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Economics
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Domain-Specific Vocabulary
Day 1 - Needs vs. Wants

Make a list of needs vs. wants.

Needs
Water, food, air,
shelter, cloths

Wants
Money, good
health, tec.,

Day 1 - Watch Budgets

Brainpop video

Read Budget Study of a Family of Seven, and

answer the questions below.

Budget- a plan for managing

money
Income- the money you make
(salary) for doing work
Expenses- things you spend
you money on
Fixed expenses- recurring
expenses month-to-month
(car payment, house
payment) Variable expensesitems that change price
month-to-month
Debt- owing money to
someone

1)Identify the familys three largest yearly

expenses.
- fridge
- Stove
- car
2) The budget assumes that all months will have
similar expenses. List some unexpected
expenses that could arise.
- Health insurance
- Medical expenses
- Food

3) What strategies did the family use to get out

of debt?
- Stopped their car
- Stopped taking family vacations

- Stopped eating out as much

4) Explain why higher income doesnt
necessarily lead to higher savings.
- The mother believes that the more
money a person makes, the more the
person spends
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

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 2 - Spending & Saving

Scenario

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)
I think it is very important to save. You need to
save because you might go into debt. For
example you might not be able to pay for your
taxes. I rarely spend my money. I keep it in the
bank so I wont go crazy and spend all of my
money.

Day 2 - Homework

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?
3) Where does this tax money go?

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
Hospitals
important
Roads
important
Nature Conservation
Military
Day 4 - Taxes Part 2

most
not

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 a product

The benefit is that you can get things done

quicker. In the video there was somebody
making the football shape, somebody stringing
and other jobs too.
Not everybody is doing the same job. They make
a couple thousand footballs a day.

Specialization: When a
company concentrated in
producing one product or skill
Assembly line: Multiple
people specialization in one
skill through division of labor
to produce a product
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

Answer the following questions as you reflect on

your game of life.

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

why not?
I did not go to college because it cost a lot of
money and I wanted to get a good job so I could
get money

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?
The advantages of getting a job is I get a lot of
money. The disadvantage are that you can lose
your job easily.
3.

What was your job and your salary?

My job was a salesperson and I got $30,000

4. What were some of the expenses in your
budget that could be planned for?
buying a house and going on vacation
5. What were some of the expenses that were
unexpected?
Being sued by someone
6. Did you have children? If so, how many and
how did it affect your budget?
When you had a baby people payed you
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
make that led to this outcome? Would you do
anything differently next time?
I was a millionaire and got around 1,100,000. I
decided to take the risky path of life and only
had one kid. There is nothing I would do
differently.
8. What did you learn about budgeting
through playing this game?
You get to choose who you get to sue and it
helps you manage money when you're an adult
Day 8 - Watch Supply &

In your interactive notebook, glue in...

Demand video

Supply & Demand Chart

Chicken Farm Worksheets

Supply: the number of items

ready for sale
Demand: how many people
want to buy a item
Surplus: when supply is
greater than demand
Scarcity: when demand is
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
services 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?
Us imports
Petroleum oil- Canada, Saudi Arabia, Mexico,
Venezuela and Nigeria
Carrots- china
Coffee beans- Brazil, Colombia, Mexico,
Guatemala, and Vietnam.
Us exports
Vehicles- canada
Plastic- china
Aircraft and spacecraft- canada

Day 10 - Interdependencecountries are dependant on

each on one another for
goods and services

Three essential ideas about interdependence

You have to depend on different
countries to get certain things
You have to depend on different
countries to make your clothes and
electronics
Some people can make things
better than others

Day 11 - Types of Economies

market economy is made up of

many individual decisions

Market Economy
What is a Traditional
Economy?
Command vs. Market
Economy
Mixed Economies

Buying goods and services,

companies deciding what and how many
of a thing to produce and people deciding
their jobs are part of process
Travel in families or tribes to find
enough food and water called
nomadic/gatherers
May be trades between groups if
dont compete
Chief receives better foods
COMPARING
In a market economy people work
for themselves
In market economy people get to
keep there money
In a command economy people
work for the government
People work for the good of the
state
Not a lot of market and command
economies left
Mixed economies: market,
command, and traditional economies
Most mixed economies have
traditions
USA is a good example of mixed
economies

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)
I think the market economy is the best. You get
to choose what you want to sell and the
amount. It is a free economy. In command
economy you sell what the government wants to
sell. Its not a free economy.

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

Required Poster Items:

- Name
- Job Description
- Gross & Net Salary (Yearly &
Monthly)
- Description of Car (Make, Model,
Cost, Loan Plan)
- Decisions made while shopping for
your car
- Description of your apartment
(cost, size, etc.)
- Decisions made while shopping
around for your apartment
- Description of necessities needed
for your apartment and cost of items
- Monthly budget
- Monthly Net Salary
- Total Monthly Rent
(include utilities, cable, electricity,
pet fees, if you have it, and
security deposit)
- Car Payment
- Groceries
- 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
- Choice on how you
spend your other money (vacation,
savings, shopping, etc.)

Day 20 - Project - Work on

Poster

Work in class

Day 21 - Project - Work on

Poster

Work in class

Day 22 - Gallery Walk