Cost of the World Cup
Inquiry Framework
Question Framework
Driving Question
The overarching question that guides the entire project.How can we use algebraic models and graphs to understand and predict changes in market supply and demand, and what real-world factors contribute to shifts in these economic curves?Essential Questions
Supporting questions that break down major concepts.- What is the relationship between supply and demand in a market?
- How can algebraic models be used to represent real-world economic systems?
- In what ways do supply and demand curves influence market equilibrium?
- How can we use graphs to estimate solutions to systems of equations?
- What factors can cause shifts in the supply and demand curves?
Standards & Learning Goals
Learning Goals
By the end of this project, students will be able to:- Understand and explain the relationship between supply and demand in a market system.
- Develop and apply algebraic models to represent supply and demand curves.
- Use systems of linear equations to find market equilibrium points.
- Graphically estimate solutions to systems of equations related to supply and demand.
- Analyze real-world factors that cause shifts in supply and demand curves.
Common Core Standards
Entry Events
Events that will be used to introduce the project to studentsEconomics Escape Room
Convert the classroom into an escape room where each puzzle depends on understanding supply-demand curves and solving algebraic equations. Students must solve these puzzles to 'escape,' fostering collaborative, critical thinking as they work through realistic economic scenarios.The Pop-Up Shop Mystery
Students arrive to find the classroom transformed into a bustling pop-up market, complete with 'vendors' selling a variety of goods. Their task is to figure out why some goods are selling rapidly and others aren’t, using clues related to supply and demand principles hidden within each vendor booth.Portfolio Activities
Portfolio Activities
These activities progressively build towards your learning goals, with each submission contributing to the student's final portfolio.Graphing Gurus: Visualizing Economics
Students will take the equations they constructed and graph them to visualize how supply and demand curves intersect and form market equilibrium. This activity enhances their understanding through a graphical approach.Steps
Here is some basic scaffolding to help students complete the activity.Final Product
What students will submit as the final product of the activityGraph plots showing supply and demand curves and equilibrium points for various products.Alignment
How this activity aligns with the learning objectives & standardsCovers 8.EE.8b (Estimating solutions by graphing) and 8.SP.1 (Constructing scatter plots).Economic Detectives: Solving Market Mysteries
In this activity, students act as detectives to solve market mysteries by analyzing shifts in supply and demand using their graphing skills.Steps
Here is some basic scaffolding to help students complete the activity.Final Product
What students will submit as the final product of the activityAn investigative report detailing how real-world factors caused shifts in supply and demand curves and the resulting effects on market equilibrium.Alignment
How this activity aligns with the learning objectives & standardsSupports 8.SP.2 (Fitting straight lines to model relationships) and aligns with the standard's focus on real-world applications of algebraic models.Supply and Demand Equation Explorers
In this introductory activity, students will dive into the basics of supply and demand by constructing simple linear equations. This foundational skill will set the stage for creating more complex algebraic models.Steps
Here is some basic scaffolding to help students complete the activity.Final Product
What students will submit as the final product of the activityA set of linear equations representing supply and demand curves for selected products.Alignment
How this activity aligns with the learning objectives & standardsAligns with 8.EE.8b (Solve systems of linear equations) and 8.F.4 (Model linear relationships).Rubric & Reflection
Portfolio Rubric
Grading criteria for assessing the overall project portfolioMarket Economics Algebra Project
Mathematical Understanding
Evaluates the student's grasp of algebraic principles in creating and solving systems of equations related to supply and demand.Equation Construction
Ability to construct linear equations to model supply and demand scenarios accurately.
Exemplary
4 PointsEquations are constructed accurately with appropriate slope and intercept for diverse scenarios. Sophisticated manipulation of variables to reflect real-world applications.
Proficient
3 PointsEquations are constructed correctly, showing a clear understanding of slope and intercept. Effective application to most real-world scenarios.
Developing
2 PointsSome equations are not accurately constructed, with occasional errors in slope or intercept identification. Limited application to scenarios.
Beginning
1 PointsEquations are poorly constructed with frequent errors. Struggles to apply basic principles to model scenarios.
Graph Interpretation
Ability to accurately graph equations and identify key features such as intersection points, slopes, and intercepts.
Exemplary
4 PointsGraphs are precise and consistently accurate, correctly highlighting key features and alterations for various scenarios. Reflects leadership in graph interpretation.
Proficient
3 PointsGraphs are accurate and correctly highlight most key features, with minimal errors.
Developing
2 PointsGraphs show some correct features but include errors in points, slopes, or interpretations. Requires guidance.
Beginning
1 PointsGraphs have frequent inaccuracies and fail to correctly illustrate key features or intersection points.
Critical Thinking in Economic Modeling
Assesses the ability to analyze and respond to shifts in supply and demand due to external factors using algebraic and graphical models.Scenario Analysis
Skill in adapting models to represent changes in market conditions and explaining the reasoning behind these adaptations.
Exemplary
4 PointsAdapts models effectively to reflect shifts, offering thorough explanations of economic impacts with strong evidence and innovative thinking.
Proficient
3 PointsConsistently adjusts models to reflect changes in market conditions with clear explanations and reasoning.
Developing
2 PointsStruggles to adjust models for some scenarios; explanations lack depth and clarity.
Beginning
1 PointsFails to adequately adapt models; offers limited or incorrect explanations for shifts.
Evidence of Research
Capability to investigate and integrate real-world data to support mathematical models.
Exemplary
4 PointsIntegrates thorough research and data, providing comprehensive evidence to support models and analyses. Shows advanced information synthesis.
Proficient
3 PointsUses adequate research to support models, showing clear connections to data.
Developing
2 PointsIncludes some research, but connections to models are weak or inconsistent.
Beginning
1 PointsResearch is minimal or unrelated; fails to substantiate models.
Communication of Concepts
Evaluates effectiveness in communicating mathematical and economic concepts through presentations and reports.Clarity of Presentation
Quality and clarity in presenting mathematical models and their economic implications.
Exemplary
4 PointsPresents ideas with exceptional clarity and structure. Demonstrates leadership in communication through detailed analyses and high engagement.
Proficient
3 PointsPresents ideas clearly, with logical structure and effective engagement.
Developing
2 PointsDisplays partial engagement with ideas, and some lack of clarity in communication.
Beginning
1 PointsPresentation lacks coherence, clarity, and fails to effectively communicate key points.