Education Resource: Economics

Economics and Society

Suggested Age Group: High School to College

Thematic Summary

This section explores the ways in which money and economic decision making affects society in unexpected ways. Students are expected to examine current events and their own life experience and identify ways in which money has an impact that is not immediately obvious.

Student Activities

1. Have students play "Monopoly" or "Life" in groups (depending on available time). Along the way, they will be asked to take notes on their experience. At the end of the game, students will be asked to explain if they observed any of this lesson's themes in the games they played.

2. Students will review a section of the newspaper that is not directly business or money-related. Ask students to identify the ways in which economics still greatly drives a story of their choosing.

3. Break class into groups and give them work place scenarios. There are two types of groups: labor unions and cooperate staff. Each team should discuss wages, job security, and basic rights that benefit their side. Corresponding teams will take turns debating points (until everyone has spoken) in front of class to come to a fair work arrangement.

Discussion Questions

How does money affect life in America? Would it be different if people had a different way to obtain goods and services?

The clips in this lesson are critical of money. Do you agree or disagree with them. Why or why not?

If you had the power to run the economy, what would be the three most important steps you would take and why? Think about how your decisions would impact society.

Recommended Clips

German television documentary on Chicago - Studs Terkel interviews

Suggested Clip Times: 35:45 - 41:02

Theme: Different perspectives between generations on "The American Dream".

Description: Interview of Studs Terkel. Discusses the reversal of the American dream in contemporary culture and the irony that younger people are anti-union. Segment ends with brief comment on the environmental movement.

Studs Terkel in two industrial films

Suggested Clip Times: 14:47 – 24:19

Theme: Historical perspective on economic impacts. Housing during WWII

Description: An industrial film from the 1940s and '50s about the crisis that plagued many returning WWII soldiers who could not afford housing.

The 90's, episode 301: Money, Money, Money

Suggested Clip Times: 12:09 - 15:19, 54:00 - 56:03 and 16:59 - 18:54

Theme: Economic disparity

Description: 1. Prof. Paul Nadler explains how bank loans have changed with the existence of fixed interest rates. More from Prof. Paul Nadler. He talks about change in tax laws,economic disparities in the United States, distribution of wealth, and health care/insurance companies.

2. Ed Sadlowski, of the Steelworkers union in South Chicago talks about the economic disparities in the United States.

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