Common Cents

Ask students to keep a financial journal, writing down what they spendand save for 30 days. They should keep track of the amount they spendin one column and the amount they save in another column. At the endof the 30 days, ask them to total the amounts of each column and figurethe percentage of money they spent and the percentage they saved.

What does Penny Pigeon learn about saving and building assets? Read the Financial Fable Penny Pigeon and the Missing Nest Egg to find out at: http://www.kansascityfed.org/education/fables/index.cfm.

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)

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.

Discuss what economists mean when they say, "There is no such thing as a free lunch." How does this quotation relate to costs and benefits?

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?

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.)

Discuss the quote: "In our rich consumers' civilization, we spin cocoons around ourselves and get possessed by our possessions." - Max Lerner

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

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.

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).

Solve this income problem: Jay shoveled snow for five neighbors on his block. He earned $10 from two of them, $12 from the third, and $15 from the fourth and fifth. What was his income total? What was his average income from each shoveling job? (Total income: $62.00. Average income per job $12.40)

Add together all the bill denominations currently in circulation. What is your dollar total? ($1+$2+$5+$10+$20+$50+$100=$188)

Discuss this quote: "Expenditures rise to meet income." - C. Northcote Parkinson

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.

Download the spreadsheet showing GDP percent change from the preceding period from the Bureau of Economic Analysis (BEA). Identify years of large GDP growth, such as 1942.Discuss events, government policies or production factors that may have caused this growth. http://1.usa.gov/165pfU5

Write and perform a skit showing the impact of incentives on changing poor cafeteria behavior.

Design a trophy celebrating an important export from your state and explain your choice and reasoning with the class.

Just for fun, try saying this tongue twister quickly three times: Skyler scored the scarce scholarship.

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.

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?

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.

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.

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.

Play a game of musical chairs or a game where there is not enough gym equipment for all players. Discuss how the lack of chairs or equipment makes the game more difficult. Scarcity forces us to make choices or decisions.

Discuss that many economic scenarios can cause either a shortage or surplus of used cars. Ask students to brainstorm situations where a used car shortage might develop and where a used car surplus might develop. If you were a used car dealer, what would you do to avoid a large surplus or shortage?

Hold a discussion on this topic: "When choosing a career, income is more important than passion for the job." Ask students to give reasons for their views.

Use Lesson Two "Budget to Save: Developing a Budget" from Building Wealth in the Classroom: www.dallasfed.org/education/pubs/wealth_classroom/02_lesson.pdf to discuss budgets in relation to financial goals. Do the suggested activity of a budget analysis for a high school senior saving for the prom. Discuss areas where this budget could be streamlined to meet the student's financial goals.

Discuss the growing threat of identity theft. Ask students to write tips for consumers to follow in keeping their identity safe. (Example: Memorize your Social Security number so you won't need to carry your card with you.)

Change the lyrics of a popular song so that they now convince someone to keep their liabilities low for better financial health.

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)

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?

Research three universities you may want to attend. Evaluate each one using a decision grid with these criteria: size, location, fields of study and tuition cost.

A bear market is one where stocks steadily decline and investors are motivated to sell; a bull market is one where stocks are steadily increasing with investors' optimism. Ask students to design two new symbols (animal or other) to replace the bear and bull images and share why their symbols are good representations of these markets.

You are a producer of a new and unique athletic shoe. Develop a poster or commercial to advertise your amazing shoe.

Explain the wisdom of this quote: "If you lend someone $20, and never see that person again, it was probably worth it."

Ask students to inventory their personal assets and liabilities and develop a graphic organizer with their results. Have them rate their personal financial situation as great, okay or needing improvement. Tell them to write three goals for their financial health in the next year.

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.

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.

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.

Explore the evolvement of the payment system by watching Chapter 5 of the Philadelphia Fed's video The Federal Reserve and You. Create a public service announcement highlighting the Fed's role in providing cash and electronic payment services. http://bit.ly/11dWBdQ

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?

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.

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

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.

Examine samples of foreign currency by going to: www.clevelandfed.org/Learning_Center/Online_Activities/explore_money/index.cfm. Compare bill features for three chosen countries. How are these notes similar? How are they different? What are some basic features that are common to all currency studied?

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.

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

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.

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.

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.

Starting your own business as an entrepreneur has opportunity for profit and possibility of loss. Brainstorm a list of potential businesses to start and then list possible profits and losses for one of those businesses. Debate whether the business risks are worth the rewards.

Discuss homecoming expense choices and opportunity costs. For example, with a limited amount of money, would you choose a fancy limo for transportation? Would you spend more money for a high-dollar outfit instead? Or would you spend your dollars on an expensive restaurant meal before the dance? Discuss the reasoning behind your decisions.

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.)

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

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.

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).

Introduce taxes by asking what happens on April 15. Discuss that one of the purposes of income taxes is to pay for public goods (such as parks and roads) and public services (such as police, fire and military workers). Ask students to imagine what would happen if the government didn't use tax money to provide these goods and services. Have them draw a picture of a situation where a lack of public goods or services caused a problem.

What's your money personality? Are you a saver, avoider, spender, giver or worrier? Find out by taking the Money Make-up quiz at the end of the Kansas City Fed's Common Cents article "Watch and Learn". http://bit.ly/1923cSJ

Explain this quote: "Competition is not only the basis of protection to the consumer, but is the incentive to progress." - Herbert Hoover

Become a board member of a Federal Reserve Bank and learn about the Fed's grassroots approach to gathering regional economic information in the Atlanta Fed's simulation Monetary Policy Starts in Your Own Backyard. http://bit.ly/ZNti2r

Read My Side of the Mountain by Jean Craighead George. Use the children's literature lesson to discuss investing in human capital through acquiring skills and knowledge: www.stlouisfed.org/education_resources/assets/lesson_plans/MySideMountain.pdf

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.

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.

Look carefully at a picture of a $10 bill. Identify the following features that make the bill legal currency: denomination amount; presidential portrait; serial numbers; Federal Reserve and Treasury seals; important signature. Ask students to look for additional features and discuss.

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.

Research and record the population of five different cities or communities within your region. Develop a bar graph to compare the population results. Discuss how the population of an area can affect its economy, in terms of jobs and housing.

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

Place a variety of job titles with their associated incomes in a hat and then place an assortment of typical monthly expenses in another hat. Draw one job and income and five monthly expenses. Determine if the income exceeds the monthly expenses.

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

You have saved enough money to buy your first computer! Which is the better buy: a laptop for $599, a case for $29, and a mouse for $19; or a desktop monitor for $149, a computer tower for $469, and a keyboard with mouse for $39? (laptop package=$647; desktop package=$657)

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.

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.

Write about a situation where a scarcity of food, money or time caused a problem, and how that problem was solved.

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?

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

Develop a role play about an entrepreneur whose ideas for a new product or business are not well accepted and how he/she meets these challenges and eventually becomes successful. Perform the role play for your class.

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

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.

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.

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.

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.

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

Make a collage of magazine ads that would appeal to consumers urging them to save money, possibly by living greener.

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.

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.

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.

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.)

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

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

Discuss the meaning of the following quote: "Budget: a mathematical confirmation of your suspicions." - A.A. Latime

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.

Review the credit scenarios from the Dallas Fed's Building Wealth in the Classroom, Lesson 9. Choose one and decide whether the teen described should borrow money. Write a short persuasive essay with reasons to support your answer. http://bit.ly/10IsJHM

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.

North Dakota's oil surplus has led to a low unemployment rate and a state budget surplus. Research North Dakota's boom and write an essay about whether or not you would be interested in moving to the state under current circumstances.

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?

Discuss how businesses invest in capital resources, such as newer computers, machines and technology. How can spending money on these resources lead to profits in the long term?

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

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.

Compare the prices of store-brand items you need (milk, soap, clothing, etc.) versus the name-brands you want. Are the name brand items worth the price? Give reasons to back your opinion.

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

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.

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.

Which is greater: $1 million, or a penny that doubles in value for 30 days? Use a calculator to figure out the compound interest of the doubling penny by taking each new total and multiplying by 2 to double. (The final total for the doubling penny is $5,368,709.12)

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.

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)

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.

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.

Discuss this quote: "No one has a greater asset for his business than a man's pride in his work." - Hosea Ballou

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.

Discuss the meaning of this quote: "An opportunity cost is an opportunity lost."

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

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?

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.

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.

Imagine your school district does not have enough money in its budget to provide all the services necessary to run your local schools. Assuming the role of the president of the school board, brainstorm a list of all the benefits of a tax increase. Then consider the perspective of a taxpayer against the increase and make a list of the monetary costs. Use the lists for a classroom debate on the topic.

Develop a budget for a classic picnic. Use grocery ads to plan a meal for 20 students that includes an entrêe, two sides and a dessert, for $50 or less

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.

Discuss the meaning of this quote: "Let me remind you that credit is the lifeblood of business, the lifeblood of prices and jobs." - Herbert Hoover

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.

Why is a bank holiday not something to celebrate, and why did President Franklin D. Roosevelt establish a national one in 1933? Find out in the Boston Fed's Closed for the Holiday: The Bank Holiday of 1933. http://bit.ly/11I1W4r

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.

Write a haiku on the importance of paying yourself first.

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.

Discuss the use of income to purchase holiday gifts and ask students to make a list of five items they'd like to buy for friends, including the price of each gift. Looking at the total amount they'll need, will they earn enough income to make purchases? How might they earn more money to complete their shopping?

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.

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.

"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.

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..."

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.

Check out the Kansas City Fed's Financial Fables ebooks to discover how "money morals" can help students from preschool to fifth grade become money smart. http://bit.ly/11OINYK

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.

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

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?

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.

Create a PACED (Problem, Alternatives, Criteria, Evaluate, Decision) grid to determine the costs and benefits of a used car decision. Possible criteria include model; year; gas mileage; and insurance costs. Visit www.econedlink.org/lessons/docs_lessons/463_PACED1.pdf for a sample grid.

Introduce the concepts of income and expenses. Give students the following scenario: Your family has decided to take a summer vacation to Disney World. You are responsible for earning money to spend on park passes and souvenirs during the trip. Brainstorm three ways to earn money and estimate approximately how much income you might receive from each activity. Write a letter to your parents explaining your fundraising plans.

Get an international view of economic growth by looking up the per capita GDP and other economic information from the CIA World Factbook. Create a Venn diagram to compare similarities and differences of two countries. http://1.usa.gov/18tqEb9

Create a map of the Federal Reserve System following the directions from the St. Louis Fed's 25 Cents Worth of History. Locate your state and outline it in your favorite color. Which Federal Reserve Bank is closest to where you live? http:/bit.ly/103kPqV

What key historical events led to the establishment of the Federal Reserve System?

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

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

What monetary policy tools does the Federal Reserve Bank use to regulate the money supply?

Discuss this quote: "Don't put all your eggs in one basket," and relate it to diversifying, or having a variety, of stock investments. Why is diversification a good strategy?

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?

Choose a job and research its income in two different countries. (Example: a starting teacher in Mexico is paid $10,465 a year, while a starting teacher in Canada is paid $35,400 a year.) Discuss why the same job can have different salary levels in different countries.

Explain the meaning of the following quote: "Our necessities never equal our wants." - Benjamin Franklin

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.

What three federal agencies regulate banks? (Office of the Comptroller of the Currency-OCC; Federal Deposit Insurance Corporation-FDIC; and the Federal Reserve)

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

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.

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.

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

Discuss this quote: "As scarce as truth is, the supply has always been in excess of the demand." - Josh Billings

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.

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.

Have students draw a picture of their perfect vacation spot and include as many natural resources as possible.

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.

The following statements are common descriptions of credit. Discuss each example and use one as a topic for a creative story.Credit is your reputation for financial responsibility.Credit is the time allowed for payment for something sold on trust.Credit is a source of revenue for financial institutions.Credit is NOT more money; it is "tomorrow's" money.

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

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

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

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.

Research your Federal Reserve Bank or Branch Board of Directors members, including the industries and states they represent. Write a short essay explaining why each board member's input is important to understanding the regional economy.

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.

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.

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

Discuss the importance of the following quote to those who run their own business: "In the business world, the rearview mirror is always clearer than the windshield." - Warren Buffett

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.

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.

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)

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.

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.

What does money mean to you? Purchasing power? Security? Freedom? Brainstorm ideas and then create a collage showing what money can represent.

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?

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.

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.

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.)

What financial institution lending practices led to the establishment of the Community Reinvestment Act? Why is the CRA important to bankers and consumers today?

Research the household savings rates of several different countries. Make a chart comparing the rates. Which country's rate is the highest? What are some possible reasons for this?

The mission of the Consumer Financial Protection Bureau (CFPB) is to make markets for consumer financial products and services, such as banking and credit, work for Americans. Research the CFPB at: www.consumerfinance.gov/regulations. Choose a regulation and share whether or not you think it is beneficial for businesses as well as consumers.

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.

Write and perform a skit that explores the concept of fair trade, which aims to help producers in developing countries receive higher prices for their goods and improve social and environmental standards. Include advantages and disadvantages to fair trade policies.

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?

Use a blank outline of your state to map your city and the major communities surrounding it. Draw images to represent the businesses and industries that are important in your region, such as a cow for agriculture or a truck for transportation.

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)

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.

Discuss that not all organizations are required to pay taxes to the government. These include schools, churches and not-for-profit groups, such as scouts, animal protection agencies and charities. Ask the class for reasons why these organizations are tax-exempt and whether they think this is fair to everyone else. Have students write a letter to the school newspaper explaining their opinion.

Discuss this proverb: "It is a wise man who lives with money in the bank, it is a fool who dies that way."

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)

Another name for the Bank Panic of 1907 was the Knickerbocker Crisis.

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

Trivia: Did you know that the United States is the world's largest consumer of oil? No other country consumes even half as much of the 20 million barrels a day used by the United States.

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?

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.

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

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.

Draw a picture showing how a scarcity of natural resources can affect your daily life.

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.

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)

Explore bank supervision and regulation by watching Chapter 6 of the Philadelphia Fed's video The Federal Reserve and You. Write three key facts about each of the video segments: Supervision and Regulation History, the Role of Congress, and Bank Examinations.http://bit.ly/11dWBdQ

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.

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.

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.

Compose a song or a rap about being a "savvy shopper." Include verses about comparison shopping, purchasing quality vs. quantity, and avoiding buyer's remorse.

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?

Learn about and compare different payment methods in the Kansas City Fed's role play Payment Parliament. http://bit.ly/196JUbk

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

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?

Resource Trivia: What two fabric resources are used to make paper currency? (linen - 25%; cotton - 75%)

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)

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.

Read Pickle Patch Bath Tub by Frances Kennedy. Use the children's literature lesson to discuss the topic of income in the story: www.stlouisfed.org/education_resources/assets/lesson_plans/PicklepatchBathTub.pdf

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.

Through a story and activities, Piggy Bank Primer introduces students to economic concepts such as saving and budgeting: http://www.stlouisfed.org/education_resources/assets/lesson_plans/piggy_bank_primer/StudentSavingBudgeting.pdf.

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.

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?

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.

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.

Explain a market economy as an economy that operates by voluntary exchange between buyers and sellers in a free market not planned or controlled by government. Ask students to research this and other types, such as traditional and command economies: http://www.councilforeconed.org/resources/lessons/whateconisabout-sample.pdf. Discuss the differences in the three economies and why a market economy works best in our country.

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)

Read Saturday Sancocho by Leyla Torres. Use the children's literature lesson to discuss the topic of bartering as a form of trade: www.stlouisfed.org/education_resources/assets/lesson_plans/SaturdaySancocho.pdf

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.

Trivia: The Federal Reserve Act was signed by President Woodrow Wilson in 1913. The average annual income that year was $800.

Play 20 Econ Questions or Econ Word Wiz (www.federalreserveeducation.org/resources/fiftynifty) using "producer" as one of the words.

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

How do high levels of employment affect economic growth?

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.

Read The Goat in the Rug by Charles Blook and Martin Link. Use the children's literature lesson to discuss the topic of resources in the story: www.stlouisfed.org/education_resources/assets/lesson_plans/GoatintheRug.pdf

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?

Introduce and discuss the characteristics of an entrepreneur, such as being a risk taker; having high energy; being competitive; having a strong desire to be your own boss; and possessing a "never quit" attitude. Ask students to rank themselves "+" or "-" on each of these characteristics to assess their own potential for entrepreneurship.

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.

Ask students to make a list of items that they would like to purchase in six months, including the estimated cost. Ask them to select on item and divide the cost by 6 for a monthly amount to save. Have them divide the monthly amount by 4 for a weekly savings amount. Ask if it would be a realistic weekly savings goal. If not, what would they do to make this a goal they could reach?

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.

Using your local newspaper, find three advertisements for products. List examples of marketing techniques that producers use to entice customers to buy their products, suchas bargain prices or use of brand names. Share your results.

Use the Kansas City Fed's Teaching Tips: Is Your Bank Account Safe? to learn what happens when a bank fails and how the FDIC steps in following a bank's closing. Make a brochure that explains why money is well-protected in U.S. banks. http://kansascityfed.org/education/foreducators/high-school/teaching-tips/is-your-bank-safe.cfm

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.

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?

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

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

Discuss this quote: "The only thing we have to fear is fear itself". - Franklin D. Roosevelt. How could these words relate to bank panics?

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?

Read Uncle Jed's Barbershop by Margaree King Mitchell. Use the children's literature lesson to discuss the challenges of entrepreneurship: www.stlouisfed.org/education_resources/assets/lesson_plans/UncleJedsBarbershop.pdf.

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.

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

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

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.

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

What is the value of the largest note ever printed? ($100,000) Which president was on the bill? (Woodrow Wilson)

Invite a small business owner to speak to the class. Ask students to prepare interview questions about the assets and liabilities most business owners have and ways to increase thenet worth of a business.

Read Something from Nothing by Phoebe Gilman. Use the children's literature lesson to discuss the topic of opportunity cost in the story: www.stlouisfed.org/education_resources/assets/lesson_plans/SomethingNothing.pdf

How do students buy their goods and services? How many shop online versus going to brick-and-mortar stores? Discuss the use of shopping apps and how they help in comparing prices. Do students ever use apps to comparison shop?

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)

Jay Eagle from the Kansas City Fed is flying throughout the Tenth District. Learn more about Jay and how to have him visit your classroom at jay.kcfed.org.

Make up a rap about regretting a buying decision (buyer's remorse) and wishing you had purchased your opportunity cost instead. Perform it for the class.

Why is there a lag time between the beginning of a recessionary period and when it is officially declared a recession? Answer this discussion question and more with the Kansas City Fed's Teaching Tips: Recessions 101. http://bit.ly/11ML6M3

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

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.

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.

How does a recession affect the circular flow of income within the economy?

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

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

Stores often have a surplus of holiday candy after Halloween and Valentine's Day. What methods do store managers use to quickly sell their surplus? (half-price sales; special display) Describe three new and creative ways to reduce this surplus.

Ask students to name restaurants they have visited. Tell them to think of all the goods and services that a restaurant is expected to provide. Make a list of these items and ask students to write a creative story titled, “Starting My Restaurant Business” that uses these ideas.

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.

What innovations and technological advancements have changed the U.S. payments system in the last 30 years?

Write a short essay explaining the reasoning for tariffs on imports to the United States.

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)

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.

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.

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.

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?

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

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.

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.

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.

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)

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.

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%)

Give students a sample budget of expenses for a family. Have them identify the fixed expenses (the same amount monthly) and the variable expenses (a changing amount monthly). Ask students to draw sentences out of a hat representing events that might change a monthly budget, such as buying holiday gifts or fixing a flat tire. Have the students identify whether the expense is fixed or variable and then modify the budget to incorporate the added expense.

View the American Currency Exhibit on the San Francisco Fed's website to explore currency from throughout our nation's history. Choose two bills from different eras and create a Venn diagram to compare and contrast bill symbols and features. http://bit.ly/1922F3l

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

As entrepreneurs invent new products, they often make former products obsolete, or out of date and no longer used. An example of this would be the typewriter, which is now rare because of computer word processing. This concept is called "creative destruction." Ask students to brainstorm and discuss other examples of creative destruction due to new inventions.

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?

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.

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.

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

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.

Read Little House in the Big Woods by Laura Ingalls Wilder to learn about factors of production, which can lead to economic growth. Draw a flow chart that shows the inputs (productive resources) necessary to create chocolate chip cookies (outputs). http://bit.ly/120lmuN

Learn why the regional structure of the Federal Reserve System is important to understanding the economic conditions in all regions of the country in the Atlanta Fed's video The Fed Explains Regional Banks. http://bit.ly/14A3ASh

Play "The Price is Right" by showing student teams a variety of store items, having them take turns estimating the price of each. The team closest to the price without overestimating wins a point. Keep track of points to determine the winning estimators.

Watch the Economic Lowdown video on equilibrium at: http://www.stlouisfed.org/education_resources/podcasts/economic_lowdown_video_3.cfm. How do the concepts of surplus and shortage relate to market equilibrium?

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.

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.

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.

Currency is produced by the Bureau of Engraving and Printing, located in Washington, D.C. and Fort Worth, Texas. Look at the new $100 bill at www.newmoney.gov/currency/default.htm. Examine the interactive $100 note and take the quiz on its features.

Introduce the first two principles and the concept of opportunity cost (see above). Ask students to imagine they are trying to decide if they want to try out for a sports team. Have them list the costs and benefits of playing on a team. After comparing the costs with the benefits, have each student make a final choice and explain their decision.

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.

Brainstorm a list of careers or jobs that are associated with taxes (such as accountant). Research one of these careers to learn about the education qualifications, income level and demand for the job.

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.