Council for Economic Education 122 East 42 nd Street, Suite 2600 New York, NY 10168 Phone: 212-730-7007 or 1-800- 338-1192 Fax: 212-730-1793 www.councilforeconed.org CEE MISSION The mission of the Council for Economic Education is two-fold: To advocate for better and greater school-based economic and personal finance education at the K-12 level; and to educate young people in the United States and around the world, primarily through well prepared teachers, so they may become empowered with economic and financial literacy.
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Council for Economic Education 122 East 42 nd Street, Suite 2600 New York, NY 10168 Phone: 212-730-7007 or 1-800-338-1192 Fax: 212-730-1793 .
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Council for Economic Education122 East 42nd Street, Suite 2600New York, NY 10168Phone: 212-730-7007 or 1-800-338-1192Fax: 212-730-1793 www.councilforeconed.org
CEE MISSIONThe mission of the Council for Economic Education is two-fold: To advocate for better and greater school-based economic and personal finance education at the K-12 level; and to educate young people in the United States and around the world, primarily through well prepared teachers, so they may become empowered with economic and financial literacy.
Lesson 3: REVISED “Voters and Elections”This lesson is from “Civics and Government: Focus on Economics,” published by CEE.
The lesson discusses the costs and benefits of voting. From analysis, students try to estimate who is more or less likely to vote in an election. Lesson 6: REVISED “Can Election Futures Markets Be More Accurate Than Polls?”
This lesson is from “Civics and Government: Focus on Economics,” published by CEE. The lesson introduces students to polls and the Iowa election markets. Lesson 1: NEW “Margin of Error”
This new lesson introduces students to the concept of margin of error, which is often reported, but rarely understood. Lesson 8: REVISED “Economic Misery and Presidential Elections”
This lesson is from “Civics and Government: Focus on Economics,” published by CEE. The lesson looks at past U.S. elections and finds that economic conditions can play a large role in whether a party retains the presidency. Lesson 13: “Public Choice Goes to Washington and into the Voting Booth”
This lesson is from “Focus: High School Economics,” published by CEE. The lesson conducts mock elections in which students learn why people may decide not to vote in an election.
LESSON 13 – PUBLIC CHOICE: ECONOMICS GOES TO WASHINGTON AND INTO THE VOTING BOOTH
Suggested evening workshop: 4 hours 4:00 to 4:15 Introduction 4:15 to 4:45 Lesson 3: REVISED “Voters and Elections” 4:45 to 5:30 Lesson 6: REVISED “Can Election Futures Markets Be More Accurate Than Polls?” 5:30 to 6:00 Dinner Break 6:00 to 6:45 Lesson 1: “Margin of Error” 6:45 to 7:20 Discussion of Economic Election Issues 7:20 to 7:50 Lesson 8: REVISED “Economic Misery and Presidential Elections” 7:50 to 8:00 Conclusions
LESSON 13 – PUBLIC CHOICE: ECONOMICS GOES TO WASHINGTON AND INTO THE VOTING BOOTH
Suggested day workshop: 6 hours 9:00 to 9:15 Introduction 9:15 to 10:00 Lesson 13: “Public Choice Goes to Washington and into the Voting Booth” 10:00 to 10:15 Break 10:15 to 10:45 Lesson 3: REVISED “Voters and Elections” 10:45 to 11:30 Lesson 6: REVISED “Can Election Futures Markets Be More Accurate Than Polls?” 11:30 to 12:00 Lunch 12:00 to 12:45 Lesson 1: “Margin of Error” 12:45 to 2:00 Discussion of Economic Election Issues 2:00 to 2:45 Lesson 8: REVISED “Economic Misery and Presidential Elections” 2:45 to 3:00 Conclusions
LESSON 13 – PUBLIC CHOICE: ECONOMICS GOES TO WASHINGTON AND INTO THE VOTING BOOTH
LESSON 13 – PUBLIC CHOICE: ECONOMICS GOES TO WASHINGTON AND INTO THE VOTING BOOTH
LESSON 3: VOTERS AND ELECTIONS
VISUALS
VISUAL 3.1THE COSTS OF VOTING
1. Dollar costs. No dollar costs may be imposed by fees or taxation. Amendment 24 to the U.S. Constitution rules out dollar costs:
Section 1. The right of citizens of the United States to vote in any primary or other election for President or Vice President, for electors for President or Vice President, or for Senator or Representative in Congress, shall not be denied or abridged by the United States or any state by reason of failure to pay any poll tax or other tax.
2. Other costs. While the Constitution prohibits monetary charges, this does not mean that voting is entirely without costs. Voters will incur opportunity costs. The opportunity cost of voting is what a voter gives up in choosing to vote. Here are some possible opportunity costs:• Time taken to register• Time to find a voting location, or to vote via absentee ballot.• Time taken to vote, which may also mean lost wages for voters who miss work; or babysitting or transportation costs.
• Time needed to investigate candidates and issues.
* The number in parenthesis is the share of vote between two candidates, which is comparable to the Iowa EM vote share payoff.
• Through all the twists and turn of the primary campaign and the final campaign, the Iowa Electronic Markets consistently picked Barack Obama as the leader.
• As illustrated in the figure below, from June 2006 until November 2008, Barack Obama led by similar margins to the final election outcome.