Topic:

Economics
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Economics Multimedia Text Set>
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Domain-Specific Vocabulary
Day 1 - Needs vs. Wants

Make a list of needs vs. wants.

Needs
Food
Water
Shelter
Oxygen
Clothes.

Wants
Money
Technology
Power
Toys
A new car
Video Games
Television
ETC.

(5)

(7+)

Day 1 - Watch Budgets

Brainpop video
--------------------------------BUDGET:A plan for managing
money.
INCOME:The money you make
for doing work.
EXPENSES:Things you spend
your money on.
FIXED EXPENSES:Recurring
expenses month-to-month.

Read Budget Study of a Family of Seven, and

answer the questions below.
1)Identify the familys three largest yearly
expenses. 1.Stove 2.Refrigerator 3.Car
2) The budget assumes that all months will have
similar expenses. List some unexpected
expenses that could arise 3) What strategies did
the family use to get out of debt? Stopped
taking family vacations, stopped eating out a
lot. And sold their car too. 4) Explain why higher
income doesnt necessarily lead to higher
savings. The more money a 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 their future.

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 Because if you don't,
you might end up with no
money at all. And so you
would have no food money or
even a home. And if you have
low money, save a lot. If at
high money, don't have to
save very much.But saving is
always recommended in my
opinion.

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)

Day 2 - Homework

1) Ask your parents for a recent purchase

receipt. Bring it in tomorrow for short activity
and discussion.

$2.18
We would have less money

Day 3 - Taxes - Watch Taxes:

How They Help The
Government

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?
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
Roads
Nature Conservation
Military

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)

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?
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?
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

make that led to this outcome? Would you do
anything differently next time?`\2
8. What did you learn about budgeting
through playing this game?
Day 8 - Watch Supply &
Demand video

In your interactive notebook, glue in...

- Supply & Demand Chart
- Chicken Farm Worksheets

Day 9 - Import & Export

Import: Bringing In
Export: Send Out

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?
1.Clothes.2.Water.3.Food.4.Vehicles.5.Machines.
1*China.Canada .2*Foods such as spices.

Day 10 - Interdependence:
When countries work
together.When countries are
dependent on one another.

1.People depend on farms for food

2.Farmers depend on others for tools
3.Farmers depend on food for money
4. Farmers depend on money for tools
5. Farmers depend on tools for crops
6. Farmers depend on crops for food

Day 11 - Types of Economies

Market Economy

Market Economy:Buy, Sell, And trade things

freely. (like trading anything for anything with
any price) Ex: USA

What is a Traditional
Economy?

Traditional Economy:An economy that has a

certain tradition that is passed down forever.Ex:

Command vs. Market

Economy
Mixed Economies

Inuit of northern Canada.

Command Economy:An economy that makes
things have to be exactly as they say. North
korea as example. (which is VERY strict)
Command Economy Vs. Market Economy:
Command economy you have to give the exact
thing as they say, Ex: you cant sell rice for ___
but you can sell it for___, but market economies
- you can sell rice for ___ and you can sell it for
___.
Mixed Economies: Economies that are mixed
with other economies. Like Command economy
with traditional economy. Ex: economies from
US to cuba have been termed mixed economies.

Day 12 - Types of Economies

Which type of economy is best? Why do you

Simulation (Refer to CMAPP

Day 6-7)

think so? (5-7 sentences)

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:

- Flight Attendant
- I have to keep people on a plane
comfortable and make sure they are safe.
- Gross: Y:$41,630 M:$3202.32
- I chose a used 2008 honda fit for
my car because it looks really good and is
only $4,988 to buy it and $167 for 3 years
each month when i get it.
- I had to look for cheaper cars
because my job paid less and I had to
have enough to rent an apartment.
- 1 Bed 1 Bath 680 square feet $690
rental.
- I Had to look for cheaper
apartments because I dont have very
much after renting my car, so I had to
make a range for the price/ rent.
- My apartment already has
furniture.
- $1091.59
- $2345.72 Budget
- $930 Rent
- $161.59 Car
- $73/month Groceries
- $100 Gas
- I would spend other
money for savings.

Day 20 - Project - Work on

Poster

Work in class

Day 21 - Project - Work on

Poster

Work in class

Day 22 - Gallery Walk