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Background
The Idaho Economic Summit evolved from a program which originated at Borah High School in Boise, Idaho in the early 1990's. It proved to be very popular with students and faculty and grew to include students in other Boise schools. On April 25, 2000, Kali Kurdy, the teacher who developed the Economic Summit project, was named the First Grand Winner of the NASDAQ National Teaching Awards, and received a $25,000 cash award. Kali Kurdy, one of five previously announced Regional Winners, was chosen number one by a distinguished panel of judges.
Planning & preparation
Preparation of teams to participate in the Economic Summit is an eight to ten week activity. Participating students may be enrolled in an economics class, a business or marketing class, or they may be members of a student organization. Teams are made up of three to five students. Each team is assigned a country for which they become the economic advisors. As economic advisors, each team must assess the social, political, and economic conditions within the country and determine a course of action which will increase the standard of living of the population. They become an expert on that country, its people, its economic and political system, the standard-of-living, and economic base. They become familiar with what resources the country has and what products it produces and what products and services it imports and exports. Students also explore basic economic concepts related to international trade.
Economic summit planning grid
The Economic Summit Project includes 12 lessons. They are:
1. Introduction to the Summit Project.
2. Research country in relation to living standards and the country's classification as a 1st world, 2nd world, or 3rd world country.
3. Explore the relationship between factors of production, choice, and living standards.
4. Explore the concepts of comparative advantage and the benefits of specialization.
5. Barriers to Trade
6. Developing a Strategic Plan
7. Currency and Exchange Rates
8. Develop a Trade Issue suitable for discussion.
9. Explore the Balance of Payments issue.
10. Review Summit activities & Goals.
11. The Economic Summit Event
12. Summit Debrief- How did it go? What did they learn? What might they do differently?
Country classification
The 1st World Country category represents those countries that have the...