As any baseball fan can tell you, the New York Yankees have won three of the last four World Series championships. The Yankees' recent success--as well as the success of other big market, high revenue teams--has led many to question whether smaller market teams can compete in Major League Baseball (MLB). In fact, in 1999, the Yankees had revenues of $176 million, the most of any team in sports--and more than the revenue of three other MLB teams (Milwaukee, Montreal and Minnesota) combined! Many baseball writers (who may or may not know very much about economics) have written that our national pastime may be threatened by the big market, high revenue teams like the Yankees (or the Los Angeles Dodgers, the Boston Red Sox or the Arizona Diamondbacks) and that smaller market teams (e.g., the Kansas City Royals or the Pittsburgh Pirates) cannot compete for the high salaried free agents (e.g., Randy Johnson or Mike Piazza) necessary to win championships. In fact, some writers claim that many MLB teams are actually not profitable for the team owners. Are these claims true? Are MLB teams losing money? Are MLB owners looking to dump unprofitable teams on unsuspecting investors? Are MLB players grossly overpaid? This lesson will help you answer these and other questions.
When Henry Ford announced he was going to produce an automobile that would be affordable to the masses, he probably did not realize what a great impact his achievement would have on life in the United States. 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 three-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. The unit also provides a wealth of extension activities.
Students will define opportunity cost and with this in mind students will list various career choices and salaries and calculate future value of money
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