HEC-TV Presents Meet an Economist Presented in Collaboration with the Federal Reserve Bank of St. Louis

Transcription

1 HEC-TV Presents Meet an Economist Presented in Collaboration with the Federal Reserve Bank of St. Louis Original Air Date: April 23, 2014 Grade Levels: 9-12 Archived Program URL: / Program Materials page URL: Program Description: In this program, we explore the question: Education and Training Beyond High School: Why Does It Matter? Students interact with William Emmons, Assistant Vice President and Economist for the Federal Reserve Bank of St. Louis. Our conversation explores the nature of investment through the lens of one very specific investment that many students will be making very soon the investment of additional money, time and other resources in post-secondary education and/or training. We look at four-year colleges, two-year colleges, military and public service options, and trade school/job-training options. What criteria should students be using to make a selection that s best for them? Program Objectives: 1. The participant will explore the structure and purposes of America s Federal Reserve System. 2. The participant will investigate economic concepts such as personal finance, investment, return on investment, investment in human capital, and engage in a discussion about those topics. 3. The participant will interact with economists and learn about the nature of their work. Program Format: Time codes for are provided in blue to help you find specific segments in the program. I. Welcome and Introduction Student groups and experts will be introduced and welcomed to the program. (00:00 to 02:27) A. Topic for the Program Personal Finance/Investing in Yourself B. Guest for the Program William Emmons, Vice President and Economist, Federal Reserve Bank of St. Louis How did you get your job working with the Federal Reserve? II. History, Structure, and Purposes of the Federal Reserve System In this segment we ll provide a brief overview of the Federal System, how it operates, and what it is designed to do. (02:28 to 05:27) A. When and Why the System Was Created B. Structure of the Federal Reserve System C. Purposes of the Federal Reserve System

2 How many Federal Reserve districts are there? Where are the Federal Reserve districts located? III. The Nature of Investment In this segment we provide an overview about important economic ideas related to the concept of investment that we will apply in the program s next segment as we look at investing in one s self beyond high school. (05:28 to 09:45) A. What is Investment? B. Factors that Affect an Investment C. Getting a Return on Investment How old do you have to be to start investing? Is there anything that the Federal Reserve is able to do to make college more affordable? Coosa Valley, AL (Dontavius S.) What is the best way to make the decision of what s next beyond high school? IV. Investing in Yourself In this segment, we take the concepts discussed above and apply them to the decision-making process involved in determining the best investment for a student to make concerning education and training beyond high school. We ll explore the topics below as we do so. (09:46 to 31:29) A. What is Meant by Investment in Human Capital? B. Factor of Feasibility of the Investment C. Comparison of Self-Investment Options After High School 1. Trade School and Job Training 2. Two Year (Community) College 3. Four Year College 4. Entering the Work Force Immediately 5. Taking a Year Off Is it economically beneficial to start at a two-year school and transfer to a four-year school? My current plan is to attend college and find a job in the marketing side of business. What kind of college would be best for this field and what do you consider to be smartest way to pay for a college degree such as mine? Do you think an apprenticeship is a viable investment for our futures in this ever-increasing technological world? Is it more beneficial to attend a private school, or is the extra money not worth it? D. Learning About the College and Weighing Costs and Benefits (31:30 to 58:35) 1. Going on a Visit 2. Attending a College Fair/Speaking to College Representatives 3. Picking the Right Place for You 4. Cost/Benefit Analysis 5. Potential Wages versus Potential Debt Incurred

3 6. Value of Specific Job Training Programs 7. Value of Military and Public Service What educational background do I need to be a dentist? What types of degrees are available for artists? Do you feel that there is a college debt crisis in America? If so, what would you suggest could improve the situation to where students leaving college would have less debt? After a College graduate completes their degree, on average how many years does it take to recover from the lost opportunity of cost and actual cost of college? In regards to shortages and surpluses within labor segments in the United States, how do labor demands influence college degrees? Would raising the minimum wage help college students get out of debt faster, or could it tighten up an already tight job market? V. Summary and Conclusion Summary of major concepts learned today, final questions from students, and closing comments from guest. (58:36 to 59:52) Pre-Program Activity Suggestions for the Program: 1. Federal Reserve Online Courses and Videos Please register as an instructor at the instructor management panel: Once you have registered as an instructor you will be sent an with an ID and password. Use that ID and password to create a class and add your students to that class. Then assign them to the following videos: It s Your Paycheck: Lesson 1 Invest in Yourself (estimated; 35 minutes) For this course, students will pre-test and scores will be reported to you. Once they have completed the course, they will post-test and scores will be reported to you. Students can view each video on their own, in small groups or as a class. They do not need to be in class with you to view the videos or take the quizzes. Should you have any difficulty with the instructor registration, please contact Mary Suiter at mary.c.suiter@stls.frb.org 2. Federal Reserve Readings and College 101 Infographic and Videos: Have students read College Degrees: Why Aren t More People Making the Investment? Inside the Vault, Vol. 18, Issue 2, Fall 2013, Have students view the College 101 Infographic and Videos at Within the infographic, students can click on three short videos PF 101 Conversations the

4 topics are: Completing the FAFSA (8 minutes) Choosing a College (6 minutes) Financing College (9 minutes) Or you and your students can view the videos directly at 3. Optional Readings and Lesson Plan for the 1:00 p.m. Central Time Program For students interested in exploring the program topics in more depth, have them read the following online article. Investing in Yourself: An Economic Approach to Education Decisions, Page One Economics Classroom Edition, Post-Program Activity Suggestions: 1. Utilize the Optional Pre-Program Activity Suggestions Give students a chance to explore more about topics explored in each program by utilizing resources in Pre-Program Activity Suggestion #3 above from the program you participated in. 2. Share Their Learning Have students reflect on new learning they gained during the program and how they could explain that new learning to someone else. Then have students select a method of their choice to explain that new learning to a specific audience. Examples could be: writing a letter to the editor to the school newspaper or local newspaper; creating a PowerPoint presentation for classmates; writing a short essay for a teacher; explaining it in a conversation with his/her parents or another important adult in his/her life. Featured National and State Standards: Voluntary National Standards in Economics: Content Standard #19: Unemployment and Inflation Content Standard #20: Fiscal and Monetary Policy National Standards for Financial Literacy Content Standard #1: Earning Income The program also references a large number of Common Core Standards in the areas below. College and Career Readiness Anchor Standards for Reading: 2. Determine central ideas or themes of a text and analyze their development; summarize the key supporting details and ideas. 7. Integrate and evaluate content presented in diverse formats and media, including visually and quantitatively, as well as in words.

5 10. Read and comprehend complex literary and informational texts independently and proficiently. Reading Standards for Literacy/History in Social Studies 6-12: 2. Determine the central ideas or information of a primary or secondary source; provide an accurate summary that makes clear the relationships among the key details and ideas. 7. Integrate and evaluate multiple sources of information presented in diverse formats and media (e.g., visually, quantitatively, as well as in words) in order to address a question or solve a problem. 8. Evaluate an author s premises, claims, and evidence by corroborating or challenging them with other information. 9. Integrate information from diverse sources both primary and secondary, into a coherent understanding of an idea or event, noting discrepancies among sources.