Lesson Plan Template



Real-World Economics – Grade 7 Social Studies Name: ____________

Worksheet #1 - Savings and RRSP’s

1. So, is $1 000 000 a lot of money? (Explain your answer.)

2. What is interest?

3. After watching the BrainPop video about money and interest, what is the difference between simple interest and compound interest?

Simple interest:

Compound interest:

4. Use the space provided to show an example of how the Royal Bank loan calculator teaches you about the cost of borrowing and paying back a loan.

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5. A) Use the space provided to record one of the simulations you ran through the RRSP calculator.

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B) Use the space provided to show a simulation with the RRSP calculator that results in you being a millionaire!

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Real-World Economics – Grade 7 Social Studies Name: _________________

Worksheet #2 – Personal and Household Income

1. What is minimum wage in Nova Scotia? ___________________________

Show a calculation for how much money a person would earn (income) assuming they made minimum wage and worked a forty hour work week.

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2. What is the average personal income in Nova Scotia? ______________________

3. What is the average household income in Nova Scotia? _______________________

4. Provide several examples below of income from a variety of jobs in Nova Scotia.

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5. Make a statement about what you learned about jobs and income in Nova Scotia?

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Real-World Economics – Grade 7 Social Studies Name: ________________

Worksheet #3 – Home Ownership

1. What is a mortgage?

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2. After using to explore the real estate market in Halifax, you settled on a dream home and a more realistic/practical home. Record the mortgage information (copy the information from the mortgage calculator) for each home to demonstrate some understanding of what home ownership would cost.

|Dream Home |Mortgage Info. |

|Description/Location, etc. | |

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|Realistic Home |Mortgage Info. |

|Description/Location, etc. | |

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3. Make a statement to show what you learned about home ownership.

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Real-World Economics – Grade 7 Social Studies Name: _________________

Worksheet #4 – Car Ownership

After using the internet to explore car prices in Halifax, you settled on a dream car and a more realistic/practical car. Record the finance/loan information (copy the information from the bank’s loan calculator or the dealer/manufacturer’s website) for each car to demonstrate some understanding of what car ownership would cost.

|Dream Car |Finance Info. |

|Description/make, model, etc. | |

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|Realistic Car |Finance Info. |

|Description/make, model, etc. | |

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Use the internet, information from class, guidance from home, or another source to complete the following additional automobile related expenses:

- Gas (monthly) $ _______________

- Car Insurance (monthly) $ _______________

- Maintenance (divide the annual $ _______________

estimate into monthly average)

Make a statement to show what you learned about car ownership.

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Real-World Economics – Grade 7 Social Studies Name: _________________

Worksheet #5 – Personal Budgeting

Timeframe: _______________ – _________________

Task: To ‘track’ your income ($ in) and expenditures ($ out) for a two-week period. (You may wish to use the back to record/log all of your spending for the 2 weeks!!)

Due: ____________________________.

Income ($ in)

Amount ($)

$ from work, jobs, etc. _______

$ from pocket money, allowance, etc. _______

$ from other sources (gifts, holidays, cultural, etc.) _______

$ Total _______

Expenses ($ out)

Amount ($)

Restaurants, eating out, food, drinks, snacks, etc. _______

Cafeteria _______

Entertainment (movies, music, etc) _______

Clothing, purchases, etc _______

Other? describe here ______________________ _______

$ Total _______

Response questions (As always, answer in full sentences please.)

1. Analyse your results. Are you surprised with your results? Why? (What do you spend $ on the most? Do you have enough $? Do you desire more $? Why? etc.)

2. Do you have short term (immediate, days away) monetary goals?

What are you doing to accomplish these goals?

3. Do you have middle term (weeks and months away) monetary goals?

What are you doing to accomplish these goals?

4. Do you have long term (many months and/or years away) monetary goals?

What are you doing to accomplish these goals?

Real-World Economics – Grade 9 Social Studies Name: _________________

Worksheet #6 – Household Budgeting (*This sheet requires you to have a conversation at home with an adult member of the household.)

Monthly Budget (Family of 4 with 2 wage earners)

November, 2014

Pre-Tax Income After-Tax Income

(we’ll assume 40% tax rate)

Mr. X → Annual Salary $65,000 $ 5400/month $39,000 $3200/month

Mrs. X → Annual Salary $ 50,000 $ 4200/month $30,000 $ 2500/month

Total Household Income $115,000 $ 9600/month $69,000 $ 5700/month

Take Home

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*Let’s relate this to the average household income in Nova Scotia ↘↘

Approx. $ 74,000 (2016 Stats Can)

*Let’s compare this to average personal income in Nova Scotia ↘↘

Approx. $ 42,000 (2016) _______________________________________________________________________

Monthly Household Budget

Mortgage $ 1400 (run simulation)

Groceries $

Gas (Car #1) $

Gas (Car # 2) $

Bell Cable $

Aliant Phone $

Cells $

Power $

Propane $

Life Insurance $

Plow $

Insurance

Car#1 $

Car #2 $

RESP child #1 $

RESP child #2 $

Daycare (1 child) $ *2 children would be $ !!!

Savings $ ??

Security System $

Debt (credit cards, line credits) $ estimate * This varies…but, can be a very daunting figure…beware of debt!!!

RRSP (Investments) Mrs. X $

(plan for retirement – if any $ left over)

Total Monthly Expenses $

Remaining $ Hopefully, something!!!

Outcomes Covered:

Assessment Scale 4 3 2 1

Social Studies

9.3.1 examine and explain the role that basic economic principles play in daily life

9.3.3 evaluate the importance of economics in entrepreneurship (and personal finance)

9.3.5 analyze local, regional, and global economic patterns and related issues that are

challenging Atlantic Canadians

Healthy LIving

9.8 develop a plan to acquire the skills and credentials that will lead to their career goals

9.23 investigate principles of and beliefs around financial health and demonstrate an

awareness of the capacity for financial health to positively or negatively affect ones’

state of health

Outcomes Covered:

Assessment Scale 4 3 2 1

Social Studies

9.3.1 examine and explain the role that basic economic principles play in daily life

9.3.3 evaluate the importance of economics in entrepreneurship (and personal finance)

9.3.5 analyze local, regional, and global economic patterns and related issues that are

challenging Atlantic Canadians

Healthy LIving

9.8 develop a plan to acquire the skills and credentials that will lead to their career goals

9.23 investigate principles of and beliefs around financial health and demonstrate an

awareness of the capacity for financial health to positively or negatively affect ones’

state of health

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*It’s okay if you don’t have much income (money coming to you).

But, I bet most of you get a bit of money and spend a bit of money.

This will help you notice money in your day to day life.

The purpose is to get you noticing the role of money in your life!

*Every household is different and has a different set of economics within it.

That is okay!

You should not feel pressured to share with anyone else. This is personal information for the purpose of understanding household budgeting and the cost of living.

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