WV State Standards: Math: CM.2.1, CM.2.4 National Standards:  Math: 2, 4 Blooms Taxonomy: Knowledge, Comprehension, Application, Analysis, Synthesis, Evaluation 21st Century Skills: Learning and Innovation Skills  Creativity and Innovation Skills Critical Thinking and Problem Solving Skills Communication and Collaboration Skills Information, Media and Technology Skills Information Literacy Media Literacy Life and Career Skills Flexibility & Adaptability Initiative & Self-Direction Social & Cross-Cultural Skills Productivity & Accountability Leadership & Responsibility

Overview:

We will talk as a class about capital resources.  I will explain that capital resources are machines and tools used in producing a good or service that can be used over and over again. For example: computers in an office, the conveyor belts at Krispy Kreme doughnut shop, UPS trucks, and printing presses for the newspaper.

Objective(s):

The students will be able to:

• explain the Law of Demand
• use computers to research a capital resource
• determine how their researched capital resource increases productivity.

Economic Concepts:
Capital resources – machines and tools used in producing a good or service that can be used over and over again.
Law of Demand - as the price of a good or service goes up, demand goes down

Time Required:

Two 45 minute class periods

Pre-Requisite Skills:

Lesson one in this unit, use of Internet

Computer Lab, Internet Access, PowerPoint Presentation (optional)

“Homer Price” (The Doughnuts) by Robert McClosky, Computer lab, Capital Invention worksheet - one for each student

1. We will talk as a class about capital resources.  I will explain that capital resources are machines and tools used in producing a good or service that can be used over and over again. For example: computers in an office, the conveyor belts at Krispy Kreme doughnut shop, UPS trucks, printing presses for the newspaper, think big business as well such as blackberries, PDA’s, photocopiers, and fax machines

2. Allow the students to share other capital resources they can think of.

3. The teacher will read “Homer Price” to the class aloud.  (This story has a low reading level but hits the nail on the head as for as an example of using capital resources and how much we rely on them in our work environments)

4. Discuss:
               What was Homer’s problem?  (The doughnut machine would not turn off)
               What other capital resources were mentioned in the book? (toaster, coffee pot, dishwasher)

5. Ask students, what happened when Homer lowered the price of his doughnuts? (People wanted to buy more doughnuts.)

6. Explain to students the Law of Demand – when prices are higher, people want to buy less.  Also, when prices are low, people will buy more (such as a sale)

7. Give each student a copy of “Capital Invention” worksheet. 

8. In the computer lab, allow time for students to research their invention and inventor.  Use the computer to research a capitol investment that increases productivity and its inventor.  Use capital invention sheet to guide your research and prepare for your five minute oral report which you will present tomorrow. 

9. Tell students to fill in their paper and prepare at home for a 5 minute oral presentation.  I am looking for a lot of FACTS here; make me feel like I am watching Modern Marvels on the History Channel.  They may use their paper during their speech.  Speeches will be held tomorrow.

The requirements for the oral presentation can be more stringent to meet the needs of more advanced students or can be reduced in length and volume for struggling students in your class.  Also, the length of presentation can be lengthened for students who may have more detailed information to present. 

Using a PowerPoint Presentation is a great way to get your students to complete the research and present to the class in an exciting way.

1. Oral conversation and debate in class about the Law of Demand (#5 in Procedure)

2. Observation of successful research using the computer lab at school.

3. Students will talk with the class during their oral presentation about how the capital invention they researched increases productivity.  Students will turn in their research notes, to be graded by the teacher.