Philanthropy EconAround Bingo Game

A Brain-Friendly Concepts and Definitions Game Integrating Economics with Philanthropy

Produced byJohn Noling, Learning To Give Instructional Consultant and Melinda Dickinson, 5th Grade Teacher, Lansing Public Schools, Educator Associate, Michigan Council on Economic Education

Special Acknowledgements To: David Dieterle, Michigan Council on Economic Education; Marge Kosin, Vandyke Public Schools;  David Klemm, Muskegon Area Intermediate School District; Fred Meston and 5th grade students from Mona Shores Public Schools; Carol Fellows and 5th grade students from Utica Community Schools; Barb Lundquist, Whitehall District Schools; and Barbara Dillbeck, Learning To Give

Philanthropy EconAround Bingo is brought to you by:
Learning To Give
www.learningtogive.org

Directions for Philanthropy EconAround Bingo Original Version OR Introductory Version

1. Give each student a copy of the Philanthropy EconAround Bingo Vocabulary List, ablank bingo form, and sufficient Bingo tokens (not supplied).  Instruct each student tocreate their own “lucky” Bingo card by choosing 24 words from the Vocabulary Listto write into the 24 open boxes on their bingo form.
    
2. Pass out all of the Philanthropy EconAround cards, giving some students more thanone if necessary.
    
3. Ask students to find and read the definition for the “I have...” term on theircard(s) on the Vocabulary List and be ready to respond when the proper “Who has?”cue is given.
    
4. Ask any student to start by reading the “Who has...?” portion of their card.  When astudent responds with the correct  “I have”..., all students who have that word ontheir Bingo card place a token on that space.  Ask students to repeat the definition asecond time for reinforcement.  Give real-life examples of the term if this is ateachable moment.
    
5. The student who correctly responded will then read the “Who has?…” portion of  thesame card.  The appropriate person responds by saying “I have…”
    
6. Continue this process until someone has Bingo!  Keep playing until all cards areused and you are back to the first person who started the game who will say “Ihave…” to end the game.  Teachers may refer to the Philanthropy EconAroundBingo Game Sequence sheet to become aware of what cards are coming next in thegame sequence.

General Suggestions for use of Philanthropy EconAround Bingo Original Version AND Introductory Version

IMPORTANT CAUTION FOR TEACHERS:  Students may “know the words” but not understand theconcepts behind them , so just rehearsing vocabulary words is not sufficient or recommended.  Studentsneed an “in-their-own-words” understanding of each of these terms and concepts.  It is important tointegrate quality economics and philanthropy lessons and activities into your Social Studies teachingwhere students will use these words, and many more, to deeply understand the concepts underlyingthem.  See suggestions below for websites and programs to assist in this area.

General Suggestions:

• For best results, play the “Philanthropy EconAround” portion while conducting the “Bingo” activity.However, either portion can stand alone as a quality learning activity.  The word game itself canbe played without Bingo if desired.
   
• Pause during the game as needed to give or ask for personal examples from life, discussgraphics on a particular card, or connect with real-world events from the news.  As students learnthe concepts and definitions, the game will flow much more smoothly than the first time through.Be patient.  Repeat the game periodically and work to improve times.
   
• After the first one or two winners at Bingo, have students clear their Bingo sheets and start overagain with the Bingo portion while keeping the rest of the game going with the vocabularysequence of cards.  This adds more suspense and keeps the number of Bingo winnersreasonable.  Small prizes for Bingo make great incentives.
   
• A note about opportunity cost and trade offs.   Opportunity cost and trade offs are different,but related.  Opportunity cost is the total cost to you, (what you gave up), of the next bestalternative to the one you chose.  It is not the sum of all the costs of the many alternatives youpassed up, only the next best one.  Trade offs are different in that it refers to giving up a little ofone or more alternatives in order to get a little more of another.  So, making a choice does notalways mean an “all or nothing” situation results.  It just means you don’t necessarily  have togive up an alternative completely.  You can in many situations in life get some or most of analternative to satisfy your wants while getting a little more of something else you also wantbecause of your economic decision to make a trade off.   Each trade off  you make, howeversmall it is, is really a choice between alternatives that reveals the  opportunity cost of selectingone alternative over the other.
   
• Customize EconAround Bingo by creating new cards (using blanks included) or deleting somecards that do not fit your curricular needs. The game is a continuous loop, so you will need to“break into the loop” at the appropriate point by doing some manual cutting and pasting of “Ihave” and “Who has?…” prompts.  Clip art can be found on the Internet or other print sources.Some terms not included in the game which you may consider adding are:  cash, currency,coin, credit, command economy, traditional economy, division of labor, public goods,private goods, government sector, etc.   For reputable glossaries of Social Studies andeconomics terms, consult your state or local curriculum sources. For philanthropy terms, checkwww.learningtogive.org., go to Resource Room, then click on Vocabulary.

For high quality lessons, activities, and other resources, the following sites and programs are HIGHLY recommended:

1. www.kidseconposters.com   KidsEcon Bingo game available here.  Click on LiteratureConnections for great lessons tied to excellent trade books, also click on Econ Songs for29 great songs you can download.
    
2. www.4mcee.org  Michigan Council for Economic Education website, Besides the superglossary, click on Search for Materials and Economics for Tomorrow for fast and easyaccess to great econ education resources.
    
3. www.ncee.net  Click on EconEd Link and you are in business with over 350 free lessons!
    
4. www.fte.org  Click on For Teachers, then Lesson Plans and you will be amazed!  Be sureto check out Economics for Leaders program for teachers and students!
    
5. www.mcps.k12.md.us/curriculum/socialstd/Econ_Geog.html 32 popular K-6 trade booksfeatured with   lessons to integrate economics and geography.  You will recognize thesebooks!
    
6. http://cob.jmu.edu/econed/Marthas.htm  Martha Hopkins keeps collecting the best freelessons on-line Internet lessons that will add few costs and  great benefits for yourclasses.
    
7. www.learningtogive.org  Over 700 well-crafted philanthropy education and service-learning oriented units and lessons that integrate economics with all subject areas.  Clickon Lesson Search Engine, then Keyword Search and see how easy it is to find greatlessons aligned with state and national standards.
    
8. www.michcouncilss.org  Michigan Council for Social Studies website is one-stopshopping for excellent economics and other Social Studies links and resources,  Click onResources from home page.

Link the terms, concepts, and graphics from the game with The 6 Core Economic Principleswhenever appropriate:

1. People Choose
2. All Choices Involve Costs
3. People Respond to Incentives In Predictable Ways
4. Economic Systems Influence Individual Choices and Incentives
5. Voluntary Trade Creates Wealth
6. The Consequences of Choices Lie in the Future

• The 6 Core Economic Principles, also known as The Handy Dandy Guide in various National Councilon Economic Education  (NCEE) teaching materials, are fundamental to understanding “the economicway of thinking.”  When students can spot these principles at work around them, they are learning “TheEconomic Way of Thinking” that will help them throughout life.  Large posters (24 by 36 inches) of The 6Core Economic Principles can be ordered at www.muskegonisd.org/social_studies , then click onCurriculum Resources.    An 8.5 by 11 inch copy of  The 6 Core Economic Principles poster is includedwith this game which you may duplicate for student use as well as an accompanying guide for IntegratingThe Six Core Economic Principles In Your Classroom.
   
• Economic Systems visual organizer:  Also included with Philanthropy EconAround Bingo isa visual organizer  teachers may use to graphically explain wants, resources, scarcity, choice,opportunity cost, trade offs, production, consumption, and economic systems.  This is particularlyhelpful as an overhead transparency when introducing economic systems to your students.  Feelfree to duplicate as needed for classroom use.

Philanthropy EconAround Bingo Game Sequence - Original Version

Following is the sequence of  the 47 terms and concepts built into Philanthropy EconAroundBingo. The logic of this sequence is designed so that both philanthropy and economic termsand concepts build on each other in a spiraling level of complexity, beginning with Economicwants and ending with the term Incentives. Of course, the game can be started at any point inthe sequence and continue around to where it first began.

1. Economic wants	13. Common Good	25. Supply and Demand	37. Surplus
2. Productive resources	14. Trade Off	26. Market Economy	38. Philanthropy
3. Human resources	15. Budget	27. Distribution	39. Trade
4. Natural resources	16. Goods	28. Economics	40. Interdependence
5. Capital resources	17. Services	29. Profit	41. Imports
6. Entrepreneur	18. Consumers	30. For-Profit Sector	42. Exports
7. Scarcity	19. Producers	31. Nonprofit Sector	43. Taxes
8. Community Need	20. Volunteer	32. Individual Ownership	44. Saving
9. Choice	21. Money	33. Partnership	45. Interest
10. Cost	22. Barter	34. Corporation	46. Investing
11. Opportunity Cost	23. Price	35. Specialization	47. Incentives
12. Benefit	24. Market	36. Productivity

 

		FREE

Instructions: Create your own lucky Philanthropy EconAround Bingo sheet!  Choose 24 different terms and concepts from the Philanthropy EconAround Bingo Vocabulary List and write one in each open square above.

Philanthropy EconAround Philanthropy Bingo Vocabulary List - Original Version

Barter-  Direct trading of goods and services without using money.

Benefits-  Something  good or of positive value to someone when making a choice or decision.

Budget-a time based plan for spending a limited resource.

Capital Resources-Goods produced and used to make other goods or services. (they helpincrease productivity.)

Choice-What someone must make when faced with two or more alternative uses for aresource.(also known as economic choice)

Common Good-the greatest possible benefit for the greatest possible number of individuals.

Community Need- a condition or situation in which something is required or wanted by citizens.

Consumers-People who buy, and/or use, goods and services.

Corporation-Business owned by a group of people legally bound together, who share all therisks and profits.

Cost- The total amount of money, time and resources accumulated when you make a choice,such as a purchase or an activity

Distribution- The delivery or movement of goods or services from producers to consumers.

Economics-The study of how people make choices when dealing with scarcity.

Economic Wants- Things people like or desire that can be satisfied by consuming a good,service, or leisure activity. (also  known as wants)

Entrepreneur-An individual who takes the risk of producing a product or starting a newbusiness.

Exports-The goods and services producers in one nation sell to buyers in other nations.

For Profit Sector- that portion of the market economy composed of organizations providinggoods and services who seek to make a profit.

Goods- Objects people can hold or touch that can satisfy their economic wants.

Human Resources-The people who work to produce goods and services. (also known as laboror human capital)

Imports- The goods and services that consumers buy from sellers in other nations.

Incentives-  Benefits or costs that influence the choices people make.

Individual Ownership-A business owned and managed by one person who assumes all the riskof loss and gets all the profit.

Interdependence-What occurs when people and nations depend on one another to provide thegoods and services they want.

Interest-The money earned on the money saved and invested, or the money paid to use a credit card or take out a loan.

Investing-Putting money or resources to work in a way that increases the future value.

Market Economy-An economic system based on the interaction of supply and demand inmarkets to determine prices.

Market- What exists whenever people buy and sell goods and services and where prices aredetermined.

Money-What people use to buy goods and services.  (money is a good that is a medium ofexchange)

Natural Resources-“Gifts of  nature” that are used to produce goods and services. (also knownas land)

Nonprofit Sector- that portion of the market economy composed of organizations providinggoods and services, but not seeking to produce a profit.

Opportunity Cost-The next most valuable alternative you give up when you make a choice ordecision.

Partnership- A business owned by two or more individuals who share all the risks and profits.

Philanthropy- voluntarily giving time, talent, or treasure for the common good.

Price- The amount a buyer pays and seller receives for a good or service.

Productive Resources-The natural, human and capital resources we need to produce goodsand services. (also resources)

Productivity- The measure of how many goods or services that are produced by each worker.

Producer-People who use productive resources to make or sell goods or provide services.

Profit-The difference between  the money people make when they produce and sell a good orservice and all their costs of production?  (opposite of loss)

Savings-The part of a person’s income that is not spent for goods or services, or used to paytaxes.

Scarcity-The condition of not being able to have all the goods and services you want because oflimited resources.Services-Actions or work that a person does for someone else that can satisfy their economicwants.

Specialization-When people produce only some of the goods and services they consume, thentrade with others to get more of the things they want.

Supply and Demand- the interaction between sellers and buyers that determines prices in amarketSurplus-Having more goods, services, or resources available than you want.

Taxes- Money that households and business firms are required to pay to government to providepublic goods and services.Trade-Exchanging goods and services with people for other goods and services or money.

Trade-off- When you choose to get less of one thing in order to get more of something else.(Life is full of these!)

Volunteer- a person who gives or donates their time without pay.