Grade 7 Social Studies Economics in the Real-World

What we already know… First nations had their own localized economies to satisfy their... Europeans brought an economy that emphasized different needs and wants than the aboriginal peoples and production and distribution were much different. The 3 main aspects of an economy are: Needs and wants production distribution needs and wants European’s economy emphasized … Individual not community focus Competition rather than cooperation Market economy with buying and selling Foundation for our economy today!

Why do I need to know this?

Because at some point in the future you will all be… Voting Buying a home Buying a car Balancing a budget Earning an Income Paying taxes Wanting to retire Raising children Paying tuition Travelling/vacationing

First, let’s make sure we understand really big numbers like million, billion, and trillion time!!

Who wants to be a millionaire? Is it likely any of us will be millionaires? Is it a realistic possibility? How many millionaires are there in Canada? Billionaires? Is $ a lot of money? Remember, money doesn’t buy happiness! Happiness is not something that can be purchased. And. wealthy people can still be sick, depressed, lonely, bitter, sad, and unhappy. Things to ponder/think about…

As you progress through this webquest, remember to read directions carefully, work cooperatively, and have fun! Today, you are just doing the first lesson of several. Do not worry/stress if you do not finish… it’s okay! You will have chances to go back or work ahead in coming classes!

As you begin Part 1, remember… you have a worksheet to complete as you navigate the web-quest. you should work cooperatively (help one another as partners), but… each person must complete his/her own worksheet! You will need to be focused to complete the task!! THANK YOU! not to get frustrated if you are stuck… just ask for help!

Investing for the future… Many of you probably have a savings account in the bank. When you put your money into a savings account you earn interest on your money. Follow link #1 to learn the basics of interest. Follow link #2 to play with the Royal Bank savings calculator. #1 #2 Reminder: Just play with the calculators and try different numbers. Do not worry if you don’t ‘get it’. We’ll see examples in class!!

Investing for the future RRSP’s (Registered Retirement Savings Program) What happens when we stop working? Where do we get money from in order to continue living the lifestyle we desire? One way is to invest your money in an account that will earn a high interest so that your amount of money will grow faster. One type of account is a registered retirement savings plan (RRSP). Play with the Royal Bank’s RRSP calculator to explore how much money you would like to have when you retire, what age you want to retire, and how much you need to invest to make this a reality. You should now have a pretty good idea about the ‘cost’ of retirement.

After viewing the video and ‘playing’ with the savings and RRSP calculators, complete worksheet #1 provided. *Note: When you see the word simulation it means the information/data you input and the information/data that was output as a result. * Even if you were working cooperatively with a partner to support/help one another, each of you is responsible for completing your own worksheet. * Remember, this is the first of several worksheets. Don’t lose it!!

As you begin PART 2, remember… you have a worksheet to complete as you navigate the web-quest. you should work cooperatively (help one another as partners), but… each person must complete his/her own worksheet! to use soft/quiet voices in the Computer Lab!. THANK YOU! not to get frustrated if you are stuck… just ask for help!

Income… How much is enough? Income = The amount of money coming to you, the house, the business, the country, etc. (money IN) You usually generate income from a job, or from things like, pensions, gifts, winning a lottery (very unlikely!!), etc. Reminder: INcome = $ IN How much is enough? What amount of income do you plan to earn? Do you have a sense and an appreciation for the varying degrees of income among jobs? How much does the average Nova Scotian earn for an income? Things to ponder/think about…

Income Let’s gain a sense of how much money people make for the work/job they do. (Income) Research a variety of jobs/occupations to get a sense of how much money they make. (Here are a few sites that might help… but, see what else you can find for a variety of jobs. Minimum Wage is the minimum an employer can pay you for work. There are lots of low-paying, unskilled minimum wage jobs people are working. What is minimum wage in Nova Scotia? What is the average income earned by a worker in Nova Scotia now that you have a sense of what some jobs pay? Average (Household) Income is the total income earned by all workers in the household… usually a couple. What is the average household income for a household in Nova Scotia? Police: Fire: Teacher: Nurse:

After researching income information for Nova Scotians, complete worksheet #2 provided. Just like math, you need to show your work! * Even if you were working cooperatively with a partner to support/help one another, each of you is responsible for completing your own worksheet. Remember, this is the second of several worksheets. Keep them together. Don’t lose them!!

As you begin PART 3, remember… you have a worksheet to complete as you navigate the web-quest. you should work cooperatively (help one another as partners), but… each person must complete his/her own worksheet! to use soft/quiet voices in the Computer Lab!. THANK YOU! not to get frustrated if you are stuck… just ask for help!

Home Ownership Finding the right home! Task: To explore the cost of home ownership today. Here is a great site to use to ‘shop’ for a house: Viewpoint Realty Have fun viewing properties and narrowing down where you want to live and what home you would like to buy. (You can also have fun searching for your ‘dream’ home and, hopefully, realizing what this might cost.)

Home Ownership (The cost of owning a home.) Now that you have found a home, how much will it cost? Let’s go to the Royal Bank’s Mortgage calculator and ‘plug-in’ the information needed to find out things like your monthly payment and how long it will take you to pay off. You should now have a pretty good sense of how much it costs to own a home. * Remember, you have a worksheet to record/demonstrate your understanding.

After researching house prices and mortgage options, complete worksheet # 3 provided. Just like math, you need to show your work! * Even if you were working cooperatively with a partner to support/help one another, each of you is responsible for completing your own worksheet. Remember, this is the third of several worksheets. Keep them together. Don’t lose them!!

As you begin PART 4, remember… you have a worksheet to complete as you navigate the web-quest. you should work cooperatively (help one another as partners), but… each person must complete his/her own worksheet! to use soft/quiet voices in the Computer Lab!. THANK YOU! not to get frustrated if you are stuck… just ask for help!

Car Ownership The cost of owing a vehicle (or two…)! Task: Use the internet to shop in HRM for a car. Then, use the loan calculator from RBC or the finance calculator right on the dealerships website to determine the monthly cost of the car and how long you need to pay. You could search local dealerships or go straight to car manufacturers websites (ex: Honda.ca, audi.ca, etc.) Have fun narrowing down what vehicle you would like to buy and drive. * Remember, you have a worksheet to complete that will show your work and your understanding of the cost of car ownership.

Car Ownership (The cost of owning a car.) Now that you have found a car, how much will it cost? You may wish to use the Manufacturer’s website to calculate the cost of the vehicle or… Go to the Royal Bank’s loan calculator and ‘plug-in’ the information needed to find out things like your monthly payment and how long it will take you to pay off. Record the information for this task on your worksheet and make a statement about what you learned. *You should select a fixed interest rate and you can play around with the length of term (how long/how many months).

After shopping for a vehicle and discovering the finance costs of car ownership, complete worksheet # 4 provided. Just like math, you need to show your work! * Even if you were working cooperatively with a partner to support/help one another, each of you is responsible for completing your own worksheet. Remember, this is the fourth of several worksheets. Keep them together. Don’t lose them!!

As you begin PART 5, remember… you have a worksheet to complete as you navigate the web-quest. you should work cooperatively (help one another as partners), but… each person must complete his/her own worksheet! to use soft/quiet voices in the Computer Lab!. THANK YOU! not to get frustrated if you are stuck… just ask for help!

Task: Looking at a personal budget plan to determine where our money comes from (revenue) and where it all goes (expenses). Tool/Handout: see sample provided (available on HMWK page) Task: Examining the cost of living through a household budget. (*We will base our budget on a family of 4.) Tool/Handout: see sample provided (also available on HMWK page) The Cost of Living !

After budgeting for a family of four, you have worksheet # 5 (Personal Money Tracker) and Worksheet # 6 (Monthly Budget for family of four) to complete. Just like math, you need to show your work! * Even if you were working cooperatively with a partner to support/help one another, each of you is responsible for completing your own worksheets. Remember, this is the fifth and sixth of several worksheets. Keep them together. Don’t lose them!!

As you begin PART 6, remember… you have a worksheet to complete as you navigate the web-quest. you should work cooperatively (help one another as partners), but… each person must complete his/her own worksheet! to use soft/quiet voices in the Computer Lab!. THANK YOU! not to get frustrated if you are stuck… just ask for help!

Reflection… This will be provided in class. You have explored a great deal about economics… congratulations!

Thanks for taking time to reflect on your learning! Just like math, you need to show your work! * Even if you were working cooperatively with a partner to support/help one another, each of you is responsible for completing your own worksheet. Remember, this is the final worksheet of 7. Please staple them together in order. Pass them in!!

Assessment 4321 Social Studies SCO 2.1 Investigate the ways that economics empowers or disempowers people Social Studies SCO 2.3 Identify and analyse trends that could impact future economic empowerment English SCO 2.3 follow instructions and respond to questions and directions English SCO 5.2 become increasingly aware of and use periodically the many avenues and sources (Internet, documentaries) through which information can be accessed and selected for use and application Task (You may work with a partner or on your own) We: 1. Savings and retirement (Worksheet #1) 2. Explore Income (Worksheet #2) 3. Take out a mortgage to buy a home (Worksheet #3) 4. Finance a vehicle with a car loan (Worksheet #4) 5. Examine Budgeting and cost of living (Worksheet #5 and # 6) 6. Summary of experiences / Reflecting on what we learned! (Worksheet #7)