Banks, labor unions, corporations, legal systems, and non-for-profit organizations are examples of important institutions. Standard 10: Institutions evolve in market economies to help individuals and groups accomplish their goals. Acting as consumers, producers, workers, savers investors, and citizens, people respond to incentives in order to allocate their scarce resources in ways that provide the highest possible returns to them.Standard 4: People respond predictably to positive and negative incentives Video DemonstrationĬontent Standards Addressed: National Voluntary Content Standards in Economics In the later rounds of the game, students are rewarded for what they create – and so will get involved in creating more. Instead, three student managers are rewarded for whatever the students create. In the early rounds of the game, (1 – 3) students are not rewarded for working hard. The game is played over several rounds, each of which can last up to two minutes. The students will become colonists who are expected to work to pay the price of their passage to America. In this lesson the class will simulate the experience at Jamestown before and after the arrival of Sir Thomas Dale. Slides and Instructions for Virtual Classrooms
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