Twelfth grade students returning from break who transitioned from their government to economics course did not waste any time applying economic concepts to real life. The students’ first lesson was on the three factors of production that go into producing goods and services; natural resources, labor resources and capital resources.
To demonstrate their understanding, one option the students had was to create a video at their place of employment identifying three examples of each, natural, labor and capital resources. Pictured is a clip from McKay Kelly’s place of employment in which she is identifying some of the natural resources her company purchases in order to produce their service.
Students also started their lesson on budgeting as they got an eye opener at the monthly costs independent adults are responsible for paying. Students also researched the fastest growing jobs in the United States and the average pay of their desired career on the Department of Labor website and then calculated their disposable income after taxes. Some of the students may not be in such a hurry to become an adult anymore.
