Ten Mile Day

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Ten Mile Day

Description:

In this multidisciplinary lesson, students work in small groups ("work crews") while participating in a production activity. Students learn about competition, division of labor, and incentives. They also demonstrate how division of labor and incentives help lead to greater productivity.

Education Levels:

4, 5, 6, 7

Subject:

Economics, Literature

Resource Type:

Lesson plan

Fee Status:

Free

Online provider:

Federal Reserve Bank of St. Louis

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Keywords:

Human capital, Fraser, Mary Ann, Productivity, Division of labor, Capital goods, Incentives

Mediator:

Middle school teachers, Elementary school teachers

Publisher:

Federal Reserve Bank of St. Louis

Contributor:

Todd Zartman

Is Part Of:

http://www.stlouisfed.org/education_resources/lesson_plansgem-8.cfm

Language:

English

Subjects/Topics

P21 Subject:

Language Arts, English, Economics, Financial, Economic and Business Literacy

Learning Outcomes:

Learning Outcomes:

Conforms To

Voluntary National Content Standards in Economics (1997)

Standard 1: Scarcity
Productive resources are limited. Therefore, people can not have all the goods and services they want; as a result, they must choose some things and give up others.

Students will be able to use this knowledge to:
Identify what they gain and what they give up when they make choices.

At the completion of Grade 4, students will know that:

13. Human capital refers to the quality of labor resources, which can be improved through investments in education, training, and health.

Conforms To

Voluntary National Content Standards in Economics (1997)

Standard 6: Specialization and Trade
When individuals, regions, and nations specialize in what they can produce at the lowest cost and then trade with others, both production and consumption increase.

Students will be able to use this knowledge to:
Explain how they can benefit themselves and others by developing special skills and strengths.

At the completion of Grade 4, students will know that:

2. Division of labor occurs when the production of a good is broken down into numerous separate tasks, with different workers performing each task.

Conforms To

Voluntary National Content Standards in Economics (1997)

Standard 15: Growth
Investment in factories, machinery, new technology, and in the health, education, and training of people can raise future standards of living.

Students will be able to use the knowledge to:
Predict the consequences of investment decisions made by individuals, businesses, and governments.

At the completion of Grade 4, students will know that:

2. Workers can improve their productivity by improving their human capital.

Conforms To

Voluntary National Content Standards in Economics (1997)

Standard 15: Growth
Investment in factories, machinery, new technology, and in the health, education, and training of people can raise future standards of living.

Students will be able to use the knowledge to:
Predict the consequences of investment decisions made by individuals, businesses, and governments.

At the completion of Grade 4, students will know that:

3. Workers can improve their productivity by using physical capital such as tools and machinery.

Conforms To

Voluntary National Content Standards in Economics (1997)

Standard 6: Specialization and Trade
When individuals, regions, and nations specialize in what they can produce at the lowest cost and then trade with others, both production and consumption increase.

Students will be able to use this knowledge to:
Explain how they can benefit themselves and others by developing special skills and strengths.

At the completion of Grade 4, students will know that:

3. Specialization and division of labor usually increase the productivity of workers.

Conforms To

Voluntary National Content Standards in Economics (1997)

Standard 1: Scarcity
Productive resources are limited. Therefore, people can not have all the goods and services they want; as a result, they must choose some things and give up others.

Students will be able to use this knowledge to:
Identify what they gain and what they give up when they make choices.

At the completion of Grade 4, students will know that:

12. Capital goods are goods that are produced and used to make other goods and services.

Conforms To

Voluntary National Content Standards in Economics (1997)

Standard 15: Growth
Investment in factories, machinery, new technology, and in the health, education, and training of people can raise future standards of living.

Students will be able to use the knowledge to:
Predict the consequences of investment decisions made by individuals, businesses, and governments.

At the completion of Grade 4, students will know that:

1. When workers learn and practice new skills they are improving their human capital.

Conforms To

Voluntary National Content Standards in Economics (1997)

Standard 4: Role of Incentives
People respond predictably to positive and negative incentives.

Students will be able to use this knowledge to:
Identify incentives that affect people's behavior and explain how incentives affect their own behavior.

At the completion of Grade 4, students will know that:

1. Rewards are positive incentives that make people better off.

This data provided by the Achievement Standards Network

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