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                                                            MInnEsoTa CounCIL on EConoMIC EduCaTIon

                                           MCEE Celebrates 50 Years!
                                                     Since 1961, MCEE has been providing professional development
                                                      opportunities to Minnesota educators and advocating for economic and
                                                      personal finance education. Through the years, MCEE has been fortunate
                                                      to work with talented educators —marking Minnesota as one of the long-
                                                      standing, leading states in economics education.

                                                     MCEE’s 50th year celebration acknowledges the vibrant on-going
                                                    community of devoted professionals, who bring economics and personal
                                                   finance education into the classroom and community. Thank you for
                                                  participating in our programs!
                                                l UMD Center Director, Curt Anderson,       l Minnesota is represented on the national
                                                creates Economic Challenge in 1987,          Board for the Council for Economic
                                               becoming a national program in 2001.          Education (CEE), with members Gary Stern,
                                                                                             former President of the Federal Reserve
                                           l More Minnesota schools compete at the
                                                                                             Bank of Minneapolis, and Ken Thome,
                                            national Economic Challenge competition
                                                                                             former General Mills Senior VP of Financial
                                            than the other 33 competing states.
                                          l Four Minnesota teams are national Economic
                                                                                            l Rich MacDonald, Associate Director SCSU
The Minnesota Council is a 501(c)(3)        Challenge champions: Little Falls, Hibbing,
                                                                                             Center for Economics Education, serves
                                            Moorhead, and Fairmont.
non-profit organization and meets                                                            as the national advisor for CEE program
                                          l Thanks to MCEE’s work, Minnesota is one of       development.
all standards of the Charities Review
                                            21 states that require economic standards for
Council.                                    graduation.
                                                                                            l MCEE is a major CEE partner in providing
                                                                                             international economics and personal
                                          l MCEE offers a wider variety of programs than     finance education, for example, MCEE was
                                            any other state council.                         directly involved in the development of
                                          l MCEE receives federal funding to provide         its sister organization, the South African
                                            professional development in economics to         Foundation for Economics and Financial
                                            educators.                                       Education.

                                          l Other state councils and centers solicit        l Minnesota sends more educators on CEE

                                            the curriculum and programs offered by           international study tours than any other
                                            MCEE, with MCEE providing professional           state.
     WHAT’S INSIDE?                         development in other states.
    2010 Award Winners
      Challenge Grant
                                    In 2010, two teachers participated in
      Summer Review                 MCEE’s South Africa program. Read one
                                   teacher’s observations on pages 6.
      Student’s Corner
    Join us in celebrating MCEE’s                               In celebration of its 50th year in providing
                                                                professional development to educators, MCEE
         50th year by donating to                               is pleased to announce a special challenge grant

       MCEE through a matching                                  for K-12 classroom educators. Contributions
                                                                provided by Minnesota K-12 classroom educators
                 Challenge Grant!                               will be matched dollar for dollar by a dedicated
                                                                MCEE board member up to a total challenge grant
                                                                of $3,000. Contributions must be received by
        now is your chance to support
                                                                December 1st, 2010.
      MCEE’s ongoing commitment to
                                                                Help MCEE take advantage of this challenge
    providing economics and personal
                                                                opportunity and double the impact of your gift! Join
                   finance education.                           us in our efforts to increase economic and financial
                                                                literacy during MCEE’s 50th anniversary year. You
                                                                       can mail your contribution directly to the MN
                                                                           Council or you can make your contribution
                                                                               online, at MCEE’s website.

                                                                                          To donate online,
                                                                     For                  visit MCEE’s website:
                                                                      MCEE                www.mcee.umn.edu

         Student’s Corner
         The Value of an Economics Education
         Liles Repp
         St. Thomas Academy and Grinnell College, B.A. in Economics 2010

     For me, economics education has been one of the            Economics is more than just a collection of skills and
     tremendous value adds of my lifetime. I’ve taken           theories, it is a important decision-making paradigm.
     many classes, but none has fundamentally altered           It affects everything I do and almost every decision I
     the way I see the world more than my first course in       make, from which assignments I choose to prioritize,
     economics. Unlike many courses, the benefit of an          to what I decide to do for fun on a Saturday night. It
     education in economics goes far beyond the technical       helps me appreciate the value of my education, the
     skills learned. Long after I forget the dynamics of firm   importance of world news, and the decisions of the
     behavior in an oligopolistic market I will remember the    leaders addressing the world’s most compelling crises.
     greater lessons behind those concepts. I now approach      Above all economics gives me perspective and the tools
     problems rationally and make sure to analyze the           that I and other students need to face the increasingly
     costs and benefits of each of my potential actions. I’ll   complex and interdependent set of challenges that
     remember to incorporate externalities into the decision    are sure to confront our nation. Economic education
     making process, to think about others’ incentives when     and understanding are the keys to empowering
     making deals with them, and to gauge the impacts of        people to solve the world’s problems. I’m happy that
     my actions in both the long and short term.                the Minnesota Council on Economic Education has
                                                                endeavored to provide us with those keys.

                                      2010 RECIpIENT
                                      3M Economic Educator Excellence Award

                                      Tom Stockard
                                      Little Falls Community High School

MCEE is pleased to announce Tom Stockard as this year’s recipient
                                                                              “I have been blessed with
of the 3M Economic Educator Excellence Award. Mr. Stockard’s
success in helping students understand economics and personal
                                                                              diligent students who
finance is well documented. Mr. Stockard has entered student teams            sometimes fall prey to
in Minnesota’s Economics Challenge each year since 2005. His teams            my passion for resource
steadily gained state and national recognition for their success. His         allocation. The sum of
teams have moved from a 2nd place finish in Minnesota in 2006,
                                                                              the parts equals the
to 1st place in 2007, 2008, 2009 and 2010. His Economic Challenge
team placed 4th nationally in 2008 and then captured the national
                                                                              whole and my success
championship in 2009. This year his team captured 1st place in the            as a teacher stems from
first-ever national Personal Finance Challenge after taking 1st place at      the dedication of the
Minnesota’s Personal Finance Decathlon.                                       students to dissect the
An educator with 17 years experience, Mr. Stockard teaches                    problem of scarcity.”
Economics, Civics, and college-level Government at Little Falls
                                                                                          –Tom stockard
Community High School. Mr. Stockard teaches economics without
the use of a textbook and uses multiple resources to meet his
curriculum needs. To engage students in economics, Mr. Stockard
has created incentives such as “the Greenspan” award for
students. To connect students to the behavioral aspects
of economics, Mr. Stockard places heavy emphasis on the
application of economic concepts to real life situations.
Numerous students have pursued economic degrees after
leaving Little Falls and one recently was employed with
the Department of Homeland Security as an economic
analyst. Mr. Stockard
holds a degree in
                            In winning this award, Mr. Stockard
economics and
                            will receive $1,500 and will be
licensure in social
                            recognized at MCEE’s 2010 EconFest.
studies education
from the University         All are welcome to attend EconFest,
                                                                           Liittle Falls students compete in the
of Minnesota, Duluth.       October 19 at Cargill. Contact MCEE
                                                                           2009 National Economics Challenge
                            for more information.

                               MCEE Announces                                                           For 34 years, 3M has provided
                                                                                                        funds to offer annual awards
                           2010 Economic and                                                            for innovation and excellence

                    personal Finance                                                                    in economic education. First
                                                                               place awards of $1500 are available for innovation
               Educator Award Winners                                          in teaching economics at both the elementary and
                                                                               secondary grade levels. Second place innovation
                                                                               award recipients receive $500 at both the elementary
                3M and Thrivent Financial Foundation                           and secondary level. The Excellence in Economic
                   annually reward teachers for their                          Education recipient receives an award of $1,500
                 outstanding efforts in economic and                           for their sustained history of commitment and
                         personal finance education.                           contribution to economic education .

               2010 RECIpIENTS
               3M Innovative Economic Educator Awards
               1sT pLaCE, ELEMEnTaRy                                            2nd pLaCE, ELEMEnTaRy
                                    Kellie Carlisle, Turtle Lake Elementary,                         Linda Kovach, Elementary Gifted and
 nominate a
                                    Mounds View School District                                      Talented Specialist, Northfield Public
colleague or
                                    In Ms. Carlisle’s learning activity                              Schools, Northfield School District
yourself for                        students read children’s books and
any of these                                                                                          Ms. Kovach’s students first read, Four
                                    identify goods or services produced,                              Feet, Two Sandals, to learn about
prestigious                         how the good or service is useful to                              scarcity. Then students are put in groups
awards.                             consumers, who might be a consumer                                and given a bag of desirable items.
Criteria and   for the product, and the resources needed to produce             Using a graphic organizer, each group is asked to develop
nomination     the product or service. They also categorize the inputs as       ideas for distributing the scarce items, the potential problems
forms are      natural, human, or capital resources. Students then create       with the solutions they have listed, and how they will decide
available      their own invention and provide a similar description for        to distribute the items. The groups share how they solved
at MCEE        their own product.                                               the problem of scarcity within their group and whether
website.                                                                        everyone was satisfied with the decisions made. Students are
deadline for   1sT pLaCE, sECondaRy                                             also asked to give an example in their life where they have
nomination                                                                      experienced scarcity.
                                    susan Grant, Stewartville Senior High,
is June 30.                         Stewartville School District
                                    Ms. Grant’s learning activity uses          2nd pLaCE, sECondaRy
                                    articles and videos from the media to                            Jenevieve Rannow, Washburn Senior
                                    help students understand the recent                              High School, Minneapolis School District
                                    great recession, beginning with an                                In Ms. Rannow’s learning activity,
                                    article that explains the collapse of                             students analyze family food
               the housing market using an analogy with Pokemon cards.                                consumption using photographs
               Ms. Grant incorporates a learning activity that simulates a                            provided in “Hungry Planet: What the
               moral hazard concept that people behave differently if they                            World Eats” by Peter Menzel and Faith D’
               are protected from risk. The learning activity culminates        Aluisio. Students locate on a map the countries represented
               with students designing their own Pokemon game where             and research the GDP of each country. Comparing families’
               home owners defend his/her position from “opponents”.            consumption, students graph the various weekly family food
               Students identify and create cards for opponents that could      costs and percentage of the families’ weekly income used
               weaken a home owner’s position as well as identify and           for food. Students then analyze the types of food eaten by
               create cards that protect a home owner.                          wealthy and poor countries, and hypothesize how the food
    4                                                                           we eat, and the amount and the proportion of income spent
                                                                                on food, can reflect standards of living.
                                                                      These awards recognize teachers
                                                                      who create and implement
The Thrivent Financial Foundation Personal Finance                    innovative learning activities at the
Educator Award was introduced to recognize                            elementary and secondary grade
teachers who develop and implement creative                           levels. Judges for these awards
learning activities that increase personal finance                    include classroom educators,
understanding. First place winners receive $1500                      higher education faculty members,
and second place winners receive $500 at both the                     curriculum specialists, educational
elementary and secondary level.                                       administrators, representatives
                                                                      of the Federal Reserve Bank of
                                                                      Minneapolis, and members of the
                                                                      business community.

Thrivent Financial Foundation personal Finance Educator Awards
1sT pLaCE, ELEMEnTaRy                                       2nd pLaCE, ELEMEnTaRY
                     Kari Kidman, RTR Elementary School,                          Michelle Vanden plas, Fair Oaks
                     RTR School District (Russell-Tyler-                          Elementary, Osseo Area Schools
                     Ruthton)                                                     Ms. Vanden Plas uses the story, One
                     Ms. Kidman’s students learn to                              Hen—How One Small Loan Made a Big
                     differentiate between wants and                             Difference, to help students learn the
                     needs. Using the book, Arthur’s TV                          concept of opportunity cost. Students
                     Trouble, students examine Arthur’s                          chart the choices the main character
wants and what causes him to desire certain items.          makes and his opportunity costs for each decision.
The story helps students understand how advertising         Students are then given a chance to evaluate an item they
influences wants and spending and how businesses create     would like to purchase. They identify their choices and the
advertisements to make people desire their products.        opportunity costs in relation to their decision. This activity
After students sort advertising pictures into wants and     reviews the previously covered concepts of needs and
needs, they are asked to provide examples of basic needs    wants, goods and services, and scarcity..
and wants, and to give examples of making people happy
without spending money.
                                                            2nd pLaCE, sECondaRy
                                                                                  Richard Rosivach, Irondale Senior
1sT pLaCE, sECondaRy                                                              High School, Mounds View Public
                     sara Hoadley, Northwest Passage                              Schools
                     High School (Charter School), Coon                           Mr. Rosivach increases students’
                     Rapids                                                       understanding of incentives in
                     Ms. Hoadley’s learning activity has                          economic and personal finance
                     students access information and                              decision-making by examining
                     evaluate various financial aid tools   a variety of decision-making scenarios. Each scenario
                     available for higher education.        provides multiple incentives for a given situation and
Students estimate their own financial aid needs and         students evaluate how each incentive could lead to a
analyze the terms of various federal and private loan       decision or behavior change. The lesson increases in
options. Students then examine various loan scenarios       complexity as students complete the scenarios and
and calculate monthly payments, interest paid, and total    includes evaluation of both positive and negative
amount of the loan. The learning activity included both     incentives. One scenario has students evaluate which
pre and post testing to assess knowledge gained by the      incentives could motivate them to take out the trash while
students.                                                   another scenario has students evaluate employee health           5
                                                            insurance incentives.
Summer 2010 REvIEW

         Two Teachers participate in a                                      Natal province, Dr. R. Lubisi, South African schools are dead
                                                                            last on the continent in international comparisons.
        Concil on Economic Education                                        “Only 11% of South African students will ever make it to
           study Tour to south africa!                                      college. Most drop out before 10th grade. Even at a good
                                                                            school, students expressed concern that they would never
                                                                            be able to pay for a university.
     Martha Rush, Mounds View High School and                               In the context of these challenges, my Minnesota students’
             Jerry Bizjak, Albert Lea High School,                          complaints that they have to walk too far from the parking
                                                                            lot and do too much homework seem minor indeed.
          were two of 25 US educators chosen to
                                                                            But visiting South Africa showed me more than how
      participate in the CEE study tour funded by                           fortunate Americans are. It helped me hold up a mirror to
                 the US Department of Education                             our society, and to contemplate how similar our problems
                                                                            are to theirs.
         Observations from South Africa, by Martha Rush                     One thing we noticed was the willingness of South
                                                                            Africans to talk openly about race. Only 15 years post-
         If my students had come along to South Africa, what
                                                                            Apartheid, South Africans are better than most Americans at
         would my students have learned?
                                                                            addressing their history, their suspicions of each other, and
         First, they might have realized how good they have it,             their frustrations at trying to build a just, inclusive society.
         even those who feel disadvantaged compared with their
                                                                            South Africa has recently replaced Brazil as the nation with
         American peers.
                                                                            the greatest income disparity. That means the wealthiest
         Teenagers in South Africa are growing up in a society              of the wealthy—white and black—drive expensive cars to
         plagued by violent crime. For 25% of girls, rape is their first    work and return home at night to beautifully decorated
         sexual experience. Houses in Johannesburg are virtual              homes with housekeepers, gardeners and cooks, while
         fortresses. The poorest barricade themselves in with old           others live in “informal” squatters’ settlements without
         mattress wires, the wealthiest with electrical fencing and         electricity or plumbing.
         security guards.
                                                                            Since the United States is headed toward ever greater
         The 25% unemployment, failing health care system, and              income disparity—the gap has been widening for 30 years
         40% of the population living on less than $2 a day are             —we might benefit from seeing the fissures this creates in a
         more evidence of the massive systemic problems facing              society.
         South Africans. But the personal challenges are even more
                                                                            South Africa is not so different from the United States. It is
                                                                            a wealthy, resource-rich nation. It is the economic engine
         Millions of South African teens are AIDS orphans, caring           of sub-Saharan Africa. But it is still a nation divided and
         for younger siblings. They have to walk great distances            therefore weakened. It is a nation where the rising tide does
         to school—some more than 10 miles each way—to get                  not lift all boats, and might never.
         an education that is currently failing. According to the
                                                                            Dr. Lubisi, a charismatic leader who can make you believe
         Superintendent-General of Education in the Kwa-Zulu
                                                                            everything is going to get better, told us education is the
                                                                            solution, and I think he is right.
                                                                            Only through education can South Africa train its young
                                                                            people to become its nurses and doctors, which it sorely
                                                                            needs. Only through education can a middle class develop
                                                                            that will reject the calls to extremism. Only through
                                                                            education can the nation end its crime and AIDS epidemics.
                                                                           “There is no other way,” he said.
                                                                            The greatest lesson I learned, that I hope to bring back to
                                                                            my students, is that natural resource wealth, GDP growth
                                                                            and individual prosperity are not sufficient when a nation
                                                                            fails to nurture its human capital, the talents of its entire
                                                                            population. It’s an obvious lesson in South Africa. But given
                                                                            America’s waning support for public education and growing
                                                                            income inequality, it is equally relevant here. In the next 10
                                                                            years, I hope South Africa will become more like us. I hope
                                                                            we don’t, simultaneously, become more like them.
             Jerry Bizjak with South African Students.
a successful Conference on                                           MCEE would like to thank all of the
Teaching Economics and per-                                          participants, board members, and
                                                                     financial and supporting contributors
sonal Finance!                                                       that make the annual summer
                                                                     conference possible. Mark your
The 3rd annual summer Conference on Teaching                         calendars for next year’s conference,
                                                                     august 9-10, 2011.
Economics and personal Finance successfully
brought together classroom educators,
University faculty, and representatives of the
Federal Reserve Banks of Minneapolis and St.
Louis, BestPrep, Junior Achievement, and the
Concord Coalition. The 20 concurrent sessions
included sharing of best practices and teaching
resources for economics and personal finance

“This was my first time at the
 conference and I totally enjoyed the
 entire experience! Everything was
 wonderful—so many useful sessions
 with teaching ideas.”

MCEE thanks all who participated in                            Looking Ahead | 2010 & 2011
spring and summer programs at MCEE.
                                                               Two Minnesota classroom educators
l Tom stockard and his high school team from Little Falls
took the national championship at the first-ever national      will present sessions at the 2010 annual
Personal Finance Challenge.                                    Global association of Teachers of
                                                               Economics (GaTE) and CEE Conference!
l Personal Finance Camp in Duluth continues to provide
great teaching resources in personal finance, developed        Gail Colbert, MCEE Board Member and economics
by Curt anderson. The course reached its participant           educator at Tartan High School, Oakdale, will present
capacity with 20 educators from various levels of education,   a session on the success of their professional learning
including adult education and University Extension.            community. Tami Hill-Washington, Richfield Public
                                                               Schools, will discuss how she has incorporated
l Participants in Using Children’s Literature to Teach         her South African study tour experience into her
Economics and Personal Finance continued their second          classroom. Claudia parliament and Curt anderson
year of study, building on economic concepts taught            will also present sessions.
the first year. The course was led by Curt anderson and
Elzmarie oosthuizen, visiting scholar from South Africa.
                                                               Federal deficit Workshop to be held
l MCEE partnered with the Center for social studies            saturday, March 12th at st. olaf College
Education (CSSE) in offering an interdisciplinary tour
                                                               Mark your calendars! With generous funding from
exploring changes in Minnesota agriculture. The Enhancing
                                                               MCEE Board Member, Robert Tengdin, and in
course, blended its week-long course with the tour, using an
                                                               collaboration with st. olaf College and the Concord
economic lens to explore agricultural issues.
                                                               Coalition, MCEE will host a workshop on how
l Energy and the Environment Camp reached its participant      to effectively bring federal deficit issues into the
capacity, with 25 educators participating in the three-day     classroom.
workshop. The workshop included site visits to various sites
                                                               Other locations for this workshop are planned.
in the metro area. The course is supported by Xcel Energy.
                                                          Department of Applied Economics                                             Non-Profit Org.
                                                          University of Minnesota                                                       US Postage
                                                          1994 Buford Avenue                                                               PAID
                                                          St. Paul, MN 55108-6040                                                     Minneapolis, MN
                                                                                                                                      Permit No. 155

 MCEE’s student competitions, teacher workshops,
 courses and conferences would not be possible without
 the generous support of donors, the university of
 Minnesota, and contributions from board members
 and educators like you.

 Check out NEW RESOURCES on the
 MCEE website. Thanks to Gail Colbert!

          2010–11 Council Workshops, Classes, and Conferences
September 25 Using Children’s Literature . . .                  March 3 Minnesota Council for the social studies   COuNCIL NETWORK
                Follow-up session                                       (MCss) Evening Gala                        Centers for Economic Education
                St. Paul Campus                                         TBD, Rochester
    October 9 EconSystems Follow-up session                     March 4 Minnesota Council for the social studies   UNIVERSITY OF MINNESOTA, DULUTH
              St. Paul Campus                                           (MCss) spring Conference                   Curt L. anderson, Director
                                                                        Mayo Civic Center, Rochester               218.726.7568 | canderso@d.umn.edu
   October 19 EconFest
              Cargill Office Center, Minnetonka               March 12 Federal Deficit Program
                                                                                                                   ST. CLOUD STATE UNIVERSITY
October 21-22 Education Minnesota professional                         St. Olaf College, Northfield
                                                                                                                   King Banaian, Director
              Conference                                      March 23 Lake superior Economics Challenge           Ken Rebeck, Associate Director
              St. Paul RiverCentre, St. Paul                           University of Minnesota, Duluth             Rich Macdonald, Associate Director
   October 29 Minnesoota Economic Association                 March 24 Heartland Economics Challenge               320.308.4781
              (MEA) Annual Conferenece                                 St. Cloud State University                  kbanaian@stcloudstate.edu
              Hamline University                                                                                   kcrebeck@stcloudstate.edu
                                                                *March Great plains Economics Challenge            macdonald@stcloudstate.edu
              http://wwwminneapolisfed.org/mea/                        Minnesota State University, Moorhead
                                                                *March st. Thomas Economics Challenge              MINNESOTA STATE UNIVERSITY, MANKATO
 November 1 Presenter proposal for Minnesota                           St. Thomas University                       ashok Chowdhury, Director
            Council for Social Studies (MCSS) due.                                                                 507.389.5329/2969
                MCSS will have one strand for Economics         *March Economics Challenge Online
                and is seeking teachers to present.             *March north dakota state Economics Challenge
                Info and application: www.mcss.org                                                                 UNIVERSITY OF MINNESOTA, EXTENSION
                                                                  *April Economics Challenge
November 13 Enhancing… Follow-up session                                 State Championship                        patricia olson, Director
            St. Paul Campus                                                                                        612.624.1786 | pdolson@che.umn.edu
                                                                  *April Personal Finance Challenge Online
      March 3 SCSU Winter Economics Institute:
                                                                  *April Personal Finance Challenge                UNIVERSITY OF ST. THOMAS
                Preparing Workers for the New Economy.
                                                                         State Championship                        agapitos papagapitos, Director
                narayana Kocherlakota, President
                                                                                                                   Monica Hartmann, Associate Director
                Federal Reserve Bank of Minneapolis              *Dates to be announced
                and James J. Heckman, Nobel Laureate,
                University of Chicago are featured
                                                                                                                   MINNESOTA STATE UNIVERSITY,
              www.mcee.umn.edu | 612.625.3727                                                                      Gregory stutes, Director
                                                                                                                   218.477.4027 | stutes@mnstate.edu
        Minnesota Council on Economic Education | Claudia parliament, Excecutive Director

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