So Expensive Series - Insulin
The creators of insulin famously sold their patents for $1, stating it should belong to the world. Why has it become so expensive?
After a drug has been on the market for 20 years it typically loses patent protection, allowing competitors to create generic versions and driving down prices. Unfortunately, this has not been the case for this life-saving treatment. Discuss this with your students in NGPF's new activity series based on Business Insider's web series: So Expensive.
Students will watch a video about a specific product or service, identify the specific factors of production that impact its price, and dig deeper by answering a few thought-provoking questions.
So Expensive #4: Insulin
Frequently Asked Questions
How often will this activity be released?
We currently plan to release one So Expensive activity per week through the end of this school year and to continue releasing them again at the beginning of the next school year.
How do I deliver this activity?
We have included both a Nearpod and no-tech version of the activity. Note: you will need to be logged into your Nearpod account to download the activity. There is no answer key, but the no-tech version will have a slide with example answers for the factors of production and the Nearpod version will have answers preloaded in a drag-and-drop activity.
How is the activity structured?
Each week’s activity will include:
- Factors of production learning/refresher resources
- A Business Insider “So Expensive” video
- Factors of production identification activity
- Multiple discussion questions about that week’s product or service
What if my students haven’t learned about the factors of production?
The activity includes a video and infographic that will give students the foundational knowledge needed to understand the factors of production and put that knowledge to use.
When should I use this activity?
This activity is built to be flexible. It can be used to supplement your existing personal finance lessons or it can be used as a standalone activity if you’re looking for a meaningful and relevant way to engage your students as we head into the final weeks of the school year.
How long does the activity take?
The video about the factors of production is 4 minutes and the So Expensive videos generally range between 5-10 minutes. So, depending on whether students watch both videos and how in-depth your students go in the discussion questions, it’s reasonable to expect the activity to take somewhere between 15-30 minutes.
Where can I find the So Expensive activities on the website?
You’ll be able to find them by navigating to the NGPF.org blog and selecting “So Expensive Series” in the dropdown menu.
We hope this new activity will help you provide your students with engaging topics to help sharpen personal finance and economics skills!
Have questions or comments? Reach out to firstname.lastname@example.org!
Looking for more ways to introduce economics into your personal finance classroom? Check out NGPF’s Econ Collection!