As you may know, April the Giraffe had her Mini-me last weekend as reported by the Tampa Bay Times. There is now a contest; the zoo is charging $1.00 per entry to name the baby. Animal Adventure Park is a small zoo located in Harpursville N.Y. and they are struggling with balancing the social media attention and preparing for the zoo's opening on May 13. So they made the decision to cut the live feed on Friday. Animal Adventure Park posted on their Facebook that they will have updates on how to watch the baby next week and noted that they will also post on the April the Giraffe website. According to the New York Times, the April the Giraffe sensation has created a flood of media attention. Will this translate into an economic boost for the area? Predict the economic impact. Then read the attached article from the New York Times. What economic impact do they expect in nearby Binghamton, a former manufacturing mecca, which has fallen into financially hard times?
Now use the decision tree to examine the costs and benefits of the decision to take down the feed. Consider scarcity. What happens when resources become scarce? The zoo is opening on May 13. Do you think more people might come to the zoo if they can't see the live feed? You can also use the decision making tree to consider a trip to the zoo or another facility that has giraffes. How will you have to change your budget if you want to take a family trip to the zoo? SS.8.FL.2.5 Discuss the fact that people may revise their budget based on unplanned expenses and changes in income.
SS.912.FL.2.1: Compare consumer decisions as they are influenced by the price of a good or service, the price of alternatives, and the consumer’s income as well as his or her preferences. Don't get swamped by flood insurance! Read this article about flood insurance in the Tampa Bay Times. Why do you think some people pay more for flood insurance? According to the article, what determines if an individual is high risk? In the article, the authors discuss government subsidies for flood insurance. Why do you think the government provides subsidies for flood insurance? According to the article, what are some things that impact the amount of subsidies the government provides?
SS.8.FL.6.5 Discuss that insurance companies charge higher premiums to cover higher-risk individuals and events because the risk of monetary loss is greater for these individuals and events. SS.912.FL.6.8:Discuss the fact that, in addition to privately purchased insurance, some government benefit programs provide a social safety net to protect individuals from economic hardship created by unexpected events. In this video from Tampa Bay Times NIE, you will be introduced to a new product: a plant-based burger that sizzles, bleeds, and tastes like real meat. Why would Bill Gates and Google Ventures fund this research project? Even though it sizzles and even bleeds like real meat, this burger is entirely plant based. Why would the company want to introduce this product through a news article? How is an article different from an advertisement? What factors would someone take into consideration when choosing to buy this burger?
SS.8.FL.2.2 Analyze a source’s incentives in providing information about a good or service, and how a consumer can better assess the quality and usefulness of the information. SS.912.FL.2.1: Compare consumer decisions as they are influenced by the price of a good or service, the price of alternatives, and the consumer’s income as well as his or her preferences. Check out this video by Tampa Bay Times Newspaper in Education. What does it say about taxes on sugary drinks? What do you think? Why might the government tax sugary drinks? What harm can sugary drinks cause? Do you think that a tax can help pay for the healthcare for people who develop health problems, like diabetes? Do you think the government should tax sugary drinks? Would a tax on sugary drinks affect your decision to drink soda?
SS.8.FL.2.1 Explain why when deciding what to buy, consumers may choose to gather information from a variety of sources. Describe how the quality and usefulness of information provided by sources can vary greatly from source to source. Explain that, while many sources provide valuable information, other sources provide information that is deliberately misleading. SS.912.FL.1.7: Discuss how people’s sources of income, amount of income, as well as the amount and type of spending affect the types and amounts of taxes paid. Do you remember the story of the three little pigs? No matter how hard he huffed and puffed, the Big Bad Wolf couldn't blow down the brick house. The problem with hurricanes, is that the wind strength can even damage well-built homes and other pieces of property. Consider the above image. What kind of damage do you think a hurricane can cause? Now click on the image. It will bring you to an article from the Tampa Bay Times about hurricane insurance. What is insurance? (a product that allows people to pay money - a premium - now so that the company will cover any damage in the future). Why would people buy home insurance? What financial risks can occur due to hurricane damage? Based on the information in the image and text, discuss the costs and benefits of insurance. Then, provide a recommendation of insurance for a friend or family member.
SS.8.FL.6.1: Analyze the fact that personal financial risk exists when unexpected events can damage health, income, property, wealth, or future opportunities. SS.8.FL.6.2: Identify insurance as a product that allows people to pay a fee (called a premium) now to transfer the costs of a potential loss to a third party. SS.912.FL.6.1: Describe how individuals vary with respect to their willingness to accept risk and why most people are willing to pay a small cost now if it means they can avoid a possible larger loss later. Check out April the Giraffe as she awaits the birth of her fourth baby on the live stream from the zoo. Why would the zoo post a live stream? Tampa Bay Times forecast called the April the Giraffe birth an internet sensation. What does that mean? What are the economic implications? Do images make you want to visit the zoo? How does seeing something like this impact buying decisions? What other goods do you think might be produced? What about t-shirts and stuffed mom-and-baby giraffes? When people consume goods and services, like visiting the zoo and making purchases, this can have positive effects on others. For example, the zoo and animals benefit from the extra profits. In addition, people have donated to giraffe conservation as a result of this internet sensation. Check out the official website the zoo has set up for April the Giraffe and consider some other economic effects.
SS.8.FL.2.2 Analyze a source’s incentives in providing information about a good or service, and how a consumer can better assess the quality and usefulness of the information. SS.912.FL.2.2 Analyze situations in which when people consume goods and services, their consumption can have positive and negative effects on others. In this Tampa Bay Times NIE video, find out why most high school seniors aren't ready for college. What are the financial consequences of not working hard in reading and mathematics in K-12? What does the article say about why most high school students aren't ready for college? How can your educational decisions affect your future? What are the future benefits of education and training? Think about some opportunities you have in school to gain certifications in career and technical education. How can these choices benefit you in the future? Conduct research on specific careers that interest you. What skills do you need?
SS.8.FL.1.2 Identify the many decisions people must make over a lifetime about their education, jobs, and careers that affect their incomes and job opportunities. SS.912.FL.1.2 Explain that people vary in their willingness to obtain more education or training because these decisions involve incurring immediate costs to obtain possible future benefits. Describe how discounting the future benefits of education and training may lead some people to pass up potentially high rates of return that more education and training may offer. Check out this Tampa Bay Times article on the best and worst times of the year to buy a car. Before reading, predict the best and worst times and the reasons why. What did you learn? Gather information about buying an automobile of your choice from a variety of sources, such as manufacturer's websites, retail websites, and consumer review websites. What information is most helpful in making your decision? What are some deceptive selling practices you notice? Write a newspaper column "Tips for Buying Autos" to help others make good buying decisions. Discuss how research is essential. Include an explanation about how impulse buying should be avoided by sleeping on a decision before making a big purchase - especially considering the information in this article.
SS.8.FL.2.1 Explain why when deciding what to buy, consumers may choose to gather information from a variety of sources. Describe how the quality and usefulness of information provided by sources can vary greatly from source to source. Explain that, while many sources provide valuable information, other sources provide information that is deliberately misleading. SS.912.FL.2.5 Discuss ways people incur costs and realize benefits when searching for information related to their purchases of goods and services and describe how the amount of information people should gather depends on the benefits and costs of the information. |
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January 2022
CategoriesAuthorDeborah Kozdras, Ph.D. |