You will present the economic concepts to the class using one of the following by bjn735


									     Economics in the Everyday
                               A WebQuest for 5th-10th Grade students

                                            Designed by

                               Ms. Price and Ms. Church

                 Introduction | Task | Process | Evaluation | Conclusion | Credits

Just yesterday Mr. Basel was notified by the Berkley Police Department that an unidentified
flying object was observed hovering over “trash lot”. NPR reported on the evening news that an
alien by the name of “Xlrb” arrived and wanted to enroll as a school of choice student at Berkley
High. It was well received at orientation by his counselor, Mr. Wheresyourhousekey. As a
fellow classmate of Xlrb’s, it is your responsibility to help him become successful as a fellow
BEAR and send him home with a guide to our economy.

Meet our alien, “Xlrb”
The Task
        Apply Principles of Economics

        Explain economic concepts: Value, cost, opportunity cost, goods, services, scarcity,
         demand, supply, needs, wants

        Find examples for each of the economics concepts

        Create a guide of all the economic concepts above for “Xlrb” to take back with him to his
         home planet

The final product can be completed in a variety of ways. You will present the economic concepts
to the class using one of the following: PowerPoint, Corel Presentations, video, song (write and
sing), poster with graphics or any other method of your choice cleared with the teacher first. -- glossary of terms -- search economics terms

The Process
         1. Begin by reading the list of terms and Principles of Economics. This will be your
            word bank.
         2. Read the story carefully to be sure that you know what you are asked to do.
         3. As you read the story, you will have to search the websites listed above to investigate
            some of the economic terms.
         4. You will fit the terms and principles into their proper place within the story.
         5. Use a piece of lined paper to complete the questions regarding the economic terms
            and principles. Number your paper according to the numbers in the economic story.
         6. Once you finish the story and understand the concepts, you will be asked to
            demonstrate what you have learned from the TASK section above.

Economic Terms:
Supply          Wants           Needs          Goods
Demand         Services       Opportunity Cost

Principles of Economics:
1. Everything has a cost
2. People choose for good reasons
3. Incentives influence people’s choices
4. Economic systems influence people’s incentives and choices
5. People gain from voluntary trade
6. People’s choice influence the value of a good or service
7. People’s choices may have unintended consequences
8. Choices made today influence what happens tomorrow

Begin the story here:
   1. Explain to Xlrb what it needs to survive here on Earth. Define NEEDS and EXPLAIN
   2. Xlrb doesn’t want to look different from the other students so you suggest shopping at
      THE BEAR (school store). Yeah, there’s a sale at the store! The fact that many items are
      on sale tells us something about how economics works. This represents which basic
      principle of economics?
   3. It wants the same BHS had you’ve got on, the only problem is, it’s 18 bucks. That seems
      like a lot of money to you and Xlrb, which economic principle is demonstrated here?
   4. The fact that this plain hat costs $18 still amazes you, but then you realize there is an
      economic term that explains why the store can charge so much. Which term is it?
   5. Oops! They are all sold out of this BHS hat that Xlrb wants. DEFINE opportunity cost
      and then explain how it applies to the example of sold out hats.
   6. You’ve already discussed Xlrb’s needs now explain to him his WANTS. In your
      explanation, describe the DIFFERENCE between wants and needs.
   7. You have to make Xlrb look more human. His dred locks are down to where his but
      “should be”, what kind of good does Xlrb need to change his appearance? Those dreds
      have to go…at least some of them. Explain what type of a good he should purchase
      (remember to use an economic term from above).
   8. Xlrb is looking good with his new hairdo. You take him back to your house for an after-
      school snack. At your house, he discovers the amazing power of “DirecTV”. He watches
      old movies, music videos, WWF (trying to figure out what those weird-looking men are
       doing) he finds local news, national news, and all of a sudden…. Traffic updates for the
       morning commute. Since Xlrb chose to stay up all night what principle of economics did
       he experience? Explain.
   9. Xlrb drags himself into school, barely on time for the first hour bell. He really wishes he
      wouldn’t have stayed up so late watching those crazy men in tights. Even though he
      didn’t pay any money to watch TV, he “paid” for it because he didn’t get any sleep. What
      principle of economics did he learn about time and money?
   10. Xlrb notices his clothes look very different from the other students. His are old hand-me-
       downs that he borrowed from you. He begins to notice all of the cool stuff that the
       students around him have. As Mr. Pointer is busy at the board preparing to drone on
       about colonization of North America, Xlrb notices the flashy shoes the students next to
       him has on, and the baggy pants the boy across the room has on. But what he really wants
       is that way cool “hand pilot” Billy has. With that he could play games ALL DAY LONG.
       Xlrb walks up to Billy after class and says, “that’s a way cool “hand-pilot” I wish I had
   11. As Xlrb reaches into his backpack and pulls out a little contraption the size of a quarter,
       Billy asks what it is. Xlrb replies, “it is a quarter-size thought-reader, it reads people’s
       minds for you.” “Watch how it works.” He moves it across Billy’s forehead and Billy’s
       mind says “what a dork”. Xlrb asks, “what is a dork?” Billy sluffs off the question and
       asks, “can I see that thought-reader thing?” Billy checks it out to make sure it works, it
       does, it really does!!! “Where can I get one of these?” Xlrb replies these are everywhere
       back home, families have 3, 4, 5 of these. We can make them for close to nothing.
       Which economic term explains why there is such an abundance of them where Xlrb
       comes from?
   12. Billy asks, “will you make me one?” “Sure, we just need some Hexochordinoxyl.” Billy
       looks confused, “what is that?” “we don’t have that here, I guess that option is out.” Xlrb
       says, “If you really want this thought-reader so badly, I’ll trade this for your hand pilot.”
       Billy replies, “you’ve got yourself a deal!” Even thought these two items cost different
       amounts, both parties still wanted to make the swap. What principle does this explain?
   13. What principle of economics could be the moral of the story and why? Explain this in

The rubric below will assess the students for all of the activities involved in this Webquest. It
provides guidelines for: 1) written responses to the scenarios in Xlrb’s experience on Earth 2)
proper usage of the Principles of economics and the economic terms 3) preparation of economic
guide for Xlrb to take home 4) presentation content quality 5) presentation delivery.

                                   Beginning       Developing        Accomplished       Exemplary    Score

                               1               2                 3                  4

                                                             All of your
                                                                          All responses
                                Very few   At least half of responses are
1. Usage of the Principles of                                               included,
economics in your responses responses were the responses included, with accurate and
     to the “Xlrb” story      included and  are included      a majority
                                accurate.  and accurate.      answered

                                                                All of your
                                                                             All responses
  2. Usage of the economic        Very few    At least half of responses are
 terms in your responses to                                                    included,
                               responses were the responses included, with
       the “Xlrb” story                                                      accurate and
                                included and   are included      a majority
                                  accurate.   and accurate.      answered

3. Preparation of the                                                          Continuous
economic guide presentation                                    Worked hard in
                               Often off task,                                work in class,
for Xlrb to take back home                      Most of time      class and
                                 hard time                                       showed
with him (PowerPoint,                          was well-spent. showed strong
Corel, video, song, poster,      focusing.                                      constant
                                                                 work ethic.
etc.)                                                                           progress.

                               At least 5 terms 6-10 terms and 11-14 terms
                                                                              All 15 terms
   4. Presentation content     and principles principles were and principles
                                                                             were accurately
quality (economic terms and    were accurately accurately were accurately
                                                                              included and
  principles of economics)      included and included and included and
                                 explained.       explained.    explained.

                                                                                       Great eye
                                                                       Good eye      contact with
5. Presentation delivery and   Very little eye
                                                  Good eye           contact with      audience,
           quality             contact, read
                                                contact, most          audience,     material was
                                  most of
                                               of presentation          material       presented
                                                read directly          presented      clearly and
                               read directly
                                                 from notes.          rather than        visibly
                                from notes.
                                                                         read.      understood the
                                                                                       terms and

Hopefully you have enjoyed your journey with Xlrb. Now he must return home, and you must
provide an economic guide for him to take with him. Review the options listed in the TASK
section and begin creating your presentation. Be sure to demonstrate your understanding of ALL
of the Principles of economics and the economic terms in your economic guide for Xlrb. He
enjoyed his time with you, now he must be going. BYE-BYE

Credits & References
Economics: Choices and Challenges Morton, John; Schug, Mark; Wentworth, Donald; copyright
1995 by McDougal Littell.

                     Last updated on 01/3/02. Based on a template from The WebQuest Page

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