1. Give
students the introduction and explanation of activity
INTRODUCTION
Private ownership of business as well as personal items is a fundamental
part of a capitalist society. In a capitalist society we are focused
competition and achievement. The focus is on the idea that only the
strong survive, and this is especially true in a market economy. This
lesson introduces the idea that individuals can become owners of a
business by purchasing stock. We will also discuss some of the risks
and benefits involved in the ownership of that business.
ECONOMICS
BACKGROUND
When you buy stock in a company you are purchasing a share of that company.
This does not make you the sole owner of that company unless you own a
majority or all of the shares. When purchasing stock you are making an
investment of personal wealth in that business. You are risking that wealth
on weather or not the company will succeed. In many cases you can increase
that personal wealth if the company does very well, but in some cases you
will risk all and lose all if the company fails.
2. Split
students into five groups. In each group give students one
term. They must define their term in detail and type the
definition using their handhelds and keyboards if available.
Students will use the application FreeWrite. Students should
select a new document and title it Economy Notes and name
it their group number. Once students have collaborated in
their group on the working definition they will then have
one person from their group beam exchange to one other group.
Then the next person beam exchanges to the following group.
For example: Group #1 – Group #2 – Group #3 – Group
#4 – Group #5 – Group #1. This takes some planning
and there will be some overlapping, but students can then
delete the overlapping definition.
Terms:
Economize
|
Profit
|
Ownership
|
Stock
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Risk
|
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Then have students look over the terms and discuss them as a small group.
3. Have
the following discussion with your students.
Ask the
students if they know anyone who owns something. Most students
will probably think of cars, and that is a good example to
use. Then ask if students know anyone who owns a business.
Brainstorm potential ideas and put them on the board.
Why do
people like to own things?
(Private ownership is a powerful incentive. It allows
people to enjoy the benefits of what they own.) Also
write these ideas on the board as you brainstorm as a class.
Ask: Can
people legally do anything they want with items they own?
To prompt discussion, provide a few problematic examples:
1. Can you drive on the left side of the road with your car?
2. Can you use your car to run down road construction signs?
3. Can you use your books to start a fire in someone's living room? 4.
Can you use your handheld to program the televisions to turn on and off
in the classroom
(The answer is no to each question. Each of these activities is illegal
or against school policy. As you are brainstorming have students come up
with their own ideas as well.)
Ask: What
does ownership mean? With ownership of a personal item also
comes responsibility. Just like with ownership of a business
you assume the responsibility for the success or failure
of that business. With success comes the benefits, but with
failure comes the consequences. For example: you get to drive
your car - no one else may without your permission - but
you are responsible for driving legally and answering for
any harm you cause when you use the car. *Ownership means
that privileges and responsibilities are clearly defined.
*Students
should now have an understanding that even with private ownership
there comes certain responsibilities.
3. Using
FlingIt you need to fling the following web page:
http://ecedweb.unomaha.edu/lessons/mark4.html
(this is Activity one)
