Topic:

Economics
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Economics Multimedia Text Set>
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Domain-Specific Vocabulary
Day 1 - Needs vs. Want
Budget-a plan for managing
money
Income-the money you make
(salary ) for doing work
Expenses-things you spend
your money on.
fixed expenses-recurring
expenses month to month
Variable expenses-items that
change price month to month
Debt-owing money to
someone

Make a list of needs vs. wants.

Day 1 - Watch Budgets

Read Budget Study of a Family of Seven, and

answer the questions below.

Needs
Food
Water
Shelter
Air
clothes

Wants
Money
A big house
A phone
Electronics
Candy

1)Identify the familys three largest yearly

expenses.
-Stove
-Car
-refrigerator
2) The budget assumes that all months will have
similar expenses. List some unexpected
expenses that could arise.
-health insurance
-medical emergencies
-food (these go to number 2)

3) What strategies did the family use to get out

of debt?
-Stop eating out
-Sold their car
-Stop taking family vacations
4) Explain why higher income doesnt
necessarily lead to higher savings.
The mother believes the more money you make
the more money you spend
5) Would this family be considered middle class
today? Support your answer with historical
evidence.
Yes because they make smart financial choices
that benefit the future of their family
Day 1 - Homework
We would see how much
money we spend on
groceries. Then we would see
how much money we spend
on dog food.Last we would
see how much we spend on
clothes.We said that we need
to have a budget for the
month to spend on each
thing. It would cost us $1,500
to cover all of these items.

Tonight, have a discussion with your parents on

how they create a family budget and what is in
the budget. Write 5-7 sentences summarizing
your discussion.Day 1 - Homework
We would see how much money we spend on
groceries. Then we would see how much money
we spend on dog food.Last we would see how
much we spend on clothes.We said that we need
to have a budget for the month to spend on
each thing. It would cost us $1,500
to cover all of these items.

Day 2 - Spending & Saving

Scenario It is very hard. You
have to control your budget
for your job and for living ,for
food and other things.So it
was a little herd for m e to
get far the farest i hvae got is
day 23.It was a really fun
game but frustrated at
sometimes.

After completing the scenario, why do you think

it is important to save? How do you determine
how you spend your money? (5-7 sentences) It
is important to pay your car bill so you can drive
you car. You also need to pay your electricity bill
because you of course need electricity

Day 2 - Homework... If are

gas tripled it would affect my
family a little but not to
much.

1) Ask your parents for a recent purchase

receipt. Bring it in tomorrow for short activity
and discussion.
2) With your parents assistance, Google how
much a gallon of gas cost today. If this amount
were to triple, how would it affect your family?

Day 3 - Taxes - Watch Taxes:

How They Help The
Government

1) Look at parents receipt and

analyze the sales tax.
2) What does the sales tax mean?It

means that if you were to buy an apple

that cost 1.00 plus tax would be 10 cent
the 10 cent would go to the government.
3) Where does this tax money go? It
goes to the government.
Day 3 - Taxes

1) Banking & Interest Handout

2) Discuss the following questions for each
public area/resource.
1) Why do we need it?
2) What would happen if we did not
have it?
Schools- we need schools because
you need to get a education
Hospitals- we need hospitals
because if you need help with a sickness
or something that is medical you need a
hospital
Roads- you need roads to drive on
so you can get to where you need to get
in time
Nature Conservation- we need trees
to breath and we need nature
Military- we need military so we are safe
because if a country attack we would need
someone to defend.

Day 4 - Taxes Part 2

Your group is being given $10,000 to spend on

local community expenses. You will be
creating a pie chart to represent where your
money will be spent. Think about the
following questions as you plan your budget.
What are there more of in your
community: schools, hospitals,
highways, parks and military bases?
Are any of these more important
to your community than others?
Are there other things that your
community uses that should be included
in your budget?
*Before creating your pie chart, see the
teacher for an unexpected expense.*

Day 5 - Division of Labor

Activity

As a group, find the quickest way to reassemble

your crayons.

Day 5 - Division of Labor Watch the Assembly

Line Video

Reflection Question - What is the benefit of

using division of labor when producing
products? (4-5 sentences)

Division of labor-The process

of splitting up the work to
create
Division of labor-The process
of splitting up the work to
create a product.
Assembly line-Multiple people
specializing in one skill
through division of labor to
produce a product.
Specialization-When a
company concentrates in
producing one product or
skill.
Day 6 - Play Game of Life

Use the questions below as a guide as you play.

There are some questions you will need to
answer as you play.

Day 7 - Game of Life

Reflection yes I decided to go
with the college plan because
I think that it was a better
plan because it was abetted
path way to get to
retirement.

Answer the following questions as you reflect on

your game of life.

2. Some advantages were the

some of the disadvantages
are that I didn't get a lot of
money at the end which that
is ok but the good thing is
that I had fun.

1. Did you decide to go to college? Why or

why not?
2. If you did decide to go to college, what were
the advantages or disadvantages? If you didnt
decide to go to college, what were the
advantages or disadvantages?
3.

What was your job and your salary?

4. What were some of the expenses in your

budget that could be planned for?
5. What were some of the expenses that were
unexpected?

3.my job at the begging was

a teacher then my job
changed at the end because I
roled the path when my job
would change at the end but
my Salerno for a teacher was

6. Did you have children? If so, how many and

how did it affect your budget?
7. What was the outcome for your life at the
end of the game? (i.e. were you a millionaire or
did you go bankrupt). What decision did you

100 dollars.

make that led to this outcome? Would you do

anything differently next time?

4.buying a house could have

been planned for but is was
not anyways the house was
not that much money.

8. What did you learn about budgeting

through playing this game?

5. Paying for a house was

very unexpected because I
did not now that I was going
to roll a house so it was very
unexpected.Another
unexpected thing was getting
a job.

6.no I did not have children.

7.i got the farmhouse

because I was the last in the
game of life so I did not have
a good salary I made a
decision to go to college and I
did and I had a house but at
the end I just did not get the
house of the millionaire I had
353000 million dollar.

8.That maybe I should spend

my money wisely and spend
it on things that I need not
what I want.
Day 8 - Watch Supply &
Demand video
Day 8. Supply-The number of
items ready for sale.
Demand-How many people
want to buy an item.
Surplus-When supply is
greater than demand causes
the price to go down.
Scarcity-When demand is

In your interactive notebook, glue in...

- Supply & Demand Chart
- Chicken Farm Worksheets

greater than supply.

Consumer-Someone who buys
or uses a product.
Producer-Someone who
creates or sells a product or
service.
Day 9 - Import & Export
Import-bringing goods and
serves into a country.
Export-Sending goods and
services out of the country.

Investigate - What are 3 resources that are

essential to our country? What country do we
get it from? What do we trade with them in
return?
onda,
1.oil-china,canada,mexico
2.gold-africa
3.Vehicles-toyota,honda
1.Vehicles-Canada
2.Machines-China,Asia,Germany
3.Apple iphones-All cnoutrys

Day 10 - Interdependence

String Activity

Interdependence-Countries
are dependent on one
another for goods and
services.
Day 11 - Types of Economies
Market Economy
What is a Traditional
Economy?
Command vs. Market
Economy
Mixed Economies

1.The regular order is when household goes to

goods or services and then from the goods or
services it goes to the business then some of
the money goes to the workers that work at that
business.
2.Traditional Economy is based on fishing,
Hunting or gathering it can be a combination of
the above.for some of these reasons some
people could be living in poverty.
3. Command economy is when the government
is in charge of the rules and in charge of the
resources.
4.The mixed economy is when market and
command economy are mixed together and form
and mixed economy.

Day 12 - Types of Economies

Simulation (Refer to CMAPP
Day 6-7)

Which type of economy is best? Why do you

think so? (5-7 sentences)

YOU TOLD ME NOT TO DO DAY 12.

Day 13 - Project - Welcome

to the working world

1) Choose a job
2) Salary - $___________
3) Research job description & necessary
education requirements

Day 14 - Project - Apply for a

Checking Account & Buying
a Car

1) Apply for Checking Account worksheet

2) Car shopping and research - Teacher model
example

Day 15 - Project - Car

Shopping and Payment Plan

1) Choose a car
2) Determine which payment plan works with
your monthly budget

Day 16 - Project - Apartment

Hunting

1) Teacher models Apartment Hunting activity

2) Apartment Hunting worksheet

Day 17 - Project - Apartment

Hunting

1) Complete Apartment Hunting worksheets

2) Complete Apartment Application worksheet

Day 18 - Project - Apartment

Necessities

1) Choose Apartment Necessities

Day 19 - Project - Work on

Poster I finished my poster.

Required Poster Items:

- Name CHECK
- Job Description CHECK
- Gross & Net Salary (Yearly &
Monthly)CHECK
- Description of Car (Make, Model,
Cost, Loan plan CHECK
Decisions made while shopping for
your car CHECK
- Description of your apartment
(cost, size, etc.) CHECK
- Decisions made while shopping
around for your apartment CHECK
- Description of necessities needed
for your apartment and cost of items
CHECK
- Monthly budget CHECK
- Monthly Net Salary
CHECK
- Total Monthly Rent
(include utilities, cable, electricity,
pet fees, if you have it. CHECK
- Car Payment CHECK
- Groceries CHECK
- Gas (Use the following
for filling up your vehicle. 1 tank
will last you one week: car is
$25/week and an SUV is $50/week
CHECK
- Choice on how you
spend your other money (vacation,

savings, shopping, etc.) CHECK

Day 20 - Project - Work on
Poster

Work in class

Day 21 - Project - Work on

Poster

Work in class

Day 22 - Gallery Walk

It was really fun and we had a good time.We had

lots of fun together