Economics Update

The Brunswick Projects are finished, and the students have put a great deal of effort into telling the story of a historic place in our town. Whittier Field, the Chamberlain House, the Children’s Strike at the Cabot Mill, and Underground Railroad stops were among the many topics your children turned into fascinating brochures, walking tour maps and newsletter articles. Birch Island is filled with budding graphic designers and historians. I’ve really been enjoying reading their different projects.

This week we’ve turned our gaze to economic theory. Through video, rap music, and computer simulations, students have learned about key terms such as supply, demand, budget, needs, wants and barter. Students imagined being stranded on a deserted island after their luxury yacht was rammed by a whale. Before the ship went down, they needed to grab a combination of ten needs and wants that would fit into their backpacks; next, through cartooning or journaling, they explained how these items either helped them survive or enhanced their shipwrecked status. As many of you also know, your children conducted interviews to discover how adults in their lives made economic decisions when they were young; thank you for sharing your experiences and wisdom with your child. 

Moreover, students have played “Claim Your Future.” In this game students select a profession and then try to fulfill their monthly needs and wants on the salary for this job. Some students in seventh period noticed that their monthly salaries were less than they expected because taxes were removed before they received their monthly paycheck. If you’d like to play this game yourself, go to https://www.claimyourfuture.com/play/. On Friday, students played one of three versions of Lemonade Stand; based on factors such as weather, social and traditional media reports and community events, they had to determine how much of a demand there would be for lemonade and predict how much of a supply of lemonade they’d need to maximize their profits. 

On Monday, the owners of Frosty’s Donuts are coming to talk to the students about the decisions and challenges of running a local business. It should be a great educational opportunity, and Mr. Levy and I are very grateful for the Omdals’ generosity with their time. One more reason to be thankful this time of year.

 

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