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
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
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
In 2010, two teachers participated in
Summer Review MCEE’s South Africa program. Read one
teacher’s observations on pages 6.
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:
The Value of an Economics Education
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.
3M Economic Educator Excellence Award
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
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
will receive $1,500 and will be
licensure in social
recognized at MCEE’s 2010 EconFest.
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 .
3M Innovative Economic Educator Awards
1sT pLaCE, ELEMEnTaRy 2nd pLaCE, ELEMEnTaRy
Kellie Carlisle, Turtle Lake Elementary, Linda Kovach, Elementary Gifted and
Mounds View School District Talented Specialist, Northfield Public
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
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
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
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.
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
THANK YOu SuppORTERS AND pARTICIpANTS
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 | firstname.lastname@example.org
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 email@example.com
Hamline University firstname.lastname@example.org
*March Great plains Economics Challenge email@example.com
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 | firstname.lastname@example.org
*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 | email@example.com
Minnesota Council on Economic Education | Claudia parliament, Excecutive Director