Introduction: Economics plays a huge role in making marketing decisions. In our Economics unit we will be covering many different factors that influence the Marketplace. Economics is sometimes a difficult subject to master, therefore, in this lesson I will use three games along with daily class discussion to teach this unit.
Content Area and Grade: Marketing Principles/10-12th grade
Objectives: Define the concept of economy List the factors of production Explain the concept of scarcity Discuss how traditional, market, command, and mixed economies answer three basic economic questions Cite examples of a healthy economy Explain how an economy is measured Analyze the key phrases of the business cycle
Learning Activities: 1. I will create a Kahoot game that will be used to check what they already know about Economics. During the first day of the Economics unit I will give the students the pin they will need to enter the Kahoot game. Each question will be a multiple choice question. I will run the game from my computer in order to project the questions for the students to see. After each question is displayed, students will have a moment where they can choose an answer from their electronic device, i.e. cell phone, IPad, netbook, or laptop. After the question has been answers Kahoot will show a chart (i.e. pie chart) depicting the number of people who answered each choice.This will show me what areas I need to place more focus on in our unit. Points are assigned by the fastest, correct response; the slower to answer the less points received.
2. As the unit comes to an end, I will use the Competitive Market game as a way to tie the unit together and let them see how it all comes together. “In this game, participants engage in a continuous double auction to trade oranges. They are divided into buyers and sellers, and subsequently can submit bids and asks based on their own values and costs, respectively. A transaction occurs when the highest bid matches the lowest ask or when a participant simply accepts to buy or sell at the best ask or bid available from the other side of the market. This game teaches participants about gains from trade and how supply and demand interact. They learn how to trade and discover when and why price and quantity converge to the competitive equilibrium level. It can be used to further explore effects of market interventions such as price controls, taxes, and subsidies on the market.”
3. As a final review before our test on Economics, we will play a game of Jeopardy. I will create the games questions based off of the content we have studied. Students will pair up with a partner and use one device to answer the questions. I will give the teams a link for them to be able to enter the game. Each team will draw a number to see which one will go first. As we finish the game, the team with the most points will receive 7 bonus points on their test.