Real World Economics
Design Activity
EDC 665 – Group D
Abrash Khanmalek, Malika Viltz, Maria Johnson, and Matt Jackson

Survey_Results_Real_World_Economics_3-27-2009_11-01-08_PM.png



Executive Summary

Students learn about money at an early age, yet they are not exposed to modern day banking.

What is Economics?

  1. The science of household affairs, or of domestic management.
  2. Political economy; the science of the utilities or the useful application of wealth or material resources
  3. The social science that deals with the production, distribution, and consumption of goods and services and with the theory and management of economies or economic systems.

The ultimate goal of the learning activity is to prepare today’s youth for tomorrow’s economy using technology. Our target audience for this activity is grade level 9 – 12. In the 21st century technology is an integral part of the learning process. Technology will serve as a vital tool for teachers, allowing them to bring real-time information into classrooms.

There are many elements to real world economics that should be taught in schools today, some of them are outline below.

  • understanding interest and avoiding and eliminating credit card debt;
  • understanding the rights and responsibilities of renting or buying a home;
  • managing money make the transition from renting a home to home ownership;
  • starting a small business;
  • being a prudent investor in the stock market and using other investment options;
  • beginning a savings program and planning for retirement;
  • bankruptcy;
  • the types of bank accounts available to consumers and the benefits of maintaining a bank account;
  • balancing a checkbook;
  • the types of loans available to consumers and becoming a low-risk borrower;
  • understanding insurance; and
  • charitable giving.

Once a student reaches their senior year of High School, they should have the basic knowledge and understanding of the bullets listed above. The learner would be required to pass an Economic test prior to graduating High School. Preparation (learning activity) for the test would consist of technology based programs with supplemental learning led by a teacher. A portion of this learning activity will be outlined in our goals for the learner.

Although there are many elements to real world economics, this Learning Activity will focus on;

  • Obtaining and maintaining credit
  • What is a credit report and what’s your score and why is important?
  • Banking
  • Savings and Checking

The essential questions discussed for the learning activity are

EQ 1: How do you effectively budget with savings in mind?
EQ 2: What are the benefits of maintaining financial stability?

Technology
The technology used in the learning activity is an enablement tool for the learners and not meant to be the sole means of learning. Some of the technologies we have identified for the learners to utilize are


Goals for our learning activity’s participants

Effective Money Organization (learn how to effectively manage income)
  • Savings Account
  • Checking Account
  • Account Balancing

Goals for our team’s participants

  • What are we trying to learn from this activity.
  • Meet and exceed standards for the State chosen.
  • Ability to plan and design curriculum will help foster greater understanding of basic economics.
  • Teaching Student a basic life skill for success.


Pre-Activity Requirements

Each student is given a profession with a salary. The student will need to create a budget which reflects income/expenditures as well as savings if possible.

Please consider these two essential questions prior to starting the learning activity.

  • What is financial planning and why do we do it?

  • What are the components of a household budget?


Student Adventure:
From this activity the learner will learn to: Effectively budget their income with savings in mind.

All professions are assumed to be single with no children. Taxes are not enforced.


Instructions for Group D Learning Activity

Preparing today's youth for tomorrow's economy

1) Register with Budgetpulse, create a free account and begin by using the information provided below as a starting point.

2) Each participant has been assigned an occupation with a monthly salary. You will use this information to create a budget and manage your expenses based on your monthly income.

3) Here are some essential questions to keep in mind as you go through the activity. Please respond to these questions on the discussion page.

EQ 1: How do you effectively budget with savings in mind?
EQ 2: What are the benefits of maintaing financial stability?


Name
Occupation/Annual Salary
Monthly
Annually
Anne
Coach/Scout $33,290
$2,774.17
$33,290.00
Greg
Recreation Worker $ 22,950
$1,912.50
22,950.00
Jaime
Skin Care Specialist $29,550
$2,462.50
29,550.00
Edgar
Tire Builder $38,220
$3,185.00
38,220.00
Kathleen
Travel Guide $30,840
$2,570.00
30,840.00
Karen
Child care workers $18,820
$1,568.33
18,820.00
Melissa
Computer systems analysts $72,230
$6,019.17
72,230.00
Josephine
Graduate teaching assistants $30,190
$2,515.83
30,190.00
Sonja
Janitors and cleaners, except maids and housekeeping cleaners $21,730
$1,810.83
21,730.00
Andrea
Mental health and substance abuse social workers $37,980
$3,165.00
37,980.00
Dan
Amusement and recreation attendants $17,530
$1,460.83
17,530.00
Colby
Air Traffic Controllers $110,270
$9,189.17
110,270.00
Donna
Baggage porters and bellhops $21,580
$1,798.33
21,580.00
Mici
Chemistry Teachers $70,100
$5,841.67
70,100.00
Brooke
Coil winders, tapers, and finishers $26,910
$2,242.50
26,910.00
Erin
Dentists, general $140,950
$11,745.83
140,950.00
Chris
Explosives workers, ordnance handling experts, and blasters $41,240
$3,436.67
41,240.00
James
Marine engineers and naval architects $75,400
$6,283.33
75,400.00
Diljah
Middle school teachers, except special and vocational education $49,470
$4,122.50
49,470.00
Tanner
Physicians and surgeons, all other $142,220
$11,851.67
142,220.00
Brett
Multi-media artists and animators $58,030
$4,835.83
58,030.00
Abrash
Baker $23,710
$1,975.83
$23,710.00
Maria
Fast Food Cook $15,960
$1,330.00
15,960.00
Malika
Health educators $45,370
$3,780.83
45,370.00
Matt
Watch repair $32,760
2,730.00
32,760.00





4) Create a household budget with the following categories: (* denotes non-mandatory category)

  • Rent/Mortgage
  • Transportation
  • Utilities
  • Clothing
  • Food
  • Insurance/Medical*
  • Entertainment*
  • Savings*(Attempt to budget with Savings in mind)


5) Explore the Chart/Graph functionality of BudgetPulse and be prepared to present Charts in class, if necessary.
Goals – This activity should help you Learn Effective Money Organization (learn how to effectively manage income)

  • Savings Account
  • Checking Account
  • Account Balancing


Survey


Link to Survey


Reference List

TEKS, D. (1998). Texas Essential Knowledge and Skills for Economics with Emphasis on the Free Enterprise Systems and its Benefits: Sub Chapter A. High School Learning. Texas Education Code, A1 – A8.
*American Psychological Association (APA):
Economics. (n.d.). The American Heritage® Dictionary of the English Language, Fourth Edition. Retrieved October 23, 2008, from Dictionary.com website: http://dictionary.reference.com/browse/economics
*Chicago Manual Style (CMS):
Economics. Dictionary.com. The American Heritage® Dictionary of the English Language, Fourth Edition. Houghton Mifflin Company, 2004. http://dictionary.reference.com/browse/economics (accessed: October 23, 2008).