Title of Unit: Economics EverywhereTitle of Lesson: Get the Buzz on Business
Submitted By: Kelli Pavalon, La’Quisha Johnson
Nevada State College EDEL 453 - Spring 2013 Karen Powell- Instructor
3If you go to the store and you only have money for either an icecream cone or a snow cone and you choose the snow cone, what isyour opportunity cost? (an ice cream cone)
Why can’t you have both the ice cream cone and the snow cone?
(only have enough money for either an ice cream cone or a snowcone)
Because you don’t have enough money for both an ice cream
cone and a snow cone, what do you have to do? (make achoice)If you chose the ice cream cone, what would be your opportunitycost? (a snow cone)
What was the opportunity cost of Uncle Jed’s decision to pay for Sarah Jean’s operation? (delay in opening his barbershop)
Continue reviewing the story by discussing the following:
After paying for Sarah Jean’s surgery, what did Uncle Jed do?
(continued to save)What news did Mr. Ernest Walters come to give Uncle Jed? (Thebank had failed.)Explain that a bank failure happens when a bank goes bankrupt. Ifyou put your money in a bank today, it is most likely insured, whichmeans that you will get your money back even if the bank fails. In
Uncle Jed’s time, bank deposits were not insured. In those days,
when banks failed, the people who had deposited money in thebanks lost their money.How much money did Uncle Jed lose when the bank failed? (Over $3,000)7.
Have students discuss the book, pose questions, and try to answer questions.8.
Individually, students will complete the 2 last page in the packet bythemselves and turn in for assessment. Last two pages, students must goonline to find a Nevada entrepreneur; students must give the website,
person’s name, business, and a couple facts. The last page is a handout for George’s
story, students must answer the questions.9.
Students will complete the out question(s): What is a business?What is an entrepreneur? Give examples of each.
What will you use to measure student understanding?
I will use the discussions as informal assessment. Formal assessment will be byusing the packet and out question.
Explain how you will know students understand the concepts from the lesson.