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Related Lessons

Lesson: The Price of Gasoline: What's Behind It?


Henry Ford and the Model T: A Case Study in Productivity (Part 3)

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.

Grades: 9-12
Published: 01/15/2008

Marketplace: Oil Is a Slippery Business

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.

Grades: 9-12
Published: 05/22/2002

Fill 'er up, Please

Americans drive more than 2.6 trillion miles per year, that's 14,000 round trips to the sun! And for the most part, these vehicles are all running on gasoline. For many of us, we watch the price of gas as closely as the price of a gallon of milk, or the price of a movie ticket. This activity provides the students an opportunity to learn how gas prices are created and what are the components of the final price.

Grades: 6-8
Published: 04/23/2003

Related Publications

The following lessons come from the Council for Economic Education's library of publications. Clicking the publication title or image will take you to the Council for Economic Education Store for more detailed information.


Playful Economics

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.

Grades: K-8
Published: 2011

3 out of 17 lessons from this publication relate to this EconEdLink lesson.

Focus: Economics - Grades 3-5

This publication contains fourteen lessons that use a unique blend of games, simulations, and role playing to illustrate economics in a way elementary students will enjoy.

Grades: 3-5
Published: 2005

1 out of 16 lessons from this publication relate to this EconEdLink lesson.