Putting the Power of Economics in All Hands
From empty shelves at the grocery store to rising prices of certain items, the COVID-19 pandemic shined a light on the importance of supply chains and what happens when they are disrupted. Interruptions to supply chains, however, are not a new phenomenon. They can occur as a result of natural disasters, work stoppages, and more. No matter the cause, the result of decreased supplies is generally the same—higher prices.
The concept of supply chains is one covered in an economics course, something critical for lifelong success. Yet according to a recent report from the Council for Economic Education, only half of the states in the U.S. require some form of economic education in high school and far fewer require students to be tested in the topic.
But financial literacy can easily be a part of any subject or lesson plan. With resources from Econ Essentials – an educational initiative with Futures Fundamentals and Discovery Education examining real-world applications of complex market topics – educators can help students connect economics concepts to current events and everyday life with timely activities, videos, interactive modules and more.
The newest resources from Econ Essentials include a hot topic classroom activity, as well as a video with an accompanying educator guide exploring supply chains and what happens when they are interrupted. With these new resources, students can learn what supply chains are, why they are important, and the impact of various supply chain disruptions. Within the activity, students will:
- Create process diagrams with nodes and links
- Identify steps in a supply chain for a specific product
- Predict consequences of supply chain disruptions
- Explain how businesses can navigate some of the risks associated with supply chain disruptions through futures contracts
Other resources from Econ Essentials dive into critical topics related to agriculture and energy like how algae could change the fossil fuel industry or why the U.S. needs a new generation of farmers.
Aligned to learning standards across multiple subjects and featuring grab-and-go educator content, these resources make it easy for any teacher looking to empower students with financial literacy.