Common Cents
Common Cents articles provide teachers and parents with easy-to-implement lessons and activities for their students and children.
Content Card
Five resolutions to help kids start the new year with financial awareness
Outline five financial goals - saving, earning, spending, donating and learning - and define each goal for kids.
Financial Fables
Financial Fables are entertaining stories that combine reading, economics and personal finance into life lessons that feature...
Money Museum
Welcome to the Federal Reserve Bank of Kansas City’s Money Museum; a billion-dollar experience! See how the Bank processes...
Developing Financial Goals
PDFIncrease Your Money Smart IQ
Read suggestions to help kids learn to become money smart.
PDFResolutions Help Kids
Outline five financial goal planner areas - saving, earning, spending, donation and learning - and define each goal for kids.
PDFUsing Tough Times to Teach Children Financial Concepts
Discuss ways to talk to kids about financial decision-making, learning to budget and economizing to spend less money.
PDFWatch and Learn: Kids' Money Attitude Often Mirror Parents'
Discuss ways to talk to kids about financial decision-making, learning to budget and economizing to spend less money.
Saving and Investing
PDFA Financial Picture is Worth a Thousand Words
Help kids achieve short- and long-term savings goals.
PDFDeveloping Fiscal Fitness in Kids
Teach kids how to budget and develop financial goals.
PDFFinancial Responsibility Begins in Childhood
Teach kids the importance of saving money by helping them visualize concepts in their own frame of reference.
PDFInvestments: The Gifts That Keep on Giving
Review the different investment options for youth, including savings accounts, certificates of deposit, 529 savings plans and stocks.
PDFLearning Through Lending: Kids as Angel Investors
This article introduces microloans as a way to invest in entrepreneurs from Third-World countries.
Spending
PDFBecoming a Conscious Consumer
Learn how to become a consumer coach and help kids practice conscious spending.
Bypassing Buyer's Remorse
Help kids make better purchasing decisions.
PDFIt's Free, But at What Cost?
Help kids understand that there is often a hidden cost in receiving free items associated with a purchase.
PDFMoods and Money: How Emotions Affect Money Decisions
Learn about behavioral economics and how financial decision-making is affected by reflexive thinking.
PDF'Tis the Season for Smart Shopping
Learn how to get your kids in the habit of comparison shopping and encourage smart spending.
Credit
PDFLaying the Foundation for Responsible Credit Use
Discover why it's important to help kids gain a well-rounded understanding of credit, including its advantages and costs.
PDFPerusing Payment Cards
Read how prepaid cards can be used as a payment solution for those without access to credit or even without bank accounts.
Entrepreneurship and Careers
PDFBeyond the Lemonade Stand
Guide young entrepreneurs by discussing what it takes to make a venture successful.
PDFOh Where Oh Where Has Our Work Ethic Gone?
Read suggestions to develop a better work ethic at home.
PDFPreparing Kids for Their Life's Road Trip
Learn how to help prepare kids to choose a career.
PDFThe Art of Negotiation
Learn strategies to begin teaching negotiation techniques.
Other
PDFDeveloping Resilience in Kids
Discuss changing financial circumstances within a family and suggest ways to overcome and be strengthened by the difficulties.
PDFIdentity Theft is Hazardous to Your Wealth
Read about ways to protect kids’ personal information and online identity.
PDFMoney Ethics - Teaching Kids to Follow Their Moral Compass
Help kids make ethical decisions related to money situations they may face.
PDFPayday on Report Card Day?
Read how small rewards for good grades can keep kids on track without the bribe effect.
PDFPaying it Forward: Kids and Philanthropists
Introduce the idea of charitable giving as a way to teach kids the life lessons of consideration and compassion towards others rather than self-fulfillment.
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Bite Size Economics | Write about a situation where a scarcity of food, money or time caused a problem, and how that problem was solved. |
Bite Size Economics | In groups, construct story problems that feature characters needing to calculate amounts to save or spend. Example: Joe wants to save $500 for a trip to Chicago in six months. How much does he need to save each week to meet his goal? |
Bite Size Economics | Create a song or rap that promotes interdependence (when people or nations depend on one another for the goods and services they want) as a way of increasing imports and exports. |
Bite Size Economics | Which is the better milk buy? one gallon for $2.49; 1/2 gallon for $1.29; or one quart for $.69? (One gallon at $2.49) |
Bite Size Economics | Have students list all the extra-curricular activities they could participate in for the first semester, including sports, clubs and competitions. Discuss that scarcity of time forces them to choose between several activities they may be interested in. |
Bite Size Economics | Hand out various grocery receipts to students with the sales tax blacked out. Discuss that some states tax only non-food items, while others tax both food and non-food. Have students calculate the sales tax for both situations. |
Bite Size Economics | Discuss opportunity costs in buying school supplies with students. What backpack choices did they make, and what designs were their second choices? Did they consider mechanical pencils vs. regular pencils? Did they choose markers or crayons? Talk about how they made their decisions. |
Bite Size Economics | If U.S. exports to China are worth $8 billion, and U.S. imports from China are worth $34 billion, what is the total trade amount? ($42 billion) What is the trade deficit? ($26 billion) |
Bite Size Economics | Visit www.bos.frb.org/entertainment to play the online game Show Business: The Economics of Entertainment and learn about economics in the entertainment industry. |
Bite Size Economics | Assume the identity of a superhero or a credit villain in the Kansas City Fed's role play Professor Finance and Fed Boy Meet the Catastrophe Clan to learn about the use and misuse of credit and how the CARD Act protects consumers. http://bit.ly/13jzWzX |
Bite Size Economics | Use lesson 2, "W is for Wages, W4 and W2," from It's Your Paycheck personal finance curriculum to learn what deductions are taken from weekly/monthly income. Discuss why these deductions are necessary for the government and the individual. www.stlouisfed.org/education_resources/assets/lesson_plans/paycheck/IYP_lesson2.pdf |
Bite Size Economics | Introduce the first two principles: People choose and people's choices involve costs. Explain that opportunity cost is a person's second-best choice that is given up when the first choice is made. Ask students to give examples of choices they make during a school day, such as lunch and recess options, and name the cost and benefits of each choice. |
Bite Size Economics | Depositors want their banks to be "safe and sound." Draw a picture illustrating what these two words mean to you. Discuss what might happen if a bank was not a safe and sound business. |
Bite Size Economics | Draw pictures that represent financial words and write the definitions of the words on the opposite side. Save these financial flashcards to use for review. Suggested words: bank, save, deposit, withdrawal, interest, emergency fund, short-term goal, long-term goal. |
Bite Size Economics | Use the above activity to develop small group businesses with four to five students. Each group should decide on their product, follow the production steps and sell the products to classmates using fake money. Students may choose to incorporate marketing techniques to increase sales. Groups should give a final business report, noting profit/loss, to the class. |
Bite Size Economics | Play "Econ Bingo" after reading directions, downloading bingo cards and sample money from the Fifty Nifty Econ Cards website: www.federalreserveeducation.org/resources/fiftynifty. Award $5 of money for each bingo during the game. Let winning students use their income to purchase incentives you have supplied. |
Bite Size Economics | There was no uniform currency during the Free Banking Era, so state-regulated banks issued their own banknotes. Brainstorm problems that could develop with many different currencies in circulation throughout the United States. |
Bite Size Economics | Draw a cartoon to portray one of the following label instructions found on consumer goods: hairdryer-never use while sleeping; iron-do not iron clothes on body; child's costume-cape does not enable user to fly. |
Bite Size Economics | Explore money from around the world by visiting the following website: www.clevelandfed.org/Learning_Center/Online_Activities/explore_money/index.cfm. Discuss money symbols and designs from several chosen countries, then vote for the most beautiful piece of currency. Ask students to redesign a U.S. dollar using more symbolism and color. |
Bite Size Economics | Discuss the meaning of this quote: "An opportunity cost is an opportunity lost." |
Bite Size Economics | Discuss the word "panic" and brainstorm situations in which people may panic (severe weather, accidents, fire, etc.) How do you feel when you panic? Why could these feelings cause you to take actions you normally wouldn't? Relate these feelings to bank panics. |
Bite Size Economics | Read The Panic of 1907 by the Boston Fed. Write a skit titled "We Survived the Bank Panic," describing the thoughts and emotions that people may feel as they wait in line to withdraw money before their bank closes for business. http://bit.ly/1840vMy |
Bite Size Economics | Is a home an asset or liability? Research this question and then draw an illustration to explain what you learned and whether you think a house is an asset or liability. |
Bite Size Economics | Some areas routinely experience water shortages. List the ways you use water every day. How could you cut down your usage or recycle water to help reduce water shortages? Create a public service announcement featuring your water saving ideas. |
Bite Size Economics | Opportunity cost is the next best choice given up when making a decision. Write and perform a skit where the main character makes a decision on whether to take a part-time job. Make sure to include the opportunity cost. |
Bite Size Economics | Weather conditions can create shortages. Work with a partner to make a list of hardware and department store items that might be in short supply during a snowstorm. (snow blowers, shovels, gloves, hats, etc.). Pantomime the use of each item for the class to guess. |
Bite Size Economics | Change the lyrics of a popular song so that they now convince someone to keep their liabilities low for better financial health. |
Bite Size Economics | Entertainment purchases can be a budget downfall. Brainstorm a list of 10 budget-friendly ideas for family entertainment that cost $5 or less. |
Bite Size Economics | Before Harry Truman became the 33rd president, he was a Kansas City entrepreneur in which business? A) Finance B) Newspaper C) Clothing. Answer: C) He ran a business that tailored men's clothing. |
Bite Size Economics | Research the concept of balance of trade. Define this term and explain what it means to the U.S. economy. |
Bite Size Economics | Choose a product and research the price of that product during a 10-year period. Graph the changes over time and discuss possible reasons for those changes, such as the increasing priceof materials, a better quality product, inflation, etc. |
Bite Size Economics | Take turns pantomiming workers performing service type jobs, such as bus driver, construction worker, chef, etc. Have the class try to guess which services are being acted out. |
Bite Size Economics | Discuss this proverb: "It is a wise man who lives with money in the bank, it is a fool who dies that way." |
Bite Size Economics | Discuss this quote: "When written in Chinese, the word �crisis' is composed of two characters. One represents danger and the other represents opportunity." - John Kennedy |
Bite Size Economics | Jennifer sells craft items for extra income. She sold $236 worth of items in October, $348 in November, and $559 in December. What was her income for the three months? ($1142) What was her average income from crafts monthly? ($381) |
Bite Size Economics | Choose a publicly-traded company, such as Amazon (AMZN), and follow the price of that company's stock each week for a month. Report whether the price has increased or decreased during that time, and provide a recommendation on buying the stock. |
Bite Size Economics | Research Mattel, Hasbro or other toy companies to see how they determine what toys to produce and supply to retail stores. Use the information you find to predict what toys might be popular in 2020. |
Bite Size Economics | Discuss famous entrepreneurs that students are familiar with, such as Bill Gates, Oprah Winfrey, Walt Disney and J.K. Rowling. Look at: www.thelittlee.com/html/famous_entrepreneurs.html and ask students to choose one entrepreneur they are impressed with to research and share with the class. |
Bite Size Economics | Discuss how this quote relates to entrepreneurship: "Wanting something is not enough. You must hunger for it. Your motivation must be absolutely compelling in order to overcome the obstacles that will invariably come your way." - Les Brown |
Bite Size Economics | Why do bank panics often lead to recessions or larger financial upheavals? |
Bite Size Economics | Before buying clothes or shoes, consumers should consider several features, such as price, quality, fit, style and comfort. Discuss and rank these features with students to see which ones are most important to them in making a purchasing decision. |
Bite Size Economics | Use the role play There's No Business Like Bank Business toexplore the benefits of saving money in a bank:www.kansascityfed.org/publicat/education/teachingresources/Bank_Business_script.pdf. |
Bite Size Economics | Discuss the fact that $5, $10, $20, $50 and $100 bills have all been redesigned by the Treasury and will be updated again in the future. What is the incentive for our government to do this redesigning? |
Bite Size Economics | Many supermarkets have non-food services such as floral departments, pharmacies, banks, dry cleaning and DVD rentals. Why do you think supermarkets offer these additional services? |
Bite Size Economics | The American economic system has tax laws that influence people's behavior. For example, a sales tax increase at restaurants might influence people to stop eating out. Write an essay on how a response to tax increases could have future consequences for businesses. |
Bite Size Economics | If a company produced 10 items at $7 per item and sold all 10 at $8.50 each, what is the profit for the producer? (10 x $1.50 = $15) |
Bite Size Economics | Explain the wisdom of this quote: "If you lend someone $20, and never see that person again, it was probably worth it." |
Bite Size Economics | Read Rock, Brock and the Savings Shock by Sheila Bair. Illustrate the benefits of saving by using two clear jars, one for Rock and one for Brock, and adding or removing beans whenever the boys save or spend money. |
Bite Size Economics | Use actual coins to show that quarters are 1/4 of a dollar, dimes are 1/10 of a dollar, nickels are 1/20, and pennies are 1/100. Use coins to add fractions to see if you have enough money to pay for sample small items. |
Bite Size Economics | What financial institution lending practices led to the establishment of the Community Reinvestment Act? Why is the CRA important to bankers and consumers today? |
Bite Size Economics | Brainstorm a class list of typical weekly expenses and add the estimated costs. Find ways to cut expenses and add the new estimated costs. Subtract the new total from the original one to discover how much money can now be saved. |
Bite Size Economics | Ask students to work with a partner on the following income/expenses problem: You want to convince your family to buy a new computer to replace the outdated one at home. Create a visual that gives family members ideas on how to cut monthly expenses (such as food, clothing and entertainment) in order to save income for the purchase. |
Bite Size Economics | Use the lesson plan "Currency and the Fed" to introduce students to the functions of money and the Federal Reserve System: www.stlouisfed.org/education/assets/lesson_plans/Currency&Fed.pdf. Ask students to write a brief newspaper article on how money is handled by the Federal Reserve. |
Bite Size Economics | Use a graphic organizer to show how the price of gas varies from your state to several neighboring states. How can the same gallon of gas from the same distributor, such as Shell or Phillips, differ in price from one state to the next? |
Bite Size Economics | Working in groups, use restaurant menus to pick something to order and then calculate the sales tax on the order. Report the cost with tax and figure the tip using the tax rate as a guide. |
Bite Size Economics | Read Uncle Jed's Barbershop by Margaree King Mitchell. Use the children's literature lesson to discuss starting a business at: www.stlouisfed.org/education_resources/assets/lesson_plans/UncleJedsBarbershop.pdf. |
Bite Size Economics | Go to the following website to learn about McDonald's: http://www.aboutmcdonalds.com/mcd/our_company/mcd_history.html. Look through the timeline and share three risks the company took as it became an established business. |
Bite Size Economics | Use magazine pictures to create a collage of future wants. Develop a budget that includes long term savings goals to purchase these items within the next five to 10 years. |
Bite Size Economics | Consumer trivia: What is phishing? (a scam where internet fraudsters send spam or pop-up messages to lure personal information from unsuspecting victims.) Why should consumers be aware of this scam? |
Bite Size Economics | What could happen to the price of gasoline if demand increases worldwide? Will prices increase or decrease? What could happen to the price if new oil pipelines add to the supply of gasoline? Will prices increase or decrease? |
Bite Size Economics | Use the lesson plan and role play "Professor Finance and Fed Boy Meet the Catastrophe Clan" to discuss the uses and misuses of credit: http://kansascityfed.org/publicat/education/teachingresources/fed_boy_lesson_plan.pdf |
Bite Size Economics | Explain this quote: "Competition is not only the basis of protection to the consumer, but is the incentive to progress." - Herbert Hoover |
Bite Size Economics | Visit the Federal Reserve Board of Governor's website to find tips for improving your credit score. Make a poster to share this information with your classmates. http://1.usa.gov/140Qjnb |
Bite Size Economics | Review your monthly family budget to determine how much your family spends on wants vs. needs. Discuss how your family might reduce the dollar amount of wants over the next few months. Report your budget-saving measures to the class. |
Bite Size Economics | Read The Pickle Patch Bathtub by Frances Kennedy. Use the St. Louis Fed's children's literature lesson to discuss the topic of developing a plan to achieve your savings goal: http://bit.ly/12LedV1 |
Bite Size Economics | Use the "Professor Finance and Fed Boy Meet the Catastrophe Clan" lesson: www.kansascityfed.org/education to introduce the Credit CARD Act and consumers' credit rights and responsibilities. |
Bite Size Economics | Discuss the meaning of this quote: "A wise man should have money in his head, but not in his heart." - Jonathan Swift |
Bite Size Economics | Look up the current national budget deficit at www.brillig.com/debt_clock. Consider methods to reduce the deficit, and write a letter to Congress with recommendations. |
Bite Size Economics | Research the purposes of the World Trade Organization (WTO). Hold a mock debate where two countries use the WTO as a forum to discuss their disagreements concerning a trade policy. |
Bite Size Economics | Discuss the meaning of the following quote: "Budget: a mathematical confirmation of your suspicions." - A.A. Latime |
Bite Size Economics | Use the "Creative Story Starter-Enterprising Entrepreneur" activity from the Fifty Nifty website: www.federalreserveeducation.org/resources/fiftynifty to have students write about a new product or business they would create. |
Bite Size Economics | Introduce the Federal Trade Commission's Bureau of Consumer Protection as our nation's consumer protection agency. Its job is to prevent fraud, deception and unfair business practices. Have students research the seven divisions of this agency by going to: www.ftc.gov/bcp/about.shtm. Discuss the importance of each division to consumers. |
Bite Size Economics | Introduce the following formula: Assets-Liabilities = Net Worth, or your economic wealth. Use Money Circle Theme 3, Lesson 1 found at: www.federalreserveeducation.org/resources/MoneyCircle. Discuss the assets, liabilities and net worth of the student in the Activity 1 story. Ask students to write a similar story about themselves, listing current assets, liabilities and assessing their net worth. |
Bite Size Economics | Use GeoFRED from the St. Louis Fed to examine economic data for your state. How does your state's unemployment rate today compare with what it was in May 2009? http://bit.ly/13R3yWW |
Bite Size Economics | Create a rap or song titled, "Invest in Yourself." Include all the ways to invest in your human capital, such as more education, training and practicing to gain experience, and taking care of your health. Perform your verses for the class. |
Bite Size Economics | Determine which economic principle relates best to the following quote, and then explain its meaning: "I'm talking about economics as forecasting the future. If you own auto stocks, you ought to be very interested in used car prices." - Peter Lynch |
Bite Size Economics | Calculate this profit/loss stock statement: 100 shares of XYZ Electronics bought at $29 each + $1.50 broker fee ($2901.50); 100 shares sold at $35 each - $1.50 broker fee ($3498.50); ($3498.50-$2901.50 = $597 profit). |
Bite Size Economics | Introduce counterfeit money ("fake currency") as the major reason bills have been redesigned. Look at a real note online: www.newmoney.gov/currency/20.htm. Identify security measures placed on new U.S. currency including color, watermarks and micro-printing. |
Bite Size Economics | What innovations and technological advancements have changed the U.S. payments system in the last 30 years? |
Bite Size Economics | Learn about market equilibrium, or the point at which there is no shortage or surplus of a good or service, by watching the third episode of the Economic Lowdown Video Companion Series at: www.stlouisfed.org/education_resources/video_podcasts.cfm. |
Bite Size Economics | What does money mean to you? Purchasing power? Security? Freedom? Brainstorm ideas and then create a collage showing what money can represent. |
Bite Size Economics | Explain that smart consumers are aware of how advertising affects them, how to protect their information, and how to spot scams. Practice these skills by going to: www.ftc.gov/youarehere to visit a virtual mall and make smart financial decisions. |
Bite Size Economics | Why does it matter that the recent recession coincided with a financial crisis? Research from the Kansas City Fed that examined banking crises in Spain, Norway, Finland, Sweden andJapan found that when a recession is combined with a financial crisis unemployment increases are unusually severe and persistent. http://bit.ly/11m62Nt |
Bite Size Economics | The Fed is the lender of last resort to financial institutions. Watch Federal Reserve Chairman Ben Bernanke explain this role in lecture one of The Federal Reserve and the Financial Crisis. Draw a political cartoon illustrating how the Fed might assist banks during a financialpanic. http://1.usa.gov/12Txk0q |
Bite Size Economics | Compare three different credit card offers. Make a chart showing the similarities and differences of each. Decide which offer is best for you and present your information tothe class. |
Bite Size Economics | Read So Few of Me by Peter Reynolds. Use the children's literature lesson to discuss the topic of opportunity cost in the story: www.stlouisfed.org/education_resources/assets/lesson_plans/SoFewOfMe.pdf. |
Bite Size Economics | Introduce wants and needs and give examples of each concept. Tell the students that they will be planning a picnic lunch and will make a chart of wants and needs for the picnic. Draw a T-chart on the board, labeling one side "Needs" and the other "Wants." Ask students for ideas to complete the chart, telling whether each idea is a need or a want. |
Bite Size Economics | Discuss fixed budget expenses (costs that remain the same) and variable expenses (costs that change). Write and perform a skit about college students living on campus who deal with these expenses. |
Bite Size Economics | Research the meaning of marginal cost and marginal benefit. Businesses think on the margin, deciding whether the benefit of producing one more unit would be greater than or less than the cost. Share an example of this marginal cost/benefit situation from your research. |
Bite Size Economics | Add together all the bill denominations currently in circulation. What is your dollar total? ($1+$2+$5+$10+$20+$50+$100=$188) |
Bite Size Economics | Ask students to design the "Market of the Future" by drawing a blueprint of their dream store. Have them include basic food departments and cashier areas, and then add original areas to make their market unique. |
Bite Size Economics | Discover how the recession influenced the savings habits of consumers in the Recession Lesson: "The Silver Lining of the Economic Downturn" at www.kansascityfed.org/publicat/education/teachingresources/RecessionLesson-SavingsHabits.pdf. |
Bite Size Economics | Money doesn't grow on trees, but it can grow. Watch No Frills Money Skills episode 1 from the St. Louis Fed. Develop a table showing how saving $1,000 at 3% annual interest can compound your savings over a 6-year period. http://bit.ly/11OJ5Pt |
Bite Size Economics | Discuss what Thomas Jefferson meant when he said, "The merchant has no country." |
Bite Size Economics | How can pocket money make someone a millionaire? Use anonline compound interest calculator to see how a small monthlyinvestment can grow over time by compounding. Write a plan toreach a financial goal using compound interest. |
Bite Size Economics | Visit the National Archives website to learn about the Homestead Act of 1862, which offered free land in the west to anyone over 21 if they agreed to farm it. Create a skit about the act and its effects on economic growth during that time. http://1.usa.gov/13v9G5v |
Bite Size Economics | Design a new $500 bill with your nominee in the portrait. Remember to include legal currency details, such as denomination, serial numbers, seals and signatures. Add additional details to make your note unique. |
Bite Size Economics | Read Saturday Sancocho by Leyla Torres. Use the related children's literature lesson from the St. Louis Fed to learn about the advantages of paying money over bartering for goods.http://bit.ly/18D0u5U |
Bite Size Economics | Carl Sandburg once said, "Money is power, freedom, a cushion, the root of all evil, the sum of all blessings." Discuss how money could be explained in each of these different ways. |
Bite Size Economics | How does the following quote relate to today's rate of savings? "In the old days, a man who saved money was a miser; nowadays, he's a wonder." - Author unknown |
Bite Size Economics | Create a collage using magazine pictures of items you'd like to purchase in the future. Narrow your choices to two favorites. What would your final choice/opportunity cost be? |
Bite Size Economics | Bank XYZ is examined and scored every year to make sure it is following banking rules as a safe and sound place for your money. The last four scores were 3, 2, 2 and 1. What is the average score of Bank XYZ? (Answer: 2) |
Bite Size Economics | Brainstorm the qualities that create credit worthiness. Assume the role of loan officers and review the credit histories of several fictitious individual who are requesting a loan. Decide to approve or reject the requests and provide rationale. |
Bite Size Economics | Introduce stocks as shares of ownership in a company. Ask students to choose a company they are familiar with and follow its stock price online or in a newspaper. Have them record the closing stock price each Friday for a month. Ask them to give a presentation with the following information: the weekly profit/loss from shares purchased (subtractclosing prices from one week to the next); and the monthly profit/loss (subtract week one from four). |
Bite Size Economics | Read Saving Strawberry Farm by Deborah Hopkinson. Use the children's literature lesson to discuss the role banks played during the Great Depression: www.stlouisfed.org/education_resources/assets/lesson_plans/StrawberryFarm.pdf. |
Bite Size Economics | Choose a food product and ask students to brainstorm all of the natural, human and capital resources used to produce it. (For example: a candy bar - cacao beans, land, sun, water, sugar, milk, farmers, factory workers, assembly line, wrapper, etc.) Ask students to draw pictures or work together on a mural showing the production process. |
Bite Size Economics | Explain why the United States, Canada and Mexico all gain from voluntary trade among their countries. |
Bite Size Economics | Credit card bills now provide an estimate of how long it will take to pay off a balance making only the minimum payment. Paying more than the minimum can substantially decrease the total amount of the purchase. Discover the savings using the credit card repayment calculator at www.federalreserve.gov/creditcardcalculator. |
Bite Size Economics | Explain the benefits as well as the costs (monetary and nonmonetary) of owning a pet. Draw a picture of three pets, listing one cost and one benefit for each. |
Bite Size Economics | In a classroom mini-economy where everyone has a designated income, have the government (the teacher) set tax rates during different periods to illustrate progressive, proportional and regressive taxes. |
Bite Size Economics | Read Earth Day-Hooray! by Stuart Murphy. Use the children's literature lesson to discuss the topic of incentives in the story: www.stlouisfed.org/education_resources/assets/lesson_plans/EarthDayHooray.pdf |
Bite Size Economics | Introduce the importance of weekly budgeting. Ask the class to use spending journals to track their purchases for a week. After journals are completed, students should share results for a class list of typical purchases and costs. Have students use the list to create a graph showing the areas where most purchases were made. Discuss ways to cut back on common buys to stay within their budgets. |
Bite Size Economics | Discuss the fable of the Grasshopper and the Ant and its "saving for the future" moral. Rewrite the fable using human characters to make the spending and savings decisions. |
Bite Size Economics | The Federal Deposit Insurance Corporation, or FDIC, insures bank accounts up to $250,000 per account holder. What part of $1,000,000 is $250,000? (answer: one fourth or 25%) |
Bite Size Economics | Research the United States' top 15 trading partners by going to: www.census.gov/foreign-trade/statistics/highlights/topcurmon.html. Create a bar chart that shows three things: U.S. total trade with its top 15 trading partners, U.S. exports with its top 15 trading partners; and U.S. imports with its top 15 trading partners. Discuss the graph and what it shows about U.S. trade. |
Bite Size Economics | Debate this topic: "The benefits of making financial mistakes outweigh the costs." |
Bite Size Economics | Discuss this quote: "Entrepreneurs and their small enterprises are responsible for almost all the economic growth in the United States." Ronald Reagan |
Bite Size Economics | Discuss Halloween and the practice of "trick-or-treating." Would this holiday be as much fun if the incentive of candy wasn't given out to trick or treaters? Would you still want to "trick-or-treat?" The "treat" can influence the behavior of kids. Take a survey to decide which type of treat is the best incentive: chocolate bars, fruit-flavored candy, gum and other choices. |
Bite Size Economics | Introduce the concept of market clearing price: where buyers and sellers agree on a price to reflect supply and demand; also called an equilibrium price. Discuss the market clearing prices (MCP) of tickets to a concert. What can you assume if the concert is sold out? (MCP is too low.) If few tickets are sold? (MCP is too high.) If you were a concert promoter, what criteria would you use to set ticket prices? |
Bite Size Economics | Discover what it takes to be a bank examiner at the Federal Reserve by reviewing an examiner job description from the Kansas City Fed. What are the three college degrees recommended for a bank examiner? http://bit.ly/18lWMKo |
Bite Size Economics | Think you have what it takes to steer our country's central bank? Play the Chair the Fed game from the San Francisco Fed to try your hand at monetary policy. http://sffed-education.org/chairthefed/default.html |
Bite Size Economics | The Philadelphia Fed's video The Federal Reserve and You features 70 short segments about the Fed, money and banking. Watch the first chapter for an overview of the Federal ReserveSystem. http://bit.ly/11dWbdQ |
Bite Size Economics | Many entrepreneurs get their start through designing an invention or innovation that becomes successful. Research famous inventors by looking at: www.ideafinder.com/articles/thelists/entrepreneur.htm. As a group, vote on the top three inventors based on their creativity and success. |
Bite Size Economics | What key historical events led to the establishment of the Federal Reserve System? |
Bite Size Economics | Trivia: U.S. household and nonprofit organizations' liabilities, which include mortgages, consumer credit, loans and securities, totaled almost $14 billion in 2010. |
Bite Size Economics | Many students think about running their own business as adults. Ask students to brainstorm types of businesses that interest them. Invite a local business owner from an area of interest to speak to the class about his/her experiences. Prepare for the speaker by making a list of interview questions related to running a business. |
Bite Size Economics | Share pictures of different careers, and challenge students to analyze the costs and benefits of working in each career. Have them research information on salaries, education levels, work environment and job outlook by going to: www.bls.gov/oco/ooh_index.htm. Ask them to make a table listing this information for five careers, and then decide which career provides the most benefits and the least costs. |
Bite Size Economics | Ask the class to brainstorm ways they could spend $10. List ideas and ask them to narrow it down to one, since the class has only one $10 bill. When there is disagreement on which one, discuss that the scarcity of the money to be spent forces us to make choices. |
Bite Size Economics | Learn about federal income taxes, FICA, W-4 and W-2 forms in Know your dough Lesson Two: "W" is for Wages, W-4 and W-2: www.stlouisfed.org/education_resources/assets/lesson_plans/paycheck/IYP_lesson2.pdf. |
Bite Size Economics | List all the concepts from this planner on the board and number them. Number the sections of a beach ball similarly. Toss the ball to the class. Whoever catches it should explain the concept with the number closest to their right thumb. Repeat. |
Bite Size Economics | Watch the Economic Lowdown video on supply at: http://www.stlouisfed.org/education_resources/economic-lowdown-video-companion-series/episode-1-supply/. Draw and explain the basic supply curve shown in the video. Howcan this curve change based on market conditions? |
Bite Size Economics | Tell students to imagine they’ve just purchased their first used car. Have them name services their car will need to run efficiently, and goods they could buy to fix up their vehicle. Ask them to go online to find auto stores that provide these goods and services with item costs. |
Bite Size Economics | After assigning classroom jobs (i.e. line leader, paper passer, etc.), provide students with the opportunity to trade jobs with others. After trading is completed, discuss the students' reasons for their trades, making a list of the costs and benefits of each job during the discussion. |
Bite Size Economics | Write a haiku on the importance of paying yourself first. |
Bite Size Economics | Learn about online banking by becoming a quiz show participant in the Kansas City Fed's role play To Pay the Price. http://bit.ly/ZT730u |
Bite Size Economics | Certificates of deposit (CDs) are accounts that earn interest at a fixed rate over a set of time period and include penalties for withdrawing money early. Ask students to research interest rates of CDs at local banks. Make a class list of the best rates for each of the following CDs: 6 months; 12 months; 24 months; 36 months. Discuss why banks and credit unions pay higher rates for longer terms. Ask students if they would invest in a CD and why. |
Bite Size Economics | Learn about entrepreneurs and economic growth through the Kansas City Fed's lesson Do I Have What it Takes to be an Entrepreneur - and is my Community Ready? Calculate the breadth and depth of entrepreneurship in your county, and discuss if your area is ready to encourage more growth. http://bit.ly/12DHl1H |
Bite Size Economics | Look at a map of the Federal Reserve System. Discuss reasons why there are more Federal Reserve Banks on the East Coast than the West Coast. Find a map at http://1.usa.gov/11CECzE |
Bite Size Economics | Learn about the sectors of the Federal Reserve's Beige Book in the lesson Exploring Economic Sectors, available at: www.kansascityfed.org/publicat/education/teachingresources/Exploring-Economic-Sectors.pdf. Use the discussion questions provided for each sector to explore the concepts of supply and demand. |
Bite Size Economics | Follow the lesson plan for "Abraham Lincoln and the Five-Dollar Note" to learn why Lincoln is portrayed on this note and the features of the redesigned $5 bill: www.stlouisfed.org/education_resources/assets/lesson_plans/Lincoln$5Note.pdf. |
Bite Size Economics | Create an invention or innovation that would make life easier. Name and describe your invention. What price would you sell it for? What would your income be if you sold 100? 250? 500? |
Bite Size Economics | Research the World Trade Organization (WTO) at: www.wto.org/english/thewto_e/whatis_e/whatis_e.htm. What is the goal of the WTO? List three benefits of the WTO trading system. |
Bite Size Economics | Gas prices are $3.29 a gallon and then increase to $3.69 a gallon due to a shortage. How much would 18 gallons of gas cost at each price? ($59.22; $66.42) How much would you save if you purchased gas at the lower price? ($7.20) |
Bite Size Economics | Discuss this quote: "A man with a surplus can control circumstances, but a man without a surplus is controlled by them, and often has no opportunity to exercise judgment." - Marshall Field |
Bite Size Economics | Create a consumer profile, such as a 20-year-old college athlete, and make a collage of products or services using newspaper, magazine ads and/or computer-generated images that would appeal to that type of consumer. |
Bite Size Economics | Ask students to compose a story about becoming an entrepreneur, including the name and type of their new business and a description of the capital and human resources they'd need. |
Bite Size Economics | Download the St. Louis Fed's Econ Ed Mobile App to explore the cost of using credit. Learn how interest is calculated, and then use the Credit Cost Calculator to see how interest ratesaffect monthly payments and the total cost of a purchase. http://bit.ly/11zNwSM |
Bite Size Economics | The class has been earning incentive points towards a party since the beginning of the year. They've earned 576 points in 8 weeks. What was the average number of points earned each week? How many more points do they need to reach their 1000 point goal? |
Bite Size Economics | In professional sports, a trade is a sports league transaction involving and exchange of players' contracts and/or draft picks. Have students research a sports trade in the NBA. Ask them to write a summary of the trade deal, including the advantages and disadvantages for the teams and/or players involved. |
Bite Size Economics | Brainstorm types of financial emergencies (car break-downs, medical problems, home repairs, etc.). Discuss why it is important to have an emergency fund for unexpected expenses. |
Bite Size Economics | Create a skit in small groups about possible financial situations at age 65 (i.e., no savings vs. wealthy investor). Discuss possible actions that can lead to financial security in retirement. |
Bite Size Economics | Your credit card company sets your minimum payment at 2% of your balance. If you have a $1,000 balance on your credit card, what will your minimum payment be? (answer: $20). (Keep in mind, if you only pay the minimum balance most of your payment goestoward interest.) |
Bite Size Economics | Watch the Economic Lowdown video on demand at: www.stlouisfed.org/education_resources/podcasts/economic_lowdown_video_2.cfm. Take notes on the six ways demand can change, giving an example for each. Create and present a skit showing the effects of supply and demand on the purchase of the newest cell phone, tablet or electronic device. |
Bite Size Economics | Brainstorms items of value that people invest in, such as real estate, gold, art, coins and jewelry. Ask students to write an essay discussing whether they think these options are better investment areas than the stock market and give their reasons for their opinions. |
Bite Size Economics | Two friends set up a lemonade stand, charging 75 cents for two glasses sold. They lowered their price to 60 cents, selling four glasses. Their final price of 50 cents sold six glasses. Create a demand graph that shows this information. What was the twins' total revenue? ($6.90) |
Bite Size Economics | Discuss this quote: "I think the environment should be put in the category of our national security. Defense of our resources is just as important as defense abroad. Otherwise, what is there to defend?" - Robert Redford |
Bite Size Economics | Use the limerick below to introduce surpluses and shortages. Ask students to make up their own poem about surpluses and shortages to share. There once was a price just too high,So that no one would bother to buy.On the shelf the stuff sat,Gathered dust like a floor mat.A surplus needs a lower price-that's why! And then there was a price oh so low,That folks stood in a long line, oh no!But the shelves were soon bare,Those still waiting sure cared.A higher price would have solvedtheir shortage woes. |
Bite Size Economics | Use the lesson plan and role play for "There's No Business Like Bank Business" to teach students the concept of how banks operate as a business: www.kansascityfed.org/publicat/education/teachingresources/No_Business_lesson.pdf and www.kansascityfed.org/publicat/education/teachingresources/Bank_Business_script.pdf. |
Bite Size Economics | Introduce the concepts of supply and demand. Give students play money and set out items for sale such as pencils, erasers and stickers. Set some prices low to encourage sales and others higher to discourage buyers. Let students shop, and then discuss the demand for the products at various prices. |
Bite Size Economics | Read Meet Kit: An American Girl by Valerie Tripp. Use the children's literature lesson from the St. Louis Fed to role play the effect that unemployment and reduced spending can have onpeople's lives during a recession. http://bit.ly/12Bxppn |
Bite Size Economics | Use the Core Concepts Cards net worth calculator, available at www.federalreserveeducation.org/resources/coreconcepts/worksheets/whatsyournet, to figure your net worth. How can you increase assets or decrease liabilities to add value to your net worth? |
Bite Size Economics | Research and list the components of GDP by expenditure. What is the largest component of U.S. GDP? (consumption) |
Bite Size Economics | Work in pairs to design a new and improved ATM for 2020. Make posters to highlight services and features that might be available in the future. As a class, vote on the best future design. |
Bite Size Economics | In preparation for homecoming, identify what is needed for the event. Then divide the list of items into goods and services. Rank the list in order of importance to you. What goods and services could you give up if you were on a limited budget? |
Bite Size Economics | Make a chart comparing the costs of a new sports car and a used compact car. Figure the expenses for each car, including loan payment, fuel and insurance. If transportation to your job is a need, which car is the better choice? |
Bite Size Economics | Discuss this quote: "Competition is not only the basis of protection for the consumer, but is the incentive to progress." - Herbert Hoover |
Bite Size Economics | Examine currency from other countries and see what it can reveal about their culture and economy with the Cleveland Fed's Explore Money from Around the World online activity. http://bit.ly/11MDk3I |
Bite Size Economics | Your school had a pancake breakfast to raise funds for the sports teams. Expenses included paying for food and set-up costs, which were $949. The number of dinners sold was 275 at $6.00 each. What was the total income from the event? What was the profit after expenses? ($1650; $701) |
Bite Size Economics | Why is money deducted from your paycheck and where does it go? Learn how to read a paystub, discuss different methods for receiving wages, and discover ways to get more from your paycheck with the Kansas City Fed's Putting Your Paycheck to Work resources. http://bit.ly/17nFIa0 |
Bite Size Economics | Nominate a president or famous person in U.S. history (no longer living) for a new $500 bill. Write an essay describing how your nominee contributed to American history and why he/she would be a worthy candidate. |
Bite Size Economics | Display items manufactured by different countries, such as electronics, food products and clothing. Ask students to list the manufacturing country of each good. Have them locate these countries on a large blank world map, using one dot per manufactured good. Discuss reasons why some countries may have more dots than others. |
Bite Size Economics | Invite someone in sales to speak about the skills necessary to be a successful salesperson. |
Bite Size Economics | Develop a chart listing 10 tips that will help the environment through protecting natural resources. (Example: Pick up litter along trails and waterways.) |
Bite Size Economics | Play the online game Pursuit: On the Trail of Economic Growth from the Boston Fed with a small group or individually. This game traces the economic growth of New England throughout history. What events shaped the growth of this area? http://bit.ly/190VJ2L |
Bite Size Economics | Bring white elephant items from home (with a parent's signed note). After having an opportunity to trade items, explain the benefits of the trades made. Does everyone agree the trades were positive? If not, why not? |
Bite Size Economics | Trivia: Eldercare services are predicted to be one of the most profitable business opportunities in 2012-2013 due to a boom in the elderly population and longer overall life spans. |
Bite Size Economics | Play 20 Econ Questions or Econ Word Wiz (www.federalreserveeducation.org/resources/fiftynifty) using "producer" as one of the words. |
Bite Size Economics | Discuss this quote: "Expenditures rise to meet income." - C. Northcote Parkinson |
Bite Size Economics | Professionals like lawyers and accountants may trade services, such as an accountant preparing a lawyer's taxes and a lawyer handling a legal matter from the accountant. Write a short news article about the costs and benefits of trading services. |
Bite Size Economics | What three federal agencies regulate banks? (Office of the Comptroller of the Currency-OCC; Federal Deposit Insurance Corporation-FDIC; and the Federal Reserve) |
Bite Size Economics | Just who was Salmon Chase and why was he on a $10,000 banknote? Explore the American Currency Exhibit: www.frbsf.org/education/teacher-resources/american-currency-exhibit/showcase-of-bills to learn how our country's history is reflected on our currency. |
Bite Size Economics | Make a list of your impulse purchases in the last month and share it with a partner. Describe what spending weak spots you have and discuss a plan to help avoid these areas in the future. |
Bite Size Economics | Gather pictures from magazine, local newspaper articles, chamber of commerce promotional material, etc., and create individual or group collages that represent the economy of theregion where you live. Be sure to include the natural, human and capital resources of your area. |
Bite Size Economics | Introduce the first three principles, discussing incentives as things that influence the behavior of people. Discuss the concepts of opportunity cost and monetary cost. Provide the following scenario: You are trying to decide whether to start college right after graduation or wait and work for a year before enrolling. Create a table listing the opportunity costs and monetary costs, as well as the benefits of both choices. Make your final decision and explain your reasoning. |
Bite Size Economics | Use the FDIC's EDIE the Estimator tool to explore how FDIC insurance protects depositors. Try the simulator using varying deposit balances to determine the FDIC coverage limit for a single account. Check your answer by reviewing the page's Deposit Insurance FAQs. http://1.usa.gov/YVeeTe |
Bite Size Economics | How do high levels of employment affect economic growth? |
Bite Size Economics | Use handout 3 from lesson 4 of Building Wealth in the Classroom from the Dallas Fed to compare the interest rate, fees and additional information on five account types from a local bank. Share your findings. Once everyone shares, discuss the account and bank you would select. http://bit.ly/18kHBE4 |
Bite Size Economics | Trivia: The Federal Reserve Act was signed by President Woodrow Wilson in 1913. The average annual income that year was $800. |
Bite Size Economics | Your credit report is like a report card. It is used to calculate your credit score. You can receive one free credit report every twelve months from each of the nationwide credit bureaus-Equifax, Experian, and Transunion-by visiting www.annualcreditreport.com. |
Bite Size Economics | Read Isabel's Car Wash by Sheila Bair and Judy Stead. Discuss how Isabel started her car wash with help from investors, who became part owners with her. Did the car wash earn a profit or show a loss in the story? |
Bite Size Economics | Most states have created 529 plans to assist parents in saving for their children's future education. Have students research plans for the states in their region, including regulators, fees and internet options. Make a chart comparing neighboring states' 529 plans to your home state. |
Bite Size Economics | You have two possible babysitting jobs for Saturday - one watching 6-year-old twins for four hours at $3 an hour, and one with two kids, ages 1 and 3, for four hours at $4 an hour. How much would you earn from each job? What would your choice/opportunity cost be? |
Bite Size Economics | Read the original Federal Reserve Act, signed Dec. 23, 1913. Write down four key facts about the founding of the Federal Reserve System from the primary source document, available from the Librarians' Society of Washington, D.C. http://bit.ly/18qbUEL. |
Bite Size Economics | The threat of war pushed the Federal Reserve Banks to open early because of bank panic fears. How else can war affect the economic health of a country? |
Bite Size Economics | The start-up costs for your lemonade business includes $1.99 for the mix and $2.50 for the cups. If you sell each cup for $.60, how many cups do you need to sell to make a profit? (At least 8 cups.) |
Bite Size Economics | Trade barriers are costs that raise the price of traded products. Examples are tariffs, import and export quotas, and embargoes. In groups, research and make charts to compare and contrast these barriers. |
Bite Size Economics | What is the value of the largest note ever printed? ($100,000) Which president was on the bill? (Woodrow Wilson) |
Bite Size Economics | Without international trade, you may not have the items on your back. Ask students to look at the labels on their clothing and accessories, and list the countries that manufactured the items. Create a class graph showing all of the countries represented and compare label totals. Discuss whether clothing and goods made in the U.S. are a prevalent as they once were. |
Bite Size Economics | How did the settlement pattern of the United States influence the location decisions for Federal Reserve Banks? |
Bite Size Economics | Introduce the concepts of shortage and surplus. Give the example of a popular new toy on sale before the holidays as a possible shortage situation and a less popular toy as a possible surplus. After brainstorming other shortage/surplus situations, have students write a short story titled "Standing in line to buy..." |
Bite Size Economics | Discuss this quote: "The strongest bank in the United States will last only as long as people have sufficient confidence in it to keep their money there." - Carter G. Woodson |
Bite Size Economics | Talk about the choices and opportunity costs of school cafeteria lunches with students. Compare the entrêe, salad, sandwich and other choices for the day. What final choice did they make? What was their opportunity cost? Continue each day for a week and have students graph individual and class choices and opportunity costs. |
Bite Size Economics | Imagine two people: one who has access to credit, and one who does not. Discuss the advantages of having access to credit and the barriers of non-access to credit and how it might shape each individual's future as his or her life unfolds. |
Bite Size Economics | Discuss capital resources in the area of technology by brainstorming types of technological resources used daily by students. Have students rank these devices by importance in their lives. Which of these capital resources could they do without? How would they compensate? |
Bite Size Economics | If a company's losses are much greater than its profits, the owners might consider filing for bankruptcy. Research the concept of bankruptcy and write an essay describing the advantages and disadvantages. |
Bite Size Economics | Read Less than Zero by Stuart Murphy. Use the children's literature lesson from the Philadelphia Fed to discuss the topic of borrowing and repayment of debt. http://bit.ly/113exYV |
Bite Size Economics | Use the lesson plan and role play for "Payment Parliament" to teach students about the many ways we pay for goods and services: www.kansascityfed.org/publicat/education/teachingresources/Payment%20Parliament.pdf. |
Bite Size Economics | "You Can't Always Get What You Want" by the Rolling Stones is a classic rock song that refers to wants and needs. Brainstorm a class list of other songs on the topic of wants and needs. |
Bite Size Economics | Discuss the costs and benefits, both monetary and nonmonetary, of having a public school system. Research what it costs taxpayers per year for a student to attend public school, using your state department of education website. What are the benefits of public education? Arethere any costs? What are the benefits to taxpayers that make themwilling to share the costs? Write a brief essay explaining your ideas. |
Bite Size Economics | Brainstorm ways students can earn income and make a chart of ideas. (Examples: allowance, chores, birthday/holiday gifts, garage sales, etc.) Ask students to set future savings goals (for things they will spend their income on) and share with the class. |
Bite Size Economics | Read A Chair for My Mother by Vera B. Williams. Use the children's literature lesson to discuss how part of the family income was saved to reach a goal: www.stlouisfed.org/education_resources/assets/lesson_plans/ChairForMother.pdf. |
Bite Size Economics | Uncover how and why the Federal Reserve expanded its balance sheet during the recent recession and financial crisis in the Philadelphia Fed's resource It's Not Your Mother and Father's Monetary Policy Anymore: The Federal Reserve and FinancialCrisis Relief. http://bit.ly/19gvxBB |
Bite Size Economics | Use the following questions to interview three people about their spending habits as consumers: Where do you shop the most? Are you more concerned with price or quality? Is customer service important to you? Compare interview results with a classmate. |
Bite Size Economics | Write and perform a rap highlighting one or two of the principles you've discussed from the Guide to Economic Reasoning. Give examples explaining the principles in your lyrics. |
Bite Size Economics | Discuss how commercials influence what consumers buy. Ask students to give examples of commercials that convinced them to buy a product. Were they happy or disappointed with the purchases? Tell them to give reasons for their answers. |
Bite Size Economics | Draw a cartoon about a time when you experienced either a buyer's high or buyer's remorse after a purchase. In the panels, show the purchase, how the purchase made you feel and what you might do differently in the future. |
Bite Size Economics | Read Scraps of Time 1960s: Abby Takes a Stand by Patricia C. McKissak. Use the children's literature lesson to learn about how taxes fund transfer programs such as Head Start and Medicaid: www.stlouisfed.org/education_resources/assets/lesson_plans/Scraps_of_time.pdf |
Bite Size Economics | You have opened a new video game store and hired five full-time employees. If starting salaries are $8.50 an hour and all employees work a 40-hour week, how much should you budget for employee salaries weekly? ($1,700) |
Bite Size Economics | Explore myths and realities about the Fed using primary source materials in the Atlanta Fed's lesson Myths, Tall Tales, and Urban Legends: A Lesson on the Facts Behind the Fed. http://bit.ly/YeYn1k |
Bite Size Economics | Make a list of incentives that would persuade you to complete the task of cleaning your bedroom from top to bottom. Which of these incentives would your parents agree to? |
Bite Size Economics | Learn about and compare different payment methods in the Kansas City Fed's role play Payment Parliament. http://bit.ly/196JUbk |
Bite Size Economics | Currency is printed at the Bureau of Engraving and Printing (in Washington, DC or Fort Worth, TX) and then shipped to the Federal Reserve for distribution to local banks when needed. Find these locations and the Federal Reserve office closest to you on a U.S. map. |
Bite Size Economics | Discuss this quote: "The only thing we have to fear is fear itself". - Franklin D. Roosevelt. How could these words relate to bank panics? |
Bite Size Economics | Discuss the exchange rate of currency as the ratio at which a unit of currency in one country can be exchanged for that of another country. Research the exchange rate for bills from five countries by going to: www.xe.com and using the exchange rate calculator. Which notes were worth more than the American dollar? Which were worth less? Why do you think one country's currency is valued higher than another? |
Bite Size Economics | Use Lesson 2: "W Is for Wages, W4 and W2" at www.stlouisfed.org/education_resources/assets/lesson_plans/paycheck/IYP_lesson2.pdf to learn about gross pay, net pay and the different deductions that are taken from paychecks. |
Bite Size Economics | Consumers can pay for purchases by using cash, checks, debit or credit cards. Use the lesson and role play for "Payment Parliament": www.kansascityfed.org/education to introduce these different forms of payments to students. |
Bite Size Economics | Discuss the difference between fixed expenses (those costs that do not change) and variable expenses (those costs that can change). Ask students to interview a parent to discover what fixed and variable expenses they pay monthly. Report findings to the class. |
Bite Size Economics | Pick a local publicly traded company. Research the goods and services that the company produces and sells, and create a four-slide minimum PowerPoint illustrating the company and what it does. |
Bite Size Economics | Taylor purchased candy bars from the store at 50 cents each. She wants to sell them at school after lunch for $1 each. From what you've learned about supply and demand, what advice would you give Taylor regarding her price? |
Bite Size Economics | Debate the importance of producers using social media, such as Facebook, YouTube and Twitter, to get the attention of consumers in order to sell their products. |
Bite Size Economics | Think of people at school who are producers. One example might be cafeteria workers who produce breakfast and lunch for students. Others could be a custodian, principal, administrative assistant or any teacher. Make a list of these producers and the goods or services they offer. Ask each student to write a thank-you note to one of these producers. |
Bite Size Economics | Research President Obama's 2009 total income by going to: www.whitehouse.gov. ($5,505,409) What is his yearly presidential salary? ($400,000) From what sources did he earn most of his additional income? (sales of his books and winning the Nobel Peace Prize.) |
Bite Size Economics | The Bureau of Engraving and Printing produces currency daily to avoid a scarcity of money. How many bills are produced in a day? A) 3,500 B) 350,000 C) 3.5 million D) 35 million Answer: (D) |
Bite Size Economics | Discuss what everyday life would be like if there was no money in circulation and we had to barter to get what we needed and wanted. Write a creative story with the title "Moneyless" to show the problems that might result. |
Bite Size Economics | Introduce the concepts of imports and exports. Learn the top three imports and exports of your state by visiting: www.census.gov/foreigntrade/statistics/state/data/index.html. Discuss possible reasons why these resources made the top of the list. Choose a neighboring state and do the same research. Create two Venn diagrams comparing both states' imports and exports. |
Bite Size Economics | Use the Kansas City Fed's Exploring Economic Sectors lesson to learn how the Federal Reserve assesses economic conditions in the United States. http://bit.ly/13mAbfu |
Bite Size Economics | Write and perform a skit that tells the story of how banking may have begun. Read the Boston Fed's Banking Basics for one description of the world's first lenders as a reference.http://bit.ly/11ksT7e |
Bite Size Economics | Read Free Enterprise: The Economics of Cooperation, available at www.dallasfed.org/educate/classroom.cfm, to learn about the role of businesses in a free-enterprise system. |
Bite Size Economics | Economic growth occurs with an increase in productivity, which is the amount of outputs (goods and services) produced per unit of input (resources). Form an assembly line production of bookmarks in class, and then try to increase productivity with more efficient assembly techniques. |
Bite Size Economics | Explain the meaning of the following quote: "Our necessities never equal our wants." - Benjamin Franklin |
Bite Size Economics | Introduce the concepts of producers and consumers. Brainstorm a list of producers, such as artists, bakers, farmers and manufacturers of different products. Ask students to role-play various producers as they create their products. Have classmates guess what good or service each producer provides for consumers. |
Bite Size Economics | Develop a list of economic, social and environmental costs and benefits of developing a new city park. Develop another list for the development of a large chain store like Wal-Mart in the same area. How are the costs and benefits the same or different? |
Bite Size Economics | Introduce budgeting as a plan for spending, saving and sharing money by balancing income with expenses. Ask students to divide drawing paper into three sections and draw examples of these three ways to use money. Ask them to explain which of these examples is easiest for them to do and to give reasons why. |
Bite Size Economics | Introduce the definitions for save and spend. Describe short-term savings goals as items students want that will require saving for several months. Ask students to choose an item as a savings goal, estimate the cost of the item and figure the amount they would have to save weekly to reach their goal. Have students share their goals and savings plans with the class. |
Bite Size Economics | Estimate the cost: If you want to buy an item for $9.50 with a 9% sales tax, is $10 enough money? |
Bite Size Economics | Discuss the stock market as a public place to invest dollars in stocks, or shares of ownership in a company. Go to: www.essortment.com/invest-money-mutual-funds-stocks-17734.html to learn about stocks vs. mutual funds. Which type of stock would you invest in? Give reasons for your answers. |
Bite Size Economics | Imagine you are at a college football game. Brainstorm the different goods and services available in the stadium. What resources were required to create those goods and services? |
Bite Size Economics | Design a trophy celebrating an important export from your state and explain your choice and reasoning with the class. |
Bite Size Economics | Create a map of the neighborhood surrounding the school. Have students add the names of businesses in that area to the map, as well as what good or service they sell. Ask students to suggest other businesses that would complement those already in the neighborhood. |
Bite Size Economics | How do the Federal Reserve and the European Central Bank compare? Read A Look Inside Two Central Banks: The European Central Bank and the Federal Reserve from the St. Louis Fedand create a Venn diagram showing three similarities and three differences between the organizations. http://bit.ly/15JSIQF |
Bite Size Economics | Watch Katrina's Classroom from the Atlanta Fed to understand how natural disasters can affect banking services. Write a creative story about leaving your home due to a natural disaster and the steps you would take to be financially stable during this time.http://bit.ly/14C0lYK |
Bite Size Economics | Introduce the three types of resources, giving examples of each:Natural - gifts of nature used to make goods and services;Human - workers who make goods and provide services;Capital - goods made and used to provide other goods and services.Hand out magazines and have students find pictures of each type of resource. Use images to create a class resource poster with three columns labeled for the different resource types. |
Bite Size Economics | How does a recession affect the circular flow of income within the economy? |
Bite Size Economics | Food shortages occur throughout the world due to disasters, war and population increases. Research how the United States helps at: http://foodaid.org/resources/the-history-of-food-aid/. Create a visual illustrating how these food programs enable countries to become more self-sufficient. |
Bite Size Economics | Create a consumer profile, such as a 20-year-old college athlete, and make a collage of products or services using newspaper, magazine ads and/or computer-generated images that would appeal to that type of consumer. |
Bite Size Economics | Calculate the monetary costs and benefits of running a lemonade stand using the following assumptions: mix that makes 32-oz. of lemonade costs $3 per container and a package of 50 8-oz. cups is $5. You sell 48 8-oz. cups for $2 each. (costs=$44, benefits=$96) |
Bite Size Economics | After discussing entrepreneurship, ask students to interview an entrepreneur in their community. Interview questions could include: describing their business; explaining how they financed their venture; discussing any challenges in their business; and describing a typical work day. Share completed interviews with the class. |
Bite Size Economics | Use Lesson 2: "W Is for Wages, W4 and W2" at www.stlouisfed.org/education_resources/assets/lesson_plans/paycheck/IYP_lesson2.pdf to learn about gross pay, net pay and the different deductions that are taken from paychecks. |
Bite Size Economics | Introduce the stock market as a market in which the public buys and sells stock, or shares of ownership in companies. Brainstorm companies that students are familiar with (such as McDonalds, Nike, Toys R Us, etc.) and ask students to nominate the five best choices for stock purchases. Discuss the reasons for their picks. |
Bite Size Economics | Would you accept a cow as payment? Learn about the four characteristics of money and evaluate various forms of money, including cows, that were used as currency in earlier times by reviewing Kansas City Fed's lesson Early Forms of Money. http://bit.ly/1a8sTip |
Bite Size Economics | Discuss the meaning of this quote: "Henry Ford was right. A prosperous economy requires that workers be able to buy the products they produce. This is as true in a global economy as a national one." - John J. Sweeney |
Bite Size Economics | Read Saving Strawberry Farm by Deborah Hopkinson. Use the children's literature lesson from the St. Louis Fed to simulate a bank run. http://bit.ly/138xL3x |
Bite Size Economics | Read Supermarket by Kathleen Krull. Use the children's literature lesson to discuss how technology has changed markets: www.stlouisfed.org/education_resources/assets/lesson_plans/supermarket.pdf |
Bite Size Economics | Why have other countries adopted mobile payments faster than the United States? Find out in the Atlanta Fed's podcast The Future of Mobile Payments. Write a description of a mobile payment option you think would work best in United States. http://bit.ly/11YTIOu |
Bite Size Economics | A crayon factory increases its production in the months before school starts each year. If the factory produces 2,000 boxes of crayons in each five-day week for 12 weeks, how many total boxes are manufactured? (2,000 x 5=10,000 x 12=120,000) |
Bite Size Economics | What can happen when a person or organization doesn't face all the consequences of their actions? Learn about moral hazard and the role it played during the recent recession and financial crisis in the Kansas City Fed's Recession Lesson: Moral Hazard. http://bit.ly/11JIFss |
Bite Size Economics | Are you wise about credit? Learn about developing good credit by reading the Kansas City Fed's Common Cents article "Laying the foundation for responsible credit use." Take theGet a Credit Clue quiz to see if you are credit card worthy. http://bit.ly/11Dsm65 |
Bite Size Economics | Discuss the meaning of this scarcity quote: "There is no scarcity of opportunity to make a living at what you love; there's only a scarcity of resolve to make it happen." - Wayne Dyer |
Bite Size Economics | Read Bunny Money by Rosemary Wells. Use the children's literature lesson to discuss the topic of short and long-term savings goals: www.kansascityfed.org/publicat/education/teachingresources/Bunny-Money-Lesson-Plan.pdf. |
Bite Size Economics | Read Monster Musical Chairs by Stuart Murphy. Use the children's literature lesson to discuss the topic of scarcity in the story: www.stlouisfed.org/education_resources/assets/lesson_plans/MonsterMusicalChairs.pdf |
Bite Size Economics | A class of 28 students earned popsicles. The teacher bought 2 boxes of popsicles, with 12 in each box. How many more popsicles does the teacher need to avoid a scarcity in her classroom? (4 more) |
Bite Size Economics | Discuss the difference between fact and opinion statements used to market a product. Hand out advertisements from magazines that contain both types of statements and ask students to identify the facts and opinions given. How can an awareness of these statements help consumers make wise choices? |
Bite Size Economics | Create a three-column KWL (What I know, want to know, and what I've learned) about credit cards. Brainstorm to complete the first two columns, then discuss information from the Federal Reserve's website on credit cards: www.federalreserve.gov/creditcard. Summarize what students have learned by asking them to create true/false statements about credit to complete the third column. |
Bite Size Economics | Set up a classroom market where students can experience the buying and selling of goods and services by using the "Math: Paying the Price: activity from the Nifty Fifty Econ Cards website: www.federalreserveeducation.org/resources/fiftynifty |
Bite Size Economics | Write an essay on the topic of rebates as incentives for consumers when they purchase goods and services, such as electronics, cars, etc. Do you think rebates motivate people to spend more? Why or why not? |
Bite Size Economics | Learn what happens when the price of an asset becomes artificially high in Recession Lesson: Asset Bubbles, available at: www.kansascityfed.org/publicat/education/teachingresources/RecessionLesson-AssetBubbles.pdf. |
Bite Size Economics | Use the Fifty Nifty Card Teacher Resource Guide's "Word of the Week" activity to integrate the concept of scarcity into reading, language and art: www.federalreserveeducation.org/resources/fiftynifty |
Bite Size Economics | Introduce banking by asking which students have bank accounts and where they bank. Discuss how a bank operates as a business by asking the following questions: Do banks hold all money deposited in their vaults? (No) What do banks do with the deposited dollars? (They keep the required reserve amount on hand, and lend out most of the remaining dollars.) What would happen if banks kept all the deposited money? (Customers would not get loans, and the bank would not receive interest from the loans.) |
Bite Size Economics | Discuss this quote: "America's support for human rights and democracy is our noblest export to the world." - William Bennett |
Bite Size Economics | Just for fun, try saying this tongue twister quickly three times: Skyler scored the scarce scholarship. |
Bite Size Economics | How will paying for goods and services change in the future? Invent and illustrate a new method of payment for the year 2025. Label invention parts and write a brief explanation telling how to use your payment method. |
Bite Size Economics | Compare the unit price, or cost per item, of products. To find unit price, divide the price by the number of pieces, ounces or pounds. What would be the unit price for a 20 pound bag of dog food priced at $15? ($.75 per pound) |
Bite Size Economics | Become better informed about payment cards from the Philadelphia Fed's resource What You Need to Know about Payment Cards. Design a poster showing the advantages and disadvantages of the three main types of payment cards. http://bit.ly/18D0HGm |
Bite Size Economics | Learn how a bank operates as a business in the Kansas City Fed's There's No Business like Bank Business activity. http://bit.ly/150sooC |
Bite Size Economics | Find auto loan 36-month interest rates for a used car from three banks. Record the rates and any additional fees or conditions from each bank. Discuss which bank you would choose to finance your car loan and give reasons why. |
Bite Size Economics | Introduce the concepts of profit and loss. Organize a classroom business selling a food or craft product. Have students figure the cost of materials (expenses); create the products; and decide on a selling price (income) to make a profit. Invite another class to view and buy the products using fake money. After the sale, have students figure the class profit/loss based onthis formula: total income - total expenses = profit. |
Bite Size Economics | Discuss "interest" as "payments made for the use of money." Ask students if they think earning interest when they deposit money in a savings account is a good incentive to save. Why or why not? |
Bite Size Economics | The launch of the Air Jordan retro basketball shoe sale caused long lines, fights and store closings across the United States. Discuss the concepts of supply and demand in this situation. Ask students to give reasons why these shoes sold out, even though their retail price was $180 a pair. |
Bite Size Economics | While watching TV commercials within a given time period, identify how many of the products advertised are wants and how many advertised are needs. Using your results, calculate the percentage of each and report to the class. |
Bite Size Economics | The St. Louis Fed offers instant message simulations on a variety of personal finance topics. Try one and learn about how to open a bank account. http://bit.ly/14C0qf1 |
Bite Size Economics | Invite a bank manager to visit as a guest speaker. Create interview questions that ask about the education, skills and responsibilities that are needed for his/her position. |
Bite Size Economics | Discuss the resources used in the production of chocolate (cocoa beans, sugar, milk) and the producers of each resource. Ask students to choose any product, make a list of resources used in its production, and count the number of producers involved in the process. Can anyone find a product that has more than five producers? |
Bite Size Economics | The interest on your savings account has increased from 1% to 2.5%. How much interest would your $100 deposit earn in a year (without compounding) at each percentage? ($1; $2.50) Explain how receiving interest can be an incentive to save. |
Bite Size Economics | Investment Math: Introduce the "Rule of 72" as a method to determine the number of years it will take for your savings to double in value. Give this example: if the interest rate is 2%, dividing 72 by 2=36 years to double your savings. Ask students to figure out the number of years for 4% (18); 6% (12); and 8% (9). |
Bite Size Economics | What does a camel have to do with bank supervision and regulation? Find out by reserving the Kansas City Fed's Fed Detective traveling trunk for elementary and middle schoolclassrooms. http://bit.ly/14E67M2 |
Bite Size Economics | Justin's assets are a $250 bike, a $1299 computer, and $582 in savings. His liabilities are $475 owed on a loan for the computer and $138 owed to his mom. Add Justin's assets and subtract his liabilities from the total. What is Justin's net worth? ($2131 - $613 = $1518) |
Bite Size Economics | Interview family members or neighbors about the recent recession and any changes or effects it had on their lifestyles. Report your findings to the class. |
Bite Size Economics | If U.S. exports to China are worth $8 billion, and U.S. imports from China are worth $34 billion, what is the total trade amount? ($42 billion) What is the trade deficit? ($26 billion) |
Bite Size Economics | Play "Another Action Hero" in Show Business: The Economic$ of Entertainment at www.bos.frb.org/entertainment/index.htm to learn what the film industry can teach about international trade and globalization. |
Bite Size Economics | Cut magazine or catalog pictures of natural, human and capital resources and place them randomly into paper bags. Divide students into groups and give each group a resource bag. Ask them to create a new business using their resources and share how each resource is used within their business to produce a product. |