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THE FUNDAMENTALS 75 MINUTES
BBI1O/BBI2O, BMI3C,
OF ECONOMICS BDI3C/BDI3O
A high school lesson plan provided by the University of Guelph
This activity will allow students to develop an understanding of basic business and economic principles,
including the concept of the diminishing rate of marginal returns, best alternative to no agreement
(BATNA) and substitutes versus complements. Students will learn through activities designed for hands
on learning and will utilize critical thinking skills while working in groups.
Curriculum Alignments Assessment Strategies and Success
and Expectations Criteria
Describe the concepts of, and conditions Summary and debrief
that affect, supply and demand and explain Gallery Walk
how needs and wants create opportunities Think-pair-share
for business Discussion and debrief
Summarize the factors that motivate a
customer to purchase a product (e.g., Cross Curricular Links
discretionary income, peer pressure, social
responsibility, evolving needs and wants) Exploring Family Studies – Consumer
Describe the process involved in producing Awareness
a new product or delivering a new service Food and Nutrition – Food Choices
and identify the factors that determine the (Availability of Food, Food Security, and
supply of labour Food and Environmental Responsibility)
Become familiar with communication terms Nutrition and Health – Local and Global
used in a business environment and gain an Issues – Food Production and Supply
understanding of basic business concepts Business Leadership – Management
Fundamentals
Learning Objectives Economics – Fundamentals of Economics,
Economics Challenges, Global
Understand the role of business and Interdependence and Inequalities
economics in the food and agriculture Career Studies – Exploring and Preparing
sectors for the World of Work
Become more confident in individual
negotiating abilities Materials
Critically think about why complements
and substitutes are important in food and Books
agricultural production Negotiation template print-offs
Chart paper
Markers
Page 1
THE FUNDAMENTALS 75 MINUTES
BBI1O/BBI2O, BMI3C,
OF ECONOMICS BDI3C/BDI3O
A high school lesson plan provided by the University of Guelph
TEACHER NOTES
the entirety of the game. The other will
1. Begin by discussing the application of be assigned new group members (as you
business and economics in the agriculture choose additional classmates to stand
industry. As a diverse industry consisting of up and participate). At first, adding team
many different sectors (farming, processing, members will help move books but after a
food marketing) the agri-food industry certain point, team members will get in the
employs a variety of business strategies. way. This is a timed activity and should take
no longer than 10 minutes.
People involved in agriculture and food
must have a firm understanding of 3. This game is meant to introduce students
production methods so that they can to the economic concept of diminishing
choose the one that best suits their needs. marginal returns.
They must be able to tailor the products
they produce to meet the ever-changing Diminishing marginal returns – states that
needs of the consumer, and market their initially, adding another factor of production
product to those consumers to make a will increase output dramatically, but after
profit. Agri-food producers must be able to a certain point, the addition of more factors
add value to their product, and they can do will result in smaller increases in output.
so by specializing in what they produce and
making it different from their competitors.
Employees of the agri-food industry work
together as an efficient team, and through
understanding the basic concepts of
business and economics, they can do so
extremely well.
2. Activity 1: Production Line
Required Materials: 30 books
Choose ten students from the class and Explain the economic concept of
have them come to the front of the room. diminishing rate of marginal returns, using
Divide them into two teams of five. Have examples related to the agri-food industry
each team stand on the same side of the (i.e. show a picture of a double-ten milking
room, next to a pile of about 30 books. parlour, and demonstrate with Google
doodle how at first, adding more farmhands
Each team must move the pile of books [stick figures] to the parlour will increase
from one side of the room to another. Every efficiency, as there is more help to milk
team member must touch the book at least cows, but after a certain point, the parlour
once. One team will have five members becomes crowded and less gets done). Get
Page 2
THE FUNDAMENTALS 75 MINUTES
BBI1O/BBI2O, BMI3C,
OF ECONOMICS BDI3C/BDI3O
A high school lesson plan provided by the University of Guelph
students involved by asking them for other
examples of situations where diminishing Negotiators’ Goal – the target point or
rate of marginal returns may exist. aspiration the negotiator is trying to reach,
the motivation between engaging in a
*a virtual tour of the University of Guelph’s negotiation.
Elora Research Station – Dairy Facility will
soon be online and may help students Ask students to partner up with the person
understand the concept of a double-ten beside them. Hand out the Negotiations
milking parlour better. print-offs, making sure the partners ar e
given different handouts (one student will
4. Activity 2: Negotiations be the retailer, and one the merchandiser).
Students will be given 20 minutes to
Required Materials: Negotiation template complete this activity. Working with the
information provided on the handout,
Ask students if they know what a students must work to negotiate an
negotiation is. Have them provide ideas agreement which fills the requirements
of what they think makes a successful stated on the handout. Students cannot
negotiation, and if they think of themselves change the information provided however
as good negotiators. they can create storylines and reasons of
their own.
Negotiation – a decision-making process
where two or more people try to agree on 5. After time has run out, ask students to raise
how to allocate resources. their hands if they met the requirements on
their handout. On the chalkboard, draw a
Briefly explain the concept of best simple dot graph, and ask pairs of students
alternative to no agreement (BATNA), the amount of money each one made.
reservation price and the negotiators’ goal. Discuss the trend that can be seen on the
chart and ask students what they would do
BATNA – best alternative to a no differently should the negotiation happen
agreement, critical to negotiations so again. Do they still think that they are good
you can make a wise decision knowing
negotiators?
what your alternatives are; the standard
to keep you from accepting something 6. Activity 3: Complementary Gallery
unfavourable and rejecting offers that would
be favourable to accept. Required Materials: chart paper & markers
Reservation Price – the least favourable Set up four chart papers around the room.
point at which you would accept an offer, An additional one should be with you at the
your “bottom line”. front of the class, where you will start the
Page 3
THE FUNDAMENTALS 75 MINUTES
BBI1O/BBI2O, BMI3C,
OF ECONOMICS BDI3C/BDI3O
A high school lesson plan provided by the University of Guelph
activity by asking students to define the Divide the class into five groups (there
terms complements and substitutes. Have should be approximately 4-6 students in
them brainstorm ideas before providing the each group). Each group should travel to
correct, technical definitions of both. each of the chart papers, all of which will
have different questions that the students
Substitutes – goods/products that are must answer. Have the students debate
consumed in place of another; when the amongst themselves the answer to each
price of one good increases, the demand question, and write down this answer, as
for a substitute good will increase and well as the reason why. Potential questions
when the price of one good decreases, for the chart paper are as follows:
the demand for the substitute good will
decrease. Are schoolwork and extracurriculars
Legend: substitutes or complements? Why?
1. Blue Line = Supply You are looking for a way to enter the
2. Orange Line = Demand food industry by creating a new food
3. Green Line = decrease in product. Do you want to produce a
demand for a product when substitute good or a complement good?
the price of a substitute falls Explain.
Yellow Line = increase in Provide examples of substitutes and
demand for a product when
the price of a substitute rises complements.
To a business owner, are human labour
and technology/machinery substitutes
or complements? Why?
Complements – goods/products that are
consumed together; when the price of 7. At the end of the session, go over the
one good increases, the demand for its answers on each piece of chart paper
complement will decrease and when the and discuss them as a class. Explain to
price of one good decreases, the demand students the importance of complements
for its complement will increase and substitutes, about the different affects
Legend: that a change in price has on each (i.e.
when the price of a food product goes up,
Blue Line = Supply the demand for its complement decreases,
Orange Line = Demand and then demand for its substitute
Green Line = decrease in increases).
demand for a product when
the price of a substitute falls
Yellow Line = increase in
demand for a product when
the price of a substitute rises
Page 4
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