Lesson 1, Economic Bubbles
[Click above link for lesson.]
The Context for My Lesson
My class is high school CTE Business Management, and my students are the typical teenagers who may be finding their exposure to business for the first time. Prior to the lesson, there will be a pre-evaluation to see what issues out of the materials that the students grasp from the NC Blueprint (the basis for these are subsequent lessons). After the lesson I will be asking for an assessment to see what was garnered, what was retained, and asking what was effective. These students already have a pretty good sense of Mathematics (such as Algebra), but they still may not have a strong sense of historical context for their real-life Mathematics applications, nor a knowledge of Civics, Politics, U.S. History, Global Economics, etc. In order to understand this particular class, the student must obtain a mastery of a working knowledge to holistically judge aspects of decisions pertaining to business.
This particular lesson is about supply and demand. The prices of goods are forever in flux not just because of market rates that the money is going for at the time of purchase, but also what the good is valued as being worth based upon its supply (prevalence/scarcity), and its demand. This lesson will incorporate a Ted-Ed video to help explain the concept and will build around that in order to help further understanding. The reason why I am using a Ted-Ed video is due to the fact there is animation and the video is more entertaining than a static lecture. According to Hobbs (2006) the use of video has been proven to be effective in making “students’ writing…more creative and descriptive (p.37) giving more motivation, as well as the “learning from television being directly linked to…amount of invested mental effort” (p.42).
Ted-Ed will be used to encourage “flipping” (Rubenstein, 2012, p. 262) to bolster student-engagement. This is accomplished through application to “real-world situations,” increasing “student motivation” and thereby making interest in the material greater so that the student is compelled and inspired to go after the material. One way Ted-Ed benefits is to involve the “weaker students [by] participat[ion] in the discussion” (Hobbs, 2006, p.45).
The Standard(s) this Lesson Meets
There will be many (most) of the NC Standards met for this lesson and course. One of the main ones that will be addressed will be “1.02 Recognize management’s role to understand its contribution to business success” (Public Schools of NC, 2011). The supply and demand inverted relationship is a means to make executive decisions that will make or break any company. This will be accomplished through the recognition of applicable environmental elements to an atmosphere that is turned a particular way for a trend. This particular standard goes hand in hand with “2.06 Utilize critical-thinking skills to determine best options/outcomes.” These skills are the strength behind critical thinking analysis to identify what is going on at a particular juncture of the business cycle and a way to academically forecast further turns in the economic conditions. These will be used for “4.02 Use knowledge management strategies to improve the performance and competitive advantage of an organization” by determining the best path based on previous and current indicators, through the role the students will play as managers (“5.05 Recognize management’s role to understand its contribution to business success”). It is through the use of “7.04 Identify potential business threats and opportunities to protect a business’s financial well-being” that each student will “6.04 Utilize critical-thinking skills to determine best options/outcomes” to make their own executive decisions pertaining to a business of their own choice and that which they can come up with alongside their peers.
The Media or Technology I am Integrating
Ted-Ed is a great way to introduce material to a class because it involves a movie-type atmosphere that can further engage a young learner because it is “popular” (Lin & Polaniecki, 2009, p. 95) amongst “youth” age groupings. This special attention is something like an “elevator pitch” (Erikson et al, n.d.) as “what begins as entertainment [turns] into a legitimate educational experience [with the student] motivated to create media on their own.” This way, the media serves as the “catalyst” (Lin & Polaniecki, 2009, p. 103).
The Rationale for Integrating the Media or Technology into this Lesson
I am integrating this Ted-Ed example into my overall lesson because through the introduction of a video, I am able to continue to keep engagement high, as well as giving the goal of showing the student how “to understand and make arguments in…media” (Lin & Polaniecki, 2009, p. 102). This method is “locally and globally connected” (November, 2007). According to Hobbs (2006), it is by “embedding media literacy concepts and activities within existing uses of mass media resources in the classroom [that this application] is likely to be effective [especially by] implementing simple media production activities” (p.49). According to Miller et all (2005), students’ knowledge…improved significantly” (p.137) due to “multimedia pedagogy,” and that “student learning among a wide range of school populations was positively impacted” (p.142).
The Integration of the Media or Technology Into the Lesson
Write a paragraph describing specifically how the TED-ED example will be integrated into the lesson. The Ted-Ed example is integrated into the lesson to describe the concept of supply and demand, and also to give the students some ideas about how to proceed with their own entries about subject matter pertaining to existing businesses and ones that they create. The ways that the students will be presenting their learning will be with their own fictitious businesses, and the idea is that they will study other businesses and figure out how to model their own to be successful, therefore becoming a real-life type assignment that could plausibly be preparing them for their own work when they are out of school. Each student will be creating an individual business and then be merging it with their team and making something that can work together in ways to emphasize synergy amongst working pieces, as well as showing their understanding of the concepts through their videos. These are meant to be fun, and allow for users to go at their own pace and abilities. In the beginning each student will bring a business to me to study, and to create. With each one they desire to create, they will be identifying one that is already in existence or fairly close that they can research and try to pick up hints and details with. The merging of the businesses is one that will have to be creative and it will employ real-life type critical thinking. Each business will be run by me so that I may be able to gauge to see if there is adequate information about it (if it is big enough), and lessons will be required as work from every topic as we go through the semester, culminating in presentations about the business they covered and created, as their ability can permit them to do. This will be the fulfilling of the NC Blueprint for core standards as well as involving everyone in something fun they can learn from and are self-motivated to do. Day one will be explaining and choosing, then the first lesson of what they will cover with their work and videos. The last few meetings will have varied presentations (oral, poster, and otherwise) and group projects with videos detailing creative applications they have had with NC Blueprint concepts, and how they find their use applicable (their niche).
My Evaluation of the Media or Technology Integration
Each update that is done as a group will be a video of what is going on with their businesses, and how they chose to meet the need of showing proficiency with the particular standard for that interval. This may also be done with the individual projects, but I would rather wait and make an audible call as to whether such an individual assignment could be handled by the student constituency. The Ted-Ed is a great way to give a video presentation with questions because it appears as a fun thing that could be done in the groups of three, and possibly individually also. If each group chose (without overlap of more than one group covering a video) or made its own Ted-Ed weekly about concepts, then there would be a lot of practice going on to share and a lot of thoughts from every student going into these that could be answered individually and then compared as groups.
I chose to integrate the work with Ted-Ed because it is a way to keep the students’ interest based upon much of the research going on with it right now (especially visual learners and special populations) (Hobbs, 2006, p.36), and also because it is a good format to fill in questions, and the more practice students have with concepts, the more they will retain. The Ted-Ed format is using modern technologies, and can be contoured to adapt to changing times and trends that will be more pleasantly adept in presentations in any era.
Specifically in mind when I suggest the use of Ted-Ed is in marketing. Marketing is a visual concept and this particular area of Business studies can prove not only fun and engaging, but also connecting all the dots of the subject matter, involving ways that all the components can be used together. It takes more advanced thought to display these issues productively, but in combining the businesses there will be intense thought about the issues that will be presented in the course, and in a manner engaging the learner based upon their desire to do things with the business they have chosen to procure.
Ways that this media integration may not work is if the technological barrier is too great, if the time is not available outside the classroom (due to jobs, etc.) and if there is not the adequate materials (videocams). Overall, using media in this way to help me teach the content keeps the media longer in the mind. I made a commercial in 1992 with a friend of mine for a class and I can remember it very well because we had a great time making it and I never forgot the concept (the assignment was a marketing one with a fictitious business that we created as a group). The standard is met when that is the assignment. The standards will drive every assignment, divided adequately amongst however many days there are, and how difficult the content and concepts are. The videos are proof of the learning, and ways that the parents can be shown the product as well (Hood, 2012, p.4).
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Hobbs, R. (2006). Non‐optimal uses of video in the classroom. Learning, media and technology, 31(1), 35-50. Retrieved from http://asulearn.appstate.edu/pluginfile.php/1253124/mod_page/content/15/Non-optimal_uses_of_video_HOBBS.pdf
Hood, G. (2012). More teachers ‘flipping’ the school day upside down. NPR. Retrieved from http://www.npr.org/2012/12/07/166748835/more-teachers-flipping-the-school-day-upside-down
Imagesource. (n.d.). [Frustrated businessman in car]. Retrieved from http://www.imagesource.com/C.aspx?VP3=SearchResult&VBID=2FABXZKV9N9N9&SMLS=1&RW=1050&RH=636
Lin, C. C., & Polaniecki, S. (2009). From Media Consumption to Media Production: Applications of YouTube [TM] in an Eighth-Grade Video Documentary Project. Journal of Visual Literacy, 28(1), 92. Retrieved from http://asulearn.appstate.edu/pluginfile.php/1253117/mod_page/content/21/YouTube_8th_Grade.pdf
November, A. (2007). Banning Student” Containers”. Technology and Learning-Dayton, 27(11), 24. Retrieved from http://asulearn.appstate.edu/pluginfile.php/1253117/mod_page/content/21/banning-student-containers.pdf
Public Schools of North Carolina State Board of Education. (2011). Retrieved from http://dpi.state.nc.us/docs/cte/program-areas/business/programs/blueprint/businessmanagement.pdf
Singh, P. (2015). What causes economic bubbles? TED-Ed. Retrieved from https://www.youtube.com/watch?v=I5ZR0jMlxX0&feature=youtu.be