Class Discussion: The Economics of Education

http://www.bls.gov/opub/ted/2015/median-weekly-earnings-by-education-gender-race-and-ethnicity-in-2014.htm

How does education affect the salaries of women?

We'll discuss the economic implications of changing educational paradigms and the business of testing.  We will also discuss the tendency to assume that someone is "smart" or "dumb" based on their ability to pass a given test.

Finally, we will discuss "Changing Education Paradigms" to look at education from a different perspective.

Living on One Dollar / Micro Loans

Living on One Dollar (2013): This movie is available on Hulu and Netflix, but it's currently also available on YouTube.  (https://youtu.be/tmQujWTMuC8)

LIVING ON ONE DOLLAR (QUESTIONS)

1. What is something important that you took away from this movie?
2. What surprised you about the lives of the poor?
3. What do you think would be the hardest thing for you, living on $1 a day in that village?
4. What were some of the hardest things you saw in Chino’s life?
5. How did you feel when you saw that Chino wanted to go to school but his family didn’t have enough money to send him there?
6. What do you think Zach, Chris, Sean and Ryan learned by living on $1 a day themselves instead of just reading about it?
7. Did Zach, Chris, Sean and Ryan each get exactly $1 to spend every day? Why not?
8. Chino’s family couldn’t afford to send him to school, but Rosa was using the money from her weaving business to go to school, herself. What helped her start her business?
9. What is something in your life that you will no longer take for granted after watching this?
10. What is one small thing you can do today to make a difference for someone around you?

Here's more information on Micro Loans -- a concept being evangelized by actress Natalie Portman.  "Natalie Portman: Small Loans Go a Long Way".
This is an explanation of how programs like FINCA can make a difference in the lives of the worlds poor -- especially for women.
Alternate Assignment: Answer the following questions:

1. What are the economic “productive resources” of the radish farm?
2. What were some of the “opportunity costs” made by the native population?
3. How does the “Traditional Economic System” handle the three basic systems of what to produce, how to produce it, and for whom to produce?
4. Define “Supply and Demand” and give examples from the movie.
5. What are some factors that cause changes in market supply and demand?
6. What is the basic function of money in this society?  Why don’t they trade through barter?
7. How does a "micro loan" help a family out of poverty?
8. Why do "micro loans" help women more than men, typically.

Tennessee Economic Standards: E.1, E.2, E.6, E.11, E.17, E.49

Finally, why give someone a loan when you can give them a donation?

-----------------[ WELCOME TO ECONOMICS ]-----------------

Videos for Class Discussion: Apathy, Empathy, Education, and Holding On

I have a couple videos that I want to use for class discussion.  Throughout this course I will be giving you videos or pictures such as these as journal writing topics.  Please get a notebook that you will use as a journal. Apathy: A Poem

Under the Surface: Empathy Film  

Don't Stay in School:  Finish Line: PSA Foundation [Keep Holding On]

Turning in Work

Important:  If you don't label your paper properly, one [or more] of the following may occur:

• It will take longer to grade your paper.
• You may lose points
• I may refuse to accept it
• Someone else may claim it as theirs

Research Project: Costs of a Child

Even Sims Have Flour Babies!

This Research Project is due on Monday, 12/11 -- the day that you are required to bring your fully decorated, dressed "baby" to school for the first time.  We will do our first "Well Baby Checkup" on that day, then discuss the findings from your research on the topics below.

Open Microsoft Word and begin compiling information:
(Include links to online price sources)

UP FRONT COST:

• Prenatal Care: Including tests, diagnostic ultrasounds, doctor charges for the nine months of pregnancy. (Call physicians office)
• Prenatal Vitamins: Check Walmart, Kmart, or a local pharmacy for prices.
• Hospital Charges: Labor/delivery and anesthesia charges. (Call hospital)
• Pediatrician Charges: Well/sick visits and all immunizations. (Call pediatrics or physicians office)
• Nursery / Equipment: Crib, high chair, stroller, infant car seat, booster car seat, diaper bag, bottles, pacifiers, toys, baby/child-proofing supplies, diaper rash cream, wipes, shampoo, etc.

DAILY COST:

• Disposable Diapers (Kmart, Walmart).  Compare the same sizes from both stores and make a note of how many diapers are in each package.  Calculate how much each diaper costs and find an average price per diaper.
• Figure out how many diapers per day a baby uses (BabyStory, KidsGrowth, Babblesoft) -- Newborn / 1-3 Months / 4-6 Months / 7-9 Months / 10-12 Months.  Using the cost per diaper (above), how much will it cost per day (for each section) to diaper a baby.
• Figure out approximately how much [in ounces] baby formula a baby should use per day (BabyCenter) for a 6 pound baby / a 10 pound baby / a 15 pound baby / a 20 pound baby / and a 24 pound baby.  Compare that to the estimates for a Newborn / 2 month / 4 month / 6 month baby (KidsHealth).  On average, how many ounces (approximately) does a baby need each day?
• To prepare formula, you will mix one ounce of powdered formula with two ounces of water (to make 3 ounces of formula).  You will need to divide the total formula needed per day by 3 so you know how much powdered formula you need to buy.  Check out Amazon.com and find a good price for baby formula -- you might want to figure out the price per ounce to find the best bargain.  How much does each ounce of powdered formula cost?  
• How much is "baby food" (peas, carrots, applesauce, etc.)?  When do babies typically begin eating baby food instead of just breast milk or formula?  How much do they typically eat [up to one year old] per day?  What about "baby cereal"?
• What is your DAILY cost of a baby so far?  Add average costs of diapers, formula, wipes, baby food, cereal, etc.

ANNUAL COST:

• Annual cost of formula.
• Annual cost of diapers.
• Annual cost of baby food, cereal, etc.
• Approximate annual cost of baby clothes, shoes, coats, etc.
• What was your "Up Front Cost" (above)?
• What was the total cost of having this child for one year?

OTHER COSTS:

• Imagine that you are a single parent and you decide to take three months off work to have the baby and get him/her started.  Now your savings account is about empty and it's time to return to work.  How much will it cost to have your child in daycare/babysitting each day?  Each week?  For the next 9 months (about 270 days)? 
• What other costs might be involved in having a baby for a year?

GETTING HELP:

• What is WIC?  Who qualifies?  How can they help?
• What other resources are available for parents who need help being parents? 

Download Handout Here (PDF)