The+Olympic+Legacy


 * Standard 4. ** Students will understand the diverse ways people make a living in Utah.
 * Objective 4.** Investigate the current status of Utah’s economy.
 * Indicator a.** Examine the role of recreation and tourism in Utah.


 * Lesson: The Olympic Legacy **


 * Vocabulary:**
 * Monopoly Principle
 * Economic Investment


 * Essential Questions:**
 * How can the spending of money in the present stimulate the economy to bring in greater economic rewards in the future?
 * Is hosting the Olympics worth the initial economic investment?
 * Can hosting an Olympics eventually make money for a city/region or do they always lose money?


 * Instructional Activities:**
 * Have students brainstorm with partners and think of several things they could invest in (buy) right now in their lives which could, over time, pay for the initial investment and start to make them more money.
 * Examples:
 * They could invest in a lawn mower and mow neighborhood lawns for eventual profit.
 * They could invest in children’s books and activities and child-tend for eventual profit.
 * They could invest in animal traps and trap for eventual profit.
 * They could invest in an i-pad and design web-sites/apps for eventual profit.
 * They could invest in a sewing machine and mend/sew for eventual profit.
 * Have a brief class discussion about the following economic concept: Many things require the spending of money in the present in order to make money in the future. It’s called the Monopoly Principle: you invest in properties and utilities in order to make money when someone lands on your holdings.
 * As a class, brainstorm on the main things a city/region would need to have in order to host the Winter Olympics: roads, transportation, venues, security, hotels, Olympic village, etc. The following websites will be helpful: [|http://www.utah.com/olympics/venues,][]
 * Discuss with students the economic outcomes of the 2002 Winter Olympics either at home or in a computer lab. Here are some helpful websites:[| http://usgovinfo.about.com/library/weekly/aa092400a.htm][| http://www.lifeinthevalley.com/olympic_winter_games.html][| http://www.ksl.com/?nid=960&sid=19155597]
 * Class Debate: Based upon the economic outcomes of the 2002 Winter Olympics, should Salt Lake City/Utah bid on the 2022 Winter Olympic Games?
 * Main arguments against:
 * According to the GAO, the federal government (taxpayers) contributed $1.3 billion to the 2002 Winter Olympics (that compares to $75 million for the 1984 LA games and $609 million for the Atlanta games).
 * The total cost of the games is estimated to have been $1.9 billion.
 * The USA earned 34 medals and the cost per medal equaled $5.59 million.
 * Per capital expenditures equal $1,118 for every Utahan and $6.30 for every American.
 * Sales tax collections at general merchandise and department stores went down $167.4 million during the financial quarter of the Winter Olympics.
 * Main arguments for:
 * The Winter Olympics yielded $100 million in profits.
 * The Winter Olympics generated $4.8 billion in sales in the 10 years since.
 * Olympic earnings for Utahans over the past 10 years equal $1.5 billion.
 * The Winter Olympics provided 35,000 job years of employment.
 * Utah skier visits have increased 42% in the 10 years since.
 * Expenditures from skiers and snowboarders have increased 67% in the 10 years since.
 * Utah has become the winter sports capital of the USA.
 * Several venues were constructed that are still in use.
 * Global media exposure is valued at $210 million.


 * Enrichment: Have students write a recommendation for the 2022 Winter Olympics Exploratory Committee.


 * Divide the class into teams and plan an Olympics for your class to participate in for an activity day.


 * Assessment:**
 * Classroom debate.
 * Test Questions: How did the 2002 Olympics positively or negatively affect the economy of Utah?


 * Materials / Resources for Teachers:**
 * The Utah Journey textbook pages 270-271
 * [|http://www.utah.com/olympics/venues,]
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 * Materials / Resources for Students:**
 * The Utah Journey textbook pages 270-271