Unit 10 Plan
Step One: What are the desired learning results of this unit? (benchmarks that address content)
6.2.2.2.1 Students will describe various types of income including wage, rent, interest and profit.
6.2.2.2.1 Students will explain the role that the development of human capital plays in determining one's income.
6.2.3.5.1 Students will describe the movement of goods and services, resources and money through markets in a market-based economy using the circular flow model.
6.2.1.1.1 Students will create a budget based on a given monthly income, real-world expenses and personal preferences, including a future savings goal.
Step Two: What essential question(s) will anchor students to learning? (one or more that summarize benchmark)
1. What types of income do people earn and what determines their level of income?
2. How do goods and services move through a market economy?
3. What does a budget look like and how is savings involved in the budgeting process?
Step Three: What skills are needed to achieve desired results (nuts and bolts teaching)? (civic skills: evaluate arguments, etc. evident in the benchmarks)
1. Ability to do basic math skills.
2. Basic understanding of how goods and services are purchased or traded for.
3. Basic understanding of goal making both short-term and long-term.
Step Four: What is acceptable evidence to show desired results?
1. Students ability to find connections and relationships between the level of education required and the salary of the jobs they investigated.
2. Students will submit an example of a circular flow situation that could occur in real life.
3. Students will create a budget that includes income, expenses and savings towards their goals.
Step Five: What is the sequence of activities, learning experiences, etc. that will lead to desired results (the plan)?
1. The teacher will introduce the concepts of income through a PowerPoint discussion. Concepts of wage, rent, interest and profit will be explained.
2. Students will go onto the following website: http://kids.usa.gov/teens-home/jobs/a-z-list/index.shtml and they will complete an investigation of 5 jobs that interest them. They will find a description of the job, the average salary for the job and the amount of education that is required for the job. (Try to guide them to try to find different levels of education). Then have them make comparisons about how education or an increase in human capital can influence their pay.
3. Then the class will have a discussion about the circular flow model through a PowerPoint discussion. Concept of income coming from businesses, the employee using the money to buy goods from the businesses and the people being a part of the production of the goods and services while the company gives them money. Students will then create an example where the circular flow model is completed.
4. Students will discuss how to make a budget with a fixed income. Students will be asked to create a budget and to come up with a long term goal for a purchase they cannot afford within their budget (that they need to save for). The budget will include expenses they would typically have in a month and they will need to research the cost of food, movies, etc. Teachers can determine the amount of income they receive to match the prices of items in their local community. This budget will be the final assessment for the unit!