Susan Doty Director of the Center for Economic Education & Financial Literacy (CEEFL) at The University of Texas at Tyler
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1 Susan Doty Director of the Center for Economic Education & Financial Literacy (CEEFL) at The University of Texas at Tyler
2 National The Council on Economic Education (CEE) State The Texas Council on Economic Education (TCEE) Local The Center for Economic Education and Financial Literacy at UT Tyler (CEEFL) Regions 7&8
3
4 EnviroChem Services, Inc. copydr.
5 TCEE thanks the following Smarter Texas Conference sponsors: ~
6 Productivity Future Vision (2012) ~ Microsoft - ube.com/watch? v=uyuaiyydciw Microsoft Productivity Vision 2012
7 STEM: Good Jobs Now and for the Future Too many students and adults are training for jobs in which labor surpluses exist and demand is low, while high demand jobs, particularly in STEM fields go unfilled. ~ William Swanson, Raytheon Chairman and CEO US News and World Report 6/15/2012 STEM Education is the Key to the U.S. s Economic Future The greatest advancements in our society from medicine to mechanics have come from the minds those interested in or studied in the areas of STEM. STEM jobs are the jobs of the future. They are essential for developing our technological innovation and global competitiveness. ~ U.S. Department of Commerce, ESA Brief #03-11 July, 2011
8 Economics with Emphasis on the Free Enterprise System and Its Benefits is the culmination of the economic content and concepts studied from Kindergarten through required secondary courses. The focus is on the basic principles concerning production, consumption, and distribution of goods and services (the problem of scarcity) in the United States and a comparison with those in other countries around the world. Students analyze the interaction of supply, demand, and price. Students will investigate the concepts of specialization and international trade, economic growth, key economic measurements, and monetary and fiscal policy. Students will study the roles of the Federal Reserve System and other financial institutions, government, and businesses in a free enterprise system. Types of business ownership and market structures are discussed. The course also incorporates instruction in personal financial literacy. Students apply critical-thinking skills using economic concepts to evaluate the costs and benefits of economic issues.
9 Everything we value is scarce. Because everything we value is scarce, we can t have it all. Because we can t have it all, we have to make choices. Every choice we make means giving up something else. The most valued alternative we give up when we make a choice is our opportunity cost.
10 1. People choose. 2. The choices people make involve costs. 3. People respond to incentives in predictable ways. 4. People create economic systems that influence individual choices and incentives. 5. People gain when they trade voluntarily. 6. People s choices have consequences that lie in the future.
11 L,L,C,EA Factors of Production Profit Interest Wages Rent $ Expenses Resource or Factor Market $ Income Land, Labor, Capital, Entrepreneurial Ability R,W,I,P Business Firms Households $ Revenues $ Purchases Goods & Services Product Market G&S
12 . C O N G S O U O M D E S R Inefficiency to efficiency to growth Economic Growth Shifts the PPC outward The unattainable becomes attainable with more and better resources CAPITAL GOODS
13 Price Supply Demand 3 Demand 1 Drmand 2 Quantity
14 Price Supply 2 Supply 1 Supply 3 Demand Quantity
15 The Knowledge and Technology-Based Economy of Today ~ From Focus: Understanding Economics in US History Ideas that Changed the World ~ From World Geography: Focus on Economics Manias, Bubbles and Panics in World History ~ From Teaching Financial Crises What Should We Do About Sweatshops? ~ From Teaching the Ethical Foundations of Economics Could You Earn a Million Dollars? ~ From Mathematics and Economics Water Resources ~ From Energy, Economics and the Environment
16 Virtual Economics 4.0 CD-ROM
17 EnviroChem Services, Inc. copydr.
18 TCEE thanks the following Smarter Texas Conference sponsors:
How economists apply the methods of science. Two simple models the circular flow and the production possibilities frontier.
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