California Content Standards 12.1.2, 12.1.3, 12.1.4
Objective: SWBAT graph the production possibilities frontier of two different products and analyze the costs and benefits of simultaneously producing the two in different quantity combinations.
1. Warm Up- Discuss Henry Ford's assembly line and discuss the reasons for bifurcation and diversifying products within a company.
2. Mad Libs- Students pair up. One student has the CEO mad libs printout and asks his/her partner to fill in the blanks (see slide 8). It's important that you don't show slide 8 until after the students are done with the mad libs.
3. Handout production possibilities table (see slide 9).
4. Instruct students to observe while 2 volunteers come up to the front of the class and act as the factory workers. Go through several rounds of production (1 minute each round is plenty) and have students observe and record the data in their tables. One minute is a long time for students to wait for such tedium so I have them act as floor managers or foremen shouting words of encouragement to their factory workers. The teacher next door might hate you for a day but hey, it's all about student engagement.
5. Students then graph the PPF using the data and answer the discussion questions as a class (see slide 12).
6. Graph the the PPF on the board with the class and have students check their work.
7. Independent activity- students answer questions 1-3 (slide 14).
8. Assign Homework- Comic strip telling an illustrated story of a factory's production possibilities. Must use 8 econ vocab words in the captions.
Madlibs Production Possibilities