How do grocery stores set food prices?
How do gas prices remove risk when they sell products with fluctuating prices?
These questions and more are explored in Futures Fundamentals, a free program developed by CME Group to teach consumers about how futures impact their everyday lives.
To further extend and adapt these concepts to high school economics and business students, CME Group and Discovery Education partnered together to create Econ Essentials. The program was designed to build high school students’ understanding of the important and ever-changing variables that affect our global economy.
As part of the program, several free resources have been designed to help high school students explore basic economics principles through the lens of futures. Resources include two dynamic, e-learning modules that focus on fuel and food prices. The modules align with the Council for Economic Education’s Voluntary Content Standards for Economics. Each module includes:
- An authentic challenge
- Interactive components
- Embedded assessments
- An accompanying Educator Guide
Visit EconEssentialsInSchool.com to access these great resources. An overview of each curriculum module is included below.
FUELING THE FUTURE (Available now)
In Fueling the Future the students are presented with a challenge of starting an imaginary shuttle business to drive their friends around town. In order to set a ticket price for their business and turn a profit, they must be able to predict the price of gas for the upcoming semester. Along the way, students learn the basics of supply and demand, discover the local, national and global forces that impact gas prices, and explore how gas prices impact their everyday lives. Students then apply this information to set a ticket price for their business and complete a simulation to see if they made a profit.
FACTS BEHIND FOOD PRICES
A second module will be launched on the Econ Essentials website in August. The module will explore the role of economics in food prices and what influences the price we pay for our food. Students will be introduced to the economics journey from farm to wallet and will investigate the diverse external factors that contribute to food prices, including why they fluctuate and how to reduce risk.