & Fed Conferences
Texas Essential Knowledge and SkillsEconomics and Play Dough EconomicsDescribe how the free
enterprise system works
Lesson 12:Market Price II
Market Price: Changes in Supply and Demand
Concepts of the USFree Enterprise
Economic System•How do changes in demand affect market price?
•How does the market price guide what producers or suppliers produce?
Concepts of the Texas/USFree Enterprise
Economic System•Why must costs be subtracted from revenues to determine profits?
•How can certain events cause costs to change, which can affect profits?
Market Price Focus
1. What is meant by demand?2. What are three things you demand
economically?3. How much will you pay for them?4. What determines if you demand/buy
them?
Market Price Competition
1. We will divide into factories with 4 to 6 workers in each factory.
2. Choose a production manager.3. Choose an accountant
Production Rounds
1. There will be 3 rounds of 5 minutes each.2. You will produce any amount, but at least
one of the apple, hammer, shirt and cup/saucer in 2 inch dimensions.
3. Each product must have 2 colors.
Production Rounds
1. Each product must have 2 colors.2. You may only use your hands – no capital.3. You may specialize.4. Produce at least one of each but as many
as possible.
Get Your Play Dough
Production Rounds
1. Each product must have 2 colors.2. You may only use your hands – no capital.3. You may specialize.4. Produce at least one of each but as many
as possible.
Time IS UP!
1. Count the quantity produced of each product.2. Record the quantities on the “Revenues
Worksheet”3. We will do a class total.4. We will draw a demand card.5. We will determine prices and factory earnings.
Supply, Demand and Market Price Chart
Goods Supplied by Class
Resulting Market
Price With NO
Change in Demand
Resulting Market
Price with Decrease
in Demand
Resulting Market
Price with Increase in
Demand
0-8 $10 $8 $13
9-12 $7 $5 $10
13-16 $5 $3 $7
17-20 $3.50 $2 $4
Over 20 $2 $1 $3
Between The Rounds
1. Tally your round one results2. Plan your production strategy for
round 2.3. The production manager has the final
authority on what to produce.
Get Your Play Dough
Production Rounds
1. Each product must have 2 colors.2. You may only use your hands – no capital.3. You may specialize.4. Produce at least one of each but as many
as possible.
Time IS UP!
1. Count the quantity produced of each product.2. Record the quantities on the “Revenues
Worksheet.3. We will do a class total.4. We will draw a demand card.5. We will determine prices and factory earnings.
Supply, Demand and Market Price Chart
Goods Supplied by Class
Resulting Market
Price With NO
Change in Demand
Resulting Market
Price with Decrease
in Demand
Resulting Market
Price with Increase in
Demand
0-8 $10 $8 $13
9-12 $7 $5 $10
13-16 $5 $3 $7
17-20 $3.50 $2 $4
Over 20 $2 $1 $3
Process1. What patterns do you see in the Supply,
Demand, and Market Price Chart?2. In a market, what two things are needed
for a price to be determined?3. What caused price to change?
More Process4. How did price influence
your production decisions?
5. How did other groups influence your strategy and plans?
Concepts of the Texas/USFree EnterpriseEconomic System
•How do changes in demand and supply affect •market price?
•How does market price help producers determine what to produce?
Process1. What trends do you see ?2. What are three things you have learned
about how the market or free enterprise system operates?
3. What concepts and TEKS would this activity teach?
