When Henry Ford announced he was going to produce an automobile that would be affordable to the masses, it is doubtful even he realized the far reaching impact such an achievement would have on life in the U.S. and eventually, the world. Ford’s use of mass production strategies to manufacture the Model T revolutionized industrial manufacturing and initiated a new era in personal transportation. This 3-part learning unit provides students with the story of Henry Ford and the Model T from an economics perspective. Parts 1 and 2 explore how the Ford Motor Company successfully introduced mass production strategies to the auto industry. Students learn how specialization and investments in capital (machines, people, etc.) increased productivity and allowed Ford to slash the price of his popular vehicle. Students chart a plan for the assembly line production of bookmarks, test their plan and make recommendations for improvements. Students also explore how Henry Ford used economic incentives to address a problem created by mass production techniques—worker turnover. An optional Part 3 explains how increased productivity resulted in shifts in the supply and demand for the Model T. Students analyze how a variety of non price determinants continue to influence the automobile market today. A wealth of extension activities is provided if additional time is available.
“The verdict is in: California’s experiment with energy deregulation is not just a mess; it’s a certifiable failure, according to everyone from the state governor to the very utilities that initially backed the scheme.” This is how Charles Feildman, CNN Correspondent, began his article on January 4, 2001, entitled “The California Power Quagmire”. Has this happened with any other industry? How and why did this happen in California and can it happen in other states? To understand what happened one must look at some simple and basic concepts in economics.
OPEC is generally seen as the primary institution that controls oil prices. Is that what OPEC really does? Use this lesson to get an overview of the history and function of this institution.
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This publication contains 23 lessons that introduce high school students to the world of investing--its benefits and risks and the critical role it plays in fostering capital formation and job creation in our free market system.
5 out of 23 lessons from this publication relate to this EconEdLink lesson.
Designed primarily for elementary and middle school students, each of the 15 lessons in this guide introduces an economics concept through activities with modeling clay.
2 out of 17 lessons from this publication relate to this EconEdLink lesson.
Created specifically for high school mathematics teachers, this publication shows how mathematics concepts and knowledge can be used to develop economic and personal financial understandings.
1 out of 15 lessons from this publication relate to this EconEdLink lesson.