Unit One: TYWLS Food CourtOverviewIn this unit, students are introduced to economics through the creation of a food court in the TYWLS cafeteria. Students must use sound economic thinking as well as community awareness in order to propose which restaurants are worthy of being in our food court.
Problem/Challenge:Choosing only 5 restaurants for the food court that have both economic and community benefits
Key Concepts economics: sub-topics: key economic questions, scarcity, resources, microeconomics v macroeconomics
demand: sub-topics: factors affecting demand, demand schedule, consumer, goods and services profit: sub-topics: revenue, cost, losses opportunity cost: sub-topics: benefits, costs, implicit cost, explicit cost |
Unit TasksEssential Question #1: What is economics?
1. Participate in the word association activity regarding economics.
2. Project Log #1: This unit is our first unit that deals with economics. We are going to start out with our project log this time. Describe something you want, but don't have. Is there plenty of that stuff somewhere if you wanted more? Who has control of that stuff? What could you do to get more of that thing? How do people decide who gets that stuff?
Essential Question #2: What is demand and which restaurants seem to have the highest demand?
3. After being introduced to economics as a class access the Econ U1 Notes doc below to begin your unit:
4. Now that we've done some introduction to Economics, here is the entry document for Unit 1. Please read. Write your initial driving question and begin your Cornell Notes. The list of restaurants is a part of the entry document so you won't need to take notes on that separately.
5. In order to choose the restaurants, we need to figure out how much demand there is for each restaurant. Look for restaurants with the highest and the lowest demands (the restaurants that seem to have the biggest numbers).
6. Choose three of the restaurants from the demand schedule that have some of the biggest numbers. Create line graphs for each restaurant on the same graph. Make sure The y-axis should be price and the x-axis should be quantity demanded. When finished, you have created three "demand curves." Compare your curves with your classmates to determine what the top restaurants by demand are.
7. Use the information on the back of the demand chart to add to your Cornell Notes and answer Essential Question #2. 8. Project Log #2(possible): Which restaurants seem to have the highest demand? Why do you think this is? Why would Burger Club be able to sell more burgers for $1 instead of for $5. Essential Question #3: What is profit and which restaurants have the highest profit?
9. Look at Table 2 in the document below. Calculate the revenue made by each restaurant at each price. You will need to using the demand schedule to help you. Revenue is calculated by multiplying the price by the quantity demanded(sold). Rate the top 5 restaurants by revenue.
10. Now look at Table 4 in the same set of documents. Calculate profit. (Revenue - cost = profit) Fill in Table 4. Rate the top five restaurants by profit. When you have determined the highest profit restaurants, figure out what price they would be charging. Find the five cheapest restaurants.
11. Add info from this link and answer Essential Question #3. Make sure the words cost, revenue and profit appear in your answer. Essential Question #4: What is opportunity cost and what might be some of our biggest opportunity costs when we make our decisions?
12. Project Log #3: What do you think the school community's reaction would be to these 12 restaurants? Which restaurants would be welcomed? Which restaurants would be less welcomed? Why? Please consider students, teachers, and parents.
13. Various school community members have voiced their concerns over our decision. The transcript below summarizes some of the most common concerns. Add the information to your Cornell notes. 14. For every decision we make with our resources, we have to give up the next best option. This is called the "opportunity cost." Use the article and clip to add to your notes and answer EQ 4.
15. Organize your thoughts on your proposal of restaurant choices. Your audience includes Dr. Persad, teachers, parents and representatives from the DOE. Please include your list of 5 restaurants. Include your economic rationale, community rationale, and the opportunity costs. Use the documents below to help you. You can choose another organization method.
16. Write up your proposal during our in class assessment. You can use your notes as well as any organization you have done beforehand.
|