Process

Econo-Town

 

Day 1:

Wants and Needs

 

Day 2:

Supply and Demand

 

Day 3:

Producer vs Consumer

 

Day 4:

Opportunity Cost

 

Day 5:

Goods and Services

 

 

 

 

Wants and Needs        

Yippee!  You have just arrived at the only store in Econo-Town.  At this store you can find anything your heart desires.  Before you go in, you need to understand Wants and Needs. Needs are things people must have in order to live.  For example,  food and water are things I need to survive. Wants are things people would like to have.  For example, I wish I had a swimming pool in my backyard.

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Supply and Demand     

Did you have fun at the only store in Econo-Town?  Was the store familiar to you?  You are going to travel away from Econo-Town for a little while to a little suburb called Supply and Demand Land.  Have fun on your trip and take the quiz while you're there.  When you come back to Econo-Town there will be an activity waiting for you.

Supply and Demand Land

 

 

You're back already?!  Did you have a good time?  Now you need to ask your teacher for the supply and demand worksheet.  Fill it out with the new information you learned and turn it in. 

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Producer vs Consumer        

You've picked up a lot of information so far in Econo-Town which means you're getting close to starting your mission.  But first you need to visit the Producer vs Consumer Factory.  Do us a favor and take the quiz while you're there.

Producer vs Consumer Factory

 

You travel fast.  Now that your back I need you to open a word document and make a table.  On one side of the table list 10 producers and what they produce.  On the other side list 10 consumers and what they consume.  Then print it out and turn it in.

 

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Opportunity Cost     

 

Remember way back on your first day in Econo-Town when you visited the store?  You were able to buy $500 worth of stuff.  Were you able to buy everything?  No, of course not.  There is actually a name for that.  Follow the link to learn more.

 

Opportunity Cost

 

That was the Opportunity Cost Shop.  Did you learn a lot?  Now that you're back you can discuss with your group some examples of opportunity cost that you have faced.  I know that as your teacher I have faced an opportunity cost.  I wanted to work with you wonderful students therefore I make a lot less money at my job than other jobs I could have taken.  I think that it's worth it though! 

 

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Goods and Services    

 

This is the last thing you need to learn before you start on your big mission.  You all need to head on over to the Goods and Services Farm and find out what it's all about.  Don't forget to take the quiz while you're there!!

 

Goods and Services Farm

 

Well cowboys and cowgirls did you have fun at the farm?  Now that you know what goods and services are all about, it's time to get started on your mission.

 

Jump to Mission Not-So-Impossible

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mission Not-So-Impossible  

 

Now that you have economics all figured out because of your visit to Econo-Town and surrounding areas you may start your mission. 

 

Your group must decide on a good or a service that you are going to offer.  It must be something that you can actually produce and offer to the consumers of Econo-Town (your class). 

 

Once you have decided on your good or service you need to set a reasonable price to charge for it.  You will also need to make advertisements for it.  Your advertisments may be a poster, a PowerPoint presentation, even a commercial!

 

Remember to think about all of the stuff you have learned about economics.  If everyone decides that their good will be cookies, will there be too much supply to create a demand?  If your group is the only one with a certain service or good it could be in high demand and you will be able to charge more for it.

 

Also think about whether it is something that your classmates will want or need.  If it doesn't fit those requirements they aren't going to buy it. 

 

Each student will get 20 Econo-Town dollars to spend buying goods or services so set your prices accordingly. 

 

Good luck!

 

 

 

 

 

 

 

 

 

 
  

 

 

 

 

 

 

 

 

 

 

 

Take all of the information you have learned and what you have decided about your city's economics and create a PowerPoint Presentation. 

You will be presenting your information to the editors of "The Nation's Best."  They will decide if your city is worthy of being the top city in the nation.

Be sure to answer each of the previous questions in your presentation.