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Econ PBL
Econ PBL
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PBL 4
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The Fair Price
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5/2/2012
Problem-Based Learning
Problem-based learning is a indirect approach to teaching. PBL allows students to work
together in groups so that they may discover a solution to a problem that could happen in real
life. Since this lesson is applicable to the students life, it teaches them that PBL is not strictly
limited to the classroom. A typical PBL lesson needs to be presented with a hook that
introduces the students to the problem. It also guides them as they create their own ideas and
solutions to the problem at hand. The interactive approach in PBL allows them to not only learn
about relevant information, but it encourages the development of their communication,
interpersonal, and social skills through the emphasis of teamwork. The teacher serves as a guide
and a facilitator rather than an information giver. Students have the chance to research and
consider the problem which encourages the development which helps develop their critical and
analytical thinking skills.
Lesson Objective
Given the opportunity to work in cooperative learning groups during a two-day lesson
entitled The Fair Price, students on team 7-1 will examine the effects of supply and demand in
the economy after a disaster and will illustrate possible solutions to price-gouging. Students will
also examine other times in history where there were shifts of supply and demand to help them
solve their problem. They will present their findings to their classmates in the form of a
presentation.
Pre-Instructional Activities
The students will be presented with the hook about a disaster striking their city. They will
recall information about what the law of supply and demand is. Then, they will participate in an
interactive website where they will be asked to apply what knowledge they have of supply and
demand.
Instructional Procedures/Strategies:
Overview:
Students will be presented with this hook:
Hook: (turn out the lights) There has just been an earthquake in your city! Many of your
beloved businesses, homes, and natural resources were destroyed. Market forces of supply and
demand help to keep the capitalist system in balance. Earthquakes, floods, and other natural
disasters often cause extreme shifts in the supply of and demand for certain items. When extreme
events affect supply or demand for a particular item, pricing may seem outrageously inflated something people often refer to as "price-gouging." In fact, however, when demand outstrips supply
in an extreme way, the natural response of a market should be for the price to increase significantly.
We will watch a short interactive video of how supply and demand affects the local economy. Then
we will be studying other historical events to help you answer the problem.
>> What can YOU do to solve the problem of supply and demand? What have other
countries and governments done to fix this same problem?
Group Formation:
Students will be placed in groups of four. Each group will be asked a question of how they
would fix the price problem in their economy. They will be assigned one task leader who will be
the voice for their civilians.
Problem Analysis:
What do we know?
There was an earthquake in Hoover.
The United States is a market economy
The law of supply and demand
Prices have increased, demand has decreased
What do we need to find out?
How to make supplies less expensive
What have past presidents and countries done to make supplies feasible at a high
demand?
How do countries meet the needs of civilians?
What do you think is happening here?
What did Franklin Roosevelt and others do to help fix this economic
disaster? What did supply and demand look like during this time period?
Your historical event is World War II. The United States of America joined the
war in December of 1942 after Japan attacked Pearl Harbor. Though many men
left their jobs and homes to fight in the war, the Second Great War was very
beneficial to the United States economy. Here are some facts that supply and
demand were affected. You are encouraged to do more research if you wish!
- The level of employment in manufacturing rose by 60 percent. Women
became employees and took over jobs left by their dads, brothers,
husbands, and sons.
- The War provided immediate benefits to the U.S. economy because it led to
a substantial increase in exports. Some war materials were provided the
Allies through the Lend Lease program.
- By government order, the auto industry shifted completely to producing
vehicles for the military
- The Office of Price Administration (OPA) set prices, wages, and rents and
set up a rationing system for many
basic consumer goods, including
sugar, butter, tires, and gasoline.
Many consumer goods made of
metal either disappeared or other
materials were substituted for
metal
What did supply and demand look like during this era? What was done to
fix the scarcity of supplies?
Name:______________________
Supply and Demand Review
Name:______________________
Directions: Make a supply and demand chart graphing the supply and demand curve of
a supply (gas, fresh water, clothes, jobs, and food) during your historical event.
Price
Price
Quantity
Quantity
Student Name:
________________________________________
Research
Group researched
the subject and
integrated 3 or more
\"tidbits\" from their
research into their
newscast.
Group researched
the subject and
integrated 2
\"tidbits\" from their
research into their
newscast.
Group researched
the subject and
integrated 1 \"tidbit\"
from their research
into their newscast.
Either no research
was done or it was
not clear that the
group used it in the
newscast.
Group Work
The group
functioned pretty
well. Most members
listened to, shared
with and supported
the efforts of others.
The group (all
members) was
almost always on
task!
The group
functioned fairly well
but was dominated
by one or two
members. The group
(all members) was
almost always on
task!
Some members of
the group were often
off task AND/OR
were overtly
disrespectful to
others in the group
AND/OR were
typically disregarded
by other group
members.
Answer establishes a
purpose at the
beginning and
maintains that focus
throughout the
presentation.
Establishes a
purpose at the
beginning, but
occasionally
wanders from that
focus.
The purpose is
somewhat clear but
many apects of the
presentation seem
only slightly related.
It was difficult to
figure out the
purpose of the
presentation.
Enthusiasm
Facial expression
and body language
show a strong
interest and
enthusiasm about
the topic, but it is not
overdone.
Facial expression
and body language
show a strong
interest and
enthusiasm about
the topic, but it is
somewhat overdone.
Facial expression
and body language
show some interest
and enthusiasm
about the topic
Facial expression
and body language
depict apathy or
boredom with the
topic.
Creativity
Students created a
presentation that
was thought out,
clever, and
incorporated the
problem
Students created a
well done
presentation with
some thought and
incorporated the
problem.
Students created a
It was difficult to
good presentation
figure out the
but lacked
presentation.
uniqueness and
didnt incorporate the
problem.
CATEGORY
Group members:
_____________________________________
______________________________________
Directions: Using your historical event handout and the notes taken during the
interactive video, you must now present an answer to stabilizing supply and demand
after a disaster. You must present how your group proposed to solve the prices when the
supply is low and demand is high during your historical event. Be as creative as you
want! Create a skit, brochure, poster, bill etc. After everyone is done presenting, you (the
citizens) will vote on what you will do to fix your economy.
Helpful Vocabulary
Market- a place or service that allows buyers and sellers to exchange goods
and services
Demand- the quantity of a good or service that consumers are willing and
able to buy at a given price during a specific period of time
Law of demand- as the price of a good decreases, people buy more
Supply- the quantity of a good or service that producers are willing and able
to offer at each possible price during a specific period of time
Law of supply- as the price of a good increases, producers will offer more
Economic good- an economic good refers to goods and services
Economic bad- any item for which we would pay to have less of
Scarcity- there is not enough of that item to satisfy everyone who wants it
Equilibrium- the point at which the quantity demanded equals the quantity
supplied at a particular price
Surplus- at prices above the equilibrium price the quantity supplied is
greater than the quantity demanded
Shortage- at prices below the equilibrium price the quantity demanded is
greater than the quantity supplied
Ration- A fixed amount of a commodity officially allowed to each person
during a time of shortage, as in wartime: "the bread ration".